FP NEWSPAPERS INCOME FUND INCREASES DISTRIBUTIONS BY 2.4%

Vancouver, B.C. - November 10, 2004 -- FP Newspapers Income Fund (TSX:FP.UN), today announced that its Board of Trustees has approved a 2.4% increase in monthly cash distributions to $0.1075 per Unit. The planned increase will be effective for the November 2004 distribution, to be paid in December, 2004.

"As a result of our operating performance and financial position, the Fund will increase distributions to an annual rate of $1.29 per Unit, up 2.4% from the current annualized rate of $1.26 per Unit" said Ronald Stern, Chairman. "The Trustees consider the Fund's financial performance, cash balances, business outlook and other factors in determining cash distribution levels that are expected to be sustainable", he added.

The Fund today also announced its third quarter financial results in a separate news release.

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.

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 five community 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 128,000. 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 169,000. Based in Winnipeg, the businesses employ approximately 620 people in Winnipeg, Brandon and Thunder Bay. 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, Chief Financial Officer and Secretary
FP Newspapers Income Fund
Phone (604) 646-3782, Fax (604) 681-8861
kkarr@estrellagroup.com