First Eagle US Small Cap Opportunities Fund (the “Fund”) is a sub-fund of First Eagle Funds (Ireland) ICAV (the “ICAV”), an Irish collective asset-management vehicle with variable capital constituted as an umbrella fund with segregated liability between its sub-funds under the laws of Ireland (registered number 445369), and is authorized and regulated by the Central Bank of Ireland as an Undertaking for Collective Investments in Transferable Securities (“UCITS”). Authorization of the ICAV by the Central Bank of Ireland (the “Central Bank”) is not an endorsement or guarantee nor is the Central Bank responsible for the contents of any marketing material or the prospectus of the ICAV, as amended and/or supplemented from time to time (collectively, the “Prospectus”). Authorization by the Central Bank shall not constitute a warranty as to the performance of the ICAV and the Central Bank shall not be liable for the performance of the ICAV. 

Shares of the Fund (the “Shares”) are only available for certain non-U.S. persons in select transactions outside the United States, or, in limited circumstances, otherwise in transactions which are exempt in reliance on Regulation S from the registration requirements of the United States Securities Act of 1933, as amended and such other laws as may be applicable.    Nothing herein constitutes an offer to subscribe for shares in the Fund. Any offer or solicitation will only be made pursuant to the Prospectus, which qualifies in its entirety the information set forth herein. The offering or sale of Shares may be restricted in certain jurisdictions. For information regarding jurisdictions in which the Fund is registered or passported, please contact your First Eagle sales representative. Shares may be sold on a private placement basis depending on the jurisdiction. This information should not be used or distributed in any jurisdiction, other than those in which the Fund is authorized, where authorization for distribution is required. First Eagle Investment Management, Ltd. (the “Distributor”) is authorized by the ICAV to facilitate the distribution of Shares in certain jurisdictions through dealers, referral agents, sub-distributors and other financial intermediaries. Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution. 

Nothing contained herein constitutes investment advice and neither First Eagle Investment Management, LLC nor the Distributor are carrying out any financial advisory services and not acting as the financial adviser to any investor or potential investor or in any fiduciary capacity. Any forecasts made, or opinions expressed on the economy, stock market or economic trends of the markets are definitely not indicative of future or likely performance or any guarantee of returns. First Eagle accepts no liability and responsibility, whatsoever, for any direct or consequential loss arising from any use of or reliance on this material. First Eagle believes that the information contained herein is based on underlying sources and data that are reliable but makes no guarantee as to its adequacy, accuracy, timeliness or completeness. This material is provided on an “as is” and “as available” basis and subject to change, of whatsoever form and nature, at any time without notice. 

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund. This and other important information are contained in the Prospectus and KIDs/KIIDs. Read these documents carefully before you invest. 

The Fund’s Prospectus can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and is available in English. The KIDs/KIIDs can be obtained from https://www.firsteagle.com/us-small-cap-opportunity-fund#documents and are available in one of the official languages of each of the EU Member States into which each the Fund has been notified for marketing under the Directive 2009/65/EC (the “UCITS Directive”). 

In addition, a summary of investor rights is available from https://www.firsteagle.com/us-small-cap-opportunity-fund. The summary is available in English. 

This is a marketing communication. This is not a contractually binding agreement. Please refer to the prospectus and Fund-specific supplement and KIDs/KIIDs of the relevant Fund before making any final investment decisions and do not base any final investment decision on this communication alone. 

Any entity forwarding this material to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution. 

Residents of Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Portugal, Spain: The Fund is registered for public offer and sale in Austria, Belgium, France, Germany, Italy, Luxembourg, Netherlands, Portugal, and Spain. Additional information about the Fund may be found in the Prospectus and Supplement (available in the English language) and applicable KIDs/KIIDs (available in the German, French, Italian, English, Dutch, Portuguese, and Spanish language). These documents, as well as the annual and semi-annual reports, may be obtained free of charge from FE fundinfo (Luxembourg) S.à.r.l., 77 Rue du Fossé, 4123 Esch-sur-Alzette, Luxembourg, email: fa_gfr@fefundinfo.com. 

