Exhibit 18: Principal Holders of Shares

Exhibit 18: Principal Holders of Shares

Young believes FPI must focus on growing shareholder value. To do this, he believes he must motivate his employees to embrace the concept of growing shareholder value and “energize” them to “make it happen.” FPI is focused on growing its EPS and restoring shareholder value by using key traditional groundfish, value-added and seafood trading operations along with increasing shellfish operations. Young also hopes to grow through international alliances, mergers and acquisitions. The question now facing Young: how exactly does FPI increase shareholder value?

1. 
   Founded in 1979, NAFO is comprised of 18 countries including Canada, US, EU, Cuba, Korea, Denmark, France (Saint Pierre et Miquelon), Russian Federation, Iceland, and Norway and its goal is to guide management and conservation of fishery resources in the northwest Atlantic within the 200-mile limit (NAFO Convention). A map of this area is available at www.nafo.ca/imap/map.htm.
   

American Beefalo International (no date). Nutritional Facts. All figures taken from the USDA Nutrient Database for standard release 11 (September 1996). Retrieved at www.ababeefalo.org/aba8.htm August 12.

Benson, B. (1999). For Sale: Fishery Products International Ltd. was born from the ashes of an over-extended industry and nurtured with heavy supplements of government cash. It’s been a tough few years. The Telegram, Nov. 28, 17.

BMO Investorline (2000). Quotes and Charts. Retrieved at www.BMOInvestorlinebmoinvestorline.com/QuotesCharts/ July 5.

BMO Investorline (2000). Retrieved from www.bmoinvestorline.com July 20.

Burke, G. (2000). Group Marketing Manager, Sanford Ltd. Email communication, July 23.

Clearwater (2000). We are Clearwater: the world’s ocean food company. Retrieved at www.clearwater.ca/clearwater/about.asp?mscssid=AM348GQND7SR2LCE0G095708K09N9FQC, July 15.

Cox, K. (1999). Newfoundland fish union opposes takeover of FPI. Globe and Mail, November 13, p. B11.

DeMont, P. (1989). An ill wind off the Atlantic. FPI and National Sea Feel Chill from strikes and a cut in quotas. Financial Times (Can.), 77(36), February 20, p. 13, 14.

Doyle, P. (1998). Companies recognized for exports. The Telegram, Sep. 30, p.41

Doyle, P. & Cleary, R. (1999). Group makes a play for FPI. The Telegram, November 6, p. 1.

Editorial. (2000). The troublesome FPI ownership cap. The Telegram, January 26, p. 6.

FANL (1999). Report to Dr. John Scott, Arbitrator: Shrimp Pricing August 1999. Fisheries Association of Newfoundland and Labrador Limited, St. John’s, NF, August 14.

FANL, (2000). Report to Arbitrator: Shrimp Pricing for 2000. Fisheries Association of Newfoundland and Labrador Limited, March 13.

Feschuk, S. (1992). FPI top fish processor after $25 million NatSea deal. Globe and Mail, June 25, p. B1, B2.

FFAW/CAW (2000). Presentation to Howard Noseworthy Selector/Arbitrator for the 2000 Shrimp Fishery. Presented by FFAW/CAW, March 13.

FPI Ltd. (1999). Product Innovation (1999). Retrieved at www.fpil.com/profile/frames_innovation.html April 18, 2000.

FPI Ltd., (2000 a). Corporate Overview. Retrieved at www.fpil.com/profile/frames_profile.html May 23.

FPI Ltd., (2000b). FPI. Retrieved at www.fpil.com/canada/brand.htm, May 15.

FPI Ltd., (1999c). 1999 Annual Report.

FPI Ltd., (1999d). Quality Assurance. Retrieved from www.fpil.com/profile/frames_quality.html July 23, 2000.

FPI Ltd., (1999e). Press Release, November 5.

FPI Ltd., (1999f). Employee Information Bulletin#2 (General Update) and #4 (Meeting with the CAW.FFAW). November 10 and 15.

FPI Ltd., (2000g). Notice of Annual General Meeting of Shareholders Management: Proxy Information Circular. May 1, p. 4.

FPI Ltd., (1990-1999h). FPI Ltd. Annual Reports.

Frionor (2000). Product Solutions. Retrieved at www.frionor.com/product.htm, July 20.

Government of Newfoundland and Labrador (1998). New Beginnings: Bringing Stability and Structure to Price Determination in the Fishing Industry; Report of the Task Force on Fish/Crab Price Settlement Mechanisms in the Fishing Industry Collective Bargaining Act, January 15.

