W. P. Stewart & Co., Ltd. Reports Net Income For First Quarter 2004 Of $13.9 Million

For the first quarter of 2004 there were 45,422,171 common shares outstanding on a weighted average diluted basis compared to 44,940,152 common shares outstanding for the first quarter of 2003 on the same weighted average diluted basis.

Net income for the quarter ended 31 March 2004 of $13.9 million, adjusted for the add-back of $1.9 million, representing non-cash expenses of depreciation amortization and other non-cash charges on a tax-effected basis ("cash earnings"), was $15.8 million, or $0.35 per share (diluted). In the same quarter of the prior year, cash earnings were $12.1 million (net income of $10.2 million adjusted for the add-back of $1.9 million representing non-cash expenses of depreciation, amortization and other non-cash charges on a tax effected basis), or $0.27 per share (diluted).

Performance

Performance in the W.P. Stewart & Co., Ltd. U.S. Equity Composite (the "Composite") for the first quarter of 2004 was +2.1% pre-fee and +1.8% post-fee.

For the twelve month period ending 31 March 2004, performance in the Composite was +25.7%, pre-fee and +24.5% post-fee.

W.P. Stewart's five-year performance for the period ended 31 March 2004 averaged +0.1% pre-fee (-1.1% post-fee), compounded annually, compared to an average of -1.2% for the S&P 500 in the same period.

In each of the three, five and ten-year periods ended 31 March 2004, performance of the W.P. Stewart U.S. equity composite has exceeded the performance of the S&P 500.

Assets Under Management

Assets under management (AUM) at quarter-end were slightly above $8.5 billion, compared with approximately $8.6 billion at 31 December 2003, and approximately $7.3 billion at 31 March 2003.

Total net flows of AUM for the quarter ended 31 March 2004 were approximately -$139 million, compared with total net flows of approximately -$187 million and approximately -$89 million in the fourth quarter and in the first quarter of 2003, respectively.

In the quarter, net cash flows of existing accounts were approximately - $10 million, compared with approximately -$43 million and approximately -$5 million in the fourth quarter and in the first quarter of 2003, respectively.

Net new flows (net contributions to our publicly-available funds and flows from new accounts minus closed accounts) were approximately -$129 million for the quarter compared to approximately -$144 million and approximately -$84 million in the fourth quarter and in the first quarter of 2003, respectively.

Look-Through Earning Power

W.P. Stewart & Co., Ltd. concentrates its investments in large, generally less cyclical, growing businesses. Throughout most of the Company's 29-year history, the growth in earning power behind clients' portfolios has ranged from approximately 11% to 22%, annually.

Currently, portfolio earnings growth remains solidly positive and the Company's research analysts expect portfolio earnings growth to be within the historical range over the next few years.

Revenues and Profitability

Revenues were $35.5 million for the quarter ended 31 March 2004, up 19.4% from $29.7 million for the same quarter 2003.

The average gross management fee was 1.21% for the quarter ended 31 March 2004, compared to 1.22% in the same quarter of the prior year.

Total operating expenses increased 9.3%, to $20.1 million, for the first quarter 2004, from $18.4 million in the same quarter of the prior year.

Pre-tax income, of $15.4 million, was 43.5% of gross revenues for the quarter ended 31 March 2004 compared to $11.4 million or 38.3% of gross revenues in the comparable quarter of the prior year.

The Company's provision for taxes for the quarter ended 31 March 2004 was $1.5 million versus $1.1 million in the comparable quarter of the prior year.

The tax rate is 10% of income before taxes for both periods.

Other Events

The Company paid a dividend of $0.30 per common share on 30 January 2004 to shareholders of record as of 15 January 2004, and will pay a dividend of $0.30 per common share on 30 April 2004 to shareholders of record as of 16 April 2004.

Conference Call

In conjunction with this first quarter 2004 earnings release, W.P. Stewart & Co., Ltd. will host a conference call on Thursday, 29 April 2004. The conference call will commence promptly at 9:15am (EDT). Those who are interested in participating in the teleconference should dial 1-800-922-0755(within the United States) or +973-935-2405 (outside the United States). The conference ID is "W.P. Stewart". To listen to the live broadcast of the conference over the Internet, simply log on to the web at the following address: http://www.firstcallevents.com/service/ajwz403936824gf12.html

The teleconference will be available for replay from Thursday, 29 April 2004 at 12:00 noon (EDT) through Friday, 30 April 2004 at 5:00 p.m. (EDT). To access the replay, please dial 1-877-519-4471 (within the United States) or +973-341-3080 (outside the United States). The PIN number for accessing this replay is 4682562.

You will be able to access a replay of the Internet broadcast through Thursday, 6 May 2004, on the Company's website at http://www.wpstewart.com .

The Company will respond to questions submitted by e-mail, following the conference.

W.P. Stewart & Co., Ltd. is an asset management company that has provided research-intensive equity management services to clients throughout the world since 1975. The Company is headquartered in Hamilton, Bermuda and has additional operations or affiliates in the United States, Europe and Asia.

The Company's shares are listed for trading on the New York Stock Exchange(symbol: WPL) and on the Bermuda Stock Exchange (symbol: WPS).

For more information, please visit the Company's website at http://www.wpstewart.com , or call W.P. Stewart Investor Relations (Fred M. Ryan) at 1-888-695-4092 (toll-free within the United States) or + 441-295-8585(outside the United States) or e-mail to IRINFO@wpstewart.com .

Statements made in this release concerning our assumptions, expectations,beliefs,intentions, plans or strategies are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ from those expressed or implied in these statements. Such risks and uncertainties include, without limitation, the adverse effect from a decline or volatility in the securities markets, a general downturn in the economy, the effects of economic, financial or political events, a loss of client accounts, inability of the Company to attract or retain qualified personnel, a challenge to our U.S. tax status, competition from other companies, changes in government policy or regulation, a decline in the Company's products' performance, inability of the Company to implement its operating strategy,inability of the Company to manage unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations, industry capacity and trends, changes in demand for the Company's services, changes in the Company's business strategy or development plans and contingent liabilities. The information in this release is as of the date of this release, and will not be updated as a result of new information or future events or developments.