Residents of Ireland: The information contained herein is provided for informational purposes only and should not be considered a solicitation or offering of investment services, nor a solicitation to sell or buy any shares of any securities (nor shall any such securities be offered or sold to any person) in any jurisdiction where such solicitation or offering would be unlawful under the applicable laws of such jurisdiction. Unless otherwise indicated, no regulator or government authority has reviewed this material or the merits of the products and services referenced herein, including the Central Bank of Ireland. This material and the information contained herein have been made available in accordance with the restrictions and/or limitations implemented by any applicable laws and regulations.                   This material is provided on a confidential basis for informational purposes only and may not be reproduced in any form. Before acting on any information in this material, prospective investors should inform themselves of and observe all applicable laws, rules and regulations of any relevant jurisdictions and obtain independent advice if required. This material should not be relied upon as investment advice and is not a recommendation to adopt any investment strategy. 

Residents of Switzerland: This is an advertising communication. The state of the origin of the ICAV is Ireland. In Switzerland, the representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, and the paying agent is NPB Neue Privat Bank AG. The prospectus, the key information documents or the key investor information documents, the instrument of incorporation and the annual and semi-annual reports may be obtained free of charge from the representative. Past performance is no indication of current or future performance. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. 

Residents of United Kingdom: This material is issued by First Eagle Investment Management, LLC and is lawfully distributed in the United Kingdom by First Eagle Investment Management, Ltd. First Eagle Investment Management, Ltd is authorised and regulated by the Financial Conduct Authority (FRN: 798029) in the United Kingdom.  The Fund has been registered as a “recognised scheme” for the purposes of Section 272 of the Financial Services and Markets Act 2000 (FSMA) of the United Kingdom and shares in the Fund may upon such registration be promoted and sold in the United Kingdom subject to compliance with FSMA and applicable regulations under FSMA.  Potential investors in the United Kingdom should be aware that most of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Fund and that compensation will not be available under the United Kingdom Financial Services Compensation Scheme. 
The Fund is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements. 
                                                                             
Risk Disclosures for the Fund
The following are risks of investing in the Fund: 
•    Small and Micro Size Company Risk: The Fund may invest in small and micro-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in small and micro-size companies also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of small and micro-size companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of small and micro-size companies to changing economic condi¬tions. 
•    Investment Risk: The value of investments held in the Fund and the income from them may rise or fall. The Fund may not achieve its investment objective. 
•    Market Risk: As the Fund invests in company shares, it runs the risk that the market price of those shares will decline. That decline may be attributable to factors affecting the issuer of the shares or to general market conditions. 
•    Liquidity Risk: The Fund may be adversely affected by a decrease in market liquidity for the securities in which it invests which may impair the Fund’s ability to execute transactions. In such circumstances, the Fund’s securities may become illiquid which may mean that the Fund may experience difficulties in selling securities at a fair price within a timely manner. Reduced liquidity of the Fund’s investment may result in a loss in value to the Fund. 
•    Value Investment Risk: The Fund may invest in value stocks, which presents the risk that such securities may never reach what are believed to be their full market values or may decline in value. For a full list of possible risk factors, please see section entitled “Risk Factors” in the Prospectus. 

All investments involve the risk of loss of principal. 

Investment in the Fund involves significant risks, and there can be no assurance that the Fund’s investment objectives will be achieved. There may occur potential or actual conflicts of interest involving First Eagle Investment Management, LLC and its affiliates and the Fund and its investments. The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies, including market, liquidity, currency, and political risks. Other influential factors include pandemics and epidemics, political or economic news, company earnings and significant corporate events. Investing globally can bring additional returns and diversify risk, but currency exchange rate fluctuations may have a positive or negative impact on the value of your investment. These factors can affect Fund performance. Prospective investors should not acquire Shares if the investor anticipates that it will have a need for the funds contributed to the Fund prior to the times that redemptions are permitted. An investment in the Fund should be viewed as a long term investment.

