FP NEWSPAPERS INCOME FUND ("FP.UN") INITIAL MONTHLY DISTRIBUTION

Vancouver, B.C., June 19, 2002 - FP Newspapers Income Fund (the "Fund") announced today it's initial distribution of 12.7 cents per unit for the period from May 28, 2002 to June 30, 2002, payable on July 30, 2002 to unitholders of record on June 28, 2002. This initial distribution is comprised of 11.25 cents for the month of June and 1.45 cents for the four days from May 28, 2002 to May 31, 2002 and represents a 13.5% yield on the initial public offering price of $10.00 per unit.

The Fund's policy is for unitholders of record on the last business day of a calendar month to receive distributions on or before the last day of the following month.

Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

The Fund owns securities entitling it to 46.67% of the distributable cash of FP Canadian Newspapers Limited Partnership.

FP Canadian Newspapers Limited Partnership owns the Winnipeg Free Press, the Brandon Sun, and their related businesses. The Winnipeg Free Press newspaper publishes seven days a week, serving Winnipeg and Manitoba with an average seven-day circulation of approximately of 126,000. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 15,000. Based in Winnipeg, the businesses employ approximately 580 people in Winnipeg and Brandon.

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.

For further information please contact:

Kevin Karr, Vice President, Corporate Development and Secretary
Phone (604) 646-3782, Fax (604) 681-8861, Email: kkarr@estrellagroup.com