Amundi

Amundi International SICAV

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

March 4-5, 2013

Robert Hackney, Senior Managing Director

First Eagle Investment Management, LLC.

This material is solely for the attention of "professional” investors (see more details and definitions at the end of the document).

*The SICAV does not offer a capital guarantee.

FOR EXCLUSIVE USE OF PROFESSIONAL CLIENTS

Delegation of portfolio management

Investment Manager

Sub-Investment Manager

Amundi International

SICAV

Crédit Agricole Société Générale

75% 25%

Partners with one objective: generating value for our clients

Amundi International SICAV – February 2013 - Slide 2 Given for illustration purpose only


Executive Summary

We are Owners of Enterprise, not stock traders

Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end January 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. * Given for illustrative purpose, may be changed without prior notice within the limits stated in the prospectus

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

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

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

Key features – Inception: 1996

– Market capitalization: All

– Sector/Country Constraints: None

– Historical Portfolio Turnover: Less than 20%

– Currency Hedging*: Used defensively

Results since inception (ending January 2013)

– Absolute Positive Returns: 10.66% vs MSCI World 5.57% (in USD)

– Low Volatility: 11.35% STD vs MSCI World 18.38%

Amundi International SICAV – February 2013 - Slide 3


“The Future is Uncertain!”

But it is certain that crisis periods are recurrent

Amundi International SICAV – February 2013 - Slide 4 Source: Amundi, First Eagle. Data as of end January 2013. The fund has no official benchmark. The MSCI World is provided for comparative purposes only. First Eagle Global Fund is a US based mutual fund which preceded the launch of the Luxembourg-based Amundi International Sicav. Past markets behaviours do not prejudge future behaviours.

300

1,000

100,000

100

600

2,000

200

3,000 TMT Bubble Burst

SARS Epidemic

Bankruptcy of Continental Illinois Bank

Black Monday, October 19, 1987

Gulf War I

Mexican Peso Crisis

Asian Currency

Crisis

LTCM Bankruptcy

Enron Fraud

09/11

Gulf War II

Subprime Crisis

Lehman Bankruptcy

Greek Debt Crisis

Global Economic

Crisis

Japan Earthquake & Tsunami

US & European

Debt Crisis

LATAM Debt Crisis

Japanese Equity Bubble Burst

Russian Debt

Default

10,000

20,000

6,000

Socgen International Sicav - Performance figures (Log)

10000

100000

1000000

10000000

Ja

n-7

9

Ja

n-8

0

Ja

n-8

1

Ja

n-8

2

Ja

n-8

3

Ja

n-8

4

Ja

n-8

5

Ja

n-8

6

Ja

n-8

7

Ja

n-8

8

Ja

n-8

9

Ja

n-9

0

Ja

n-9

1

Ja

n-9

2

Ja

n-9

3

Ja

n-9

4

Ja

n-9

5

Ja

n-9

6

Ja

n-9

7

Ja

n-9

8

Ja

n-9

9

Ja

n-0

0

Ja

n-0

1

Ja

n-0

2

Ja

n-0

3

Ja

n-0

4

Ja

n-0

5

Ja

n-0

6

Ja

n-0

7

Ja

n-0

8

Ja

n-0

9

Ja

n-1

0

Ja

n-1

1

MSCI World First Eagle Global Value Composite


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 lose half of my clients rather than half of my client’s

money. »

* Source: First Eagle Investment Management, LLC. ** Excludes holding companies, paper and forest, Gold ETF. Given for illustrative purpose only

Global Value Strategy*

Rule No 1: “Don’t lose money!”




