Matrix Reports SEAMARK Asset Management Ltd. Receives Notice from Manulife Financial

HALIFAX, NOVA SCOTIA--(Marketwire - Feb. 23, 2012) - SEAMARK Asset Management Ltd., the institutional asset management division of Matrix Asset Management Inc. (the "Company" or "Matrix") (TSX:MTA) has been advised that its largest institutional investor, Manulife Financial, intends to discontinue its use of SEAMARK's investment services effective on or about June 14, 2012. The Manulife mandate represented approximately 23.9% of Matrix's overall assets under management as of September 30, 2011, but only 3.0% of revenue for the same period.

"Manulife has been a long and valued client of SEAMARK and we are disappointed they are leaving," states David Levi, CEO of Matrix Asset Management. "We remain deeply committed to the institutional space and are exploring several interesting options at the moment to build SEAMARK."

The potential financial impact is under review and updated analysis will be provided in future financial reporting. Matrix will continue to focus its efforts on growing the business through acquisitions, and through organic growth.

SEAMARK Asset Management Ltd. provides investment management services across Canada to institutional clients, mutual fund companies, private clients, and the managed portfolio advisory programs (wrap programs).

About Matrix Asset Management Inc. (www.matrixasset.ca)

Matrix Asset Management Inc. (TSX:MTA) is a diversified asset and wealth management company with approximately $1.9 billion in assets under management and offices across Canada. The Company's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. The Company delivers its services through three main operating subsidiaries serving institutional, high net worth and retail investors.