X0202 4 2005-12-09 0 0001069469 PRIVATE BUSINESS INC PBIZ 0001277176 LIGHTYEAR PBI HOLDINGS LLC 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. 0001277178 LIGHTYEAR FUND LLP 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. 0001277179 LIGHTYEAR CO INVEST PARTNERSHIP LP 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. 0001277187 LIGHTYEAR FUND GP LLC 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. 0001277195 MARRON & ASSOCIATES LLC 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. 0001026921 MARRON DONALD B 375 PARK AVENUE, 11TH FLOOR NEW YORK NY 10152 0 0 0 1 See footnote (1) below. Warrants to Purchase Shares of Common Stock 1.32 2005-12-09 4 P 0 1893940 0 A 2005-12-09 2014-01-20 Common Stock 1893940 1893940 I See footnote Warrants to Purchase Shares of Common Stock 1.32 2005-12-09 4 P 0 1893939 0 A 2007-06-09 2014-01-20 Common Stock 1893939 1893939 I See footnote The Warrants to purchase shares of common stock of the Issuer (the "Reported Securities") reported on this Form 4 are held of record by Lightyear PBI Holdings, LLC ("Holdings"). As the members of Holdings, The Lightyear Fund, L.P. ("The Lightyear Fund") and The Lightyear Co-Invest Partnership, L.P. ("Co-Invest") may be deemed to be the beneficial owners of such Reported Securities. As the sole general partner of both The Lightyear Fund and Co-Invest, Lightyear Fund GP, LLC ("Lightyear Fund GP") may also be deemed to be the beneficial owner of such Reported Securities. As the sole member of Lightyear Fund GP, Marron & Associates, LLC ("Marron & Associates") may also be deemed to be the beneficial owner of such Reported Securities. As the sole member of Marron & Associates, Mr. Donald B. Marron may also be deemed to be the beneficial owner of such Reported Securities. Each of the Reporting Person, other than Holdings, may be deemed to share beneficial ownership of the Reportable Securities, but disclaim beneficial ownership of the Reported Securities, except to the extent of any pecuniary interest therein. The filing of this statement shall not be deemed an admission that, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise, the Reporting Persons, other than Holdings, are the beneficial owners of all such Reported Securities covered by this Form 4. Holdings received the Reported Securities, as well as a Senior Subordinated Note due 2010, in connection with a $10 million loan (the "Lightyear Loan") to Private Business, Inc. /S/ TIMOTHY J. KACANI, Manager of Lightyear PBI Holdings, LLC 2005-12-13