Diversified Private Equity Corp. announces normal course issuer bid

    TORONTO, Oct. 29 /CNW/ - The Board of Directors of Diversified Private
Equity Corp. (the "Company") announced today that the Toronto Stock Exchange
(the "TSX") has accepted the Company's notice of intention to proceed with a
normal course issuer bid through the facilities of the TSX. There were
1,501,660 Class A shares of the Company issued and outstanding (each a
"Share") on October 24, 2008 and 1,499,660 Shares in the public float. The
Company intends to purchase for cancellation up to 149,966 Shares through the
facilities of the TSX, representing approximately 10% of the public float of
the Shares as at October 24, 2008. The board of directors of the Company has
determined that the purchase of the Shares represents an effective use of the
Company's available capital and is in the best interests of the Company. The
TSX previously approved a normal course issuer bid with respect to the Shares
for the period from October 11, 2007 to October 10, 2008; no Shares were
purchased by the Company during such time pursuant to such bid.
    Pursuant to TSX policies, the Company will not purchase more than 2% of
the 1,501,660 Shares outstanding during any 30 day period. The purchases may
commence on October 31, 2008 and will terminate on October 30, 2009, or on
such earlier date as the Company may complete its purchases pursuant to the
Notice, or provide notice of termination. Any such purchases will be made by
the Company at the prevailing market price at the time of acquisition.
    The Company has been created to provide holders of the Company's Shares
with tax efficient exposure to the total return of an initially
equally-weighted portfolio of securities consisting of ten firms specializing
in private equity investments that are publicly traded in North America and
ten firms specializing in private equity investments that are publicly traded
in Europe.
    Shares are listed for trading on the TSX under the symbol PEQ.

    %SEDAR: 00024739E

For further information:

For further information: Investor Relations, Diversified Private Equity
Corp., (416) 945-7380, E-mail: mc_dpec@scotiacapital.com, Web site:

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