FP NEWSPAPERS INCOME FUND ANNOUNCES MONTHLY DISTRIBUTION - NOVEMBER 2002 AND OCTOBER OPERATING RESULTS

Vancouver, B.C. - November 19, 2002 - FP Newspapers Income Fund (TSX:FP.UN), announced today a distribution of 10 cents per unit for the month of November 2002, to unitholders of record on November 29, 2002. The distribution will be paid December 30, 2002.

The distribution of 10 cents per unit represents an annual cash-on-cash yield of 12% on the Initial Public Offering unit price of $10 per unit. The Fund owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership. 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.

Operating results of FP Canadian Newspapers Limited Partnership for October, including lost profits and incremental expenses relating to the loss of nine publishing days due to a strike at the Winnipeg Free Press, were better than previously estimated. Management reports the financial impact of the strike in October to be approximately $2.0 million, or 14.2 cents per unit, down from the prior estimate of $2.5 million, or 17.7 cents per unit. The financial impact beyond October will depend on future trends in advertising and circulation revenues, which may be affected by the strike to some extent. However, advertising and circulation revenue at the Winnipeg Free Press for the first 18 days of November is approximately 1% higher than the equivalent period from the prior year. This compares with a 1% increase for the nine months ended September 30, 2002.

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 129,000. 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.

Forward-looking statements
This document may contain forward-looking statements, relating to the Fund's operations or to the environment in which it operates, which are based on the Fund's operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Fund's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. Consequently, readers should not place any undue reliance on such forward-looking statements. In addition, these forward-looking statements relate to the date on which they are made. FP Newspapers Income Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information please contact:

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