FP NEWSPAPERS INCOME FUND ANNOUNCES CFO RESIGNATION

Vancouver, B.C. – February 15, 2008 – FP Newspapers Income Fund (TSX:FP.UN), today announced the resignation of Kevin Karr, Vice President, Chief Financial Officer and Secretary, effective April 2, 2008.

Mr. Karr has been a senior officer of FP Newspapers Income Fund since its inception in May 2002 and is leaving to join another North American organization.

"The Fund is beginning a search process to identify a replacement for Mr. Karr." commented Ronald Stern, Chairman. "We thank Kevin for his significant contributions to the success of FP Newspapers and wish him well in his future endeavors."

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:

Ronald Stern, Chairman, or,
Kevin Karr, Vice President, Chief Financial Officer and Secretary
FP Newspapers Income Fund
Phone (604) 681-8817, Fax (604) 681-8861