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NEWS RELEASE

ADVISORY - FP NEWSPAPERS INCOME FUND ANNOUNCES FOURTH QUARTER RESULTS CONFERENCE CALL

Vancouver, B.C. - February 21, 2005 -- Members of the investment community and media are invited to attend the fourth quarter results conference call and webcast for FP Newspapers Income Fund. Ron Stern, Chairman; Rudy Redekop, President; Murdoch Davis, Publisher; and Kevin Karr, CFO will discuss the fourth quarter results. The review will be followed by a question and answer session. Please plan to connect five minutes prior to the scheduled start time.

FP Newspapers Income Fund Fourth Quarter Call and Webcast Friday, March 4, 2005 at 10:00 a.m. EST (9:00 a.m. CST)

Conference call

Participants may join the call by dialing 416-695-9724 or dial toll free at 1-877-323-2092 five minutes prior to 10:00 a.m. EST. The call will be available at any time for replay until March 18, 2005. To hear the replay dial 416-695-5275 or dial toll free at 1-888-509-0081

Web cast

To access the webcast live, go to http://events.onlinebroadcasting.com/fpnewspapers/030405/index.php

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as Canstar Community News Limited, the publisher of five community newspapers in the Winnipeg region. The Winnipeg Free Press newspaper publishes seven days a week, serving Winnipeg and Manitoba with an average seven-day circulation of approximately of 128,000. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 15,000. Canstar Community News publishes weekly with an average circulation of approximately 182,000. Based in Winnipeg, the businesses employ approximately 620 people in Winnipeg, Brandon and Thunder Bay. Further information can be found in the disclosure documents filed by FP Newspapers Income Fund with the securities regulatory authorities available at www.sedar.com.

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For further information please contact:

Kevin Karr, Vice President, Chief Financial Officer and Secretary
FP Newspapers Income Fund
Phone (604) 646-3782
Fax (604) 681-8861