Private meetings in Outlook/Exchange

Guys

I'm using Outlook 2010 in a corporate environment with Exchange 2010

1) In Outlook, if I set up a meeting with someone else and mark it as private, would it show private on both our calendars or just mine?

2) If I set up a regular meeting without any private settings, can I adjust the meeting invite after it has been accepted so that it only shows private on my calendar and not send out a meeting update to the other invitee?

Thanks