NEWS RELEASE FP NEWSPAPERS INCOME FUND ANNOUNCES EXECUTIVE RETIREMENT Vancouver, B.C. - July 17, 2006 -- FP Newspapers Income Fund (TSX:FP.UN), today announced the retirement of Rudy Redekop, as President of FPCN General Partner Inc. ("FPGP"), which is both the managing general partner of FP Canadian Newspapers Limited Partnership and the administrator of the Fund. Mr. Redekop's responsibilities will be assumed by Ronald N. Stern, Chairman and Kevin Karr, Chief Financial Officer. Mr. Redekop remains a Director and will continue to be available on a part-time basis until March 31, 2007. Mr. Redekop, a Chartered Accountant, joined the Winnipeg Free Press in 1979 as Controller. He held various positions within The Thomson Corporation organization, and became the Publisher of the Free Press in 1994. Mr. Redekop has been President of FPGP since November 2001, when the Winnipeg Free Press and Brandon Sun were acquired from The Thomson Corporation. "Rudy has made very significant contributions to the Winnipeg Free Press and Brandon Sun newspapers during his career, and was instrumental to FP Newspapers' smooth transition to becoming a public company" commented Ronald N. Stern, Chairman. "We look forward to Rudy's continued contribution as a Director," added Mr. Stern. 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 125,000 copies. The Brandon Sun also publishes seven days a week, serving the region with an average circulation of approximately 15,000 copies. Canstar Community News publishes weekly with an average circulation of approximately 204,000 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:
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