Spice Private Equity : Semi-Annual Report as of June 2021

HALF-YEAR REPORT 2021

CONTENTS

SPICE PRIVATE EQUITY	3
INVESTMENT STRATEGY	4
BOARD OF DIRECTORS	5
INVESTMENT MANAGERS	6

2021 HALF-YEAR REVIEW	8
HIGHLIGHTS	9
PORTFOLIO UPDATE	12
FINANCIAL STATEMENT	13

INVESTMENT PORTFOLIO	14
BRAVO BRIO	15
G2D INVESTMENTS	17
RIMINI STREET	20

FINANCIAL STATEMENTS (IFRS) 22

SPICE PRIVATE EQUITY | HALF-YEAR REPORT 2021

SPICE PRIVATE EQUITY

Spice Private Equity Ltd. ('Spice PE') is	approach is at the core of the
an investment company focused on	successful 28-year track record built by
global private equity investments and	our	investment	manager	GP
listed on the SIX Swiss Exchange	Investments1	('GP').		From	its
(SPCE). Since 2016, the Board of	foundation in 1993, GP has deployed
Directors has reorganized the company	over USD 5 billion in more than 50
to drive operational efficiency and to	private	equity	transactions	across
provide	shareholders	with	direct	numerous sectors, leading operational
access to an attractive portfolio of	transformations	that	have created
private equity investments.			market leaders. GP's current lead
In the	last five years,	our	focus has	investment professionals	have	honed
their operational expertise in varied C-
been	on	driving value	via	strong
suite	roles, and they	have	been

governance and active management at

each of our portfolio companies. This

SPICE PE'S BUSINESS MODEL

investing as a team for over a decade.

	GP Investments
USD 1.1 billion in					+50 private equity deals
proprietary capital invested					across 16 sectors
		1. Active management

4. Permanent		2. Emphasis on
capital perspective		complex transactions

		3. Expertise across wide
USD 5 billion raised		range of sectors		Industrial approach: focus on
from investors worldwide				operational & growth opportunities

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1 Our investment manager, GP Advisors (Bermuda) Ltd., is a wholly owned subsidiary of GP Investments, Ltd.

INVESTMENT STRATEGY

HOW WE OPERATE

Spice PE's primary objective is to generate superior returns to shareholders through capital growth. In order to achieve this, we continuously pursue investments that can increase our net asset value per share. Our core investment strategy is based on long- term direct private equity investments in companies that have global leadership ambitions. Operating as shareholders with significant ownership and strong governance rights, Spice PE focuses on pulling operational and growth levers.

SPICE PE SHAREHOLDER

ADVANTAGES

Owning Spice PE shares ('SPCE') enables indirect ownership in a portfolio of businesses with transformational growth potential.

Our shareholders obtain private equity exposure via freely traded public shares and face no restrictive conditions such as minimum investment or holding periods.

Given GP's substantial SPCE ownership, Spice PE shareholders benefit from full alignment with our investment managers in the pursuit of long-term capital growth.

APPROACH TO VALUE CREATION

ACTIVE MANAGEMENT

via significant governance and focus on operational & growth levers

SIGNIFICANT INFLUENCE

with control or significant minority positions to ensure governance rights

INDUSTRY EXPERTISE

solid track record across a wide range of sectors

FOCUS ON FEW COMPANIES

dedicating significant time and resources to them

PERMANENT CAPITAL

supporting companies with business models that can thrive across cycles

COMPLEX TRANSACTIONS

where we can unlock substantial value through our execution capabilities

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BOARD OF DIRECTORS

CHRISTOPHER BROTCHIE

CHAIRMAN OF THE BOARD, SWITZERLAND

Director of the board at Baring Private Equity, Firmdale Hotel Holdings and Bolero, Mr. Brotchie is an Investment Committee and Advisory Council member in several investment firms.

FERSEN LAMBRANHO

VICE-CHAIRMAN OF THE BOARD, UK

Chairman of the board at GP Investments Ltd., Mr. Lambranho has 20+ years as a manager and board member in multiple companies across various sectors. Prior to joining GP in 1998, he was CEO at Lojas Americanas, where he worked for 12 years.

ALVARO LOPES

MEMBER OF THE BOARD, UNITED STATES

Previously a board member and CFO at GP Investments Ltd., Mr. Lopes served as a board member of GP Advisors (a wholly owned subsidiary of GP Investments, Ltd.), BRZ Investimentos and Wiz Soluções, and as CEO of Banco Bozano Simonsen.

CHRISTOPHER WRIGHT

MEMBER OF THE BOARD, UNITED STATES

Chairman of Kestrel Partners in London, an asset management firm, and of Yimei Capital in Shanghai, a VC manager. Mr. Wright sits on the boards of Merifin Capital, a private European investment company, and is also a co-founding board member of Roper Technologies Inc.(NYSE, S&P 500)

DAVID EMERY

MEMBER OF THE BOARD, SINGAPORE

Founder & CEO of Reciprocus International PTE Ltd, a globally active M&A advisory boutique. Mr. Emery serves today as an advisor to several organizations and government agencies and sits on several boards.

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