Asia PR News

HAMILTON, March 30 /PRNewswire-AsiaNet/ –

Board of Directors Changes Dividend Policy

Declares Quarterly Dividend of $0.15 per share payable 28 April 2007

Following a meeting of the Company’s Board of Directors, W.P. Stewart & Co.,
Ltd. announced updates to its business activities in the first quarter of 2007
and announced a change in the dividend policy.

First Quarter Update

Performance in the W.P. Stewart & Co., Ltd. U.S. Equity Composite (the
"Composite") is lagging slightly behind the S&P 500 Index for the year to date.
Preliminary indications are that assets under management ("AUM") as of 23 March
2007 were approximately $7.0 billion, compared with approximately $8.1 billion
at 31 December 2006.

"While these remain challenging times for our Company," Bill Stewart,
Chairman, said, "I am confident we are on the right path to restore our
company’s legacy. We have initiated a process of renewal as we explore a range
of opportunities to significantly enhance our business for the future benefit
of our clients and shareholders.

"Most importantly," he continued, "we are focusing our analysts and
managers on achieving absolute returns and have reaffirmed our stretch goal of
15 percent compounded annual returns over a five to ten year horizon. This goal
should be achievable given the quality, growth and the current low valuation of
the companies that make up our investment universe and in which we invest our
clients’ accounts. We will also focus on adding more highly successful
investors to our team in the coming year."

The North American investment group has thoroughly reviewed all company
coverage in the U.S. universe, adding two new investment names and removing two
from the universe. In March, the team — now including Bill Stewart, Bob Kahn,
a founding partner and portfolio manager and Mark Phelps, Managing Director -
Global Investments — rebalanced the portfolios, placing more emphasis on the
highest quality companies within the universe. The U.S. equity team will be
expanded to nine senior professionals on 10 April 2007, when a new analyst
joins the Company.

As expected following the management changes announced on 1 February 2007,
AUM for the quarter to date reflects net outflows of approximately $1.1
billion. Further, there will be additional outflows of at least $325 million in
the current quarter, as one large sub-advised fund notified the Company of its
decision to close their account by 31 March 2007. In commenting on these
developments, Mr. Stewart said; "Virtually all clients have been contacted and
meetings have been held or scheduled with many. While it is too soon to say
what the final flows will look like this year, I am encouraged by the general
response of many of the clients we have met with recently. Our sense is that
many of the balance of our clients, especially those high net worth clients
with whom we have worked for many years, remain committed to sustaining their
relationships with W.P. Stewart."

During the month of February 2007, the Company entered into agreements with
certain employees whose employment with the Company terminated in the first
quarter. In accordance with the terms of these agreements, the Company will
incur one-time, non-recurring cash expenses of approximately $1,600,000 and
non-cash charges related to restricted shares of approximately $4,200,000 in
the first quarter of 2007. Combined, these one-time, non-recurring charges will
equate to approximately $0.11 per share, diluted, on a tax effected basis and
will reduce first quarter earnings accordingly.

Change in Dividend Policy

The Board of Directors has decided to change the way the Company pays its
dividend, moving from the historic pattern of four equal quarterly amounts to a
new policy of paying lower amounts in the first three quarters and a final,
fourth payment in January, based on cash earnings for the year, including any
performance fees received in the fourth quarter.

This new policy allows the Company better to cope with the unpredictability
associated with market appreciation, which is always hard to forecast in the
short term and the related uncertainty about the amount of performance fee
income for the year. As always, the Board will continue to review the dividend
on a quarterly basis and while non-recurring cash charges, extraordinary
transactions and other developments could affect the amount of the dividend
payment in any quarter, the Company’s long-standing policy of paying dividends
approximating substantially all its yearly cash earnings remains in effect.

Reflecting the new policy, the Board today declared a regular quarterly
dividend of US$0.15 per common share, payable on 28 April 2007, to shareholders
of record on 14 April 2007.

Mr. Stewart noted the Company continues to develop new growth
opportunities. "Internationally," Mr. Stewart continued, "with a global
investment platform in place, we are developing our global and regional
investment services as a complement to our traditional U. S. equity services,
positioning W.P. Stewart where investment management demand is rising strongly,
and which we anticipate will be a very profitable business over the next
several years.

"In summary, we are working hard to reestablish and strengthen relationships
with our exceptional client base and to focus investment management on our
proven investment philosophy. I appreciate the support our clients have shown
the firm and look forward to repaying their loyalty with strong investment
results over the longer-term."

W.P. Stewart 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
(NYSE: WPL) and on the Bermuda Stock Exchange (BSX: WPS).

For more information, please visit the Company’s website at
http://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

Contact: Fred Ryan
telephone: 441.295.8585

SOURCE: W.P. Stewart & Co., Ltd.

CONTACT: Fred Ryan,
W.P. Stewart
+1-441-295-8585

Web site: http://www.wpstewart.com