W.P. Stewart & Co., Ltd. Announces Fourth Quarter and Full Year 2008 Financial Results

Fourth Quarter 2008 Highlights

W.P. Stewart reported a net loss of $6.6 million, or $1.26 per share (diluted) and $1.26 per share (basic), for the fourth quarter ended 31 December 2008. This loss includes fourth quarter non-recurring, cash and non-cash charges of approximately $297,000 or

$0.06 per share (diluted). Of such amount, the non-recurring, non-cash charges of approximately $65,000 related to an adjustment in the carrying value of an investment in an affiliate. In addition, non-recurring, cash charges of approximately $232,000 were incurred in the period primarily reflecting agreements with certain employees whose

employment terminated during the quarter. Excluding these non-recurring, cash and non-cash charges, the fourth quarter 2008 net loss was $6.3 million, or $1.20 per share (diluted). These results compare with net loss in the fourth quarter of 2007 of $21.0 million, or $4.53 per share (diluted) and $4.53 per share (basic). These prior year results include non-recurring charges of $15.7 million, including a non-cash charge of approximately $15.6 million related to an impairment of assets, or $3.37 per share (basic and diluted). This impairment reflected a decrease in assets under management, the fees from which were supporting intangible assets per the Financial Accounting Standards Board (SFAS No. 142).

Full Year 2008 Highlights

For the full year ended 31 December 2008 the net loss was $49.3 million, or $10.09 per share (diluted) and $10.09 per share (basic), on revenues of $32.6 million. This loss includes non-recurring cash and non-cash charges of approximately $24.7 million or $5.06 per share (diluted). For the year there were non-recurring, non-cash charges of

approximately $18.9 million or $3.87 per share (diluted), which included $18.7 million related to an impairment of intangible assets and goodwill, representing a complete write-down of the remaining balance. The impairment of intangible assets reflects a decrease in assets under management, the fees from which were supporting intangible

assets per the Financial Accounting Standards Board (SFAS No. 142) and the impairment of goodwill is the result of the decline in market capitalization as compared with the value of shareholder's equity. In addition, during the year there were $5.8 million non-recurring cash charges incurred related to agreements with certain employees whose employment terminated during the year and our initiative to complete a strategic transaction, which initiative resulted in an investment by funds managed by Arrow Capital Management. Excluding these non-recurring, cash and non-cash charges, for the full year ended 31 December 2008, the net loss was $24.6 million, or $5.03 per share (diluted).

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 currently listed for trading on the Bermuda Stock Exchange (BSX:WPS) and are currently traded in the U.S. on the Pink Sheets (Pink sheets:WPSLF).

For more information:

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 .