This announcement is neither an offer to purchase nor a solicitation of an offer
to sell shares (as defined below). The offer (as defined below) is made solely
by the Offer to Purchase, dated May 28, 2008, and the related Letter of
Transmittal and any amendments or supplements thereto, and is being made to all
holders of shares. The offer is not being made to (nor will tenders be accepted
from or on behalf of) holders of 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.

                                    Notice of
                           Offer to Purchase for Cash
                                      Up to
                            19,902,000 Common Shares
                                       of
                            W.P. Stewart & Co., Ltd.
                                       at
                               $1.60 NET PER SHARE
                                       by
          ARROW PARTNERS LP, ARROW MASTERS LP, AND ARROW OFFSHORE, LTD.

Arrow Partners LP, a Delaware limited partnership, Arrow Masters LP, a Delaware
limited partnership, and Arrow Offshore, Ltd., a Cayman Islands corporation
(collectively, "Arrow"), are offering to purchase up to 19,902,000 common
shares, par value $0.001 per share (the "shares"), of W.P. Stewart & Co., Ltd.,
a Bermuda exempted company (the "Company"), at $1.60 per share, net to the
seller, in cash, without interest thereon (subject to applicable withholding of
United States federal, state and local taxes), less the per share amount of
distributions, if any, declared or paid on or after May 28, 2008, upon the terms
and subject to the conditions set forth in the Offer to Purchase, dated May 28,
2008 (the "Offer to Purchase"), and in the related Letter of Transmittal (which,
together with any amendments or supplements thereto, collectively constitute the
"Offer"). Tendering stockholders will not be charged brokerage fees or
commissions on the purchase of shares by Arrow pursuant to the Offer.

THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 5:00 P.M., EASTERN TIME, ON WEDNESDAY,
JULY 9, 2008, UNLESS THE OFFER IS EXTENDED.

This Offer is being made under an Investment Agreement dated as of May 20, 2008
between Arrow and the Company. Pursuant to the Investment Agreement, following
the expiration of the Offer, Arrow will purchase from the Company, at a purchase
price of $1.60 per share, between 5,010,000 and 7,440,000 newly issued shares of
the Company, depending upon the number of shares purchased in the Offer. If the
Offer is fully subscribed, following the Offer and Arrow's purchase of shares
from the Company, Arrow will own 24,912,000 shares, representing 45% of the
outstanding shares of the Company.

Arrow is making the Offer and acquiring additional shares from the Company in
order to acquire a significant equity stake in the Company. However, pursuant to
the Investment Agreement, Arrow has agreed that, in accordance with the terms of
the Company's Bye-laws, to the extent it holds more than 24% of the total
outstanding shares of the Company it will limit its voting power to 24% of the
total outstanding shares of the Company. The Offer is not conditioned upon Arrow
obtaining financing.

For purposes of the Offer, Arrow will be deemed to have accepted for payment
(and thereby purchased) shares validly tendered and not properly withdrawn as,
if and when Arrow gives oral or written notice to Computershare (the
"Depositary") of its acceptance for payment of such shares pursuant to the
Offer. Upon the terms and subject to the conditions of the Offer, payment for
shares accepted for payment pursuant to the Offer will be made by deposit of the
purchase price therefor with the Depositary, which will act as agent for the
tendering shareholders whose shares have been accepted for payment. Upon the
deposit of funds with the Depositary for the purpose of making payment to
validly tendering shareholders, Arrow's obligation to make such payment shall be
satisfied and such tendering shareholders must thereafter look solely to the
Depositary for payment of the amounts owed to them by reason of acceptance for
payment of shares pursuant to the Offer.

In all cases, payment for shares accepted for payment pursuant to the Offer will
be made only after timely receipt by the Depositary of (a) certificates for (or
a timely book-entry confirmation (as defined in the Offer to Purchase) with
respect to) such shares, (b) a Letter of Transmittal (as defined in the Offer to
Purchase), or facsimile thereof, properly completed and duly executed, with any



required signature guarantees (or, in the case of a book- entry transfer, an
agent's message (as defined in the Offer to Purchase) in lieu of the Letter of
Transmittal) and (c) any other documents required by the Letter of Transmittal.
Accordingly, tendering shareholders may be paid at different times depending
upon when certificates for shares or book-entry confirmations with respect to
shares are actually received by the Depositary. If a shareholder desires to
tender shares and cannot timely satisfy the requirements to tender prior to the
expiration date, the shareholder may tender shares by complying with the
procedure for guaranteed delivery described in the Offer to Purchase. Under no
circumstances will interest on the purchase price of the shares be paid by
Arrow, regardless of any extension of the Offer or any delay in making such
payment.

Subject to the applicable rules and regulations of the Securities and Exchange
Commission, Arrow expressly reserves the right, in its sole discretion, at any
time or from time to time, to extend the period of time during which the Offer
is open by giving oral or written notice of such extension to the Depositary and
by making a public announcement thereof. During any such extension, all shares
previously tendered and not withdrawn will remain subject to the Offer, subject
to the right of a tendering shareholder to withdraw such shareholder's tender of
shares. Any extension, delay, termination, waiver or amendment will be followed
as promptly as practicable by public announcement thereof to be made no later
than 9:00 a.m., Eastern time, on the next business day after the previously
scheduled expiration date (as defined in the Offer to Purchase).

