NEWS RELEASE FP NEWSPAPERS INCOME FUND ANNOUNCES RESIGNATION OF DIRECTOR Vancouver, B.C. - June 20, 2003 - FP Newspapers Income Fund (TSX:FP.UN), today announced the resignation of Larry Philip Fontaine as a director of FPCN General Partner Inc., the managing general partner of FP Canadian Newspapers Limited Partnership. Mr. Fontaine is currently seeking political office as National Chief of the Assembly of First Nations. "Mr. Fontaine is a respected leader in Manitoba and we thank him for his service to FP Newspapers," said Ron Stern, Chairman, FP Newspapers Income Fund. 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. -- 30 --
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