Document:

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                                                                    Exhibit 10.4

                            SHARE EXCHANGE AGREEMENT

            SHARE EXCHANGE AGREEMENT, dated as of June 1, 1999 (the
"Agreement"), by and among W.P. Stewart & Co. Ltd., a Bermuda company ("WPS
Ltd."), and Stewart Notz Stucki Ltd., a Bermuda company ("SNSL").

                                    RECITALS

            SNSL owns all the issued and outstanding capital stock, par value
$US 1.00 per share ("NSMM Capital Stock"), of NS Money Management (Bermuda) Ltd.
("NSMM").

            SNSL and WPS Ltd. desire to effect the exchange of 898,831 shares of
WPS Ltd. Capital Stock (as defined below) for all the issued and outstanding
NSMM Capital Stock.

            NOW THEREFORE, in consideration of the premises and other covenants
and conditions contained herein, the parties hereto agree as follows:

                                    ARTICLE 1

                                   DEFINITIONS

            1. 1 Defined Terms. As used in this Agreement, the terms below shall
have the following meanings:

            "Acquired Companies" shall mean, collectively, NSMM and Cribewell.

            "Adverse Effect" with respect to any Person shall mean a materially
adverse effect on any of the business, the Share Exchange, the capital stock,
the assets, or the liabilities, working capital, earnings, condition (financial
or otherwise), operating results, prospects, or employee, client, customer or
supplier relations of such Person, or the ability of such Person to perform its
obligations under the Transaction Documents or to conduct its business as
presently conducted or as proposed to be conducted.

            "Affiliate" as applied to any Person, means any other Person
directly or indirectly controlling, controlled by or under direct or indirect
common control with, such Person. For purposes of this definition, "control"
(including, with correlative meanings, the terms "controlled by" and "under
common control with"), as applied to any Person, shall mean (a) the possession,
directly or indirectly, of the power to direct or cause the direction

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of the management or policies of such Person, whether through the ownership of
voting securities, by contract or otherwise, or (b) ownership, directly or
indirectly, of 40% or more of the Equity Interests of such Person.

            "Agreement" shall mean this Share Exchange Agreement, as such
Agreement may be amended from time to time.

            "Closing Date" shall mean the close of business on June 30, 1999, or
such other date as may be mutually agreed upon in writing by the parties hereto.

            "Consenting Party" shall mean any Person whose consent or waiver is
or may be required under any Contract in connection with the Transaction
Documents or the consummation by either party of any of the transactions
contemplated thereby.

            "Contracts" shall mean any and all of the agreements, contracts or
commitments of NSMM or Cribewell described in the SNSL Disclosure Schedules.

            "Cribewell" shall mean Cribewell, N.V., a Curacao company.

            "Cribewell Financial Statements" shall mean collectively the balance
sheet of Cribewell as of December 31, 1998, as prepared by Notz Stucki & Cie
(the "Cribewell Balance Sheet") and the related statements of income and
statements of stockholders' equity, retained earnings for Cribewell for the
twelve month period ended as of December 31, 1998, as prepared by Notz Stucki
Cie, attached hereto as Schedule 1.1.A.

            "Effective Date" shall mean January 1, 1999.

            "Encumbrances" shall mean any claim, mortgage, deed of trust,
restrictive covenant, reservation, lien, pledge, option, charge, easement,
security interest, right-of-way, encumbrance of any kind or other rights of
third parties (including, without limitation, preemptive rights), whether or not
filed, recorded or otherwise perfected under applicable law, as well as the
interest of any vendor, vendee or lessor or lessee under any conditional sales
agreement, capital lease or other title retention agreement.

            "Equity Interests" shall mean the capital stock, or other equity
interests (including the NSMM Capital Stock) or options, warrants, rights to
subscribe to, scrip calls, contracts, undertakings, arrangements, commitments to
issue or other rights of any kind to acquire capital stock, or other equity
interests of any Person.

            "Indebtedness" shall mean, with respect to any Person, (a)
indebtedness for borrowed money or for the deferred purchase price of property
or services in respect of which such Person is liable, contingently or
otherwise, as obligor or otherwise and any commitment by which such Person
insures a creditor against loss, including contingent reimbursement obligations
with respect to letters of credit, (b) indebtedness guaranteed in any

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manner by such Person, including a guarantee in the form of an agreement to
repurchase or reimburse, (c) obligations under capitalized leases in respect of
which such Person is liable, contingently or otherwise, as obligor, guarantor or
otherwise, or in respect of which obligations such Person insures a creditor
against loss, and (d) any unsatisfied obligation of such Person to any Benefit
Plan.

            "Investment" shall mean, with respect to any Person, (a) any direct
or indirect purchase or other acquisition by such Person of any notes,
obligations, instruments, stock, securities or other ownership or beneficial
interest (including partnership interests and joint venture interests) of any
other Person, and (b) any capital contribution by such Person to any other
Person.

            "Legal Requirement" shall mean any action, law, statute, treaty,
rule, regulation, order, ordinance, judgment, injunction, decree, award,
determination or direction of an arbitrator, court or government entity,
including without limitation, any zoning, environmental and safety requirement,
motor vehicle safety requirements or standards or any requirements arising
thereunder.

            "NSMM Financial Statements" shall mean collectively (i) the audited
balance sheet of NSMM as of December 31, 1998, together with the notes thereon
as prepared by PricewaterhouseCoopers LLP, (the "NSMM Balance Sheet") in
accordance with US GAAP and the related statements of income and statements of
stockholders' equity, retained earnings and changes in financial position or
cash flows for NSMM for the twelve month period ended as of December 31, 1998,
together with the notes thereon, as prepared by PricewaterhouseCoopers LLP, in
accordance with US GAAP, attached hereto as Schedule 1.1.A.

            "NSMM Outstanding Shares" shall mean the 12000 shares of NSMM
Capital Stock issued and outstanding and owned of record by SNSL to be delivered
by SNSL to WPS Ltd. in accordance with Section 2.1 hereof.

            "Permits" shall mean any and all of the licenses, permits and other
regulatory or governmental authorizations, accreditations, approvals, waivers,
consents, declarations or filings necessary or required to conduct the business
of NSMM or Cribewell as presently conducted or as proposed to be conducted or to
enter into the Transaction Documents and to consummate the transactions
contemplated thereby.

            "Permitted SNSL Assignee" shall mean any Affiliate of SNSL.

            "Permitted WPS Ltd. Assignee" shall mean any Affiliate of WPS Ltd.

            "Person" shall mean an individual, partnership, sole proprietorship,
corporation, association, joint stock company, limited liability company, trust,
joint venture,

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unincorporated organization, governmental or regulatory authority or any other
entity or organization of any kind whatsoever.

            "Personnel" shall mean any and all directors, officers and employees
of any of the Acquired Companies.

            "Representative" shall mean, with respect to any Person, any
officer, director, partner, shareholder, principal, attorney, accountant,
consultant, financial advisor, agent, employee or other representative of such
Person.

            "Share Exchange" shall mean the exchange of the WPS Exchange Shares
for the NSMM Outstanding Shares provided for in Article 2 hereof.

            "SNSL Disclosure Schedules" shall mean the schedules to this
Agreement delivered to WPS Ltd. on or prior to the Closing Date, which set forth
exceptions to the representations and warranties contained in Article 4 hereof
and certain other information called for by Article 4 hereof and other
provisions of this Agreement and which are hereby made a part of this Agreement
and incorporated herein by reference.

            "SNSL Expenses" shall mean all costs and expenses incurred by SNSL,
NSMM or Cribewell or any Representative or Affiliate of any of them in
connection with the negotiation, preparation, execution and delivery of the
Transaction Documents and the consummation of the transactions contemplated
thereby.

            "Stock Call Agreement" shall mean an agreement between WPS Ltd. and
SNSL, substantially in the form of Exhibit B hereto, providing for certain call
rights with respect to shares of WPS Ltd. Capital Stock.

            "Tax Return" shall mean any return, declaration, report, claim for
refund, or information return or statement relating to Taxes, including any
schedule or attachment thereto, and including any amendment thereof, whether
arising out of the transactions contemplated by the Transaction Documents or
otherwise.

            "Taxes" shall mean any federal, state, provincial, local, foreign or
other income, alternative, minimum, accumulated earnings, personal holding
company, franchise, capital stock, net worth, capital, profits, windfall
profits, gross receipts, value added, sales, use, goods and services, excise,
customs duties, transfer, conveyance, mortgage, registration, stamp,
documentary, recording, premium, severance, environmental, real property,
personal property, ad valorem, intangibles, rent, occupancy, license,
occupational, employment, unemployment insurance, social security, disability,
workers' compensation, payroll, health care, withholding, estimated or other
similar taxes, duty or other governmental charge or assessment or deficiencies
thereof (including all interest and penalties thereon and additions thereto
whether disputed or not).

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            "Transaction Documents" shall mean this Agreement, the Stock Call
Agreement and all exhibits, statements, schedules, instruments, certificates and
other documents and agreements to be entered into or delivered by any Person in
connection with the transactions contemplated to be consummated pursuant to any
of the foregoing.

            "Transfer Taxes" shall mean any and all sales, use, transfer, real
property transfer, recording, gains, stock transfer and other similar Taxes and
fees, including without limitation any interest, penalty or addition thereto,
whether disputed or not.

            "US GAAP" means generally accepted accounting principles in the
United States of America.

            "WPS Ltd. Capital Stock" shall mean the issued and outstanding
shares of common stock of WPS Ltd., par value $US.001 per share.

            "WPS Ltd. Exchange Shares" shall mean the 898,831 shares of WPS Ltd.
Capital Stock to be issued by WPS Ltd. to SNSL in accordance with Section 2.2
hereof.

            "WPS Ltd. Expenses" shall mean all costs and expenses incurred by
WPS Ltd. or any of its Representatives and Affiliates in connection with the
negotiation, preparation, execution and delivery of the Transaction Documents
and the consummation of the transactions contemplated hereby and thereby.

            "WPS Ltd. Financial Statements" shall mean, collectively, the
consolidated balance sheet of WPS Ltd. and its subsidiaries as of December 31,
1998, together with the notes thereon, as audited by PricewaterhouseCoopers LLP,
the certified public accountants for WPS Ltd. (the "WPS Balance Sheet"), and the
related consolidated statement of income and consolidated statement of
stockholders' equity, retained earnings and changes in financial position or
cash flows for WPS Ltd. and its subsidiaries for the twelve-month period ended
December 31, 1998, together with the notes thereon, as audited by
PricewaterhouseCoopers LLP, each as previously delivered to SNSL and attached
hereto as Schedule 1.1(B).

            1.2 Other Defined Terms. The following terms shall have the meanings
assigned to such terms in the corresponding Sections of this Agreement set forth
below:

<TABLE>
<CAPTION>
      Term                                           Section
      ----                                           -------
<S>                                                  <C>
      Benefit Plans                                  6.2
      Closing                                        3.1
      Damages                                        10.2
      Indemnification Claim Notice                   10.3
      Indemnified Party                              10.3
      Indemnifying Party                             10.3
      NSMM                                           Preamble
</TABLE>

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<TABLE>
<S>                                                  <C>
      NSMM Capital Stock                             Preamble
      Proceedings                                    10.3
      SNSL                                           Preamble
      SNSL Indemnitees                               10.2
      WPS Ltd.                                       Preamble
      WPS Ltd. Indemnitees                           10.2
</TABLE>

                                    ARTICLE 2

                               EXCHANGE OF SHARES

            2.1 SNSL Exchange of Shares. Upon the terms and subject to the
conditions contained herein, and in reliance upon the representations,
warranties, covenants and indemnifications contained herein, SNSL hereby agrees
to convey, transfer, assign and deliver to WPS Ltd., and WPS Ltd. hereby agrees
to acquire from SNSL, on the Closing Date and as of the Effective Date, all
SNSL's rights, title and interest in and to the NSMM Outstanding Shares.

            2.2 WPS Ltd. Exchange of Shares. Upon the terms and subject to the
conditions contained herein, and in reliance upon the representations,
warranties, covenants and indemnifications contained herein, WPS Ltd. hereby
agrees to issue to SNSL, on the Closing Date and as of the Effective Date, and
SNSL hereby agrees to acquire from WPS Ltd., the WPS Ltd. Exchange Shares.

                                    ARTICLE 3

                                     CLOSING

            3.1 Closing. The closing of the transactions contemplated herein
(the "Closing") shall be held on June 30, 1999 at 10:00 a.m. Eastern time on the
Closing Date at the offices of Anderson Kill & Olick, P.C., 1251 Avenue of the
Americas, New York, New York, unless the parties otherwise agree.