Grizzetti, R. (2000). Email Communication. www.sternstewart.com, July 2 and 28.

Hamilton, G. (2000). Federal body calls for drastic cuts to cod fishing. Globe and Mail, January 19.

High Liner Foods Inc. (2000a). 1999 Annual Report. Retrieved at www.highlinerfoods.com/99/index.html June 20.

High Liner Foods Inc. (2000b). Commodity Sales. Retrieved at www.highlinerfoods.com/about/index.html, July 20.

High Liner Foods Inc. (1999). 1999 Management Information Circular. Retrieved July 26 at www.highlinerfoods.com/99mic/99mic-principal.html June 20, 2000.

High Liner Foods Inc. c. (2000c). About High Liner Foods. Retrieved at www.highlinerfoods.com/about/index.html June 20.

IFPC Plc. (2000). Cooperation on joint Internet Website. Retrieved at www.icelandic.is/wpp/ifpc/english.nsf/pages/BBC89D68436D1EA7802568E0004ABA5E, July 24.

IFPC Plc. (2000a). Press Release. Retrieved at www.icelandic.is/wpp/ifpc/english.nsf/pages/86B0774CEF6C1102802568E10036F855 July 25.

IFPC Plc. (2000b). Cooperation on Joint Internet Web Site. Retrieved at www.icelandic.is/wpp/ifpc/english.nsf/pages/BBC89D68436D1EA7802568E0004ABA5E, July 25.

IFPC Plc. (2000c). IFPC Purchase Arnes Europe. Retrieved at www.icelandic.is/wpp/ifpc/english.nsf/pages/arnes July 25.

IFPC Plc. (2000d). Products. Retrieved at www.icelandic.is/wpp/ifpc/english.nsf/pages/products July 28.

Industry Canada (2000a). Fish Products Industry. Chapter 5, International Trade. Retrieved at www.strategis.ic.gc.ca/SSG/io10217e.html, July 10.

Industry Canada (2000b). Trade Data Online. Retrieved at www.strategis.ic.gc.ca/sc_mrkti/tdst/engdoc/tr_homep.html, June 26.

Kaplan, S. & Sawhney, M. (2000). E-Hubs: The New B2B Marketplaces. Harvard Business Review, May-June.

Kavanagh, P. (2000). Personal communication and email communication, May – August 2000.

Mahood, C. (1999). Neos Seafoods looks to hook FPI with takeover bid. Globe and Mail. Nov. 6, p. B1, B2.

Milton, C. (2000). Corporate Secretary & Treasurer, High Liner Foods Inc. Email Communication, July 26.

NAFO Convention (no date). Retrieved at www.nafo.ca/home.htm June 23, 2000.

O’Rielly, A. (2000). President, Fisheries Association of Newfoundland and Labrador (FANL). Personal Interview, June 31.

Robert Morris and Associates (RMA) Guide, (1999). Manufacturing – Prepared Fresh or Frozen Fish and Seafoods; Wholesale – Fish and Seafoods.

Rowe, G. (2000). Personal interview, June 22.

Sanford Limited (2000). 1999 Annual Report. Retrieved at www.sanford.co.nz/annualreport1999/index.html July 10.
Seafood Industry Profile (1997). Retrieved at www.itds.treas.gov/ITDS/ITTA/seafoodindustry.html June 28, 2000.

Seafoodalliance.com (2000). SeafoodAlliance.com: Where the world’s seafood business does business. Retrieved at www.seafoodalliance.com July 28.

SIF Ltd. (2000). 1999 Annual Report. Retrieved at www.sif.is/rammar/en.htm July 5.

SIF Ltd. (2000). SIF and Iceland Seafood International Merger (2000. Retrieved at www.sif.is/rammar/en.htm, July 5.

Smith, L. (2000). Executive Assistant, FPI Ltd. Email communication and copy of CV, Vic Young, July 30.

Stern Stewart & Co. (2000). Performance Rankings. Retrieved at www.sternstewart.com/performance/canada.shtml April 19.

Vardy, J. (1989). Fish firm fighting rough seas. Financial Post, 83(24) June 17, 18, p. 9.

Warren, M. (2000). Department of Fisheries and Aquaculture. Email Communication, July 30.

Whiffen, G. (1999). FPI share ownership cap no longer useful: ex director. The Telegram. November 16, p. 4.

Willis, A. (1999). Air wars show rough seas ahead for Neos. Globe and Mail, Nov. 12, p. B16.

