Mr. Mike Power reports

FP NEWSPAPERS INC. ANNOUNCES POSTPONEMENT OF ANNUAL MEETING AND MAILING OF ADDENDUM TO THE INFORMATION CIRCULAR AND AMENDED MEETING MATERIALS

FP Newspapers Inc. has postponed its annual meeting of holders of common shares of the company which was scheduled to be held on May 31, 2023, at 11 a.m. (Central Standard Time). The shareholder meeting will now be held on Friday, June 16, 2023, at 11 a.m. (Central Standard Time) and, as discussed herein, is now considered an annual and special meeting of the shareholders.

The company is postponing the meeting as management of the company is proposing that the shareholders approve an additional special resolution at the meeting authorizing and approving an amendment to the articles of the company to increase the maximum number of directors from six to eight, and the company requires additional time to deliver the amended meeting materials (as defined herein) to shareholders in accordance with applicable laws.

The company intends to mail to shareholders an amended notice of meeting with respect to the postponed meeting, an addendum to the management information circular of the company dated April 19, 2023, and an amended form of proxy for voting at the postponed meeting, copies of which will also be posted on the company's SEDAR profile.

About FP Newspapers Inc.

FP Newspapers owns securities entitling it to 49 per cent of the distributable cash flow of FP Canadian Newspapers LP (FPLP). FPLP owns and operates the Winnipeg Free Press, along with several other Manitoba-based news and media publications that are available in both print and digital formats. The informative and engaging content the company produces has an extensive reach throughout the province of Manitoba. The breadth of the company's reach provides compelling platforms for those looking to effectively reach a Manitoba audience.

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