<PAGE>
September 26, 2000
Reserve Private Equity Series
1250 Broadway
New York, New York 10001-3701
Ladies and Gentlemen:
I have acted as counsel to Reserve Private Equity Series, a Delaware business
trust ("RPES"), in connection with the preparation and filing of its
Registration Statement on Form N-1A (the "Registration Statement") covering
shares of beneficial interest, no par value per share, of RPES, on behalf of the
Reserve Blue Chip Growth Fund, Reserve Informed Investors Growth Fund, Reserve
International Equity Fund, Reserve International Small-Cap Fund Reserve
Large-Cap Growth Fund, Reserve Small-Cap Growth Fund and Reserve Strategic
Growth Fund.
I have examined copies of the Declaration of Trust and By-Laws of RPES, the
Registration Statement, and such other records, proceedings and documents, as I
have deemed necessary for the purpose of this opinion. I have also examined such
other documents, papers, statutes and authorities as I deemed necessary to form
a basis for the opinion hereinafter expressed. In my examination of such
material, I have assumed the genuineness of all signatures and the conformity to
original documents of all copies.
Based upon the foregoing, I am of the opinion that the shares of beneficial
interest, no par value per share, of RPES to be issued in accordance with the
terms of the offering, as set forth in the Registration Statement, when so
issued and paid for will constitute validly authorized and legally issued shares
of beneficial interest, fully paid and non-assessable by RPES.
Very truly yours,
\s\ Mary Kathleen F. Gaza
-------------------------
MaryKathleen F. Gaza
General Counsel
The Reserve Funds
