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| W.P. Stewart & Co., Ltd. |
| Trinity Hall 43 Cedar Avenue, P.O. Box HM 2905, Hamilton, Bermuda HM LX * 4412958585 |
| Business Description | The company is an asset management company that has provided research-intensive equity investment management services to clients throughout the world since 1975. |
| Offering Information Company has | |||
| Trading As | WPL (NYSE) | Industry | Financial (SIC 6289) |
| Type of Stock Offered | Common Shares | Filing Date | 11/7/00 |
| Domestic Shares Offered | 8,963,212 | Offer Date | 12/7/00 |
| Foreign Shares Offered | 2,240,803 | Filing Range | $20.00 - $23.00 |
| Company Shares | 0 | Offer Price | $20.00 |
| Selling Shrhldrs Shares | 11,204,015 | Gross Spread | - - |
| Gross Proceeds | $224,080,300 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 47,335,618 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Goldman, Sachs & Co. | Lead Manager | (212) 902-5959 |
| Bear, Stearns & Co. Inc. | Co-manager | (212) 272-4850 |
| Lazard Freres & Co. | Co-manager | (212) 632-6717 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/97 | 12/31/98 | 12/31/99 | 6/30/00 | |||
| Revenues | - | - | 110.678 | 152.279 | 193.925 | - | 102.876 |
| Income from Oper. | - | - | - | - | - | - | - |
| Net Income | - | - | 45.669 | 72.566 | 94.409 | - | 49.179 |
| E.P.S | - | - | 1.260 | 1.890 | 2.340 | - | 1.180 |
| Revenue Growth (%) | - | - | 37.59 | 27.348 | - | ||
| Net Income Growth (%) | - | - | 58.90 | 30.10 | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | 41.26 | 47.65 | 48.68 | 47.80 | - |
| Cash Flow - Oper. | 105.36 | - | - | ||||
| Cash Flow - Inv. | -5.10 | - | - | ||||
| Cash Flow - Fin. | -84.59 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 107.99 | Current Assets | - | Current Ratio | - |
| Total Liab. | 40.70 | Current Liab. | - | Debt Ratio | 37.69% |
| Total Equity | 67.29 | Working Cap. | - | Debt to Equity Ratio | 0.60 |
| Cash | - | Return on Assets | 45.54% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used distributed to the selling shareholder. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Dorsey & Whitney |
| Bank's Law Firm | Sullivan & Cromwell |
| Auditor | Pricewaterhouse Coopers LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| WPS II, Inc. | 61.94 | |
| Note: represents ownership of 5% or more prior to the offering. | ||