NEWS RELEASE ADVISORY - FP NEWSPAPERS INCOME FUND ANNOUNCES FOURTH QUARTER RESULTS CONFERENCE CALL Vancouver, B.C. - February 15, 2007 -- Members of the investment community and media are invited to attend the fourth quarter results conference call and webcast for FP Newspapers Income Fund. Ron Stern, Chairman; Kevin Karr, CFO; Andrew Ritchie, Publisher of the Winnipeg Free Press; and Dan Koshowski, Vice President, Finance and Administration will discuss the fourth quarter results. The review will be followed by a question and answer session. Please plan to connect five minutes prior to the scheduled start time. FP Newspapers Income Fund Fourth Quarter Call and Webcast, Wednesday, March 7, 2007 at Noon Eastern (11:00 a.m. Central). Conference call Web cast 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 seven community and special interest 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 124,000 copies. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 14,000 copies. Canstar Community News publishes weekly with an average circulation of approximately 206,000 copies. Based in Winnipeg, the businesses employ approximately 630 people in Winnipeg, Brandon and Thunder Bay. 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: Kevin Karr, Vice President, Chief Financial Officer and Secretary
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