First Eagle Investment Management Investor Presentation — July 2021

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First Eagle Investment Management, LLC | www.feim.comMarket Overview

1 Source: FactSet; data as of July 1, 2021.

2 Source: Institute for Supply Management, International Federation of Purchasing and Supply Management, IHS Markit; data as of July 9, 2021.

3 Source: MSCI, FactSet; data as of July 1, 2021.With the Covid-19 pandemic in retreat in some—but certainly

not all—parts of the world, many financial markets have been

swept by a warm breeze of optimism. The MSCI World Index

rose 7.7% in the second quarter after its 4.9% gain in the first,

while the S&P 500 Index added 8.5% to its 6.2% rise in the first

quarter. Notably, however, the reflation trade that had prevailed

since September appeared to run out of steam during the second

quarter, and many of the themes that dominated the markets’

initial pandemic rebound returned to the fore. For example,

during the quarter investors returned their focus to growth

stocks from value stocks and to large caps from smaller names,

with a bias toward US-listed companies.1

The success of risk assets year to date can be traced in part to a

striking rebound in business confidence. Despite the propaga -

tion of Covid variants, large regional imbalances in vaccine rates

and still-significant slack in global employment, a number of