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NEWS RELEASE

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

Vancouver, B.C. -- October 26, 2005 -- Members of the investment community and media are invited to attend the third quarter results conference call and webcast for FP Newspapers Income Fund. Ron Stern, Chairman; Rudy Redekop, President; and Kevin Karr, CFO will discuss the third 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 Third Quarter Call and Webcast Wednesday, November 9, 2005 at 12:00 p.m. Eastern (11:00 a.m. Central)

Conference call

Participants may join the call by dialing 416-695-9712 or dial toll free at 1-877-323-2091 five minutes prior to 12:00 p.m. Eastern. The call will be available at any time for replay until November 25, 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://www.fpnewspapers.com

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 seven community and special interest 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 125,000. 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 209,000. Based in Winnipeg, the businesses employ approximately 630 people in Winnipeg, Brandon and Thunder Bay. Further information can be found at www.fpnewspapers.com, and in the disclosure documents filed by FP Newspapers Income Fund with the securities regulatory authorities available at www.sedar.com.

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