Diversification does not guarantee investment returns and does not eliminate the risk of loss. 

A complete description of the risks of investing in the Fund can be found in the Key Investment Information Document(s) (“KIIDs”)/ Packaged Retail and Insurance-based Investment Products Key Information Document(s) (“KIDs”), the Prospectus and the Fund-specific supplement. 

Summary of Investor Rights for the Fund
The legal relationship between an investor and the Fund is a contractual one, governed principally by the Application Form executed by the investor when subscribing for shares in the Fund and the instrument of incorporation. As an investor in the Fund, an investor has various rights which derive from: The Application Form, the instrument of incorporation and other relevant documents of the Fund; and Applicable Law and Regulation.

Such rights may include, but are not limited to, the right to participate in changes in the net asset value of such investor’s shares; the right to a share of any dividends or distributions paid out by the Fund (if applicable); the right to attend at general meetings of the shareholders of the Fund and the ICAV itself and to vote on any motion tabled at such meetings; subject to certain conditions, the right to call a general meeting of investors in the Fund; the right to request the redemption of the investor’s shares by the Fund and certain rights in respect of how the Fund uses the investor’s personal data. The exercise by an investor of these rights is strictly subject to the terms and conditions of the relevant Fund documents and/or legislation from which these rights derive. The foregoing is only a brief summary of examples of the rights of an investor in relation to the Fund. For a more detailed description of their rights vis-à-vis the Fund, investors should consult their own legal or financial advisor.

Both the Application Form between an investor and the ICAV and the instrument of incorporation are governed by Irish law. In the event that an investor believes they have suffered loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV, an investor may take proceedings against such parties in the Irish courts or, in certain circumstances, in the courts of another jurisdiction. Whether the judgment of a foreign court will be recognized and enforced against the UCITS management company or board of directors of the ICAV in Ireland will depend on the circumstances of the case and will be subject to the relevant national and international law that governs such matters in Ireland. At present, pending implementation of Directive (EU) 2020/1828 on representative actions for consumers, there are no recognized means, in Ireland or at EU level, by which an investor who may have suffered a loss as a result of the actions or inactions of the UCITS management company or board of directors of the ICAV may seek collective redress.

Applicable Law and Regulation in this regard includes, but is not limited to, the Irish Collective Asset-management Vehicles Act 2015, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 and the Irish Data Protection Acts 1988 to 2018, the General Data Protection Regulation (Regulation (EU) 2016/679), the EU ePrivacy Directive 2002/58/EC, the PRIIPS Regulation (Regulation (EU) No 1286/2014, each as amended or replaced from time to time.

Additional Important Information

Risk Disclosures 

All investments involve the risk of loss of principal.

There are risks associated with investing in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

A principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value. “Value” investments as a category, or entire industries or sectors associated with such investments, may lose favor with investors as compared to those that are more “growth” oriented. 

The value and liquidity of portfolio holdings may fluctuate in response to events specific to the companies or markets, as well as economic, political or social events in the US or abroad. During periods of market volatility, the value of individual securities and other investments at times may decline significantly and rapidly. The securities of small and micro-size companies can be more volatile in price than those of larger companies and may be more difficult or expensive to trade. 

There are risks associated with investing in foreign investments (including depositary receipts). Foreign investments, which can be denominated in foreign currencies, are susceptible to less politically, economically and socially stable environments; fluctuations in the value of foreign currency and exchange rates; and adverse changes to government regulations. 

Investment in gold and gold-related investments present certain risks, including political and economic risks affecting the price of gold and other precious metals, like changes in US or foreign tax, currency or mining laws; increased environmental costs; international monetary and political policies; economic conditions within an individual country; trade imbalances; and trade or currency restrictions between countries. The price of gold, in turn, is likely to affect the market prices of securities of companies mining or processing gold and, accordingly, the value of investments in such securities may also be affected. Gold-related investments as a group have not performed as well as the stock market in general during periods when the US dollar is strong, inflation is low and general economic conditions are stable. In addition, returns on gold-related investments have traditionally been more volatile than investments in broader equity or debt markets. Investment in gold and gold-related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies. 

