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NEWS RELEASE

FP NEWSPAPERS INCOME FUND ANNOUNCES CONFERENCE CALL AND WEBCAST FOR AGM

Winnipeg, MB - May 5, 2005 -- Members of the investment community and media and Unitholders are invited to listen in a conference call and live webcast of the company’s annual general meeting.

Ron Stern, Chairman and Rudy Redekop, President will discuss the company’s performance in fiscal 2004 and Q1, 2005, following the formal annual general meeting of the Fund.

What: FP Newspapers Income Fund AGM Call and Webcast
When: Tuesday May 10, 2005, at 12:00 p.m. EST (11:00 a.m. CST)
How: Conference call

Participants may join the call by dialing 416-695-5261 or dial toll free at 1-800-769-8320 five minutes prior to at 12:00 p.m. EST. The call will be available at any time for replay until May 24, 2004. 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/051005a/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