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W.P. Stewart 4Q Client Conference Call

The following is an edited recording of a presentation made to clients of W.P. Stewart & Co., Ltd. on January 18, 2012. Certain portions of the presentation were edited, but an attempt has been made to accurately reflect each speaker's intent and maintain the integrity of the original speech. The presentation included information regarding some of the firm's prior investment decisions for client portfolios relevant at the time of the call. This is not to be construed as an expression of the firm's current views on the investment opportunities, and under no circumstances is it to be deemed advice with respect to any investment decision. Nevertheless, the speakers have represented that the views they expressed during the presentation accurately reflected their personal views at the time and no part of their compensation relates in any way to the views expressed. The presentation also included projections and estimates made at the time of the presentation; no revisions or updates to these projections and estimates will be made to reflect subsequent events or developments. This recording is intended for the recipient’s use only. Neither this recording nor any portion thereof may be copied, distributed, broadcast or made available to others without the prior written consent of W.P. Stewart & Co., Ltd.

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