Municipal bonds are subject to credit risk, interest rate risk, liquidity risk and call risk. However, the obligations of some municipal issuers may not be enforceable through the exercise of traditional creditors’ rights. The reorganization under federal bankruptcy laws of a municipal bond issuer may result in the bonds being cancelled without payment or repaid only in part or in delays in collecting principal and interest. 

The information is not intended to provide and should not be relied on for accounting or tax advice. Any tax information presented is not intended to constitute an analysis of all tax considerations. 

Diversification does not guarantee investment returns and does not eliminate the risk of loss.

Past performance does not guarantee future results.

Index Definitions

Indexes are unmanaged and one cannot invest directly in an index.

Bloomberg Global Aggregate Bond Index measures the performance of global investment grade debt from 24 local currency markets, including treasury, government-related, corporate, and securitized fixed rate bonds from both developed and emerging markets.

Bloomberg Global Aggregate Government Index measures the performance of investment grade debt from 25 local currency markets. It includes treasury and government-related fixed-rate bonds from both developed and emerging market issuers.

Bloomberg Municipal Bond Index (Gross/Total) measures the performance of the US municipal tax-exempt investment grade bond market. A total-return index tracks price changes and reinvestment of distribution income. 

Bloomberg US Aggregate Bond Index (Gross/Total) measures the performance of the investment grade, US dollar-denominated, fixed-rate taxable bond market in the US, including Treasuries, government-related and corporate securities, fixed-rate agency MBS (agency fixed-rate and hybrid ARM passthroughs), ABS and CMBS. A total-return index tracks price changes and reinvestment of distribution income. 

Bloomberg US Corporate Bond Index (Gross/Total) measures the performance of investment grade, fixed-rate, taxable corporate bond market. It includes US dollar denominated securities publicly issued by US and non-US industrial, utility and financial issuers. A total-re¬turn index tracks price changes and reinvestment of distribution income. 

Bloomberg US Corporate High Yield Bond Index (Gross/Total) measures the US dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. A total-return index tracks price changes and reinvestment of distribution income. 

Consumer price index (CPI) (Price) measures inflation as experienced by consumers in their day-to-day living expenses by capturing the average change over time in the prices paid for a representative basket of consumer goods and services. A price-return index only measures price changes. 
Dow Jones Industrial Average Index (Price) measures the performance of the 30 largest US companies in all industries except transportation and utilities. A Price Return Index only measures price changes. 

Fannie Mae Home Purchase Sentiment Index distills consumer responses to Fannie Mae’s monthly National Housing Survey into a single indicator designed to provide signals on future housing outcomes. 

Morningstar LSTA US Leveraged Loan Index (Gross/Total) is a market value-weighted index that measures the performance of the US leveraged loan market. A total-return index tracks price changes and reinvestment of distribution income. 

MSCI China Index (Net) measures the performance of large and midcap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes. 

MSCI World Index (Net) measures the performance of large and midcap equities across developed markets. A net-return index tracks price changes and reinvestment of distribution income net of withholding taxes. 
Nasdaq Composite Index measures the performance of all listed stocks on the Nasdaq Stock Market.

Russell 1000® Growth Index (Gross/Total) measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. A total return index tracks price changes and reinvestment of distribution income. 
Russell 1000® Index (Gross/Total) measures the performance of the large cap segment of the US equity universe. It includes approximately 1,000 of the largest securities in the Russell 3000® based on a combination of their market cap and current index membership. A total-return index tracks price changes and reinvestment of distribution income.

Russell 1000® Value Index (Gross/Total) measures the performance of large-cap value segment of the US equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. A total return index tracks price changes and reinvestment of distribution income. 

