Spice Private Equity : September 29, 2022 – Provisional Interim Result for Tender Offer

Ad hoc announcement pursuant to Art. 53 LR

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, THE UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS OR TO U.S. PERSONS, OR IN OR INTO AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

GP Swiss publishes provisional interim result for tender offer and declares tender offer successful

Zug, 29 August 2022

Today, GP Swiss Ltd., Zug, Switzerland, a group company of GP Investments, Ltd. Bermuda ("GP") published the provisional notice of the interim result of its public tender offer to acquire all publicly held shares of Spice Private Equity Ltd ("Spice") for USD 16.25 per share as indicated in the offer prospectus of 14 July 2022 ("Offer").

According to the provisional interim result, as of the end of the Offer period on 26 August 2022, the participation of GP and the persons acting in concert with GP amounts to 91.69% of the issued share capital and voting rights of Spice, subject to the completion of the Offer.

Subject to confirmation of the preliminary numbers in the definitive notice of the interim result (which shall be published not later than 1 September 2022), the 90% acceptance rate condition has been reached. As a result, GP has declared the Offer successful. The Offer remains subject to an additional Offer condition (No Injunction or Prohibition) as further detailed in the Offer prospectus.

Following the successful tender offer, GP Swiss plans a squeeze-out and delisting of the Spice Private Equity shares subject to the conditions described in the Offer prospectus.

The provisional notice of the interim result is available at https://gp-investments-transactions.com/

The additional acceptance period of ten trading days for the subsequent acceptance of the Offer will commence on 2 September 2022 and end on 15 September 2022, 4:00 p.m. Swiss time.

For further information, please contact:

David Emery

Chairman of the Board of Directors

Phone: [phone]

Email: [e-mail]

Web: www.spice-private-equity.com

About Spice Private Equity Ltd.

Spice Private Equity Ltd. is an investment company focused on global private equity investments. The company's investments are managed by GP Advisors (Bermuda), Ltd., a whole subsidiary of GP Investments, Ltd. a leading alternative investments firm known for its operationally oriented approach and active management model. Spice Private Equity Ltd. is listed on the SIX Swiss Exchange under the ticker symbol SPCE.

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 ("Company") are not being publicly offered outside of Switzerland. In particular, the securities of the Company 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 art. 652a of the Swiss Code of Obligations or art. 27 et seq. of the listing rules of SIX Swiss Exchange or 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.