            3.2 Deliveries. To effect the transfers referred to in Section 2.1
and 2.2 hereof, the following deliveries shall be made on the Closing Date:

            (a) SNSL shall deliver to WPS Ltd. (or a Permitted WPS Ltd.
      Assignee) certificate(s) representing the NSMM Outstanding Shares (duly
      endorsed in blank for transfer or accompanied by stock powers duly
      executed in blank), free and clear of any and all Encumbrances.

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            (b) SNSL shall deliver to WPS Ltd. all documents, agreements, SNSL
      Disclosure Schedules and certificates required to be delivered by it
      pursuant to this Agreement.

            (c) WPS Ltd. shall issue to SNSL (or a Permitted SNSL Assignee)
      certificate(s) representing the WPS Ltd. Exchange Shares, evidencing the
      record ownership of such shares by SNSL.

            (d) WPS Ltd. shall deliver to SNSL all documents, agreements and
      certificates required to be delivered by WPS Ltd. pursuant to this
      Agreement.

            (e) All instruments and documents to be executed by or on behalf of
      SNSL and delivered to WPS Ltd. pursuant hereto shall be in form and
      substance, and shall be executed in a manner, reasonably satisfactory to
      WPS Ltd. All instruments and documents to be executed by or on behalf of
      WPS Ltd. and delivered to SNSL pursuant hereto shall be in form and
      substance, and shall be executed in a manner, reasonably satisfactory to
      SNSL.

                                    ARTICLE 4

                               REPRESENTATIONS AND

                               WARRANTIES OF SNSL

                  SNSL hereby represents and warrants to WPS Ltd. as follows:

            4.1 Authority; Ownership of Stock; No Conflict or Violation. SNSL
has all necessary power and authority to own the NSMM Outstanding Shares and to
enter into, deliver and carry out its obligations under the Transaction
Documents. SNSL has taken all action necessary to consummate the transactions
contemplated thereby and to perform its obligations thereunder. Each of the
Transaction Documents to which SNSL is a party has been duly executed and
delivered by or on behalf of SNSL. Each Transaction Document to which SNSL is a
party is the legal, valid and binding obligation of SNSL, enforceable against
SNSL in accordance with its terms except as such enforcement may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
similar laws affecting the enforceability of contractual obligations and
creditor's rights generally and by the application of equitable principles by
courts of competent jurisdiction sitting at law or in equity. SNSL owns of
record and beneficially all of the NSMM Outstanding Shares, free and clear of
all Encumbrances. SNSL does not own, of record or beneficially, any Equity
Interests of NSMM other than the NSMM Outstanding Shares. Upon the transfer on
the Closing Date by SNSL to WPS Ltd. of the NSMM Outstanding Shares in
accordance with Section 2.1 of this Agreement, WPS Ltd. will receive good title
to such shares, free and clear of all Encumbrances. Neither the execution and
delivery of the Transaction Documents

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nor the consummation of the transactions contemplated thereby will result in the
violation by SNSL or any Acquired Company of any Legal Requirement.

            4.2 No Brokers; Agreements to Sell. Neither NSMM nor any Acquired
Company, nor any Representative or Affiliate of any of them, has any written or
oral agreement, arrangement or understanding with any Person which could result
in the obligation of WPS Ltd., or any Acquired Company to pay any finder's fee,
brokerage commission or similar payment in connection with any of the
transactions contemplated by the Transaction Documents. Except in connection
with this Agreement and the other Transaction Documents, neither NSMM nor SNSL
has any obligation, absolute or contingent, to any other Person to sell any NSMM
Outstanding Shares or any Equity Interest in Cribewell or to enter into any
agreement with respect thereto.

            4.3 Organization of SNSL; No Conflict or Violation. SNSL is duly
formed and validly existing as a limited liability company under the laws of
Bermuda. All actions necessary to authorize SNSL to enter into, deliver and
carry out its obligations under the Transaction Documents have been taken.
Neither the execution and delivery of the Transaction Documents nor the
consummation of the transactions contemplated thereby will result in a violation
of or a conflict with the certificate of formation, operating agreement or other
organizational document of SNSL.

            4.4 Organization of Acquired Companies; Authority; No Conflict or
Violation. Each Acquired Company is duly incorporated, validly existing and in
good standing under the laws of its jurisdiction of formation and has full
corporate power and authority to own its assets and properties and to enter
into, deliver and carry out its obligations under the Transaction Documents to
which it is a party. Each of the Transaction Documents to which each Acquired
Company is a party has been duly authorized, executed and delivered by or on
behalf of such Acquired Company. Each Transaction Document to which each
Acquired Company is a party is the legal, valid and binding obligation of such
Acquired Company, enforceable against such Acquired Company in accordance with
its terms except as such enforcement may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and similar laws affecting the
enforceability of contractual obligations and creditor's rights generally and by
the application of equitable principles by courts of competent jurisdiction
sitting at law or in equity. Neither the execution and delivery of the
Transaction Documents nor the consummation of the transactions contemplated
thereby will conflict with the articles of incorporation or by-laws of either
Acquired Company or any contract to which an Acquired Company is a party or by
which any assets of an Acquired Company are bound, or will result in the
violation by any Acquired Company of any Legal Requirements. Each Acquired
Company has obtained all qualifications to do business necessary or required
under any applicable Legal Requirement as a result of the conduct of its
business or the ownership of its assets or properties. The corporate minute
books, registers and other corporate books and records of each Acquired Company
are each correct, current, and complete in all material respects, nothing has
been removed from such books and records, and the signatures appearing on all
documents

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contained therein are the true signatures of the Persons purporting to have
signed the same. All actions reflected in such books and records were duly and
validly taken in compliance with all applicable Legal Requirements. Except as
disclosed on Schedule 4.4 hereto, no Acquired Company owns any Equity Interests
of, nor is it in any manner affiliated (whether through an Investment or other
participation of any kind) with any Person.

            4.5 Capitalization of the Acquired Companies. The authorized capital
of each Acquired Company is set forth on Schedule 4.5 hereto. All of the issued
and outstanding shares of capital stock of Cribewell are owned of record and
beneficially by NSMM free and clear of all Encumbrances. All of the issued and
outstanding shares of capital stock of each Acquired Company have been duly
authorized and are validly issued, fully paid and non-assessable. There are no
subscriptions, options, warrants, calls, commitments or other rights of any kind
outstanding for the purchase of, nor any securities convertible or exchangeable
for shares of an Acquired Company capital stock or other Equity Interests of any
Acquired Company.

            4.6 Authorization; Binding Effect. Each Acquired Company has all
necessary corporate power and authority to own, lease and operate the assets
owned by it and to conduct the business presently conducted by it.

            4.7 Absence of Certain Changes or Events. Since December 31, 1998,
except as otherwise expressly permitted pursuant to this Agreement and the other
Transaction Documents, there has not been any:

            (a) material adverse change in the condition (financial or
      otherwise), assets, liabilities, working capital, reserves, earnings,
      business, prospects, or operating results of any Acquired Company;

            (b) declaration, setting aside or payment by any Acquired Company of
      dividends or distributions in respect of any Acquired Company Equity
      Interests of any of them or any redemption, purchase or other acquisition
      of any Equity Interests of any of them;

            (c) loan or advance of any funds or any of the assets or other
      property of any Acquired Company to, or guarantee by any Acquired Company
      for the benefit of, or any Investment by any Acquired Company of any funds
      or other property in, any other Person;

            (d) other event or condition of any character which, in any one case
      or in the aggregate, has resulted in an Adverse Effect with respect to any
      Acquired Company or any event or condition which could, in any one case or
      in the aggregate, result in an Adverse Effect with respect to any Acquired
      Company; or

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            (e) agreement by any Acquired Company to do any of the foregoing, as
      applicable.

            4.8 No Tangible Assets. Except as set forth on Schedule 4.8, no
Acquired Company owns any real estate, fixtures, furniture, equipment or other
tangible assets.

            4.9 Contracts and Commitments. Except as set forth on Schedule 4.9,
none of the Acquired Companies is a party to any written or oral agreement or
commitment of any kind.

            4.10 Financial Statements.

            (a) The NSMM Financial Statements (which are attached hereto as
      Schedule 1.1.A) are complete in all material respects, prepared in
      accordance with US GAAP consistently applied and in accordance with the
      books and records of NSMM, accurately reflect the assets, liabilities and
      financial condition and results of operations of NSMM and contain and
      reflect all necessary adjustments for a fair representation of the NSMM
      Financial Statements as of the dates and for the periods covered thereby.

            (b) The Cribewell Financial Statements (which are attached hereto as
      Schedule 1.1.A) are complete in all material respects, prepared in a
      manner consistent with prior periods and in accordance with the books and
      records of Cribewell, accurately reflect the assets, liabilities and
      financial condition and results of operations of Cribewell and contain and
      reflect all necessary adjustments for a fair representation of the
      Cribewell Financial Statements as of the dates and for the periods covered
      thereby.

            4.11 Liabilities. Except as set forth on Schedule 4.11, none of the
Acquired Companies has any material liabilities or obligations (absolute,
accrued, contingent or otherwise) except (i) liabilities which are reflected and
adequately reserved against on the NSMM Balance Sheet, (ii) liabilities which
are reflected and adequately reserved against on the Cribewell Balance Sheet and
(iii) liabilities incurred in the ordinary course of business since December 31,
1998.

            4.12 Taxes.

            (a) Except as set forth on Schedule 4.12:

                  (i) Each Acquired Company has (a) filed all Tax Returns which
      are required to be filed with respect to all periods ending at or prior to
      the Closing Date and each such Tax Return is correct and complete, (b)
      paid all Taxes due and owing by such Company as of the Closing Date
      (whether or not shown on any Tax Return) and (c) withheld and paid over
      all Taxes which such Company is obligated to

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<PAGE>   11

      withhold from amounts paid or owing to any Personnel, stockholder,
      creditor or other Person;

                  (ii) there are no Encumbrances of any kind on any assets of an
      Acquired Company that arose in connection with any failure (or alleged
      failure) to pay any Tax;

                  (iii) no Tax audits are pending or being conducted with
      respect to any Acquired Company;

                  (iv) no information related to Tax matters of none of the
      Acquired Companies has been requested by any Taxing authority, none of the
      Acquired Companies has received notice indicating an intent to open an
      audit or other review from any Taxing authority and neither none of the
      Acquired Companies or any of their respective officers or directors
      expects or has reason to expect any authority to assess any additional
      Taxes for any period for which Tax Returns have been filed;

                  (v) no asserted claim (whether in writing or otherwise) has
      been made by any Taxing authority concerning any Acquired Company's
      liability for Taxes;

                  (vi) none of the Acquired Companies has received written
      notice of any claim being made by any jurisdiction in which the Acquired
      Companies do not file Tax Returns to the effect that an Acquired Company
      is or may be subject to any Tax imposed by that jurisdiction;

                  (vii) none of the Acquired Companies has waived any statute of
      limitations in respect of Taxes or agreed to an extension of time with
      respect to any Tax assessment or deficiency;

                  (viii) correct and complete copies of all income Tax Returns
      filed by the Acquired Companies since January 1, 1994 and all examination
      reports and statements of deficiencies assessed against or agreed to by
      the Acquired Companies are, and through the Closing Date will remain,
      available at the principle office of NSMM;

                  (ix) none of the Acquired Companies is a party to any Tax
      sharing or allocation agreement, and none has any liability for the Taxes
      of any Person as a transferee or successor, by contract, or otherwise; and

                  (x) the unpaid Taxes of the Acquired Companies do not exceed,
      as of December 31, 1998, the reserve for Tax liabilities set forth on the
      Balance Sheet, and such unpaid Taxes, as of the Closing Date, do not
      exceed that reserve adjusted to take account of the passage of time
      through the Closing Date in accordance with the

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<PAGE>   12

      Acquired Companies' past custom and practices in computing their
      respective Taxes and filing Tax Returns.

            4.13 Compliance with Law. Each Acquired Company has complied in all
respects with all applicable Legal Requirements. None of the Acquired Companies
has received any notice to the effect that, or otherwise been advised that, it
is not in compliance with any of such applicable Legal Requirements, and has no
reason to anticipate that any presently existing circumstances are likely to
result in violations of any applicable Legal Requirements. The items described
on Schedule 4.13 constitute all of the consents, filings, notices, Permits, and
the like with any governmental or regulatory entity which are required to be
given, obtained or made by any of the Acquired Companies, to permit the
consummation of the transaction contemplated by the Transaction Documents.

