WP STEWART & CO REPORTS NET INCOME FOR Q1 2003 OF $10.2 MLN.

$all $anr $us $gds

(Full text of this release can be found at http://www.asianet.com.au)

HAMILTON, April 30 PRNewswire-FirstCall-AsiaNet - W.P. Stewart & Co., Ltd. today reported net income of $10.2 million, or $0.23 per share (diluted) and $0.23 per share (basic), for the first quarter ended 31 March 2003. This compares with net income in the first quarter of the prior year of $17.3 million or $0.37 per share (diluted) and $0.39 per share (basic).

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.