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For Distributors and Financial Advisers Only Amundi International SICAV « Making more by losing less* » Wealth Manager – CityWire Conference May 2013 Robert Hackney, Senior Managing Director First Eagle Investment Management, LLC. *The SICAV does not offer a capital guarantee Morningstar rating as of April 2013
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Page 1: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV

« Making more by losing less* »Wealth Manager – CityWire Conference

May 2013

Robert Hackney, Senior Managing Director

First Eagle Investment Management, LLC.

*The SICAV does not offer a capital guarantee

Morningstar rating as of April 2013

Page 2: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Delegation of portfoliomanagement

InvestmentManager

Sub-InvestmentManager

AmundiInternational

SICAV

Crédit Agricole Société Générale

75% 25%

Partners with one objective: generating value for our clients

Amundi International SICAV – May 2013 - Slide 2

Page 3: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Executive Summary

We are Owners of Enterprise, not stock traders

Amundi International SICAV – May 2013 - Slide 3Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as ofend April 2013. Past performance is not a reliable indictor of future returns. The fund has no officialbenchmark. The MSCI World is provided for comparative purposes only.

Investment Objective – To preserve and enhance the purchasing power of capital overtime

– To avoid the permanent impairment of capital through a time-testedvalue approach

– To achieve these goals by investing in a broad universe of assets,including global equities, corporate and short term sovereignbonds, and gold related securities

Key features – Inception: 1996

– Market capitalization: All

– Sector/Country Constraints: None

– Historical Portfolio Turnover:less than 20%

– Currency Hedging: Useddefensively

Results since inception(ending April 2013)

– Absolute Positive Returns:10.72% vs MSCI World 5.84% (inUSD)

– Low Volatility: 11.23% STDvs MSCI World 18.20%

Page 4: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

“The Future is Uncertain!”

But it is certain that crisis periods are recurrent

Source: Amundi, First Eagle. Data as of end April 2013.The fund has no official benchmark. The MSCI World is provided for comparative purposes only.Past performance is not indicative of future returns. First Eagle Global Value composite performance returns are presented toillustrate the application of First Eagle’s global value strategy. As Accounts included in the Composite may have different feestructures, the returns do not represent the actual performance returns of the Amundi International SICAV. Information presentedhere is for reference only

300

1,000

100,000

100

600

2,000

200

3,000 TMTBubbleBurst

SARSEpidemic

Bankruptcy ofContinentalIllinois Bank

Black Monday,October 19, 1987

GulfWar I

MexicanPesoCrisis

AsianCurrency

Crisis

LTCMBankruptcy

EnronFraud

09/11

GulfWar II

SubprimeCrisis

LehmanBankruptcy

GreekDebtCrisis

GlobalEconomic

Crisis

JapanEarthquake& Tsunami

US &EuropeanDebt Crisis

LATAMDebt Crisis

JapaneseEquityBubbleBurst

RussianDebt

Default

10,000

20,000

6,000

Amundi International SICAV – May 2013 - Slide 4

Page 5: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

What We Seek to Avoid

High valuations

High levels of leverage

“Black box” balance sheets

Vulnerable business models

Aggressive management behavior

0.0% in Japan

4.8% in Tech/Telecom

1.72% in Financials**

31/12/1988

31/12/1999

31/12/2006

MSCI World: 44.12%

MSCI World: 32.47%

MSCI World: 26.39%

Jean-Marie Eveillard

« I would prefer to losehalf of my clients ratherthan half of my client’s

money. »

* Source: First Eagle.** Excludes holding companies, paper and forest, Gold ETF.Performance of First Eagle Global Fund may not be representative of Amundi International SICAV.Information presented here is for reference only.

Global ValueStrategy*

Rule No 1: Don’t lose money!