            4.14 Legal Proceedings; Orders.

            (a) Except as set forth in Schedule 4.14, there is no pending
proceeding:

                  (i) that has been commenced by or against any of the Acquired
Companies or that otherwise relates to or may affect the business of, or any of
the assets owned or used by any of the Acquired Companies; or

                  (ii) that challenges, or that may have the effect of
preventing, delaying, making illegal, or otherwise interfering with, any of the
transactions contemplated hereby.

            (b) Except as set forth in Schedule 4.14:

                  (i) there is no judgment, writ, decree, injunction or order to
which any of the Acquired Companies, or any of the assets owned or used by any
of the Acquired Companies, is subject;

                  (ii) None of the Acquired Companies is subject to any
judgment, writ, decree, injunction or order that relates to the business of, or
any of the assets owned or used by, any of the Acquired Companies; and

                  (iii) no officer, director, agent, or employee of any Acquired
Company is subject to any judgment, writ, decree, injunction or order that
prohibits such officer, director, agent, or employee from engaging in or
continuing any conduct, activity, or practice relating to the business of any
Acquired Company.

            (c) None of the Acquired Companies is in default with respect to any
judgment, order, writ, injunction or decree of any court or governmental agency,
and there are no unsatisfied judgments against any Acquired Company.

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            4.15 Contract and Commitments.

            Except as explicitly set forth on Schedule 4.15, none of the
Acquired Companies is a party to any:

            (a) written or oral agreement (including, without limitation, all
agreements with clients) resulting in or involving annual payments or fees or
commissions receivable by such Company in excess of $25,000;

            (b) written or oral agreement or contract involving any obligation
or liability on the part of such Company of more than $25,000 which is not
cancelable (without liability) within 30 days;

            (c) lease of Real Estate;

            (d) lease of personal property involving any annual expense in
excess of $25,000, which is not cancelable (without liability) within 30 days;

            (e) governmental or regulatory Permit required to conduct the
business of the Acquired Companies as presently conducted and as proposed to be
conducted;

            (f) contract or agreement (including confidentiality or other
similar arrangements) with any Person containing covenants limiting the freedom
or ability of any Acquired Company to engage in any line of business or compete
with any Person, any contracts, arrangements or agreements with competitors and
any confidentiality agreements;

            (g) employment or consulting contract, including, without
limitation, contracts to employ executive officers and other contracts or
arrangements with Representatives of any Acquired Company, contracts or
arrangements with independent contractors on a full-time, part-time, consulting
or other basis or employee collective bargaining agreement and any
confidentiality agreements;

            (h) pension, profit sharing, stock option, stock appreciation,
employee stock purchase, bonus, benefit or other plan or arrangement providing
for deferred or other compensation to employees or any other employee benefit,
welfare or stock plan or arrangement including, without limitation, all
arrangements, policies, plans and programs relating to retirement, disability,
insurance, (including any self-insured arrangements), severance pay,
supplemental unemployment benefit, vacation, leave of absence, equity
participation, stock purchase, stock option, stock appreciation right or any
other incentive arrangement (such plans and arrangements shall be collectively
referred to herein as "Benefit Plans");

            (i) contract pursuant to which any Acquired Company has advanced or
loaned funds to or made any Investments of funds or other property or assets in
any other

                                     - 13 -
<PAGE>   14

Person, or agreed to advance or loan funds to or make any Investments of funds
or other property or assets in any other Person;

            (j) assignment, license, indemnification or other contract with
respect to any intangible property (including any Proprietary Right); or

            (k) material contract or commitment not otherwise described above
relating to the business of any Acquired Company or otherwise affecting the
business of any Acquired Company in any material respect whether or not in the
ordinary course of business.

            Neither an Acquired Company nor to the best knowledge of SNSL, any
other Person is in breach or violation of or default under any of the Contracts,
Permits or other instruments, obligations or commitments described in (a)-(k)
above. To the best knowledge of SNSL, each Contract, Permit, instrument or other
obligation described on Schedule 4.11 to which any Acquired Company is a party
of by which it or any of its assets or business are bound is valid, binding,
enforceable and in full force and effect in on identical terms after the Closing
Date.

            4.16 Investment Intent. SNSL will acquire the WPS Ltd. Exchange
Shares for its own account and not with or view to their distribution within the
meaning of Section 2(11) of the Securities Act.

            4.17 Misstatements or Omissions. No representations or warranties by
SNSL in any of the Transaction Documents contains or will contain any untrue
statement of material fact, or omits or will omit to state any material fact
necessary to make the statements or facts contained therein not misleading. SNSL
has disclosed to WPS Ltd. all material events, conditions and facts affecting
the assets, the earnings, the business and the condition (financial or
otherwise) of the Acquired Companies.

                                    ARTICLE 5

                               REPRESENTATIONS AND
                             WARRANTIES OF WPS LTD.

            WPS Ltd. hereby represents and warrants to SNSL as follows:

            5.1 Organization. WPS Ltd. is a corporation duly organized, validly
existing and in good standing under the laws of Bermuda and has full corporate
power and authority to conduct its business as is presently being conducted and
to own and lease its properties and assets and to enter into, deliver and carry
out its obligations under the Transaction Documents.

                                     - 14 -
<PAGE>   15

            5.2 Authorization. WPS Ltd. has taken all necessary corporate action
to consummate the transactions contemplated by the Transaction Documents and to
perform its obligations thereunder. Each of the Transaction Documents to which
WPS Ltd. is a party has been duly executed and delivered by WPS Ltd. and is a
valid and binding obligation of WPS Ltd. enforceable against WPS Ltd. in
accordance with its terms except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
similar laws affecting the enforceability of contractual obligations and
creditor's rights generally and by the application of equitable principles by
courts of competent jurisdiction sitting at law or in equity.

            5.3 Issuance and Ownership of WPS Ltd. Exchange Shares. Upon the
issuance by WPS Ltd. on the Closing Date to SNSL of the WPS Ltd. Exchange
Shares, SNSL will receive good title to such WPS Ltd. Exchange Shares. Such WPS
Ltd. Exchange Shares have been duly authorized and are validly issued, fully
paid and non-assessable and are free and clear of all Encumbrances other than
those provided for in the Stock Call Agreement.

            5.4 Certain Consents and Approvals. Except as set forth on Schedule
5.4, no consents, filings, notices, or Permits are required to be given, made or
obtained by WPS Ltd. in connection with the execution, delivery and performance
of the Transaction Documents or the consummation of the transactions
contemplated thereby.

            5.5 No Brokers. Neither WPS Ltd. nor any of its Representatives or
Affiliates has any written or oral agreement, arrangement or understanding with
any Person which will result in the obligation of NSMM or SNSL to pay any
finder's fee, brokerage commission or similar payment in connection with the
transactions contemplated by the Transaction Documents.

            5.6 No Conflict or Violation. Neither the execution and delivery of
the Transaction Documents nor the consummation of the transactions contemplated
thereby will result in (a) a violation of or a conflict with any provision of
the articles of organization or bye-laws of WPS Ltd., (b) a breach of, or a
default under, any term or provision of any contract, agreement, Indebtedness,
lease, commitment, franchise, Permit, authorization or concession to which WPS
Ltd. is a party or (c) a violation by WPS Ltd. of any applicable Legal
Requirement.

            5.7 WPS Ltd. Financial Statements. The WPS Ltd. Financial Statements
have heretofore been delivered to SNSL. The WPS Ltd. Financial Statements are
complete in all material respects, have been prepared in accordance with US GAAP
consistently applied and in accordance with the books and records of WPS Ltd.,
accurately reflect the assets, liabilities and financial condition and results
of operations indicated thereby and contain and reflect all necessary
adjustments for a fair representation of the WPS Ltd. Financial Statements as of
the dates and for the periods covered thereby.

                                     - 15 -
<PAGE>   16

            5.8 Absence of Certain Changes or Events. Since December 31, 1998,
except as otherwise expressly permitted pursuant to this Agreement, there has
not been any:

            (a) material adverse change in the condition (financial or
      otherwise), assets, liabilities, working capital, reserves, earnings,
      business, prospects, or operating results of WPS Ltd. and its consolidated
      subsidiaries taken as a whole;

            (b) change in accounting methods or practices by WPS Ltd. affecting
      its assets, earnings, reserves, working capital, prospects, liabilities or
      business;

            (c) revaluation by WPS Ltd. or its consolidated subsidiaries of any
      of material assets or properties, including without limitation, writing
      off of notes or accounts receivable in a material amount, other than in
      the ordinary course of business and consistent with past practices;

            (d) material damage, destruction or loss of or to any of the assets,
      properties, condition (financial or otherwise) or prospects of WPS Ltd.
      and its consolidated subsidiaries, taken as a whole;

            (e) liabilities incurred by WPS Ltd. and its consolidated
      subsidiaries, in an amount material to such companies taken as a whole,
      that were not in the ordinary course of business and consistent with past
      practices or any material increase or change by WPS Ltd. in any
      assumptions underlying or methods of calculating any bad debt, contingency
      or other reserves; or

            (f) other event or condition of any character which, in any one case
      or in the aggregate, has resulted, or could result, in an Adverse Effect
      with respect to WPS Ltd and its consolidated subsidiaries, taken as a
      whole.

            5.9 Litigation. There is no action pending or, to the best knowledge
of WPS Ltd., threatened or anticipated against (i) WPS Ltd. and its consolidated
subsidiaries which could result in an Adverse Effect with respect to such
companies, taken as a whole or (ii) the transactions contemplated by the
Transaction Documents.

            5.10 Liabilities. WPS Ltd. and its consolidated subsidiaries, taken
as a whole, have no material liabilities or obligations (absolute, accrued,
contingent or otherwise), except (i) liabilities which are reflected and
adequately reserved against on the WPS Ltd. Balance Sheet, and (ii) liabilities
incurred in the ordinary course of business and consistent with past practices
since December 31, 1998.

            5.11 Misstatements or Omissions. No representations or warranties by
WPS Ltd. in any of the Transaction Documents contains or will contain any untrue
statement of material fact, or omits or will omit to state any material fact
necessary to make the statements or facts contained therein not misleading.

                                     - 16 -
<PAGE>   17

            5.12 Taxes.

            (a) The reserve for unpaid Taxes as of December 31, 1998 reflected
      on the WPS Ltd Financial Statements has been established based upon
      consultation between WPS Ltd and its certified public accountants and is
      believed by WPS Ltd. to be reasonable and adequate.

            (b) No Tax audits that could be expected to have an Adverse Effect
      on WPS Ltd and its consolidated subsidiaries, taken as a whole, are
      pending or being conducted.

                                    ARTICLE 6

                     COVENANTS OF SNSL PRIOR TO CLOSING DATE

            6.1 Access and Investigation. Between the date of this Agreement and
the Closing Date, SNSL will and will cause each Acquired Company to: (a) afford
WPS Ltd and its Representatives full and free access to, at reasonable times
and upon prior notice, the personnel, properties, contracts, books and records,
and other documents and data of the Acquired Companies during normal business
hours, (b) permit WPS Ltd and its Representatives to make copies of all such
contracts, books and records, and other existing documents and data as WPS Ltd
may reasonably require, and (c) furnish WPS Ltd and its Representatives with
such additional financial, operating, and other data and information as WPS Ltd.
may reasonably request.

            6.2 Notification. Between the date of this Agreement and the Closing
Date, SNSL will promptly notify WPS Ltd. in writing if SNSL or any Acquired
Company becomes aware of any fact or condition that causes or constitutes a
material breach of any of SNSL's representations and warranties as of the date
of this Agreement, or if SNSL or any Acquired Company becomes aware of the
occurrence after the date of this Agreement of any fact or condition that would
(except as expressly contemplated by this Agreement) cause or constitute a
material breach of any such representation or warranty had such representation
or warranty been made as of the time of occurrence or discovery of such fact or
condition. Should any fact or condition require any change in the SNSL
Disclosure Schedules, if the SNSL Disclosure Schedules were dated the date of
the occurrence or discovery of any such fact or condition, SNSL will promptly
deliver to WPS Ltd. a supplement to the SNSL Disclosure Schedules specifying
such change. During the same period, SNSL will promptly notify WPS Ltd. of the
occurrence of any breach of any covenant of SNSL in this Article 6 or of the
occurrence of any event that may make the satisfaction of the conditions in
Article 9 impossible or unlikely.

                                     - 17 -
<PAGE>   18

                                    ARTICLE 7

                   COVENANTS OF WPS LTD PRIOR TO CLOSING DATE

            7.1 Access and Investigation. Between the date of this Agreement and
the Closing Date, WPS Ltd will, and it will cause each of its consolidated
subsidiaries to, afford SNSL and its Representatives full and free access to, at
reasonable times and upon prior notice, the personnel, properties, contracts,
books and records, and other documents and data of WPS Ltd and its consolidated
subsidiaries during normal business hours.

