FP NEWSPAPERS INCOME FUND ANNOUNCES MONTHLY DISTRIBUTION - DECEMBER 2008

Vancouver, B.C. - December 17, 2008 -- FP Newspapers Income Fund (TSX:FP.UN), today announced a distribution of 9.50 cents per unit for the month of December 2008, to unitholders of record on December 31, 2008. The distribution will be paid January 30, 2009.

The Fund owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership. The Fund’s policy is for unitholders of record on the last business day of a calendar month to receive distributions on or before the last day of the following month. Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

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 http://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:

Dan Koshowski, Vice President Finance & Administration
FP Newspapers Income Fund