Young, V. (1999). Chairman and CEO, FPI Ltd. Presentation at Management Development Conference, Public Service Commission, St. John’s, NF, March 1.

Appendix A
F.P.I. Ltd. Consolidated Financial Data (dollars in thousands) Year ended December 31
	1999	1998	1997	1996	1995	1994	1993	1992	1991	1990
Sales	708,911	681,563	675,945	664,598	643,009	664,697	601,179	590,351	542,937	535,044
COGS	633,124	614,467	613,617	606,473	593,096	597,446	549,844	536,373	483,046	468,924
Gross Profit	75,787	67,096	62,328	58,125	49,913	67,251	51,335	53,978	59,891	66,120
Commission Income	3,327	2,382	2,968	3,665	3,394	4,645	2,789	6,502	7,281	8,437
Operating Income	79,114	69,478	65,296	61,790	53,307	71,896	54,124	60,480	67,172	74,557
Administration and Marketing	45,456	42,152	39,963	39,865	39,711	40,639	32,975	44,945	44,988	47,335
Depreciation and Amortization	9,883	8,967	8,656	7,872	8,484	8,184	10,040	12,441	15,005	16,694
Profit sharing	1,541	1,088	1,063	840		1,684			110	586
Interest	7,146	7,467	5,890	5,669	8,242	5,895	6,667	6,210	5,074	4,566
	64,026	59,674	55,572	54,246	54,246	56,402	56,402	63,596	65,177	69,181
Operating Income before undernoted	15,088	9,804	9,724	7,544	(939)	15,494	(2,278)	(3,116)	1,995	5,376
Exchange Gain						733	1,005	3,202	(998)	(104)
Gain (loss) on disposal of PP&E				21	438	155	959	203	-	-
Equity in loss of joint venture						(1,074)	(1,027)	(1,675)	-	-
Unusal item(s)	(965)						(20,000)	(65,000)	(185)	7,962
Net income before taxes	14,123	9,804	9,724	7,565	(2,692)	15,308	(14,621)	(66,386)	812	13,234
Income taxes	4,097	1,378	1,531	1,455	587	1,427	746	913	1,100	1,463
Net Income	10,026	8,426	8,193	6,110	(3,279)	13,881	(15,367)	(67,299)	(288)	11,771
Weighted net income per share	0.66	0.55	0.51	0.37	(0.20)	0.85	(0.94)	(4.10)	(0.02)	0.72
Gross Margin	10.69%	9.84%	9.22%	8.75%	7.76%	10.12%	8.54%	9.14%	11.03%	12.36%
Operating margin	11.16%	10.19%	9.66%	9.30%	8.29%	10.82%	9.00%	10.24%	12.37%	13.93%
Net margin	1.41%	1.24%	1.21%	0.92%	-0.51%	2.09%	-2.56%	-11.40%	-0.05%	2.20%
Source: 1990-1999 Annual Reports

Appendix B
F.P.I. Ltd. Segmented Sales Information (dollars in thousands)
			1999	1998	1997	1996
Primary processing
	Groundfish		69,883	61,667	58,170	64,949
	Shellfish		142,078	105,375	72,619	68,098
	Other		2,145	9,102	8,664	11,119
			217,056	176,144	139,453	144,166
Value-added processing
	Groundfish		170,822	160,019	147,088	135,862
	Shellfish		53,641	58,487	57,724	47,844
			224,463	218,506	204,812	183,706
Seafood trading
	Shellfish		200,278	210,623	260,851	236,871
	Other		66,664	76,290	70,828	99,884
			267,392	286,913	331,679	336,755
Total Sales			708,911	681,563	675,944	664,627

Appendix C
FPI Ltd.
Consolidated 'Balance Sheet at December 31, 1999 (dollars in thousands)
	Assets
	Current Assets
		Cash		916
		Accounts Receivable		80664
		Inventories		119471
		Prepaids		5637
	Total Current Assets			206668
	Property Plant and Equipment			93667
	Other Assets			14057
	Total Assets			314402
	Liabilities and Shareholders' Equity
	Current Liabilities
		Bank Indebtedness		43124
		Accounts Payable &
		Accrued liabilities		37252
		CP LTD		8351
	Total CL			88727
	LTD			62323
				151050
	Shareholder's Equity
		Share Capital		48044
		Contributed Surplus		75083
		Retained earnings		41535
		Foreign Currency		-1310
		Translation Adj.
	Total Equity			163352
	Total Liabilities and
	Shareholder's Equity			314402

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