Amundi International SICAV – May 2013 - Slide 5

Page 6: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Looking for the ugly, unwanted and unloved

What We Do

Analyze andunderstand

business models

Recast financialstatements

Calculate intrinsicvalue

Invest when thebusiness trades at a

30%-50% discount

What a knowledgeable investor wouldpay for the entire company in cash today

IntrinsicValue

Given for indicative purpose only, may be changed without prior notice Amundi International SICAV – May 2013 - Slide 6

Page 7: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Margin of safety: Following Rule No. 1

What We Do

Protection againstuncertainty

To avoid Permanentimpairment of Capital

Marginof Safety

Discount between intrinsic value and market priceMargin

of Safety

Given for indicative purpose only, may be changed without prior notice Amundi International SICAV – May 2013 - Slide 7

Page 8: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

0

20

40

60

80

100

120

140

160

180

200

2005

2006

2007

2008

2009

2010

2011

60

70

80

90

100

110

120

Focus on companies passing the Bordeaux-Test

Income vs number of outstanding shares

Source: Amundi, First Eagle as at April 2013.References to specific securities are presented to illustrate the application of First Eagle’s investmentphilosophy only and are not to be considered recommendations by First Eagle or Amundi. It should not beassumed that investments in the securities identified were or will always be profitable.

0

50

100

150

200

250

2005

2006

2007

2008

2009

2010

2011

80

85

90

95

100

105

110

0

20

40

60

80

100

120

140

160

180

2005

2006

2007

2008

2009

2010

2011

60

65

70

75

80

85

90

95

100

105

110

Operating Income (Rebased 100; in USD, based on weighted average annual exchange rates, RHS)Weighted Average Shares Outstanding (rebased 100, LHS)

Amundi International SICAV – May 2013 - Slide 8

Nestle Microsoft Fanuc

Page 9: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Cash & Cash Equivalents as residual of investment opportunities

Price is “the” Trigger

Source: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 9

Page 10: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Emphasizing sustainable competitive advantage

Top 10 Holdings

Number of Holdings: 143 AUM: $4,189.9 Million

Source: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 10

Page 11: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Asset & Sector Breakdown

Asset Breakdown Sector Breakdown

Focusing on companies & revenues, not on markets

Source: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 11

Page 12: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

1000

Providing consistent positive absolute returns over time

Historical Performance in USD since inception

100

200

300

400

500

700

A m undi International S ICA V - 5y rolling annualised net returns

M S CI W orld (ND) - 5y rolling annualised net returns

Source: Amundi - Data net of fees, Retail Share, since inception, in USD. Past performance is not a reliable indictorof future returns. The SICAV has no official benchmark. The MSCI World is provided for comparative purposes only.Inception date of the fund: 12/08/1996.Given for Illustrative purpose only.

Amundi International SICAV – May 2013 - Slide 12

Performance 1 year 3 years 5 years 10 years Inception

Amundi International SICAV 9,35% 7,32% 3,70% 10,71% 10,72%

MSCI World (ND) 16,30% 9,29% 1,80% 8,35% 5,84%

Spread -6,95% -1,97% 1,90% 2,36% 4,88%

Net of fees, in USD, Retail Share (AU-C), monthly data, as of April 30, 2013

annualized returns

Page 13: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Other rolling annualized net returns since inception (monthly data, AU-C Share)

Amundi International SICAV MSCI World (ND)

1Y

3Y

7Y

10Y

With patience as ally

Source: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end April 2013.Past performance is not a reliable indictor of future returns. The fund has no official benchmark. The MSCIWorld is provided for comparative purposes only.

Amundi International SICAV – May 2013 - Slide 13

Page 14: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Competitive Positioning over 5 years (5y returns vs. 5y volatility)

And an unique risk/return profile

Source: Amundi - Data net of fees, Retail Share, since inception, in USD. The figures shown in this chart arethose applicable for the years mentioned. Past performances are not a guarantee for future results, they are notconstant over time. Ranking & Quartile – Lipper – Funds registered for sale in Europe, Performances, Ranking &Quartile are calculated with A Share – Data as of end December 2012.

