First Eagle Investment Management Investor Presentation — September 2021

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

1. Source: FactSet; data as of September 30, 2021.

2. Source: Federal Reserve Bank of St. Louis; data as of October 12, 2021.

3. Source: Bloomberg; data as of September 30, 2021.

4. Source: FactSet; data as of September 30, 2021.

5. Source: Congressional Budget Office; data as of July 1, 2021.Equity market dynamics in third quarter 2021 suggested to

us that investor confidence may have begun to wane even as

widespread vaccine distribution prompted many jurisdictions to

adapt their approach to managing the risk of Covid-19. While

the MSCI World Index was flattish for the three-month period,

September’s 4.2% decline—the first down month for the index

since January—highlighted the challenges ahead for investors.1

After the stimulus-fueled rebound from the 2020 depths of the

Covid-19 dislocations, the capital markets appear to have entered

a more complicated phase, in our view, as a result of a variety

of historical aberrations and growing imbalances. This is well

illustrated by the coexistence of negative real interest rates and

very low levels of risk premia like credit spreads. Under normal

conditions, low or negative real interest rates are the result of

some sort of macro distress, and credit spreads widen to reflect