Spice Private Equity : February 09, 2022 – Update on Argo transaction

Ad hoc announcement pursuant to Art. 53 LR

Spice Private Equity Ltd. concludes Argo Brazil Acquisition

Zug, 09 February 2022

Spice Private Equity, Ltd. (together with its affiliates, the "Company" or "Spice PE") hereby announces, in the context of the transaction announced on October 4, 2021, regarding the acquisition of Argo Seguros Brasil S.A. ("Argo Brazil") by Spice PE ("Transaction"), that all conditions precedent have been satisfied and the completion of the Transaction except for the approval from SUSEP (Superintendência de Seguros Privados, the government agency responsible for authorizing, supervising and inspecting the insurance market in Brazil), which is expected to occur in the coming weeks.

For further information, please contact:

Rodrigo Boscolo

Investor & Media Relations

Phone: [phone]

Email: [e-mail]

Web: www.spice-private-equity.com

About Spice Private Equity Ltd.

Spice Private Equity Ltd. ("Spice PE") is an investment company focused on global private equity investments. Its investments are mostly held by Spice Private Equity (Bermuda) Ltd and managed by GP Advisors (Bermuda), Ltd., a wholly owned subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally orientedapproach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

About Argo Brazil and Argo Group International Holdings, Ltd.

Argo Brazil is a Brazilian multichannel specialty insurance provider founded in 2011 by Argo Group International Holdings, Ltd. ("Argo Group") (NYSE: ARGO). Argo Group is an underwriter of specialty insurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group and its insurance subsidiaries are rated "A-" by Standard & Poor's. Argo Group's insurance subsidiaries are rated "A-" by AM Best. More information on Argo Group and its subsidiaries is available at argogroup.com.

Disclaimer

This ad hoc information contains forward-looking statements, which involve certain risks, uncertainties and changes that cannot be foreseen and are beyond Spice Private Equity Ltd's ability to control. Therefore, Spice Private Equity Ltd cannot provide any assurance with respect to the correctness of such forward-looking statements and their effects on the financial situation of Spice Private Equity Ltd or on the market in which the shares and other securities of Spice Private Equity Ltd are traded.

This media information does not constitute an offer or invitation to subscribe for or purchase any securities. It is not being issued in countries where the dissemination of the information contained herein may be restricted or prohibited by law. In particular, this media information is not being issued in the United States of America and should not be distributed to U.S. persons or publications with a general circulation in the United States.

Any non-compliance with such restrictions may result in an infringement of U.S. securities laws. Securities of Spice Private Equity Ltd are not being publicly offered outside of Switzerland. In particular, the securities of Spice Private Equity Ltd have not been registered under the U.S. securities laws and may not be offered, sold or delivered within the United States or to U.S. persons absent the registration under or an applicable exemption from the registration requirements of the U.S. securities laws. This document does not constitute a prospectus according to the Swiss Federal Act on Financial Services.

This media information is for distribution in the United Kingdom only to (a) persons outside the United Kingdom; (b) those persons falling within the definition of Investment Professionals (as set forth in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order)) or within Article 43 (members and creditors of certain bodies corporate) or Article 49 (high net worth companies, unincorporated associations etc.) of the Order, or other persons to whom it may lawfully be communicated in accordance with the Order; or (c) any person to whom it may otherwise lawfully be communicated (such persons together being Relevant Persons). This media information is only available to Relevant Persons and the transaction contemplated herein will be available only to, or engaged in only with Relevant Persons, and this media information must not be acted on or relied upon by persons other than Relevant Persons.