Tenders of shares made pursuant to the Offer are irrevocable, except that shares
tendered pursuant to the Offer may be withdrawn at any time prior to the
expiration date and, unless theretofore accepted for payment by Arrow pursuant
to the Offer, may also be withdrawn at any time after July 27, 2008.

For a withdrawal to be effective, a notice of withdrawal must be timely received
by the Depositary at one of its addresses set forth on the back cover of the
Offer to Purchase. Any such notice of withdrawal must specify the name of the
person having tendered the shares to be withdrawn, the number of shares to be
withdrawn and the names in which the certificate(s) evidencing the shares to be
withdrawn are registered, if different from that of the person who tendered such
shares. The signature(s) on the notice of withdrawal must be guaranteed by an
eligible institution (as defined in the Offer to Purchase), unless such shares
have been tendered for the account of any eligible institution. If shares have
been tendered pursuant to the procedures for book-entry tender as set forth in
Section 2 of the Offer to Purchase, any notice of withdrawal must specify the
name and number of the account at the book-entry transfer facility (as defined
in the Offer to Purchase) to be credited with the withdrawn shares. If
certificates for shares to be withdrawn have been delivered or otherwise
identified to the Depositary, the name of the registered holder and the serial
numbers of the particular certificates evidencing the shares to be withdrawn
must also be furnished to the Depositary as aforesaid prior to the physical
release of such certificates. All questions as to the form and validity
(including time of receipt) of any notice of withdrawal will be determined by
Arrow, in its sole discretion, which determination shall be final and binding.

If tendering shareholders tender more than the number of shares that Arrow seeks
to purchase pursuant to the Offer to Purchase, Arrow will take into account the
number of shares so tendered and take up and pay for as nearly as may be pro
rata, disregarding fractions, according to the number of shares tendered by each
tendering shareholder during the period during which the Offer remains open. If
proration of tendered shares is required, because of the difficulty of
determining the precise number of shares properly tendered and not withdrawn,
Arrow does not expect to announce the final results of proration or pay for any
shares until at least five New York Stock Exchange trading days after the
expiration date. Preliminary results of proration will be announced by press
release as promptly as practicable.

The Offer contains certain conditions, and Arrow shall have no obligation to
take up and pay for shares tendered in the Offer if, among other things (a)
there is any action brought by any governmental authority to restrain or
prohibit issuance of shares or restrain the rights of Arrow with respect to the
shares, (b) there is any judgment, order or injunction issued by a governmental
authority that prevents or makes illegal the consummation of the Offer, (c) the
Company's Board of Directors or any committee thereof withdraws its approval of
the Offer or the transactions contemplated thereby, (d) the Company materially
breaches a representation or warranty in the Investment Agreement, (e) the
Company fails to perform a material obligation of the Investment Agreement, (f)
the Investment Agreement is terminated in accordance with its terms, (g) the
Company does not timely file its Annual Report on Form 20-F with the U.S.
Securities Exchange Commission, (h) Arrow and the Company agree to terminate the
Offer, or (i) any newly issued shares have not been listed or approved for
listing on such exchange as the shares are then listed. For a full descriptions
of the conditions to the Offer see Section 13 of the Offer to Purchase. There is
no financing condition to the Offer.



If a shareholder's shares are accepted for payment pursuant to the Offer, the
shareholder will generally recognize gain or loss measured by the difference
between the cash received by the shareholder and the shareholder's adjusted tax
basis in the tendered shares. Shareholders should review the description of U.S.
federal income tax consequences contained in the Offer to Purchase and consult
with their tax advisor when evaluating the Offer.

None of Arrow, the Depositary, the Information Agent, or any other person will
be under any duty to give notification of any defects or irregularities in any
notice of withdrawal or incur any liability for failure to give such
notification. Withdrawals of tenders of shares may not be rescinded, and any
shares properly withdrawn will be deemed not to have been validly tendered for
purposes of the Offer. However, withdrawn shares may be retendered by following
one of the procedures described in Section 2 of the Offer to Purchase at any
time prior to the expiration date.

The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of
the General Rules and Regulations under the Securities Exchange Act of 1934, as
amended, is contained in the Offer to Purchase and is incorporated herein by
reference.

Pursuant to the Investment Agreement, the Company has agreed to furnish Arrow
with the Company's shareholder list and security positions listings for the
purpose of disseminating the Offer to shareholders. Arrow intends to mail the
Offer to Purchase, the related Letter of Transmittal and, if required, other
relevant materials to record holders on or before May 30, 2008 and to furnish
them to broker-dealers, commercial banks, trust companies and similar persons
whose names, or the names of whose nominees, appear on the shareholder list, if
applicable, or who are listed as participants in a clearing agency's security
position listing for subsequent transmittal to beneficial owners of shares.

THE OFFER TO PURCHASE AND THE LETTER OF TRANSMITTAL CONTAIN IMPORTANT
INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH
RESPECT TO THE OFFER.

Questions and requests for assistance may be directed to the Information Agent
at its telephone numbers set forth below. To obtain promptly additional copies
of the Offer to Purchase, the related Letter of Transmittal and other tender
offer materials please call the Information Agent at one of the telephone
numbers set forth below. Such copies will be furnished at Arrow's expense. Arrow
will not pay any fees or commissions to any broker or dealer or any other person
(other than the Information Agent and the Depositary) for soliciting tenders of
shares pursuant to the Offer.

                     The Information Agent for the Offer is:

                            MacKenzie Partners, Inc.

                          Call Collect: (212) 929-5500
                            Toll-Free: (800) 322-2885

May 28, 2008