This Sub-Fund is passively managed. The objective of this Sub-Fund is to track the performance of MSCI North America Index, and to minimize the tracking error between the net asset value of the Sub-Fund and the performance of the Index. The Sub- Fund aims to achieve a level of tracking error of the Sub-Fund and its index that will not normally exceed 1% The Index is a Net Total Return Index : dividends net of tax paid by the index constituents are included in the Index return. MSCI North America Index is an equity index representative of the large and mid-cap segments of the US and Canada markets. More information about the composition of the index and its operating rules are available in the prospectus and at: msci.com The Index value is available via Bloomberg (NDDUNA). The exposure to the Index will be achieved through a Direct Replication, mainly by making direct investments in transferable securities and/or other eligible assets representing the Index constituents in a proportion extremely close to their proportion in the index. The Investment Manager will be able to use derivatives in order to deal with inflows and outflows and also if it allows a better exposition to an Index constituent. In order to generate additional income to offset its costs, the Sub-Fund may also enter into securities lending operations.