ROCE Capital is pleased to announce the arrival of Cyril Freu, who joins the executive committee
alongside the two co-founders, Matthieu Bordeaux-Groult and Michael Niedzielski.

Founded four years ago, ROCE Capital is an independent investment firm that manages a European
equity fund based on a fundamental bottom-up investment process. Today, the company aims to
accelerate its development by strengthening its team and financial resources while expanding its
range of funds.

Cyril Freu will provide strategic and financial support to ROCE Capital by participating, alongside the
founders, in a capital raise (1).

In the second half of 2025, Cyril will launch a flexible fund within ROCE Capital.

A recognized expertise

With over 25 years of experience in equity markets, Cyril Freu began his career as a financial analyst
at Ixis Securities. In 2005, he was ranked best French analyst (EXTEL ranking). He then transitioned
into asset management, beginning with proprietary trading at IXIS CIB, and later joined DNCA in 2009,
where he played an instrumental role in its expansion until 2018. Cyril was notably responsible for
launching and overseeing a range of equity absolute return funds, which collectively exceeded 5 billion
euros in assets under management. As Co-CIO and part of DNCA’s executive committee, he helped
steer the firm’s growth and strategic direction. Cyril is a graduate of Dauphine University and holds aMaster’s degree from Sciences Po Paris.

A shared vision and a growth driver for ROCE Capital

Matthieu Bordeaux-Groult and Michael Niedzielski, co-founders of ROCE Capital, stated:

“We are delighted and proud to welcome Cyril to our team. We are convinced that his arrival will mark
a key milestone in ROCE Capital’s development. His experience and track record are major assets for
our firm and our clients.”

Cyril Freu shares this enthusiasm:

“I am delighted to join ROCE Capital, where I feel a strong connection with the founders’ investment
strategy and values. The synergies are massive, and I am determined to devote my full energy to
helping the company realize its ambitious growth aspirations.”

(1) Subject to AMF approval