CarmignacInvestissement A

HigherReturns

HigherReturns

LowerReturns

LowerReturns

Higher VolatilityLower Volatility

Lower Volatility Higher Volatility

Lipper Global EquityUniverse Average(23.11%;-2.52%)

Blackrock GlobalAllocation Fund A2 USD

Amundi International SICAV – May 2013 - Slide 14

Page 15: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

A dedicated team with one goal: minimizing risk of capital loss

Research TeamPortfolio Management

Matt McLennan, CFAHead of Global Value TeamPortfolio Manager21 years of experience

Kimball Brooker, Jr.Deputy Head of Global Value TeamPortfolio Manager20 years of experience

Abhay Deshpande, CFAPortfolio Manager20 years of experience

Jean-Marie EveillardSenior Adviser50 years of experience

Bruce Greenwald, PhDSenior Adviser

Senior Advisers

Alan Barr, CFANon-food consumer products,forest products/paper, chemicals

Rachel BenepeRetail, gold, metals and miningindustries, steel & coal,automobiles

Giorgio CaputoEnergy, distribution, packaging,building products, restaurants,special situations

Manish GuptaTechnology hardware andequipment, commodity chemicals

Robert Hordon, CFAReal estate, infrastructure, retailand construction

Matt Lamphier, CFAIndustrials, energy, medicaldevices, gaming and leisure,transportation

Debra LusmanManager of Research Operations

Oanh Thi NguyenMedia, telecom

Elizabeth TobinPharmaceuticals, agriculture

Mark Wright, CFABanks and food & beverage

Amundi International SICAV – May 2013 - Slide 15Source: First Eagle.

Page 16: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

“Making more by losing less” means…

Capital preservation in real terms over time as main performance objective

Purchasing good businesses at great prices and/or great businesses at goodprices

Remaining flexible in terms of sector, country & market cap

Broadly diversifying the portfolio through investments in Gold, Bonds and Cash

Being prudent, patient, long term oriented, independent and benchmark agnostic

« One of the mostsuccessful long-term recordsin the investment world. »1

Morningstar

Last but not least

Amundi International SICAV – May 2013 - Slide 161Quote as of 27/06/2003

Page 17: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV

Appendix– Historical Portfolio Data

– Global Value AUM

– Fund Characteristics

Amundi International SICAV – May 2013 - Slide 17

Page 18: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Historical Volatility Capture Ratio vs MSCI World (AU-C Share)

Amundi International SICAV – Appendix

Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of endApril 2013. Past performance is not a reliable indictor of future returns. The fund has no official benchmark.The MSCI World is provided for comparative purposes only.

Amundi International SICAV – May 2013 – Slide 18

Page 19: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Historical Tracking Error vs MSCI World (AU-C Share)

Amundi International SICAV – Appendix

Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of endApril 2013. Past performance is not a reliable indictor of future returns. The fund has no official benchmark.The MSCI World is provided for comparative purposes only.

Amundi International SICAV – May 2013 – Slide 19

Page 20: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Amundi International SICAV – May 2013 - Slide 20

Historical Asset Breakdown

As of end April 2013

Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.

Page 21: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Amundi International SICAV – May 2013 - Slide 21

Historical Regional Breakdown

As of end April 2013

Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.

Page 22: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Cash & Short TermGovernment Bonds

Utilities

TelecommunicationServices

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary

Amundi International SICAV – May 2013 - Slide 22

Historical Sector Breakdown

As of end April 2013

Source: Amundi. Data as of end April 2013 – Please note that the SICAV was closed tosubscriptions between 2004 and August 2008. The negative cash level in early 2008 is aresult of significant redemptions during that period.

