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In addition, although the forward-looking statements contained in this news release are based upon assumptions that management of FPI and FPLP believe to be reasonable, such assumptions may prove to be incorrect.

Forward-looking statements speak only as of the date hereof and, except as required by law, FPI and FPLP assume no obligation to update or revise them to reflect new events or circumstances. Because forward-looking statements are inherently uncertain, readers should not place undue reliance on them.

About FPI

FPI owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership ("FPLP"). FPLP owns the Winnipeg Free Press, the Brandon Sun, and their related businesses, as well as the Canstar Community News division, the publisher of six community newspapers in the Winnipeg region, The Carillon in Steinbach with its related commercial printing operations and the Carberry News Express weekly publication. The Winnipeg Free Press publishes six days a week for delivery to subscribers and single copy sales, serving Winnipeg and Manitoba with an average Monday through Saturday circulation of approximately 111,200 copies. On Sundays the Winnipeg Free Press publishes a newspaper sold through single-copy retail outlets and vending boxes. The Brandon Sun publishes six days a week, serving the region with an average circulation of approximately 12,475 copies. Canstar Community News publishes weekly with an average circulation of approximately 200,000 copies. The businesses employ approximately 540 people in Winnipeg, Brandon, Steinbach and Carberry, Manitoba.

Conference Call

The Corporation invites you to participate in a conference call on Thursday, March 14, 2013 at 12:00 p.m. Eastern (11:00 a.m. Central) to discuss the fourth quarter results.

The dial-in number is 416-340-2217, or dial toll free at 866-696-5910. To ensure your participation, please dial in five minutes before the start of the conference call. The participant code is 5947144. Management's presentation will be followed by a question and answer period.

For those unable to participate, the call will be available to listeners upon completion of the call until March 28, 2013. To hear the replay dial 905-694-9451 or dial toll free at 800-408-3053. The replay code is 5753583.

Non-IFRS financial measures

(1) EBITDA

FPLP believes that in addition to net earnings as reported on FPLP's interim condensed consolidated statements of earnings, EBITDA is a useful supplemental measure as it is a measure used by many of FPLP's unitholders, creditors and analysts as a proxy for the amount of cash generated by FPLP's operating activities and is not a recognized measure of financial performance under IFRS. Investors are cautioned that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of FPLP`s performance. FPLP's method of calculating EBITDA may differ from other issuers and, accordingly, EBITDA may not be comparable to measures used by other issuers. FPLP's method of calculating EBITDA is detailed in the Management's Discussion and Analysis for the year ended December 31, 2012 on FPI's website www.fpnewspapers.com or on SEDAR at www.sedar.com.

(2) Distributable Cash Attributable to FPI

FPI believes that in addition to the disclosure of cash flow from operations, distributable cash attributable to FPI is an important supplemental measure of cash flow because it provides investors with an indication of the amount of cash available for distribution to Shareholders and because such calculations are required by the terms of the partnership agreement governing FPLP. Distributable cash attributable to FPI is not a defined term under IFRS, and it should not be construed as an alternative to using net earnings or the statements of cash flows as measures of profitability and cash flow. Readers are cautioned that distributable cash as calculated by FPI may not be comparable to similar measures presented by other issuers. FPI uses this measure as a factor to determine whether to adjust its monthly dividends to Shareholders. FPLP's method of calculating distributable cash attributable to FPI is detailed in the Management's Discussion and Analysis for the year ended December 31, 2012 on FPI's website www.fpnewspapers.com or on SEDAR at www.sedar.com.

FP Newspapers Inc.Statements of Earnings and Comprehensive Income (Loss)(unaudited, in thousands of Canadian dollars except per share amounts)                                  Three Months            Twelve Months                                      Ended                   Ended                                  December 30,            December 30,                                    2012        2011        2012        2011----------------------------------------------------------------------------Equity interest from FP Canadian Newspapers Limited Partnership Class A limited partner units                   $ 2,870     $ 2,718     $ 7,285     $ 7,954Write-down of investment in FP Canadian Newspapers Limited partnership Class A limited partner units                 -    (15,000)           -    (15,000)Equity interest from FPCN General Partner Inc.                  -           -           -          37Administration expenses             (65)        (70)       (251)       (336)Other income                           1           1           5           5----------------------------------------------------------------------------Net earnings (loss) before income tax                        2,806    (12,351)       7,039     (7,340)Current income tax expense          (89)           -     (3,462)           -Deferred income tax recovery (expense)                         (688)       (752)       1,578     (2,060)----------------------------------------------------------------------------Net earnings (loss) for the period                          $ 2,029  $ (13,103)     $ 5,155   $ (9,400)--------------------------------------------------------------------------------------------------------------------------------------------------------Equity interest of other comprehensive loss from FP Canadian Newspapers Limited Partnership                     (1,640)       (264)     (2,969)     (2,714)Deferred income tax recovery         442          71         800         733----------------------------------------------------------------------------Comprehensive income (loss) for the period                    $ 831  $ (13,296)     $ 2,986  $ (11,381)--------------------------------------------------------------------------------------------------------------------------------------------------------Weighted average number of Common Shares outstanding     6,902,592   6,902,592   6,902,592   6,902,592Net earnings (loss) per share                           $ 0.294   $ (1.898)     $ 0.747   $ (1.362)FP Canadian Newspapers Limited PartnershipConsolidated Income Statements and Statements of Comprehensive Income (Loss)(unaudited, in thousands of Canadian dollars)                                  Three Months            Twelve months                                      Ended                   Ended                                  December 31,            December 31,                                    2012        2011        2012        2011----------------------------------------------------------------------------Revenue Advertising                    $ 20,649    $ 20,839    $ 75,034    $ 76,513 Circulation                       6,760       6,864      27,006      27,384 Commercial Printing               1,422       1,022       4,763       3,284 Digital                             770         670       2,906       2,601 Promotion and services              583         547       1,819       1,487----------------------------------------------------------------------------TOTAL REVENUE                   $ 30,184    $ 29,942   $ 111,528   $ 111,269Operating expenses Employee compensation            10,885      10,620      43,637      42,738 Newsprint and other paper         2,579       2,704       9,899      10,004 Delivery                          4,512       4,545      17,150      17,164 Other                             4,783       4,739      19,200      18,006 Depreciation and  amortization                     1,061       1,132       4,314       4,441 Restructuring charge                137           -         639         264----------------------------------------------------------------------------OPERATING INCOME                   6,227       6,202      16,689      18,652Other income                          59          46         200         202Finance costs                      (435)       (658)     (2,064)     (2,579)Gain (loss) on interest rate swap                                  6        (43)          43        (43)----------------------------------------------------------------------------NET EARNINGS FOR THE PERIOD      $ 5,857     $ 5,547    $ 14,868    $ 16,232--------------------------------------------------------------------------------------------------------------------------------------------------------Unrealized gain (loss) on investment                          (7)        (31)          25        (60)Actuarial (loss) on defined benefits plan                   (3,348)       (540)     (6,061)     (5,540)----------------------------------------------------------------------------COMPREHENSIVE INCOME FOR THE PERIOD                          $ 2,502     $ 4,976     $ 8,832    $ 10,632--------------------------------------------------------------------------------------------------------------------------------------------------------