            7.2 Notification. Between the date of this Agreement and the Closing
Date, WPS Ltd will promptly notify SNSL in writing if WPS Ltd becomes aware of
any fact or condition that causes or constitutes a material breach of any of WPS
Ltd's representations and warranties as of the date of this Agreement, or if WPS
Ltd becomes aware of the occurrence after the date of this Agreement of any
fact or condition that would (except as expressly contemplated by this
Agreement) cause or constitute a material breach of any such representation or
warranty had such representation or warranty been made as of the time of
occurrence or discovery of such fact or condition. During the same period, WPS
Ltd will promptly notify SNSL of the occurrence of any breach of any covenant
of WPS Ltd in this Article 7 or of the occurrence of any event that may make
the satisfaction of the conditions in Article 8 impossible or unlikely.

                                    ARTICLE 8

                                CONDITIONS TO THE
                               OBLIGATIONS OF SNSL

            The obligations of SNSL to transfer the NSMM Outstanding Shares to
WPS Ltd. on the Closing Date are subject to the satisfaction or waiver, on or
prior to the Closing Date, of each of the following conditions:

            8.1 Representations, Warranties and Covenants. All representations
and warranties of WPS Ltd. contained in this Agreement shall be true and correct
in all material respects at and as of the Closing Date, and WPS Ltd. shall have
performed in all material respects all agreements and covenants required hereby
to be performed by it prior to the Closing Date. There shall be delivered to
SNSL a certificate signed by the President, the Chief Financial Officer or a
Vice President of WPS Ltd. to the foregoing effect.

            8.2 Permits and Consents. All Permits, consents of Consenting
Parties and all notices or filings necessary or required to permit the
transactions contemplated by the Transaction Documents shall have been made or
obtained.

                                     - 18 -
<PAGE>   19

            8.3 No Governmental Proceeding or Litigation. No suit, action,
investigation, inquiry or other proceeding by any governmental authority or
other Person shall have been instituted which questions the validity or legality
of the transactions contemplated by the Transaction Documents.

            8.4 Certificates. WPS Ltd. shall have delivered to SNSL (a) such
certificates of its officers, directors and others to evidence compliance with
the conditions set forth in this Article 7 as may be reasonably requested by
SNSL (b) a certificate of good standing of WPS Ltd. and (c) a certificate of
incumbency with respect to each officer of WPS Ltd. who has executed any of the
Transaction Documents on behalf of WPS Ltd.

            8.5 Corporate Documents. SNSL shall have received from WPS Ltd.
resolutions adopted by the board of directors of WPS Ltd. approving the
Transaction Documents to which WPS Ltd. is a party and the transactions
contemplated thereby, and copies of the articles of organization and bye-laws of
WPS Ltd. as in effect on the Closing Date, in each case certified to be true and
complete by the corporate secretary of WPS Ltd.

            8.6 Compliance with Legal Requirements. The consummation of the
transactions contemplated by the Transaction Documents will not be prohibited by
any applicable Legal Requirement or subject any Acquired Company or SNSL to any
penalty, liability or other onerous condition arising out of any such Legal
Requirement.

                                    ARTICLE 9

                    CONDITIONS TO THE OBLIGATIONS OF WPS LTD.

            The obligations of WPS Ltd. to issue the WPS Ltd. Exchange Shares to
SNSL on the Closing Date are subject to the satisfaction or waiver, on or prior
to the Closing Date, of each of the following conditions:

            9.1 Representations, Warranties and Covenants. All representations
and warranties of SNSL contained in this Agreement shall be true and correct at
and as of the Closing Date, and SNSL shall have performed all agreements and
covenants required hereby to be performed by it prior to or at the Closing Date.
There shall be delivered to WPS Ltd. certificates, signed by the President, the
Chief Financial Officer or a Vice President of SNSL to the foregoing effect.

            9.2 Permits and Consents. All Permits, consents of Consenting
Parties and all notices or filings necessary or required to permit the
transactions contemplated by the Transaction Documents shall have been made or
obtained.

            9.3 No Governmental Proceeding or Litigation. No action shall have
been instituted or threatened by any governmental or regulatory authority or
other Person which

                                     - 19 -
<PAGE>   20

questions the validity or legality of the transactions contemplated by the
Transaction Documents.

            9.4 Compliance with Legal Requirements. The consummation of the
transactions contemplated by the Transaction Documents will not be prohibited by
any Legal Requirement or subject WPS Ltd. or any Acquired Company to any
penalty, liability or other onerous condition arising out of any such Legal
Requirement.

            9.5 Stock Call Agreement. SNSL shall have entered into the Stock
Call Agreement with WPS Ltd. granting WPS Ltd. the right to call for purchase
shares of WPS Ltd. Capital Stock under certain circumstances.

            9.6 Certificates and Documents. SNSL shall have delivered to WPS
Ltd. such documents and certificates of SNSL and the Acquired Companies and the
officers of each of them to evidence compliance with the conditions set forth in
this Article 8 as may be reasonably requested by WPS Ltd., including without
limitation:

            (a) copies of resolutions, certified by the appropriate officers,
      duly adopted by each of the Acquired Companies and copies of consents
      executed by the appropriate officers of SNSL and each of the Acquired
      Companies, authorizing their respective execution, delivery and
      performance of the Transaction Documents to which they are a party and the
      consummation of all transactions contemplated by the Transaction
      Documents;

            (b) certificates as to the good standing (or other certificates
      relating to the right to do business) of SNSL and each Acquired Company,
      from their respective jurisdictions of formation and of each Acquired
      Company in each other jurisdiction in which such Acquired Company is
      required to be qualified to do business;

            (c) such instruments of conveyance of the NSMM Outstanding Shares
      reasonably requested by WPS Ltd. in order to effect the transfer to WPS
      Ltd. of the NSMM Outstanding Shares;

            (d) articles of incorporation and by-laws (or similar constituent
      documents) of each Acquired Company, each certified to be true and
      complete as of the Closing Date by their respective corporate secretaries;

            (e) a certificate of incumbency with respect to each officer of SNSL
      and each Acquired Company who has executed any of the Transaction
      Documents on behalf of such Person; and

            (f) such other documents relating to the transactions contemplated
      by the Transaction Documents as WPS Ltd. reasonably requests.

                                     - 20 -
<PAGE>   21

            9.7 Delivery of SNSL Disclosure Schedules. SNSL shall have delivered
to WPS Ltd all SNSL Disclosure Schedules required in connection with the
representations and warranties of SNSL set forth in Article 4 of this Agreement,
and WPS Ltd shall, upon the review thereof, determine that all matters
disclosed thereon are satisfactory to WPS Ltd.

                                   ARTICLE 10

                                 INDEMNIFICATION

            10.1 Survival of Representations, etc. All statements contained in
the SNSL Disclosure Schedules or in any other schedule, certificate or
instrument or conveyance delivered by or on behalf of the parties pursuant to
this Agreement or in connection with the transactions contemplated hereby shall
be deemed to be representations and warranties by the parties hereunder. The
representations and warranties of WPS Ltd. and SNSL contained herein or in any
instrument delivered pursuant to this Agreement shall, without regard to any
investigation made by any of the parties hereto, survive the Closing Date for
the shorter of: (i) the period of any applicable statute of limitations (after
giving effect to any extensions or waivers thereof) or (ii) the period ending on
the fourth anniversary of the Closing Date. Anything to the contrary contained
in this Agreement notwithstanding, the termination or expiration of any
representation or warranty or indemnification obligation under this Article 9
shall not affect any claims made in writing by any Indemnified Party (as defined
below) hereunder prior to such expiration or termination. All covenants and
agreements of the parties contained in this Agreement shall survive the Closing
Date.

            10.2 Indemnification.

            (a) In addition to any other right or remedy available to WPS Ltd.
      at law or in equity, SNSL shall indemnify WPS Ltd. and its Affiliates, and
      their Representatives and permitted successors and assigns (collectively,
      the "WPS Ltd. Indemnities") against, and hold each WPS Ltd. Indemnitee
      harmless from, any diminution in value, demand, damage, claim, action,
      cause of action, deficiency, fine, liability, Tax or other loss or expense
      including, without limitation, interest, penalties and attorneys' fees and
      expenses (collectively, "Damages") arising out of or resulting from any
      inaccuracy, misrepresentation or breach of any representations or
      warranties made by SNSL contained in any Transaction Document or the
      nonfulfillment of any covenant or agreement of SNSL contained in any
      Transaction Document.

            (b) In addition to any other right or remedy available to SNSL at
      law or in equity, WPS Ltd. shall indemnify SNSL and its Affiliates, and
      their Representatives and permitted successors and assigns (collectively,
      the "SNSL Indemnities") against, and hold each SNSL Indemnity harmless
      from any Damages arising out of or resulting from any inaccuracy,
      misrepresentation or breach of any representations or warranties made by
      WPS Ltd. contained in any Transaction Documents or the

                                     - 21 -
<PAGE>   22

      nonfulfillment of any covenant or agreement of WPS Ltd. contained in any
      Transaction Document.

            The term "Damages" as used in this Section 9.2 is not limited to
matters asserted by any Persons against WPS Ltd. or SNSL, but includes Damages
incurred or sustained by in the absence of claims by other Persons.

            10.3 Indemnification Procedures.

            (a) Notice of Claim. Any Person making a claim for indemnification
      pursuant to Section 9.2 (an "Indemnified Party") must give any party
      hereto from whom indemnification is sought (an "Indemnifying Party")
      written notice of such claim (an "Indemnification Claim Notice") promptly
      after the Indemnified Party receives any written notice of any action,
      lawsuit, proceeding, investigation or other claim or potential claim (a
      "Proceeding") against or involving the Indemnified Party by any government
      entity or other Person or otherwise discovers or becomes aware of the
      liability, obligation or facts giving rise to such claim for
      indemnification; provided that the failure to notify or delay in notifying
      an Indemnifying Party will not relieve any Indemnifying Party of its
      obligations pursuant to Section 9.2.

            (b) Control of Defense. With respect to the defense of any
      Proceeding against or involving an Indemnified Party in which a
      governmental entity or other Person in question seeks only the recovery of
      a sum of money for which indemnification is provided, at its option an
      Indemnifying Party may appoint as lead counsel of such defense any legal
      counsel selected by the Indemnifying Party; provided that before the
      Indemnifying Party assumes control of such defense it must first:

                  (i) enter into an agreement with the Indemnified Party (in
      form and substance satisfactory to the Indemnified Party) pursuant to
      which the Indemnifying Party agrees to be fully responsible (with no
      reservation of any rights other than the right to be subrogated to the
      rights of the Indemnified Party) for all Damages relating to such
      Proceeding and unconditionally guarantees the payment and performance of
      any liability or obligation which may arise with respect to such
      Proceeding or the facts giving rise to such claim for indemnification; and

                  (ii) furnish the Indemnified Party with reasonable assurance
      that the Indemnifying Party has the financial capacity to defend such
      Proceeding and to satisfy any such liability.

            (c) Control of Defense; Exceptions, etc. The Indemnified Party will
      be entitled to participate in the defense of such claim and to employ
      counsel of its choice for such purpose at its own expense (provided that
      the Indemnifying Party will bear the reasonable fees and expenses of such
      separate counsel incurred prior to the date

                                     - 22 -
<PAGE>   23

      upon which the Indemnifying Party effectively assumes control of such
      defense). The Indemnifying Party will not be entitled to assume control of
      the defense of such claim, and will pay the fees and expenses of legal
      counsel retained by the Indemnified Party, if:

                  (i) the Indemnified Party reasonably believes that an adverse
      determination of such Proceeding could be detrimental to or injure the
      Indemnified Party's reputation or future business prospects,

                  (ii) the Indemnified Party reasonably believes that there
      exists or could arise a conflict of interest which, under applicable
      principles of legal ethics, could prohibit a single legal counsel from
      representing both the Indemnifying Party and the Indemnifying Party in
      such Proceeding, or

                  (iii) the Indemnifying Party has failed or is failing to
      prosecute or defend vigorously such claim.

            (d) Settlement of Claims. The Indemnifying Party must obtain the
      prior written consent of the Indemnified Party (which the Indemnified
      Party will not unreasonably withhold) prior to entering into any
      settlement of such Proceeding or ceasing to defend such Proceeding.

            10.4 No Right of Contribution. After the Closing, no Acquired
Company shall have any liability to indemnify SNSL on account of a
misrepresentation or the breach of any representation or warranty or the
nonfulfillment of any covenant or agreement of SNSL; and SNSL shall not have any
right to seek contribution against any Acquired Company.

