FP NEWSPAPERS INCOME FUND RECOMMENDS APPOINTMENT OF ERNST & YOUNG LLP AS AUDITOR FOR 2004 FISCAL YEAR

Vancouver, B.C. - April 6, 2004 -- FP Newspapers Income Fund (TSX:FP.UN), today announced that the board of Trustees is recommending unitholders appoint Ernst & Young LLP as auditor of the Fund at the Annual Meeting on April 29, 2004.

PricewaterhouseCoopers LLP (PwC), the current auditor of the Fund, have decided not to stand for re-appointment as they expect that in the future, they may be engaged by affiliates of the Fund to perform non-audit services which could preclude them from continuing as auditor of the Fund in accordance with new independence rules established by the Canadian Institute of Chartered Accountants, which became effective January 1, 2004.

PwC's decision not to stand for re-appointment did not result from any disagreement or unresolved issues between the Fund and PwC.

PwC will remain as auditor of the Fund until the expiry of their term of appointment on April 29, 2004.

The recommendation by the Trustees to appoint Ernst & Young followed a selection process conducted by the Audit Committee. "We were pleased with the comprehensive and high quality proposals we received, and are confident that Ernst & Young LLP will provide efficient and effective audit services on behalf of our unitholders," said G. Stephen Dembroski, Chairman of the Audit Committee. "The Audit Committee wishes to extend their gratitude to PricewaterhouseCoopers for their past service," he added.

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 128,000. 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
FP Newspapers Income Fund
Phone (604) 646-3782, Fax (604) 681-8861
kkarr@estrellagroup.com