We study the subgap conductance of a ferromagnetic mesoscopic region attached to a ferromagnetic and a superconducting electrode by means of tunnel junctions. In the absence of the exchange field, the ratio r = gamma/epsilon(T) Of the two-tunnel junction resistances determines the behavior of the subgap conductance, which possesses a zero-bias peak for r much greater than 1 and for r much less than 1 a peak at finite voltage. We show that the inclusion of the exchange field leads to a peak splitting for r much less than 1, while it shifts the zero-bias anomaly to finite voltages for r much greater than 1.