W.P. Stewart & Co., Ltd. Reports Net Income For First Quarter 2003

For the first quarter of 2003 there were 44,940,152 common shares outstanding on a weighted average diluted basis compared to 47,133,614 common shares outstanding for the first quarter of 2002 on the same weighted average diluted basis.

Net income for the quarter ended 31 March 2003 of $10.2 million, adjusted for $1.9 million, representing the add-back of non-cash expenses of depreciation, amortization and other non-cash charges on a tax-effected basis ("cash earnings"), was $12.1 million, or $0.27 per share (diluted). In the same quarter of the prior year, cash earnings were $19.1 million (net income of $17.3 million adjusted for the add-back of $1.8 million representing non-cash expenses of depreciation, amortization and other non-cash charges on a tax effected basis), or $0.41 per share (diluted).

Performance

Performance in the W.P. Stewart & Co., Ltd. U.S. Equity Composite for the first quarter of 2003 was -2.7% pre-fee and -3.0% post-fee, compared with -3.2% for the S&P 500.

W.P. Stewart's five-year performance for the period ended 31 March 2003 averaged -0.7% pre-fee (-1.9% post-fee), compounded annually, compared to -3.8% for the S&P 500.

In each of the one, three, five and ten-year periods ended 31 March 2003, the W.P. Stewart U.S. Equity Composite has substantially exceeded the performance of the S&P 500.

Assets Under Management

Assets under management at quarter-end were approximately $7.3 billion, compared with approximately $7.7 billion at 31 December 2002, and approximately $9.5 billion at 31 March 2002.

In the quarter, net cash flows of existing accounts were approximately -$5 million, compared with +$34 million and +$31 million in the fourth quarter and in the first quarter of 2002, respectively.

Net new flows (net contributions to our publicly available funds and flows from new accounts minus closed accounts) were -$84 million for the quarter compared to +$18 million and -$110 million in the fourth quarter and in the first quarter of 2002, respectively.

Total net flows for the quarter ended 31 March 2003 were -$89 million, compared with +$52 million and -$79 million in the fourth quarter and in the first quarter of 2002, respectively.

Look Through Earning Power

W.P. Stewart & Co., Ltd. concentrates its investments in large, generally less cyclical, growing businesses. Throughout most of the Company's 28-year history, the growth in earning power behind clients' portfolios has ranged from approximately 11% to 22%, annually.

Currently, portfolio earnings growth remains solidly positive and significantly better than that of the S&P Industrials. The Company's research analysts expect portfolio earnings growth to be within the historical range over the next five years.

Revenues and Profitability

Revenues were $29.7 million for the quarter ended 31 March 2003, down 20.4% from $37.3 million for the same quarter 2002.

The average gross management fee was 1.22% for the quarter ended 31 March 2003, compared to 1.23% in the same quarter of the prior year.

Total operating quarter 2003, from $18.1 million in the same quarter of the prior year.

As previously anticipated, employee compensation remained above our target range of 22-24% of adjusted operating profit in the quarter. Adjustments have been made which lead us to believe that for the entire year compensation will be within our target range.

Pre-tax income, at $11.4 million, was 38.3% of gross revenues for the quarter ended 31 March 2003 compared to $19.2 million or 51.5% of gross revenues in the comparable quarter of the prior year.

The Company's provision for taxes for the quarter ended 31 March 2003 was $1.1 million versus $1.9 million in the comparable quarter of the prior year. The tax rate is 10% for both periods.

Other Events

The Company paid a dividend of $0.30 per common share on 31 January 2003 to shareholders of record as of 17 January 2003, and will pay a dividend of $0.30 per common share on 30 April 2003 to shareholders of record as of 16 April 2003.

Conference Call

In conjunction with this first quarter 2003 earnings release, W.P. Stewart & Co., Ltd. will host a conference call on Wednesday, 30 April 2003. The conference call will commence promptly at 9:15am (EDT) and will conclude at 9:45am (EDT). Those who are interested in participating in the teleconference should dial 1-888-331-0044 (within the United States) or +203-748-8964 outside the United States). The conference ID is "W.P. Stewart". To listen to the live broadcast of the conference over the Internet, simply log on to the web at the following address:

http://www.firstcallevents.com/service/ajwz378348420gf12.html .

The teleconference will be available for replay from Wednesday, 30 April 2003 at 12:00 noon (EDT) through Thursday, 1 May 2003 at 5:00 p.m. (EDT). To access the replay, please dial 1-800-839-3608 (within the United States) or + 402-220-2971 (outside the United States).

You will be able to access a replay of the Internet broadcast through Wednesday, 7 May 2003, on the Company's website at www.wpstewart.com . The Company will respond to questions submitted by e-mail, following the conference.

W.P. Stewart & Co., Ltd. is an asset management company that has provided research-intensive equity management services to clients throughout the world since 1975. The Company is headquartered in Hamilton, Bermuda and has additional operations or affiliates in the United States, Europe and Asia.

The Company's shares are listed for trading on the New York Stock Exchange (symbol: WPL) and on the Bermuda Stock Exchange (symbol: WPS).

For more information, please visit the Company's website at www.wpstewart.com , or call W.P. Stewart Investor Relations (Fred M. Ryan) at 1-888-695-4092 (toll-free within the United States) or + 441-295-8585 (outside the United States) or e-mail to IRINFO@wpstewart.com .