Looking for the ugly, unwanted and unloved

What We Do

Analyze and understand

business models

Recast financial statements

Calculate intrinsic value

Invest when the business trades at a

30%-50% discount

What a knowledgeable investor would pay for the entire company in cash today

Intrinsic Value

Given for indicative purpose only, may be changed without prior notice




Margin of safety: Following Rule No. 1

What We Do

Protection against uncertainty

To avoid Permanent impairment of Capital

Margin of Safety

Discount between intrinsic value and market price Margin of Safety

Given for indicative purpose only, may be changed without prior notice




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

Operating Income (Rebased 100;

in USD, LHS)

Weighted Average Shares

Outstanding (rebased 100, RHS)

Focus on companies passing the Bordeaux-Test

Income vs number of outstanding shares

Source: Amundi, First Eagle Investment Management, LLC. Past performances do not prejudged future performances

0

50

100

150

200

250

2005

2006

2007

2008

2009

2010

2011

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)

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)

0

50

100

150

200

2005 2006 2007 2008 2009 2010 2011

60

70

80

90

100

110

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



Cash & Cash Equivalents as residual of investment opportunities

Price is “the” Trigger

Amundi International SICAV – February 2013 - Slide 9 Source: First Eagle Investment Management, LLC.

Data as of end January 2013

The fund has no official benchmark. The MSCI World is provided for comparative purposes only.


Emphasizing sustainable competitive advantage


DB Physical Gold ETC (UK) 2,89%

Northrop Grumman Corp. (US) 1,77%

Comcast Corp. Cl A Special (US) 1,72%

Cisco Systems Inc. (US) 1,58%

Secom Co. Ltd. (JPN) 1,57%

Sysco Corp. (US) 1,56%

Keyence Corp. (JPN) 1,51%

Bank of New York Mellon Corp. (US) 1,39%

Microsoft Corp. (US) 1,39%

HeidelbergCement AG (GER) 1,33%

*Ex Short-Term US Government Bonds

Holdings*

Total 16,71%

Top 10 Holdings

Number of Holdings: 143

AUM: $3,535.1 Million

Source: First Eagle Investment Management, LLC. Data as of end January 2013 Given for illustrative purpose only may be change without prior notice within the limits stated in the prospectus


Asset & Sector Breakdown

Asset Breakdown

Sector Breakdown

Focusing on companies & revenues, not on markets

Amundi International SICAV – February 2013 - Slide 11 SourceFirst Eagle Investment Management, LLC. Data as of end January 2013 Given for illustrative purpose only may be change without prior notice within the limits stated in the prospectus


1000

Providing consistent positive absolute returns over time

Historical Performance in USD since inception

Source: Amundi - Data net of fees, Retail Share, since inception, in USD. Past performance is not a reliable indictor of 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. Please refer to the KIID for details concerning the performance

100

200

300

400

500

700

Amundi International SICAV - 5y rolling annualised net returns (monthly data)

-10%

-5%

0%

5%

10%

15%

20%

25%

Aug-01 Aug-02 Aug-03 Aug-04 Aug-05 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10

Amundi International SICAV - 5y rolling annualised net returns

MSCI World (ND) - 5y rolling annualised net returns


Performance 1 year 3 years 5 years 10 years Inception

Amundi International SICAV 8,17% 8,40% 4,11% 10,91% 10,66%

MSCI World (ND) 16,10% 9,95% 1,64% 8,44% 5,57%

Spread -7,93% -1,55% 2,47% 2,47% 5,09%

Net of fees, in USD, Retail Share (AU-C), monthly data, as of January 31, 2013

annualized returns


Other rolling annualized net returns since inception (monthly data, AU-C Share) Amundi International SICAV - 10y rolling annualised net returns (monthly data)

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Aug-0

6

Feb-0

7

Aug-0

7

Feb-0

8

Aug-0

8

Feb-0

9

Aug-0

9

Feb-1

0

Aug-1

0

Feb-1

1

Aug-1

1

Feb-1

2

Amundi International SICAV MSCI World (ND)

1Y

3Y

7Y

10Y

With patience as ally

Amundi International SICAV – February 2013 - Slide 13 Source: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end January 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. Given for Illustrative purpose only. Please refer to the KIID for details concerning the performance


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 are those applicable for the years mentioned. Past performances are not a guarantee for future results, they are not constant over time. Ranking & Quartile Lipper – Funds registered for sale in Europe, Performances, Ranking & Quartile are calculated with A Share Lipper - Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Lipper or any of its affiliates. © Thomson Reuters 2011. All rights reserved.Data as of end December 2012.