Page 23: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Amundi International SICAV – May 2013 - Slide 23

Historical Market Cap Breakdown

As of end April 2013

Source: Amundi. Data as of end April 2013

Page 24: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Amundi International SICAV – May 2013 - Slide 24

Currency Hedging – EUR/USD

As of end April 2013

Source: First Eagle, Amundi. Data as of end April 2013

Page 25: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Amundi International SICAV – May 2013 - Slide 25

Currency Hedging – JPY/USD

As of end April 2013

Source: First Eagle, Amundi. Data as of end April 2013

Page 26: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Amundi International SICAV – Appendix

Global Value AUM

Global Value Strategy Historical AUM Global Value AUM by Sub-Strategy

Source: First Eagle Investment Management, LLC. Data as of end March 2013

70.5bn USD AUMSep

-11

First Eagle Global Value Composite Assets (USD Billions)

Amundi International SICAV – May 2013 - Slide 26

Page 27: Ais city wire workshop may 2013f inalspore

For Distributors and Financial Advisers Only

Disclaimer

Amundi International SICAV – May 2013 - Slide 27

This document contains information about Amundi International SICAV (the “SICAV”), an undertaking for collective investment in transferable securitiesexisting under Part I of the Luxembourg law of 17 December 2010, organised as a société d’investissement à capital variable and registered with theLuxembourg Trade and Companies Register under number B55.838. The SICAV has its registered office at 16, Boulevard Royal L-2449 Luxembourg. TheSICAV has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg. The SICAV will not necessarily beregistered or authorized for sale in all jurisdictions or be available to all investors.

The SICAV is not authorised or recognised by the Monetary Authority of Singapore ("MAS") and are not allowed to be offered to the Singapore retail public.This document is not a prospectus as defined in the Securities and Futures Act, Cap. 289 of Singapore (the "SFA") and accordingly, statutory liability under theSFA in relation to the content of prospectuses would not apply.

This document has not been registered as a prospectus by the MAS, and the offer of the Shares of the SICAV are made pursuant to the exemptions underSections 304 and 305 of the SFA. Accordingly, the Shares may not be offered or sold, nor may the Shares be the subject of an invitation for subscription orpurchase, nor may this document or any other document or material in connection with the offer or sale, or invitation for subscription or purchase of the Sharesbe circulated or distributed, whether directly or indirectly, to any person in Singapore other than under exemptions provided in the SFA for offers made (a) to aninstitutional investor (as defined in Section 4A of the SFA) pursuant to Section 304 of the SFA, (b) to a relevant person (as defined in Section 305(5) of theSFA), or any person pursuant to an offer referred to in Section 305(2) of the SFA, and in accordance with the conditions specified in Section 305 of the SFA or(c) otherwise pursuant to, and in accordance with, the conditions of any other applicable provision of the SFA.

Subscriptions in the SICAV will only be accepted on the basis of the SICAV’s latest complete and simplified prospectuses, its latest annual and semi-annualreports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at that of the representativeagent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction. The value of, and any income from, an investment in theSICAV can decrease as well as increase. The SICAV has no guaranteed performance. Further, past performance is not a guarantee or a reliable indicator forcurrent or future performance and returns. The performance data do not take account of the commissions and costs incurred on the issue and redemption ofthe Shares. This document is solely for the internal use of distributors and financial advisors. It is for your information only and does not constitute an offer tobuy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public advertising or investment advice.This document is personal and confidential and may not be copied or distributed to anyone or in any jurisdiction that would make such distribution unlawful.The information contained in this document has been obtained from sources believed to be reliable but has not been independently verified, although Amundiand its affiliated companies (“Amundi”) believe it to be fair and not misleading. Such information is solely indicative and may be subject to modification fromtime to time and should be read in conjunction with the appropriate offering document. We do not accept any liability whatsoever whether direct or indirect thatmay arise from the use of information contained in this document. Amundi, its associates, directors, connected parties and/or employees may from time to timehave interests and or underwriting commitments in the investments mentioned in this document.

Amundi does not guarantee that all risks associated to the transactions mentioned herein have been identified, nor does it provide advice as to whether youshould enter into any such transaction. Amundi does not make any representation as to the merits, suitability, expected success, or profitability of any suchtransaction mentioned herein.

Amundi Singapore Limited168 Robinson Road#24-01 Capital Tower Singapore 068912Company Registration Number: 198900774E


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