Regulations

W.P. Stewart & Co., Ltd. is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Investment Advisers Act of 1940. Various subsidiaries are also engaged in regulated businesses, as follows:

• Its New York research and investment sub-advisory subsidiary, WPS Advisors, Inc., and its investment advisor subsidiary, W.P. Stewart Asset Management Ltd., are registered as investment advisers with the SEC;
• Its broker-dealer subsidiary, W.P. Stewart Securities LLC, is registered with the Financial Industry Regulatory Authority, Inc. and the SEC.