Notice to Shareholders

Bear Stearns Private Equity Limited
17 March 2008


          Bear Stearns Private Equity Limited - Notice to Shareholders



17 March 2008



Bear Stearns Private Equity Limited ('BSPEL') wanted to take this opportunity to
address many of the recent announcements and press reports surrounding The Bear
Stearns Companies Inc.  ('BSC') and its proposed acquisition by JPMorgan Chase &
Co. ('JPMC').

The Board of Directors of BSPEL would like to remind Shareholders that BSPEL is
a separate legal entity controlled by an independent board of directors, three
out of four of whom are independent from the investment manager.  (BSPEL's
investment manager is Bear Stearns Asset Management, Inc., a subsidiary of BSC.
BSPEL is not a subsidiary of Bear Stearns Asset Management.

We would also like to emphasize the following key points:



-         BSPEL's assets are held in safe custody with HSBC. BSPEL's
administrator, HSBC Management (Guernsey) Limited, is holding in safe custody
over 99% of the Company's USD$504 million in investments and cash. The remaining
less than 1% of its cash and cash equivalents are held by The Bear Stearns
Companies Inc. and its subsidiaries in BSPEL accounts. JPMC has agreed to
guarantee all client accounts held by BSC.

-         BSPEL is not leveraged. BSPEL has no leverage facility at the BSPEL
Company level.

-         BSPEL is well diversified. BSPEL's private equity assets are
distributed across 1,000 private companies managed by over 81 private equity
managers around the world.

-         No shareholder control. Bear Stearns Asset Management and its related
entities own 12,571,429 million Equity Shares of BSPEL, which comprises only 4.3
per cent of the total NAV as at 29 February 2008. Bear Stearns Asset Management
Inc. has no special rights or standing. JPMC will own all of the shares
following the closing of the BSC acquisition.

-         Strong performance. Since inception, BSPEL's Net Asset Value per
Equity Share has increased 67.7%, representing a net annualized return of 21.4%
as at 29 February 2008.

-         BSPEL's investment strategy and risk profile remain unchanged. We
continue to focus on investing with high-quality fund managers throughout the
world, with an emphasis on purchasing secondary interests in funds and making
selective co-investments. In addition, BSPEL continues to emphasize
diversification in order to minimize the risk associated with over concentration
in any individual fund or investment vehicle.





For information about the proposed acquisition of Bear Stearns Companies Inc. by
JP Morgan, please view the press releases section on www.jpmorganchase.com.





Enquiries:



JPMorgan Cazenove, Broker to BSPEL - 020 7588 2828

Bear Stearns Asset Management, Manager to BSPEL - 1 212 272 7732




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