W.P. Stewart & Co., Ltd. Reports Net Income For First Quarter 2006 of US$ 12.7 Million (y 2)

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 +1-441-295-8585 (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.

    
     W.P. Stewart & Co., Ltd.
     Unaudited Condensed Consolidated Statements of Operations
     (All figures are in US$)
    
                                             For the Three Months Ended
                                 Mar. 31, 2006  Dec. 31, 2005  Mar. 31, 2005
    
      Revenue:
        Fees                       $27,187,308    $34,339,458    $27,235,901
        Commissions                  8,260,794     10,087,334      7,189,398
        Interest and other             798,077      1,035,520        408,497
                                    36,246,179     45,462,312     34,833,796
    
      Expenses:
        Employee compensation and      
         benefits                    7,738,837     12,575,819      7,227,596
        Fees paid out                2,174,908      2,973,947      1,887,350
        Commissions, clearance and    
         trading                     1,642,079      2,103,729      1,486,802
        Research and
         administration              3,629,544      3,517,898      3,736,034
        Marketing                    1,711,094      1,600,230      1,539,959
        Depreciation and
         amortization                1,575,794      2,051,310      2,043,389
        Impairment of intangible
         asset                               -     12,452,978              -
        Other operating              2,762,137      2,545,850      2,678,969
                                    21,234,393     39,821,761     20,600,099
    
      Income before taxes           15,011,786      5,640,551     14,233,697
    
      Provision for taxes            2,347,675      2,868,987      1,423,370
      
      Net income                   $12,664,111     $2,771,564    $12,810,327
    
      Earnings per share:
    
      Basic earnings per share           $0.28          $0.06          $0.28
    
      Diluted earnings per share         $0.28          $0.06          $0.28

    
     W.P. Stewart & Co., Ltd.
     Unaudited Condensed Consolidated Statements of Operations
    
                                                     % Change From
                                            Dec. 31, 2005     Mar. 31, 2005
    
      Revenue:
        Fees                                      -20.83%            -0.18%
        Commissions                               -18.11%            14.90%
        Interest and other                        -22.93%            95.37%
    
                                                  -20.27%             4.05%
    
      Expenses:
        Employee compensation and benefits        -38.46%             7.07%
        Fees paid out                             -26.87%            15.24%
        Commissions, clearance and trading        -21.94%            10.44%
        Research and administration                 3.17%            -2.85%
        Marketing                                   6.93%            11.11%
        Depreciation and amortization             -23.18%           -22.88%
        Impairment of intangible asset           -100.00%             0.00%
        Other operating                             8.50%             3.10%
                                                  -46.68%             3.08%
    
      Income before taxes                         166.14%             5.47%
    
      Provision for taxes                         -18.17%            64.94%
    
      Net income                                  356.93%            -1.14%
    
      Earnings per share:
    
      Basic earnings per share                    366.67%             0.00%
    
      Diluted earnings per share                  366.67%             0.00%

        W.P. Stewart & Co., Ltd.
        Net Flows of Assets Under Management(i)
                                                    (in millions)
    
                                                For the Three Months Ended
                                              Mar. 31,    Dec. 31,   Mar. 31,  
                                                2006        2005       2005
    
        Existing Accounts:
          Contributions                         $329        $260       $312
          Withdrawals                           (360)       (243)      (281)
        Net Flows of Existing Accounts           (31)         17         31
        Publicly Available Funds:
          Contributions                           34          85         54
          Withdrawals                            (69)        (38)       (75)
        Direct Accounts Opened                    57         114         71
        Direct Accounts Closed                  (228)       (410)      (124)
        Net New Flows                           (206)       (249)       (74)
    
        Net Flows of Assets Under        
         Management                            $(237)      $(232)      $(43)
    
     (i) The table above sets forth the total net flows of assets under
         management for the three months ended March 31, 2006, December 31,
         2005 and March 31, 2005, respectively, which include changes in net
         flows of existing accounts and net new flows (net contributions to
         our publicly available funds and flows from new accounts minus
         closed accounts). The table excludes total capital appreciation or
         depreciation in assets under management with the exception of the
         amount attributable to withdrawals and closed accounts.

Web site: http://www.wpstewart.com

Fred M. Ryan of W.P. Stewart & Co., Ltd., +1-441-295-8585