7 July 2008
Hamilton, Bermuda

                          Investment Agreement Between
                Arrow Funds and W.P. Stewart & Co., Ltd. Amended;
                        Tender Offer for Common Shares of
                        W.P. Stewart & Co., Ltd. Extended

      New York, July 7 - W.P. Stewart & Co., Ltd. (NYSE:WPL) ("W.P. Stewart")
and Arrow Masters LP, Arrow Partners LP and Arrow Offshore, Ltd. (collectively,
the "Arrow Funds") jointly announced today that they have amended their
Investment Agreement, dated May 20, 2008, to add two additional funds as
purchasers. The Arrow Funds, jointly with the two additional funds, remain
parties to, and therefore bound by, the Investment Agreement, as amended. The
Arrow Funds also announced that, as a result of this amendment, they are
extending the expiration date of their tender offer (the "Offer") for up to
19,902,000 shares of common stock in W.P. Stewart at a price of $1.60 per share.
The Offer has been extended so that it will now expire at 5:00 p.m. New York
time on July 28, 2008 unless the Offer is further extended to provide for a
subsequent offering period pursuant to Rule 14d-11 under the Securities and
Exchange Act of 1934. The Investment Agreement has been amended accordingly.
Shares received under the Offer by 5:00pm New York time on July 28, 2008 will be
accepted for payment, up to the maximum of 19,902,000 shares, and payment will
be made as soon as practicable after that date, subject to the terms and
conditions of the Offer.

      As a result of the amendment and the extension, Arrow Opportunities I,
LLC, a Delaware limited liability company, and Arrow Opportunities I, Ltd., a
Cayman Islands exempted company, two newly formed investment funds managed by
Arrow Capital Management LLC ("Arrow Capital"), will participate in the offer
and become additional purchasers under the Investment Agreement. At the close of
business on July 3, 2008, the Arrow Funds had received tenders for 123,629
shares.

      As previously disclosed in a recent amendment to the Arrow Funds' Offer to
Purchase, W.P. Stewart and Arrow Capital have begun discussions regarding areas
of possible cooperation between the two companies, and are currently sharing
insights with respect to research and potential investments for their respective
clients. Although no agreements have yet been entered into, an on-going
collaborative arrangement in this regard is currently contemplated. Other areas
of collaboration are also being considered.



      Alex von Furstenberg, Arrow Capital's Co-Managing Member and Chief
Investment Officer said: "We remain committed to, and enthusiastic about, our
future relationship with W.P. Stewart."

      The Arrow Funds' offer is being made subject to the terms and conditions
set forth in, and solely through, its Offer to Purchase, dated May 28, 2008, as
amended by Amendment No. 1 to Schedule TO, dated June 27, 2008, and Amendment
No. 2 to Schedule TO, dated July 7, 2008, and the related Letter of Transmittal
and any amendments or supplements thereto, and is being made to all holders of
W.P. Stewart shares. Copies of the Arrow Funds' Offer to Purchase, the related
Letter of Transmittal and other tender offer materials may be obtained from
Arrow's information agent for the Offer, MacKenzie Partners, Inc., (212)
929-5500 (call collect), or Toll-Free: (800) 322-2885.

      W.P. Stewart & Co., Ltd.

      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
(NYSE:WPL) and on the Bermuda Stock Exchange (BSX:WPS).

      For more information, please visit the Company's website at
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

This press release is neither an offer to purchase nor a solicitation of an
offer to sell W.P. Stewart shares. The offer is made solely by the Offer to
Purchase, dated May 28, 2008, as amended, and the related Letter of Transmittal
and any amendments or supplements thereto, and is being made to all holders of
W.P. Stewart shares. The offer is not being made to (nor will tenders be
accepted from or on behalf of) holders of W.P. Stewart shares in any
jurisdiction in which the making of the offer or the acceptance thereof would
not be in compliance with the laws of such jurisdiction.


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