that it has completed its initial public offering, raising an estimated $258 million.

The company floated approximately 12.9 million common shares at an initial public offering price of $20 per share.

The shares sold included approximately 1.7 million shares purchased by the underwriters upon exercise of their entire over-allotment option.

The selling price was within the price range established by the underwriters of the offering.

All of the shares were sold by selling shareholders. The company did not receive any of the approximately $258 million proceeds from the sale of the shares.

Goldman, Sachs & Co. and Lazard acted as co-lead managers for the offering.

Bear, Stearns & Co., Inc. and Salomon Smith Barney acted as co-managers of the underwriting group.

W.P. Stewart & Co., Ltd.'s shares are listed for trading on the New York Stock Exchange under the symbol WPL and on the Bermuda Stock Exchange under the symbol WPS.

The Board of Directors of W.P. Stewart & Co., Ltd. has authorised the repurchase of up to $20 million of the company's shares commencing after the expiration of a 90-day period after closing pursuant to the underwriting agreements.

Any such share repurchase by the company would be made at the discretion of the company's Executive Committee.

W.P. Stewart & Co., Ltd. is an asset management company that has provided research-intensive equity investment management services to clients throughout the world since 1975.

Headquartered in Hamilton, Bermuda, and with additional operations or affiliates in the United States, Europe and Asia, W.P. Stewart & Co., Ltd.

currently manages in excess of $11 billion in assets.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission and has been declared effective by the Commission.