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NEWS RELEASE

FP NEWSPAPERS INC. ANNOUNCES MONTHLY DIVIDEND - JANUARY 2011

Winnipeg, Manitoba – January 18, 2011 -- FP Newspapers Inc. (TSX:FP) today announced a cash dividend of $0.05 per share, payable on February 25, 2011 to shareholders of record at the close of business on January 31, 2011. Holders of shares who are non-residents of Canada will be required to pay all withholding taxes payable in respect of the dividend.

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as the Canstar Community News division, the publisher of eight community and special interest newspapers in the Winnipeg region. The Winnipeg Free Press publishes six days a week for delivery to subscribers and single copy sales, serving Winnipeg and Manitoba with an average Monday through Saturday circulation of approximately 126,500 copies. On Sundays the Winnipeg Free Press publishes a tabloid size newspaper sold through single-copy retail outlets and vending boxes. The Brandon Sun publishes seven days a week, serving the region with an average circulation of approximately 15,200 copies. Canstar Community News publishes weekly with an average circulation of approximately 200,000 copies. Based in Winnipeg, the businesses employ approximately 550 people in Winnipeg and Brandon. 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:

Daniel Koshowski, CFO
FP Newspapers Income Fund
Phone (204) 697-7425
Fax (204) 632-0281