Carmignac Investissement A

Higher Returns

Higher Returns

Lower Returns

Lower Returns

Higher Volatility Lower Volatility

Lower Volatility Higher Volatility

Lipper Global Equity Universe Average (23.11%;-2.52%)

Blackrock Global Allocation Fund A2 USD


A dedicated team


Research Team Portfolio Management

Matt McLennan, CFA Head of Global Value Team Portfolio Manager

21 years of experience

Kimball Brooker, Jr. Deputy Head of Global Value Team Portfolio Manager 20 years of experience

Abhay Deshpande, CFA Portfolio Manager 20 years of experience

Jean-Marie Eveillard Senior Adviser

50 years of experience

Bruce Greenwald, PhD

Senior Adviser

Senior Advisers

Alan Barr, CFA Non-food consumer products, forest products/paper, chemicals

Rachel Benepe Retail, gold, metals and mining industries, steel & coal, automobiles

Giorgio Caputo Energy, distribution, packaging, building products, restaurants, special situations

Manish Gupta Technology hardware and equipment, commodity chemicals

Robert Hordon, CFA Real estate, infrastructure, retail and construction

Matt Lamphier, CFA Industrials, energy, medical devices, gaming and leisure, transportation

Debra Lusman Manager of Research Operations

Oanh Thi Nguyen Media, telecom

Elizabeth Tobin Pharmaceuticals, agriculture

Mark Wright, CFA Banks and food & beverage


“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 good

prices

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 most successful long-term records

in the investment world. »

Morningstar

Last but not least

Amundi International SICAV – February 2013 - Slide 16 *The SICAV does not offer a capital guarantee.


Amundi International SICAV – February 2013- Slide 17

Amundi International SICAV

Appendix – Historical Portfolio Data

– Global Value AUM

– Fund Characteristics


Amundi International SICAV – Appendix


Historical Asset Breakdown

As of end January 2013

Source: Amundi. Data as of end January 2013 – Please note that the SICAV was closed to subscriptions

between 2004 and August 2008. The negative cash level in early 2008 is a result of significant redemptions

during that period.



0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Mar-

01

Mar-

02

Mar-

03

Mar-

04

Mar-

05

Mar-

06

Mar-

07

Mar-

08

Mar-

09

Mar-

10

Mar-

11

Mar-

12

Cash & Short Term

Government Bonds

Emerging Markets (ex-

Europe)

Developed Asia-Pacific

Japan

Europe ex-Euro Zone

Euro-zone

North America


Historical Regional Breakdown




during that period.



0%

20%

40%

60%

80%

100%

Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12

Cash & Short TermGovernment Bonds

Utilities

TelecommunicationServices

Materials

Information Technology

Industrials

Health Care

Financials

Energy

Consumer Staples

Consumer Discretionary


Historical Sector Breakdown




during that period.




Historical Market Cap Breakdown


Source: Amundi. Data as of end January 2013




Currency Hedging – EUR/USD


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




Currency Hedging – JPY/USD


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



Global Value AUM

Global Value Strategy Historical AUM

Global Value AUM by Sub-Strategy

Amundi International SICAV – February 2013 - Slide 24 Source: First Eagle Investment Management, LLC. Data as of end December 2012

65.1bn USD AUM

First Eagle Global Value Composite Assets

(USD Billions)

2,61,9 1,7 1,7 2,2

4,9

10,7

16,0

20,321,5

16,9

28,9

33,4

20,1

0

5

10

15

20

25

30

35

40

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Sep

-11

First Eagle Global Value Composite Assets (USD Billions)

US Value

Strategy;

3bn USD

Gold Strategy;

2,8bn USD

International

Value Strategy

(ex-US);

13,8bn USD

Global Value

Strategy;

