Recent Investment

Bear Stearns Private Equity Limited
24 September 2007



Bear Stearns Private Equity Limited

HSBC Private Bank Building, Rue du Pre, St Peter Port, Guernsey GY1 1LU


24 September 2007


Dear Sir,


BEAR STEARNS PRIVATE EQUITY LIMITED

Bear Stearns Private Equity Limited ('BSPEL') announces the purchase of a €24.44
million interest in HGX Private Equity Fund L.P. ('HGX'), a limited partnership
registered in England under the Limited Partnerships Act 1907 with registered
number LP9987.  HGX is a European private equity buyout firm focused in media-
related businesses.

The investment will be financed through BSPEL's available cash balances related
to its April 2007 offering.  BSPEL intends to syndicate a portion of this
investment to co-investors at a later date.

The transaction will further develop BSPEL's private equity portfolio and reduce
current cash levels.  Additionally, BSPEL expects this investment to enhance its
European diversification and provide exposure to high quality media assets



End.


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