                                   ARTICLE 11

                                  MISCELLANEOUS

            11.1 Termination. This Agreement may be terminated at any time prior
to the Closing:

            (a) by written agreement of WPS Ltd. and SNSL;

            (b) by WPS Ltd., if SNSL or any Acquired Company is in breach of any
      of its respective obligations pursuant to the Transaction Documents or if
      any representation or warranty of either SNSL or any Acquired Company
      contained therein is false or misleading in any material respect (provided
      that such condition is not the result of any breach of any covenant,
      representation or warranty of WPS Ltd. set forth in any Transaction
      Document); or

                                     - 23 -
<PAGE>   24

            (c) by SNSL, if WPS Ltd. is in breach of its obligations pursuant to
      the Transaction Documents or if any representation or warranty of WPS Ltd.
      contained therein is false or misleading in any material respect (provided
      that such condition is not the result of any breach of any covenant,
      representation or warranty of SNSL set forth in this Agreement or in any
      of the other Transaction Documents).

            Any termination of this Agreement pursuant to clause (b) or (c) will
be effected by written notice from the terminating party to the other party. Any
termination of this Agreement pursuant to clause (b) or (c) will not terminate
the liability of any party hereto for any willful failure of any party to have
performed any of its obligations hereunder or for any knowing misrepresentation
made by any party of any matter set forth in this Agreement or any other
Transaction Document which exists at the time of such termination.

            11.2 Assignment. Neither this Agreement nor any of the rights or
obligations hereunder may be assigned by any party without the prior written
consent of the other party; provided, however, that SNSL may assign its right to
receive WPS Ltd. Exchange Shares hereunder to any Permitted SNSL Assignee if
such Permitted SNSL Assignee has executed and delivered to WPS Ltd. a written
undertaking by which it agrees to be bound by the terms of the Stock Call
Agreement and the indemnification provisions of this agreement and provided
further that WPS Ltd. may assign its right to receive NSMM Outstanding Shares
hereunder to any Permitted WPS Ltd. Assignee. Subject to the foregoing, this
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns, and no other Person shall have any
right, benefit or obligation hereunder.

            11.3 Notices. Unless otherwise provided herein, any notice, request,
instruction or other document to be given hereunder by any party to the others
shall be in writing and delivered in person or by courier or by facsimile
transmission or mailed by certified mail, postage prepaid, return receipt
requested (such mailed notice to be effective on the date of such receipt is
acknowledged), as follows:

      If to SNSL:                Stewart Notz Stucki Ltd.
                                 c/o David Smith
                                 Bank of Bermuda Ltd
                                 6 Front Street
                                 Hamilton HM11
                                 Bermuda
                                 Telephone: 441-295-4000
                                 Facsimile: 441-295-7093

                                        - 24 -
<PAGE>   25

      With a copy to:            Marc Maisonneuve
                                 Notz Stuck & Cie SA
                                 98 Rte de Saint Jean
                                 P.O. Box 5240
                                 1211 Geneva 11
                                 Switzerland
                                 Telephone: 41-22-731-5250
                                 Facsimile: 41-22-738-7287

      With a further copy to:    Nicholas Killen, Esq.
                                 Borel & Barbey
                                 2, Rue de Jargonnaunt
                                 Case Postal
                                 1211 Geneva 6
                                 Switzerland
                                 Telephone: 41-22-736-1136
                                 Facsimile: 41-22-736-4588

      If to WPS Ltd.:            W.P. Stewart & Co., Ltd.
                                 129 Front Street, 5th Floor
                                 P.O. Box HM 2905
                                 Hamilton HM LX
                                 Bermuda
                                 Telephone: (441) 299-5454
                                 Facsimile: (441) 299-6566

      With a copy to:            Anderson Kill & Olick, P.C.
                                 1251 Avenue of the Americas
                                 New York, N.Y. 10020-1182
                                 Attention: Michael W. Stamm, Esq.
                                 Telephone: (212) 278-1702
                                 Facsimile: (212) 278-1733

or to such other place and with such other copies as either party may designate
as to itself by written notice to the others.

            All such notices, requests, instructions, documents and other
communications will (i) if delivered personally to the address as provided in
this Section 10.3, be deemed given upon delivery, (ii) if delivered by facsimile
transmission to the facsimile number as provided in this Section 10.3, be deemed
given upon receipt, and (iii) if delivered by mail in the manner described above
to the address as provided in this Section 10.3, be deemed given

                                     - 25 -
<PAGE>   26

upon receipt (in each case regardless of whether such notice is received by any
other Person to whom a copy of such communication is to be delivered pursuant to
this Section 10.3).

            11.4 Choice of Law; Venue. This Agreement shall be construed and
interpreted and the rights of the parties hereto shall be determined in
accordance with the laws of Bermuda, without giving effect to any choice of law
or conflict provision or rule (whether of Bermuda or any other jurisdiction)
that would cause the laws of any jurisdiction other than Bermuda to be applied.
In furtherance of the foregoing, the internal law of the Islands of Bermuda will
control the interpretation and construction of this Agreement, even if under
such jurisdiction's choice of law or conflict of law analysis, the substantive
law of some other jurisdiction would ordinarily apply. Each party agrees that
any legal action or proceeding relating to this Agreement may be brought in any
appropriate court in Bermuda and waives any objection that it may now or
hereafter have to such venue for any such action.

            11.5 Entire Agreement; Amendments and Waivers. This Agreement,
together with all exhibits and schedules hereto (which form a part of this
Agreement and are incorporated into this Agreement for all purposes),
constitutes the entire agreement among the parties hereto pertaining to the
subject matter hereof and supersedes all prior agreements, understandings,
negotiations and discussions, whether oral or written, of the parties. No
supplement, modification or waiver of this Agreement shall be binding unless
executed in writing by the party to be bound thereby. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provision hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided.

            11.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

            11.7 Invalidity. In the event that any one or more of the provisions
contained in this Agreement or in any other instrument referred to herein,
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect any
other provision of this Agreement or any other such instrument.

            11.8 Headings. The headings of the Articles and Sections herein are
inserted for convenience of reference only and are not intended to be a part of
or to affect the meaning or interpretation of this Agreement.

            11.9 Singulars and Plurals. All references to the plural herein
shall also mean the singular and to the singular shall also mean the plural, in
each case, as applicable.

                                     - 26 -
<PAGE>   27

            11.10 Expenses. Except as otherwise provided herein, SNSL shall be
responsible for SNSL Expenses, and WPS Ltd. shall be responsible for WPS Ltd.
Expenses.

            11.11 Publicity. Unless required to do so by applicable law or legal
process, no party hereto shall issue any press release or make any public
statement regarding the Transaction Documents or the transactions contemplated
thereby without the prior written approval of the other parties (which approval
may not be unreasonably withheld or delayed). If any party hereto is required by
law or legal process to make any public statement regarding the Transaction
Documents or the transactions contemplated thereby, such party must first
provide to the other parties the content of the proposed public statement, the
reasons that such disclosure is required by law or legal process, and the time
and place that the public statement will be made, in each case to the extent
permitted by law or legal process and to the extent reasonably practicable.

            11.12 Remedies. No failure to exercise, and no delay in exercising,
any right, remedy, power or privilege under this Agreement by any party hereto
will operate as a waiver of such right, remedy, power or privilege, nor will any
single or partial exercise of any right, remedy, power or privilege under this
Agreement preclude any other or further exercise of such right, remedy, power or
privilege or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges provided pursuant to this Agreement are
cumulative and not exhaustive of any other rights, remedies, powers and
privileges which may be provided by law.

            11.13 Confidential Information. The parties hereto acknowledge that
the transactions contemplated by this Agreement are of a confidential nature.
Each party hereto further acknowledges that, in connection with the negotiation
of the Transaction Documents and the preparation for the consummation of the
transactions contemplated thereby, it will have access to confidential
information relating to the other parties. The parties hereto agree that they
will treat as confidential, will not duplicate (except to their respective
Representatives in connection with the transactions contemplated by the
Transaction Documents) or use, and will maintain the confidentiality of (and
will use their respective best efforts to cause and be responsible for the
Representatives of such party to maintain the confidentiality of), any written,
oral, or other information obtained from the other parties in connection with
the Transaction Documents or the transactions contemplated thereby, unless (a)
such information is already known to such party or to others not bound by a duty
of confidentiality or such information becomes publicly available through no
fault of such party, (b) the use of such information is necessary or appropriate
in making any filing or obtaining any consent or approval required for the
consummation of the transactions contemplated by the Transaction Documents, or
(c) the furnishing or use of such information is required by applicable law or
legal process. In the event of the termination of this Agreement for any reason
whatsoever, each party hereto shall destroy or return to the other all parties
documents, work papers and other material (including all copies thereof)
obtained in connection with the transactions contemplated by the Transaction
Documents and will keep confidential (and will so instruct and be responsible
for its Representatives and others who

                                     - 27 -
<PAGE>   28

have had access to confidential information) and will not use any such
information, unless such information is now, or is hereafter, disclosed through
no act or omission of such party, in any manner making it available to the
general public.

            11.14 Effective Date. The parties agree that notwithstanding the
actual Closing Date, the transactions contemplated by the Transaction Documents
shall be deemed to have been consummated on the Effective Date.

            11.15 Further Assurances. On and after the Closing Date, each party
will take all appropriate action and execute all documents, instruments or
conveyances of any kind which may be reasonably necessary or advisable to carry
out any of the provisions hereof.

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement,
or have caused this Agreement to be duly executed on their behalf by their
respective officers thereunto duly authorized, as of the day and year first
above written.

                                     W.P. STEWART & CO. LTD.

                                     By: /s/ John C. Russell
                                         ------------------------------
                                         Name:  John C. Russell
                                         Title: Managing Director

                                     STEWART NOTZ STUCKI LTD.

                                     By: /s/ David Smith
                                         ------------------------------
                                         Name:  David Smith
                                         Title: Director

                                     - 28 -
<PAGE>   29

                                  SCHEDULE 4.5

I.         NSMM

Authorised and issued share capital of NSMM : USD 12.000 constituting of 12.000
shares of USD 1 each.

II.        CRIBEWELL NV

Authorised share capital of Cribewell NV : USD 30.000 divided into 3.000 shares
of USD 10 each. Paid in capital of Cribewell NV : 10.000 divided into 1.000
shares of USD 10 each.
<PAGE>   30

                                  SCHEDULE 4.8

                                      None
<PAGE>   31

                                 SCHEDULE 4.13

                                      None
<PAGE>   32

                                 SCHEDULE 4.14

                                      None
<PAGE>   33

                                 SCHEDULE 4.15

                                See Schedule 4.9
<PAGE>   34
                                  SCHEDULE 5.4

     WPS Ltd. must obtain the consent of the Bermuda Monetary Authority in order
to issue the WPS Ltd. Exchange Shares to SNSL.

                                      -30-
<PAGE>   35
                                                                       EXHIBIT B

                              STOCK CALL AGREEMENT

       STOCK CALL AGREEMENT, dated as of June 1, 1999 (the "Agreement") between
W.P. Stewart & Co. Ltd., a Bermuda company ("WPS Ltd") and Stewart Notz Stucki
Limited, a corporation organized under the laws of Bermuda ("SNSL").

                                    RECITALS

       In accordance with the terms of the Share Exchange Agreement, dated as of
June 1, 1999, between WPS Ltd and SNSL (the "Share Exchange Agreement"), WPS
Ltd has issued to SNSL the WPS Ltd Exchange Shares (as defined in the Share
Exchange Agreement) as consideration for the acquisition by WPS Ltd of all the
outstanding capital stock of NS Money Management (Bermuda) Ltd ("NSMM"); and

       In order to induce WPS Ltd to issue the WPS Ltd Exchange Shares and to
satisfy a condition to the consummation of the transactions contemplated by the
Share Exchange Agreement, SNSL is willing to grant to WPS Ltd a call option to
purchase from SNSL, under certain circumstances, up to 719,065 shares of WPS
Ltd common stock, par value $US.001 per share ("WPS Common Shares"), on the
terms and conditions set forth in this Agreement.

       NOW, THEREFORE, in consideration of the covenants and conditions
contained herein and in the Share Exchange Agreement, the parties hereto agree
as follows:

                                    ARTICLE 1

                                   DEFINITIONS

       1.1. Share Exchange Agreement Defined Terms. Terms defined in the Share
Exchange Agreement shall when, used herein, have the meanings ascribed to them
in the Share Exchange Agreement.

       1.2. Other Defined Terms. When used in this Agreement, the following
terms shall have the following meanings:

       "2000 Call Date" shall mean January 1, 2000.

       "2001 Call Date" shall mean January 1, 2001.

       "2002 Call Date" shall mean January 1, 2002.

       "2003 Call Date" shall mean January 1, 2003.

