Robert Steele Joins SEAMARK Board of Directors

    HALIFAX, March 29 /CNW/ - SEAMARK Asset Management Ltd. today announced
the appointment of Robert G. Steele to its Board of Directors.
    Mr. Steele is President and Chief Executive Officer of Newfoundland
Capital Corporation Limited, a radio broadcaster with 75 licences across
Canada. Prior to his work with Newfoundland Capital Corporation, he built one
of the most diversified auto dealerships in Atlantic Canada. He currently
serves as a member of the Board of Directors of the Halifax Metro Chamber of
Commerce and is also a member of Advancement Nova Scotia, an advocacy
organization designed to help build a stronger provincial economy.
    "We are very pleased to welcome Rob as a director of SEAMARK," said
Stephen Rankin, Chairman. "His proven business sense and track record of
building successful companies make him a valuable addition to our Board as we
continue to focus on creating value for shareholders."
    SEAMARK also announced that Donald A. Guloien and James W. Gogan will not
stand for re-election at the upcoming annual shareholders meeting on May 1,
    "SEAMARK is a great company," said Mr. Guloien, who has been a director
since 2001. "With the appointments over the past year of Stuart Raftus as
President & CEO and Hugh Brown, William Eeuwes and Robert Steele as directors,
the company has new energy, strong leadership and a very capable Board.
Manulife Financial is well represented on that Board and remains committed to
SEAMARK, which I am confident is poised for future success."
    "New additions to management and to the Board have brought new strengths
to SEAMARK," said Mr. Gogan, who is retiring after over eight years of
service, having first been appointed to the Board in 1998. "The company is on
the right track to build value for shareholders and I look forward to
following its progress for years to come."
    "On behalf of the Board, I would like to thank Jim and Donald for their
outstanding service to SEAMARK and its shareholders," said Mr. Rankin.

    SEAMARK Asset Management Ltd. (TSX:SM) provides investment management
services across Canada to institutional clients, mutual funds, private
clients, and the managed portfolio advisory programs (wrap programs) of many
of Canada's leading investment dealers.
    %SEDAR: 00016315E

For further information:

For further information: Brent Barrie, VP & Corporate Secretary, SEAMARK
Asset Management Ltd., (902) 423-9367

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