Confirmation of option exercises under Stock Option Plan

    TSX: FPL

    ST. JOHN'S, NL, June 15 /CNW/ - FPI Limited ("FPI") announced today that
an aggregate of 117,500 options have been exercised via the cashless exercise
feature of the 2000 Performance Stock Option Plan ("the Plan") by officers who
are optionees under the Plan. This feature requires FPI to purchase options
for a purchase price equal to the difference between the market price of FPI's
shares and the exercise price of the options. FPI purchased the options for an
aggregate total of $744,500. No shares of FPI are issued to optionees upon
exercise of options using this cashless exercise feature, and the purchased
options are cancelled and not available for re-issuance under the Plan.

    About FPI: FPI Limited is a Newfoundland and Labrador-based seafood
company engaged in harvesting, processing, global sourcing, and marketing a
wide selection of high quality seafood products.

    FPI Limited trades on the Toronto Stock Exchange under the symbol FPL.

For further information:

For further information: Investors: Bev Evans, Chief Financial Officer,
(709) 570-0351,; Media: Russ Carrigan, Corporate
Communications, (709) 570-0130,

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