The purpose of the Market is the responsible active management by investment service providers for the management of the mandates of the two lots described below. The FRR means by "active management" the implementation of investment decisions inducing individual positions different from those of the benchmark, under the conditions to be defined in the management mandates, with the aim of achieving a significant increase in performance.

The FRR understands by "responsible active management" the consideration by selected candidates in their management and/or analysis processes of ESG issues, while integrating the FRR's exclusion policy (prohibited weapons, tobacco, and coal) and commitment as well as the decarbonization objective detailed below.

Lot 1 focuses on responsible active management without systematic style bias (" Blend ") a maximum of three (3) management mandates that must implement exposure to large and mid-cap U.S. equities. The benchmark chosen to measure manager performance will have similar characteristics to a representative capitalization-weighted large- and mid-cap equity market index or a climate-type BTC index without style bias. It will be specified in the management mandates during the tender phase. The Management Approach may be fundamental or quantitative active. The FRR, given its liabilities, looks for processes that offer significant liquidity. The Management Objective assigned to the holders of the management mandates will be to outperform the benchmark over the duration of the mandates. The maximum ex-ante Tracking Error is set at 10% per annum. This active management will be carried out without limits of sectoral deviation. The reference currency of the portfolio is the US Dollar

Lot 2 deals with the responsible active management of up to two management mandates that will have to implement exposure to US small-cap equities. The benchmark chosen to measure manager performance will have characteristics similar to a representative index of the capitalization-weighted small-cap equity market. It will be specified in the management mandates during the tender phase. The minimum capitalization of the companies in which the managers could invest is limited to two hundred (200) million euros at the time of purchase. The maximum non-index capitalization is limited to ten (10) billion euros at the time of purchase. The Management Approach may be fundamental or quantitative active. The FRR, given its liabilities, looks for processes that offer significant liquidity. The Management Objective assigned to the holders of the management mandates will be to outperform the benchmark over the duration of the mandates. The ex ante risk budget (" tracking error ") maximum will be 10% p.a. This active management will be carried out without limits of sectoral deviation The reference currency of the portfolio is the US Dollar