                                      -1-

<PAGE>   36

       "Annual Maximum Callable Shares Amount" shall mean, with respect to each
Call Date, 179,766 WPS Ltd Common Shares.

       "Cribewell Anniversary Shortfall" shall mean the amount, if any, by which
(i) the sum of the Market-Adjusted Value of the Cribewell Retained Accounts as
of such date (including the Market Adjusted Value of any Eligible Additional
Contributions to all Original Cribewell Accounts and Eligible New Cribewell
Accounts included in the Cribewell Retained Accounts as of such date) is less
than (ii) the value of the Original Cribewell Accounts as of the Effective Date.

       "Cribewell Comparative Reduction Factor" as of any Vesting Date shall
mean the percentage (which in no event shall be greater than 100%) determined by
subtracting the WPS Ltd Reduction Percentage, if any, from the Cribewell Annual
Reduction Percentage, if any, in each case through such Call Date.

       "Cribewell Reduction Percentage" shall mean as of any Call Date the
percentage determined by dividing the Cribewell Anniversary Shortfall as of
such date by the value of the Original Cribewell Accounts as of the Effective
Date.

       "Cribewell Retained Account" shall mean any Original Cribewell Account
or Eligible New Cribewell Account which, as of any Call Date, continues to be an
account subject to the Cribewell Fee Sharing Agreement.

       "Eligible Additional Contribution" shall mean an additional contribution
made after the Effective Date to either an Original Cribewell Account or an
Eligible New Cribewell Account, subject in each case to the following
conditions: (i) each such contribution shall, as a result of a referral by SNSL
or an SNSL Affiliate, be eligible to be included in the accounts with respect to
which fees are payable to Cribewell under the Cribewell Fee Sharing Agreement
and (ii) SNSL and its Affiliates shall have confirmed that no split of
investment advisory, management or performance fees with respect to such
additional contribution is payable to SNSL or its affiliates under any other fee
sharing agreement.

       "Eligible New Cribewell Account" shall mean each new client account that
at any time subsequent to the Effective Date becomes, directly as a result of a
referral by SNSL or an SNSL Affiliate, an account subject to the Cribewell Fee
Sharing Agreement and that SNSL has confirmed in writing is not an account which
SNSL or any SNSL Affiliate is entitled to receive a split of investment
management, performance or advisory fees.

       "Market Adjusted Value" when used with respect to an Original Account or
a New Account (and including any additional contribution to either), shall mean,
as of any date of determination, the value of such account adjusted to eliminate
any change in such value due to increases or decreases in the market value of
such account since the Effective Date (in the case of an Original Account), the
date of the establishment of such account (in the case of a New Account) or the
date of such additional contribution (in the

                                       -2-

<PAGE>   37

case of any additional contribution to such account made after the Effective
Date or the date of establishment of the account).

          "Original Cribewell Account" shall mean each client account that was
as of the Effective Date subject to the Cribewell Fee Sharing Agreement.

          "SNS Affiliate" shall mean an entity owned by, owning or under common
control with SNSL or the ultimate principals of Notz Snicki & Cie.

          "Call Date" shall refer, collectively or individually, to each of the
2000 Call Date, the 2001 Call Date, the 2002 Call Date and the 2003 Call Date.

          "WPS Ltd Anniversary Shortfall" shall mean as of any Call Date the
amount, if any, by which the Market-Adjusted Value of the total assets under
management by WPS Ltd and its affiliates (other than the Acquired Companies) as
of such Call Date is less than the value of the total assets under management
by WPS Ltd and its affiliates (other than the Acquired Companies) as of the
Effective Date.

          "WPS Ltd Reduction Percentage" shall mean as of any Call Date the
percentage determined by dividing the WPS Ltd Anniversary Shortfall as of such
Call Date by the value of the total assets under management by WPS Ltd and its
affiliates as of the Effective Date (not including the assets of the Acquired
Companies acquired on the Effective Date).

                                   ARTICLE 2

                                CALL PROVISIONS

     2.1.  Grant of Call Option.  SNSL hereby grants to WPS Ltd a call option
to purchase on each Call Date, subject to the condition set forth in Section
2.2(a) below, a number of WPS Ltd Common Shares, not to exceed the Annual
Maximum Callable Share Amount, the precise number of such shares purchasable on
any Call Date to be determined in accordance with Section 2.2 below.

     2.2   Automatic Call Provision.

          (a) Automatic Call Condition.  On each Call Date, a portion of the
Annual Maximum Callable Share Number shall be automatically purchased by WPS
Ltd pursuant to the call option granted herein, to the extent provided in
subsection (b) of this Section 2.2, if as of such Call Date there exists a
Cribewell Anniversary Shortfall, after giving effect to any Cribewell
Comparative Reduction Factor.

          (b) Calculation of Share Subject to Call.  On any Call Date on which
the automatic call condition set forth in subsection (a) of this Section 2.2
was triggered, a number of WPS Ltd.  Common Shares not to exceed the Annual
Maximum Callable Share

                                      -3-
<PAGE>   38

Amount shall be automatically purchased by WPS Ltd for consideration of $US.001
per share (payable in accordance with Section 2.2(c) below) in an exact amount
determined by multiplying (i) the Annual Maximum Callable Share Amount by (ii)
the Cribewell Comparative Reduction Factor.  Any shares automatically purchased
by WPS Ltd on any Call Date in accordance with this Agreement shall be deemed
purchased as of such date without the requirement, as between the parties, of
any action by WPS Ltd, SNSL or any other Person.

               (c) Prepayment of Purchase Consideration.  WPS Ltd has paid to
SNSL on the date hereof, and by executing this Agreement SNSL acknowledges
receipt of, an amount equal to $US 720 as prepayment by WPS Ltd in full of the
consideration for the purchase of all Shares in accordance with the call option
granted in this Agreement.  SNSL agrees that it will, upon the written request
of WPS Ltd delivered after the 2003 Call Date, remit to WPS Ltd any portion of
such amount that has not been applied to the purchase of Shares hereunder.

               (d) Delivery of Shares.  SNSL shall deliver to WPS Ltd, not later
than twenty (20) days after any Call Date on which the automatic call condition
set forth in subsection (a) of this Section 2.2 was triggered, WPS Ltd Common
Shares in a number determined in accordance with subsection (b) of this Section
2.2.  SNSL's obligation to deliver WPS Ltd Common Shares pursuant to this
Agreement may be satisfied by the delivery of WPS Ltd Exchange Shares issued to
SNSL in accordance with the Share Exchange Agreement or by the delivery of WPS
Ltd Common Shares otherwise acquired.

                                   ARTICLE 3

                                 MISCELLANEOUS

          3.1. Notices.  Any notice hereunder to a party shall be deemed to be
properly served if in writing and delivered or mailed to, in the case of WPS
Ltd (with a contemporaneous copy by telex or facsimile transmission):

               W.P. Stewart & Co., Ltd.
               Trinity Hall
               43 Cedar Avenue
               P.O. Box HM LX
               Bermuda

and, in the case of SNSL:

               Stewart Notz Stucki Limited
               c/o David Smith
               The Bank of Bermuda Ltd
               6 Frank Street
               Hamilton HM II
               Bermuda

                                      -4-

<PAGE>   39

or to such other address as may have been furnished in writing by such party to
the other parties to this Agreement, and shall be deemed to have been given
as of the time delivered or mailed registered or certified mail, postage paid.

          3.2. Prior Agreements; Modifications; Waivers. This Agreement shall
supersede all other prior agreements, documents or other instruments with
respect to the matters covered hereby.  This Agreement may be amended or
modified by written agreement of the Board of Directors of the parties hereto,
or officers authorized by such Boards, at any time before or after approval
thereof by the stockholders of either or both constituent corporations.

          3.3. Captions. The captions in this Agreement are for convenience
only and shall not be considered a part of or affect the construction or
interpretation of any provision of this Agreement.

          3.4. Governing Law; Venue. The terms of this Agreement shall be
governed by, and interpreted and constructed in accordance with the provisions
of, the laws of the Islands of Bermuda.  Each party agrees that any legal action
or proceeding relating to this Agreement may be brought in any appropriate court
in Bermuda and waives any objection that it may now or hereafter have to such
venue for any such action.

          3.5. Counterparts. This Agreement may be executed in any number of
counterparts, each of which when so executed shall constitute an original copy
hereof.

          3.6. Costs of Enforcement. SNSL agrees promptly to pay any reasonable
costs incurred by WPS Ltd in enforcing its rights under this Agreement.

          IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be signed by its duly authorized officers as of the date first
above written.

Attest:                            W.P. STEWART & CO., LTD.

By: [SIG]                          By: /S/ JOHN RUSSELL
    -----------------                  --------------------
    Title:                         Title: MANAGING DIRECTOR

Attest:                            STEWART NOTZ STUCKI LIMITED

By: /s/ DYMPNA O'CONNELL           By: /s/ DAVID SMITH
    --------------------               --------------------
    Title:                         Title: DIRECTOR

                                      -5-<PAGE>   1
                                                                    Exhibit 10.5

                               PURCHASE AGREEMENT

              PURCHASE AGREEMENT, dated as of June 30, 1999 (the "Agreement"),
by and among W.P. STEWART & CO., LTD., a Bermuda company ("WPS Ltd."), BOWEN
ASIA LIMITED, a British Virgin Islands corporation ("Bowen"), CHARLES G.R.
TARGET, an individual residing in Hong Kong ("Target), and LISA M. STEWART
("Stewart"), an individual residing in Hong Kong, NAOKO TAKEMURA, an individual
residing in Hong Kong ("Takemura"), and CELINA LIN an individual residing in
Hong Kong ("Lin") (Target, Stewart, Takemura and Lin, and any other individual
who may acquire ordinary shares in Bowen, are collectively referred to herein as
the Bowen Shareholders").

              WHEREAS, WPS Ltd. has purchased ordinary shares and cumulative
preference shares constituting, in the aggregate, 7.6% of the issued and
outstanding capital stock of Bowen from certain former outside non-partner
shareholders of Bowen (the "Outside Shareholders") for an amount agreed between
WPS Ltd. and such Outside Shareholders (the total amount paid by WPS Ltd. to the
Outside Shareholders for all of such ordinary shares divided by the total number
of ordinary shares so purchased shall be referred to herein as the "Third Party
Price");

              WHEREAS, Takemura and Lin have increased their ownership of Bowen
to 5% through share transfers from Target and Stewart;

              WHEREAS, Bowen and the Bowen Shareholders, on the one hand, and
WPS Ltd. and the other hand, desire to more closely affiliate their businesses;

              WHEREAS, WPS Ltd. wishes to increase its total investment in Bowen
from 21.9% to 40%, and to establish the means by which it may acquire a majority
interest in Bowen in the future, and Bowen and the Bowen Shareholders desire
such result;

              NOW THEREFORE, in consideration of the premises and other
covenants and conditions contained herein, the parties hereby agree as follows:

                                    ARTICLE I

                             THE INVESTMENT PROCESS

       1.1    WPS Ltd.'s Initial Investment in Bowen. Upon the terms and subject
to the conditions contained herein, and in reliance upon the representations,
warranties and agreements contained herein, Bowen and the Bowen Shareholders, as
the case may be, hereby agree to convey, transfer, assign and deliver to WPS
Ltd., and WPS Ltd. hereby agrees to acquire from Bowen, on or before June 30,
1999 (the "Closing Date"), such amounts of ordinary shares of Bowen ("Ordinary
Shares"), cumulative preference shares

                                       -1-

<PAGE>   2

of Bowen ("Preference Shares") and partner preferred shares ("Partner Preferred
Shares" and, together with the Ordinary Shares and Preference Shares, the "Bowen
Shares") for the purchase prices set forth below. (All dollar amounts in this
Agreement refer to United States Dollars.)

              (a)    The 5% Purchase. Bowen shall issue to WPS Ltd., and WPS
Ltd. shall acquire, 66,316 new Ordinary Shares constituting an additional 5% of
Bowen, for a purchase price of $4 per new Ordinary Share or an aggregate
purchase price of $265,264 (the "5% Purchase").

              (b)    The 37.05% Purchase. Immediately following the closing of
the 5% Purchase, Bowen shall issue to WPS Ltd., and WPS Ltd. shall acquire,
42,757 Ordinary Shares for a cash purchase price per new Ordinary Share equal to
the Third Party Price (an aggregate value of $234,736). As a result of the
foregoing transaction (the "37.05% Purchase"), WPS Ltd. shall own 37.05%, in the
aggregate, of the then issued and outstanding Bowen Shares.

