NEWS RELEASE

ADVISORY - FP NEWSPAPERS INCOME FUND ANNOUNCES SECOND QUARTER RESULTS CONFERENCE CALL

Vancouver, B.C. - August 5, 2004 -- Members of the investment community and media are invited to attend the second quarter results conference call and webcast for FP Newspapers Income Fund. Ron Stern, Chairman; Rudy Redekop, President; Murdoch Davis, Publisher; and Dan Koshowski, CFO will discuss the second 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 Second Quarter Call and Webcast Thursday, August 12, 2004 at 10:00 a.m. EST (9:00 a.m. CST).

Conference call
Participants may join the call by dialing 416-405-9328 or dial toll free at 1-800-387-6216 five minutes prior to 10:00 a.m. EST. The call will be available at any time for replay until August 26, 2004. To hear the replay dial 416-695-5800 or dial toll free at 1-800-408-3053. The order number for replay is 3088307#.

Web cast
To access the webcast live, go to http://www.fpnewspapers.com

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.

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For further information please contact:

Dan Koshowski
Chief Financial Officer
Phone: 204-697-7425
Fax: 204-632-0281
e-mail: Dan.Koshowski@freepress.mb.ca



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