44,5bn USD

First Eagle Global Value Composite Assets

(USD Billions)

2,6 1,9 1,7 1,7 2,2

4,9

10,7

16,0

20,321,5

16,9

28,9

36,6

44,5

20,1

0

5

10

15

20

25

30

35

40

45

50

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

First Eagle Global Value Composite Assets (USD Billions)



Not all share classes and, as the case may be, share categories are registered for sale in all countries. Investors may

contact Amundi Luxembourg for further information. Please consult the prospectus for a comprehensive explanation of all

fees. A detailed explanation of the performance fees is provided in the Prospectus. Please note that conversions are subject

to the discretion of the Directors. See prospectus for further information.

Management company Amundi Luxembourg S.A.

Investment manager Amundi

Sub-Investment manager First Eagle Investment Management, LLC.

Custodian Société Générale Bank & Trust S.A.

Reference currency of the SICAV USD

All Investors Institutional Investors Distributors

Share Class AU-

C

AE-

C

AHE

-C

AHC

-C

AHG

-C

AHG

-D

AE-

D

AHE

-D IU-C IE-C

IHE-

C

IHC-

C

IHG-

C

FU-

C

FE-

C

FHE

-C

Reference currency of the class USD EUR EUR CHF GBP GBP EUR EUR USD EUR EUR CHF GBP USD EUR EUR

Currency Hedge No No Yes Yes Yes Yes No Yes No No Yes Yes Yes No No Yes

ISIN Code

LU0

0685

7850

8

LU056513574

5

LU043318241

6

LU065009285

0

LU056513523

2

LU056513540

6

LU0

5654

1969

3

LU056513493

8

LU0

4331

8217

6

LU0565136040

LU0

4331

8250

7

LU0

6500

9307

2

LU0

5651

3639

6

LU0

1819

6212

6

LU0

5651

3655

2

LU0

4331

8268

9

Share Categories Accumulation Distribution Accumulation

Minimum initial subscription None

5 million USD or the

equivalent amount in

EUR

None

Frequency of NAV calculation Daily

Cut off for dealing times Luxembourg Dealing days before 2pm (Luxemburg time)

Maximum subscription fee 5.00% None None

Administration fee 0,15% 0,10% 0,15%

Maximum annual management fee 2.00% 1.00% 2.00%

Distribution fee None None 1.00%

Performance fee 15% of the outperformance (net of fees) of the SICAV vs the Libor 3m USD + 400 basis points - on a yearly basis

Maximum redemption fee None



Disclaimer

Amundi, French joint stock company (“Société Anonyme”) with a registered capital of € 578 002 350 and approved by the French Securities Regulator (Autorité

des Marchés Financiers-AMF) under number GP 04000036 as a portfolio management company, 90 boulevard Pasteur -75015 Paris-France – 437 574 452

RCS Paris.

amundi.com

This material is solely for the attention of institutional, professional, qualified or sophisticated investors and distributors. It is not to be distributed to the general public, private customers or retail investors in any jurisdiction whatsoever nor to “US Persons”. Moreover, any such investor should be, in the European Union, a “Professional” investor as defined in Directive 2004/39/EC dated 21 April 2004 on markets in financial instruments (“MIFID”) or as the case may be in each local regulations and, as far as the offering in Switzerland is concerned, a “Qualified Investor” within the meaning of the provisions of the Swiss Collective Investment Schemes Ordinance of 23 June 2006 (CISA), the Swiss Collective Investment Schemes Ordinance of 22 November 2006 (CISO) and the FINMA’s Circular 08/8 on Public Offering within the meaning of the legis lation on Collective Investment Schemes of 20 November 2008. In no event may this material be distributed in the European Union to non “Professional” investors as defined in the MIFID or in each local regulation, or in Switzerland to investors who do not comply with the definition of “qualified investors” as defined in the applicable legislation and regulation.


Amundi

Documents

eagle investment management

negative cash level

end january 2013source

eagle global

end january 2013

significant redemptions

future returns

msci world