              (c)    The Partner Preferred Purchase. Immediately following the
closing of the 37.05% Purchase, the Bowen Shareholders shall transfer to WPS
Ltd. all of the 125,000 Partner Preferred Shares then issued and outstanding,
having an agreed cash value of $125,000, in exchange for the issuance by WPS
Ltd. to the Bowen Shareholders of 11,585 common shares of WPS Ltd., par value
$0.001 per share ("WPS Shares"), having an agreed value of $10.79 per WPS Share
(such exchange shall be referred to as the "Partner Preferred Purchase"). Upon
the closing of the Partner Preferred Purchase, Bowen shall cancel the Partner
Preferred Shares.

              (d)    The 40% Purchase. Immediately following the closing of the
Partner Preferred Purchase, the Bowen Shareholders, on a pro rata basis, shall
transfer to WPS Ltd. 31,807 Ordinary Shares owned by them in exchange for the
issuance by WPS Ltd. of 16,184 WPS Shares, whereupon WPS Ltd. shall own, in the
aggregate, 40% of the then-issued and outstanding Bowen Shares.

       1.2    Majority Interest Option.

              (a)    WPS Ltd. shall have the option (the "Majority Interest
Option") to purchase from Bowen, or from the Bowen Shareholders and other
shareholders, as the Bowen Shareholders may decide, such number of Ordinary
Shares as shall cause WPS Ltd. to own, following such purchase, 50.1% of Bowen's
issued and outstanding Ordinary Shares at the time of exercise of the Majority
Option (the "Majority Shares"). The Majority Option shall be exercisable at any
time during the period commencing on the fifth anniversary of the Closing Date
and ending at the close of business on the tenth anniversary of the Closing Date
(the "Option Period").

              (b)    WPS Ltd. shall provide written notice to Bowen and the
Bowen Shareholders of its election to exercise the Majority Option. The closing
of the Majority Option shall occur within 30 days after such notice. At the
closing of the Majority

                                       -2-

<PAGE>   3

Option, WPS Ltd. shall pay to Bowen or the Bowen Shareholders a purchase price
per Majority Share acquired equal to the greater of $10 million or 15 times
Bowen's then most recent trailing four quarters' earnings, after taxes, divided
by the total number of Ordinary Shares issued and outstanding prior to the
exercise of the Majority Option.

       1.3    Minority Put.

              (a)    In the event that WPS Ltd. shall exercise the Majority
Option, the Bowen Shareholders shall have the option to put their remaining
shares in Bowen to WPS Ltd. (the "Minority Put"). The Minority Put shall be
exercisable during the portion, if any, of the Option Period remaining following
the closing of the Majority Option.

              (b)    The Bowen Shareholders shall provide written notice to WPS
Ltd. of their election to exercise the Minority Put. The closing of the Minority
Put shall occur within 30 days after such notice. At the closing of the Minority
Put, WPS Ltd. shall pay to the Bowen Shareholders a purchase price per Minority
Share of 15 times Bowen's most recent trailing four quarters' earnings, after
taxes, divided by the total number of Ordinary Shares issued and outstanding
immediately prior to the exercise of the Minority Put (the "Minority Price").
WPS Ltd. shall pay the Minority Price (A) 20% in cash and (B) 80% in WPS Shares,
half of which WPS Shares shall vest two years from the date of the closing of
the Minority Put and half of which WPS Shares shall vest three years from the
date of the closing of the Minority Put. The number of WPS Shares to be used in
calculating the Minority Price shall be computed on the date of the Bowen
Shareholders' written notice to exercise such Minority Put and shall be based
upon either (i) in the event that WPS Shares shall be listed for trading on a
recognized national or international exchange at the time of the closing of the
Minority Put, the average daily mid bid-offer price per WPS Share taken over the
most recent consecutive three-month period, or (ii) in the event the WPS Shares
are not so listed, 6.11 times trailing four quarters' earnings, after taxes, of
WPS Ltd.

                                    ARTICLE 2

                     REPRESENTATIONS AND WARRANTIES OF BOWEN

              Bowen hereby represents and warrants to WPS Ltd. as follows:

       2.1    Authority; Ownership of Shares. Bowen has all necessary power and
authority to enter into, deliver and carry out its obligations hereunder. This
Agreement is the legal, valid and binding obligation of Bowen, enforceable
against Bowen in accordance with its terms except as such enforcement may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting the enforceability of contractual
obligations and creditors' rights generally and by the application of equitable
principles by courts of competent jurisdiction sitting at law or in equity.

       2.2    No Brokers; No Agreements to Sell. Bowen does not have any written
or oral agreement, arrangement or understanding with any person which could
result in the

                                       -3-

<PAGE>   4

obligation of WPS Ltd. to pay any finder's fee, brokerage commission or similar
payment in connection with any of the transactions contemplated hereunder.
Except in connection with this Agreement, Bowen does not have any obligation,
absolute or contingent, to any other person to sell any Bowen Shares or to enter
into any agreement with respect thereto.

       2.3    No Conflict or Vio1ation. Neither the execution and delivery of
this Agreement nor the consummation of the transactions contemplated hereby will
result in a violation of or a conflict with the organizational documents of
Bowen.

       2.4    Organization of Bowen. Bowen is duly organized, validly existing
and in good standing under the laws of the British Virgin Islands and has full
corporate power and authority to own, lease and operate its assets and
properties.

       2.5    Capitalization. All of the issued and outstanding shares of Bowen
have been duly authorized and are validly issued, fully paid and non-assessable.
There are no subscriptions, options, warrants, calls, commitments or other
rights of any kind outstanding for the purchase of, nor any securities
convertible or exchangeable for, Bowen Shares.

       2.6    Absence of Certain Changes or Events. Since December 31, 1998,
except as otherwise expressly permitted pursuant to this Agreement, there has
not been any material adverse change in the condition (financial or otherwise),
assets, liabilities, working capital, reserves, earnings, business, prospects,
or operating results of Bowen.

       2.7    Bowen Financial Statements. Bowen's Financial Statements (as
defined herein) dated as of December 31, 1998 have been delivered to WPS Ltd. on
or before the Closing Date. Bowen's Financial Statements are complete in all
material respects and accurately reflect the assets, liabilities and financial
condition and results of operations of Bowen, and contain and reflect all
necessary adjustments for a fair representation of Bowen's Financial Statements,
as of the dates and for the periods covered thereby. For purposes of this
Agreement, "Financial Statements" shall mean the audited balance sheet, together
with the notes thereto and the related statements of income and statements of
stockholders' equity, retained earnings and changes in financial position or
cash flows for the 12-month period ended as of the prior fiscal year, together
with the notes thereto.

       2.8    Litigation. There is no action, order, writ, injunction, judgment
or decree outstanding or claim, suit, litigation, proceeding, labor dispute,
arbitral action, investigation or inquiry pending or threatened or anticipated
against Bowen or with respect to any of the transactions contemplated hereby.

       2.9    Misstatements or Omissions. No representations or warranties by
Bowen contain or will contain any untrue statement of material fact, or omit or
will omit to state any material fact necessary to make the statements or facts
contained therein not misleading.

                                       -4-

<PAGE>   5

                                    ARTICLE 3

                         REPRESENTATIONS AND WARRANTIES
                            OF THE BOWEN SHAREHOLDERS

              Each Bowen Shareholder severally represents and warrants to WPS
Ltd. as follows:

       3.1    Authority of Bowen Shareholder; Ownership of Shares: Such Bowen
Shareholder has all necessary power and authority to own its Partner Preferred
Shares and, as applicable, Ordinary Shares and to enter into, deliver and carry
out such Bowen Shareholder's obligations hereunder. This Agreement is the legal,
valid and binding obligation of each Bowen Shareholder, enforceable against such
Bowen Shareholder in accordance with its terms except as such enforcement may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting the enforceability of contractual
obligations and creditors' rights generally and by the application of equitable
principles by courts of competent jurisdiction sitting at law or in equity.

       3.2    No Brokers; No Agreements to Sell. Such Bowen Shareholder has no
written or oral agreement, arrangement or understanding with any person which
could result in the obligation of WPS Ltd. to pay any finder's fee, brokerage
commission or similar payment in connection with any of the transactions
contemplated hereunder.

       3.3    No Conflict or Violation. Neither the execution and delivery of
this Agreement nor the consummation of the transactions contemplated hereby will
result in a violation of or a conflict with any contractual or other legal
obligation of such Bowen Shareholder.

       3.4    Misstatements or Omissions. No representations or warranties by
such Bowen Shareholder contain or will contain any untrue statement of material
fact, or omit or will omit to state any material fact necessary to make the
statements or facts contained therein not misleading.

                                    ARTICLE 4

                   REPRESENTATIONS AND WARRANTIES OF WPS LTD.

       WPS Ltd. represents and warrants to Bowen and the Bowen Shareholders as
follows:

       4.1    Authority; Ownership of Shares. WPS Ltd. has all necessary power
and authority to enter into, deliver and carry out its obligations hereunder.
This Agreement is the legal, valid and binding obligation of WPS Ltd.,
enforceable against WPS Ltd. in accordance with its terms except as such
enforcement may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and similar laws

                                       -5-

<PAGE>   6
affecting the enforceability of contractual obligations and creditors' rights
generally and by the application of equitable principles by courts of competent
jurisdiction sitting at law or in equity.

     4.2  No Brokers; No Agreements to Sell. WPS Ltd. does not have any written
or oral agreement, arrangement or understanding with any person which could
result in the obligation of Bowen to pay any finder's fee, brokerage commission
or similar payment in connection with any of the transactions contemplated
hereunder.

     4.3  No Conflict or Violation. Neither the execution and delivery of this
Agreement nor the consummation of the transactions contemplated hereby will
result in a violation of or a conflict with the organizational documents of WPS
Ltd.

     4.4  Organizations of WPS Ltd. WPS Ltd. is duly organized, validly
existing and in good standing under the laws of Bermuda and has full corporate
power and authority to own, lease and operate its assets and properties.

     4.5  Capitalization. All of the issued and outstanding shares of WPS Ltd.
have been duly authorized and are validly issued, fully paid and non-assessable.

     4.6  Absence of Certain Changes or Events. Since December 31, 1998, except
as otherwise expressly permitted pursuant to this Agreement, there as not been
any material adverse change in the condition (financial or otherwise), assets,
liabilities, working capital, reserves, earnings, business, prospects, or
operating results of WPS Ltd.

     4.7  WPS Ltd. Financial Statements. WPS Ltd.'s Financial Statements have
been delivered to Bowen dated as of December 31, 1998 on or before the Closing
Date. WPS Ltd.'s Financial Statements are complete in all material respects and
accurately reflect the assets, liabilities and financial condition and results
of operations of WPS Ltd. and contain and reflect all necessary adjustments for
a fair representation of WPS Ltd.'s Financial Statements, as of the dates and
for the periods covered thereby.

     4.8  Litigation. There is no action, order, writ, injunction, judgment or
decree outstanding or claim, suit, litigation, proceeding, labor dispute,
arbitral action, investigation or inquiry pending or threatened or anticipated
against WPS Ltd. or with respect to any of the transactions contemplated hereby.

     4.9  Misstatements or Omissions. No representations or warranties by WPS
Ltd. contain or will contain any untrue statement of material fact, or omit or
will omit to state any material fact necessary to make the statements or facts
contained therein not misleading.

                                      -6-
<PAGE>   7
                                   ARTICLE 5

                                   COVENANTS

     5.1  No Dilution. Prior to the commencement of the Option Period, Bowen
shall not issue any Bowen Shares without the prior written consent of WPS Ltd.
In the event that Bowen desires to issue any Bowen Shares during the Option
Period prior to WPS Ltd.'s exercise of the Majority Interest Option, (a) Bowen
shall give WPS Ltd. written notice of its intention to issue Bowen Shares, and
(b) WPS Ltd. shall notify Bowen within 30 days of receipt of such notice of its
consent to such issuance of Bowen Shares or WPS Ltd.'s intent to exercise the
Majority Interest Option in accordance with Section 1.2 hereof.

     5.2  No Sale of Assets. At any time during which WPS Ltd. owns 10% or
more, in the aggregate, of Bowen (irrespective of the nature of such ownership)
and prior to the commencement of the Option Period, neither Bowen nor any Bowen
Shareholder shall sell, pledge or transfer, and neither Bowen nor any Bowen
Shareholder shall enter into any agreement to sell, pledge or transfer, any
asset of Bowen without the prior written consent of WPS Ltd.

     5.3  Restrictions on Transfer of Shares. Prior to the commencement of the
Option Period and so long as WPS Ltd. owns more than 10% in aggregate of Bowen
(irrespective of the nature of such ownership), neither Bowen nor any Bowen
Shareholder shall enter into any agreement to sell, pledge or transfer, any of
their Bowen Shares without the prior written consent of WPS Ltd. (other than
internal transfers among or between Bowen Shareholders). During the same such
period, WPS Ltd. shall not sell, pledge, or transfer any of its shares in Bowen
without the prior written consent of the Bowen Shareholders, except in the case
of a transfer from WPS Ltd. to one of its affiliates, in which case consent is
not required.

