Paris, 29 September 2005 – Following the launch of a new hedge fund strategy called “Global Macro”, Systeia Capital Management, a hedge fund manager based in Paris, announced three internalappointments:

• Joël Gross has been promoted to the position of Futures’ funds manager. He was formerly in charge of the research on the Futures’ funds.

43 years old and graduate from the Ecole Centrale of Paris, Joël Gross has a great expertise of the financial market with 12 years spent in the merchant bank of the group Société Générale. In 2000,he joined the group Crédit Agricole and became in 2001 the manager “Division Investissement Pays Emergents” of CALYON. He joined Systeia in 2004 as manager of research on funds ofFutures.

• Laurent Benaroche, who was manager o the Futures’ funds, has been promoted to the manager’s position of the Global Macro fund.
  

35 years old, Laurent Benaroche is an economist statistician who graduated from the E.N.S.A.E. (Ecole Nationale de la Statistique et de l’Administration Economique). He started his career in 1993 atCCF as a financial engineer. Then, in 1994, he joined BAREP Asset Management (group Société Générale) as co-manager of the systematic funds department which had more than one billion euros undermanagement. He joined Systeia in 2001, when the firm was founded, and was until now manager of Futures’ funds.

• Alexandre Drabowicz, who was in charge of trading, has been promoted to the position of deputy manager of the Global Macro fund.
  

32 years old, Alexandre Drabowicz is a graduate from the CESEM (Centre d’Etudes Supérieures Européennes de Management – group ESC Reims) and holds a BA in European BusinessAdministration at the Middlesex Business School University (London). In 1993, he started his career at FIMAT SNC (group Société Générale), in Sidney, as a desk manager for Japanese, European and USfutures markets. In 1997, he moved to Tokyo to become deputy general manager of the Futures & Options Brokerage department at Société Générale Securities. In 2001, he joined Systeia to be incharge of trading.

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Systeia Capital Management is a firm specialized in alternative investment, founded by Jean-Louis Juchault and David Obert.

Based in Paris, the company employs about 40 people and manages more than 900 million euros for institutional investors, funds of funds, companies and private banking institutions.

SYSTEIA offers a range of products covering the main strategies of alternative investment : futures, event driven, statistical pairs trading, convertible bonds and weather and insurancederivatives.

For more information on SYSTEIA’s activities, visit www.systeia.com.

Press Contact :
Fabienne Salagnac – SHAN – +33 (0)1 44 50 51 74 – fabienne.salagnac@shan