                                   ARTICLE 6

                       REPURCHASE/RIGHTS OF FIRST REFUSAL

     6.1  Change of Control. In the event of a Change of Control (as defined
herein) of WPS Ltd.:

          (a)  Bowen shall have the right to repurchase from WPS Ltd. the Bowen
Shares then owned by WPS Ltd. at the fair market value thereof; the closing of
which repurchase shall occur within 90 days after such Change of Control; and

          (b)  All unvested WPS Shares owned by Bowen and the Bowen
Shareholders, if any, shall be deemed to be fully vested as of the date of such
Change of Control.

                                      -7-

<PAGE>   8
For purposes of this Agreement, a "Change of Control" shall be deemed to occur
at any time in which (i) the shareholders of WPS Ltd. as of the date hereof,
together with employees of WPS Ltd. or its affiliates, own less than 40% of
the issued and outstanding WPS Shares, or (ii) the Board of Directors of WPS
Ltd. shall have determined, based upon its review of any substantial transfer
of shares, that an effective change in control has occurred, irrespective of
the percentage ownership of shares. The Board of Directors of WPS Ltd. shall
conduct such a review in each instance of a substantial transfer of WPS Shares.

     6.2  Rights of First Refusal.

          (a)  Bowen Right of First Refusal. In the event that WPS Ltd.
proposes to sell any of the Bowen Shares that it owns, at a time when WPS Ltd.
owns less than 50% of the issued and outstanding Bowen Shares, then Bowen shall
have the right of first refusal to purchase all, but not less than all, of the
Bowen Shares that WPS Ltd. proposes to sell (the "Bowen Right of First
Refusal"). WPS Ltd. shall provide written notice to Bowen and the Bowen
Shareholders of any proposed sale of Bowen Shares subject to the Bowen Right of
First Refusal (the "Notice of Sale"). Within 10 days after the Notice of Sale,
Bowen shall notify WPS Ltd. and the Bowen Shareholders of its decision to
exercise or decline to exercise the Bowen Right of First Refusal (the "Bowen
Determination"). Any exercise of the Bowen Right of First Refusal shall occur
within 30 days after the Notice of Sale.

          (b)  Bowen Shareholders' Right of First Refusal. In the event that
Bowen declines to exercise the Bowen Right of First Refusal, the Bowen
Shareholders shall have a subsequent right of first refusal to purchase all, but
not less than all, of the Bowen Shares specified in the Notice of Sale (the
"Bowen Shareholders' Right of First Refusal"). Within 10 days after the Bowen
Determination, the Bowen Shareholders shall notify WPS Ltd. and Bowen of the
Bowen Shareholders' decision to exercise or decline to exercise the Bowen
Shareholders' Right of First Refusal (the "Bowen Shareholders' Determination").
Any exercise of the Bowen Shareholders' Right of First Refusal shall occur
within 40 days after the Notice of Sale. In the event the Bowen Shareholders
decline to exercise the Bowen Shareholders' Right of First Refusal, WPS Ltd.
thereafter may sell the Bowen Shares specified in the Notice of Sale at its
discretion.

          (c)  Purchase Price. The purchase price of the Bowen Shares in the
case of any exercise of the Bowen Right of First Refusal or the Bowen
Shareholders' Right of First Refusal shall be based upon the earnings multiple
used by WPS Ltd. for its then most recent internal transactions involving WPS
Shares.

                                      -8-

<PAGE>   9
                                   ARTICLE 7

                             LOCATION AND MANAGEMENT

          7.1  Name.     As long as WPS Ltd. owns less than 50% of Bowen, Bowen
shall continue to be known as "Bowen Asia Limited".

          7.2  Representative Offices.  WPS Ltd., in its sole discretion, may
establish a representative office in Hong Kong and/or in other parts of Asia,
including without limitation Japan, Australasia, China, and the Indian
sub-continent (collectively, the "Pacific"). As long as Bowen continues to
perform in a satisfactory manner, in the sole judgment of WPS Ltd., all
representative offices and symbiotic marketing appointments which may be
established by WPS Ltd. in the Pacific shall be managed through Bowen; provided
that the foregoing does not grant exclusivity to Bowen nor preclude WPS Ltd.
from working with any other party or parties in or with respect to the Pacific.

          7.3  Board Membership and Representation.    As long as WPS Ltd. owns
Bowen Shares:

               (a)  WPS Ltd. Membership.

                    (i)  The Board of Directors of Bowen shall include
membership by two representatives of the WPS Ltd. group of companies; one such
representative to be nominated by W.P. Stewart Asset Management, Ltd.,
including any successor thereto ("WPSAM"), and the other representative to be
nominated by W.P. Stewart Global Management Ltd., including any successor
thereto ("WPSGM"); and

                    (ii) The Compensation Committee of Bowen shall include one
representative of WPS Ltd..

               (b)  Bowen Membership.

                    (i)  The Board of Directors of each of WPSAM and WPSGM
shall include membership by a representative of Bowen; and

                    (ii) The Global Research Committee and the Representation
Committee of each of WPSAM and WPSGM shall include one representative of Bowen.

                                      -9-
<PAGE>   10
                                   ARTICLE 8

                                  COMPENSATION

     8.1 Employee Compensation. The Bowen compensation committee, which shall
include a representative of WPS Ltd., shall determine all matters relating to
compensation for Bowen personnel.

     8.2 Compensation Pool. The annual operating profits of Bowen, after
operating expenses and before taxes, will be apportioned to Bowen's
compensation pool, dividends and reserves as follows:

          (a) Except as provided in this subsection, Bowen shall not make any
distributions, nor pay any dividends, to any shareholders of Bowen for the
first three years following the Closing Date. Instead, during such period all
of the operating income of Bowen shall be applied towards compensation and the
accumulation of reserves in Bowen, up to a maximum of an aggregate of $2.5
million in each such year. Any operating income of Bowen in excess of $2.5
million in any such year shall be distributed to shareholders of Bowen as
dividends.

          (b) At such time as the annual operating income of Bowen reaches $10
million, Bowen shall cause its level of compensation (as a percent of operating
profit before compensation and taxes) ("Compensation Level") for employees of
Bowen to equal the Compensation Level for employees of WPS Ltd.

     8.3 Bowen Solicitation Agreement. The 1996 solicitation agreement between
WPS Ltd. and Bowen shall remain in full force and effect.

                                   ARTICLE 9

                     CONDITIONS TO THE OBLIGATIONS OF BOWEN

          The obligations of Bowen hereunder are subject in the discretion of
Bowen, to the satisfaction or waiver, on or prior to the Closing Date, of each
of the following conditions:

     9.1 Representations, Warranties and Covenants. All representations and
warranties of WPS Ltd. contained in this Agreement shall be true and correct in
all material respects on and as of the Closing Date, and WPS Ltd. shall have
performed in all material respects all agreements and covenants required hereby
to be performed by it prior to or on the Closing Date.

     9.2 Corporate Documents. Bowen shall have received from WPS Ltd. copies of
the Memorandum of Association and Bye-Laws of WPS Ltd. as in effect on the
Closing Date, in each case certified to be true and complete by the corporate
secretary of WPS Ltd.

                                      -10-
<PAGE>   11
                                   ARTICLE 10

                          CONDITIONS TO THE OBLIGATIONS
                            OF THE BOWEN SHAREHOLDERS

              The obligations of the Bowen Shareholders hereunder are subject in
the discretion of the Bowen Shareholders, to the satisfaction or waiver, on or
prior to the Closing Date, of each of the following conditions:

       10.1   Representations, Warranties and Covenants. All representations and
warranties of WPS Ltd. contained in this Agreement shall be true and correct in
all material respects on and as of the Closing Date, and WPS Ltd. shall have
performed in all material respects all agreements and covenants required hereby
to be performed by it prior to or on the Closing Date.

       10.2   Corporate Documents. Bowen shall have received from WPS Ltd.
copies of the Memorandum of Association and Bye-Laws of WPS Ltd. as in effect on
the Closing Date, in each case certified to be true and complete by the
corporate secretary of WPS Ltd.

                                   ARTICLE 11

                    CONDITIONS TO THE OBLIGATIONS OF WPS LTD.

              The obligations of WPS Ltd. hereunder are subject in the
discretion of WPS Ltd., to the satisfaction or waiver, on or prior to the
Closing Date, of each of the following conditions:

       11.1   Representations, Warranties and Covenants. All representations and
warranties of each of Bowen and the Bowen Shareholders contained in this
Agreement shall be true and correct in all material respects on and as of the
Closing Date, and each of Bowen and the Bowen Shareholders shall have performed
in all material respects all agreements and covenants required hereby to be
performed by it or them prior to or on the Closing Date.

       11.2   Corporate Documents. WPS Ltd. shall have received from Bowen
copies of the organizational documents of Bowen as in effect on the Closing
Date, in each case certified to be true and complete by the corporate secretary
of Bowen.

                                   ARTICLE 12

                                  MISCELLANEOUS

       12.1   Termination. This Agreement may be terminated at any time prior to
the Closing Date by written agreement of WPS Ltd. and Bowen.

                                      -11-
<PAGE>   12

       12.2   Consideration. Part of the transactions herein may be settled by
payment of fully vested WPS Ltd. shares at $10.79 per share. The Bowen
Shareholders shall have the right to negotiate to purchase vesting shares of WPS
Ltd. at a price of 6.11 times trailing four-quarter earnings of WPS Ltd.

       12.3   Notices. Unless otherwise provided herein, any notice, request,
instruction or other document to be given hereunder by any party to the others
shall be in writing and delivered in person or by courier or by facsimile
transmission or mailed by certified mail, postage prepaid, return receipt
requested, as follows:

              (a)    If to Bowen, to:

                     Bowen Asia Limited
                     1008A, Shui On Centre
                     6-8 Harbour Road
                     Hong Kong
                     Attention: Charles G.R. Target
                     Telephone:  +852-2845-0956
                     Facsimile:  +852-2845-0931

              (b)    If to WPS Ltd., to:

                     W.P. Stewart & Co., Ltd.
                     Trinity Hall, 43 Cedar Avenue
                     P.O. Box 2905
                     Hamilton HM LX
                     Bermuda
                     Attention: Managing Director
                     Telephone:  +441-295-8585
                     Facsimile:  +441-296-6823

       12.4   Governing Law. This Agreement shall be governed by, and construed
and interpreted in accordance with, the laws of Bermuda, other than conflict of
laws provisions thereof.

       12.5   Entire Agreement; Amendment. This Agreement contains the entire
agreement of the parties with respect to the subject matter hereof and
supersedes any written or oral agreement between the parties relating thereto.
This Agreement may be modified only by a written document signed by both of the
parties hereto.

       12.6   Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, and all of which
together shall constitute one and the same instrument.

                                      -12-
<PAGE>   13

       12.7   Severability. If any one or more provisions of this Agreement
shall be declared illegal or unenforceable under any law, rule or regulation of
any federal, state, local or other government, or any agency or bureau thereof,
having jurisdiction over any of the parties hereto, such illegality or
unenforceability shall not affect the validity and enforceability of the other
provisions hereof, and the parties shall use reasonable efforts to modify this
Agreement, to the extent possible, so as to eliminate such invalidity.

                                                     continued on following page

                                      -13-
<PAGE>   14

              IN WITNESS WHEREOF, the parties hereto have executed this
Agreement, or have caused this Agreement to be duly executed on their behalf by
their respective officers thereunto duly authorized, as of the day and year
first above written.

                                           W.P. STEWART & CO., LTD.

                                           By: /s/ John Russell
                                              ---------------------------
                                                 Name: John Russell

                                           Title:  Managing Director
                                                 ------------------------

                                           BOWEN ASIA LIMITED

                                           By: /s/ LISA STEWART
                                              ---------------------------
                                                 Name: Lisa Stewart

                                           Title:  Director
                                                 ------------------------

                                           "BOWEN SHAREHOLDERS"

                                           By: /s/ LISA M. STEWART
                                              ---------------------------
                                                 LISA M. STEWART

                                           By: /s/ CHARLES G.R. TARGET
                                              ---------------------------
                                                 CHARLES G.R. TARGET

                                           By: /s/ CELINA LIN
                                              ---------------------------
                                                 CELINA LIN

                                           By: /s/ NAOKO TAKEMURA
                                              ---------------------------
                                                 NAOKO TAKEMURA

                                       -14-

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