Russell 2000® Growth Index (Gross/Total) measures the performance of the smallcap growth segment of the US equity universe. It includes those Russell 2000 companies with relatively higher price-to-book ratios, higher I/B/E/S forecast medium term (2 year) growth and higher sales per share historical growth (5 years). A total return index tracks price changes and reinvestment of distribution income. 

Russell 2000® Index (Gross/Total) measures the performance of the small cap segment of the US equity universe. It includes approxi¬mately 2,000 of the smallest securities based on a combination of their market cap and current index membership. A total-return index tracks price changes and reinvestment of distribution income. 

Russell 2000® Value Index (Gross/Total) measures the performance of the small cap value segment of the US equity universe. It includes those Russell 2000 companies with relatively lower price-to-book ratios, lower I/B/E/S forecast medium term (2 year) growth and lower sales per share historical growth (5 years). A total return index tracks price changes and reinvestment of distribution income.

S&P 500 Index (Gross/Total) measures the performance of 500 of the top companies in the leading industries of the US economy and is widely recognized as a proxy for the US market as a whole. A total-return index tracks price changes and reinvestment of distribution income. 

S&P Municipal Bond High Yield Index (Gross/Total) measures the performance of bonds in the S&P Municipal Bond Index that are not rated or whose ratings are below investment grade. A total-return index tracks price changes and reinvestment of distribution income. 
S&P Municipal Yield Index (Gross/Total) measures the performance of high yield and investment grade municipal bonds. A total-return index tracks price changes and reinvestment of distribution income.

S&P Municipal Yield Index (Gross/Total) measures the performance of high yield and investment grade municipal bonds. A total-return index tracks price changes and reinvestment of distribution income.

Definitions 
A 10-year Treasury note is a debt obligation of the US government with a maturity of 10 years upon issuance. 
Active share is the percentage of a portfolio's holdings that deviate from its benchmark index.
Beta is a measure of an investment’s price volatility relative to that of the overall market. 
A bull market is generally defined as a period during which a securities market index rises by 20% or more. 
A business development company is a closed-end investment vehicle that invests in early stage and/or distressed small and medi¬um-sized companies. 
A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other bonds. Ratings are measured on a scale that generally ranges from AAA/Aaa (highest) to D/RD (lowest); ratings are subject to change without notice. Not rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality. 
Currency debasement refers to the reduction of a currency’s purchasing power. 
Exchange-traded funds (ETFs) are listed investment vehicles that seek to provide exposure to a benchmark, index or actively managed strategy. 
Federal funds rate is the interest rate at which depository institutions (banks and credit unions) lend reserve balances to other deposi¬tory institutions overnight on an uncollateralized basis. 
General obligation bonds are municipal securities in which payments are backed by the full faith and credit of the issuer and by extension its ability to tax its residents.  
High yield municipal bonds are debt securities issued by states, cities, counties and other public entities that offer a higher rate of interest due to their perceived higher risk of default. 
An interval fund is a pooled investment vehicle that offers investors periodic liquidity at an interval specified in its prospectus. 
Intrinsic value is based on our judgment of what a prudent and rational business buyer would pay in cash for all of the company in normal markets.
Margin of Safety is defined by the Global Value Team as the difference between a company’s purchase price and our estimate of its intrinsic value.
Moody’s Investors Service is a nationally recognized statistical rating organization (NRSRO) that assesses the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other bonds. Ratings are measured on a scale that generally ranges from Aaa (highest) to RD (lowest); ratings are subject to change without notice. 
Mortgage-backed securities (MBS) are debt securities whose payments of principal and interest are backed by the cash flow generated by pools of mortgage loans. 
Not rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality. 
Price-to-earnings ratio (P/E ratio) compares a company’s stock price to its earnings per share.
A private fund is a pooled investment vehicle that is not required to be registered or regulated as an investment company under the Investment Company Act of 1940, as amended. 
Revenue bonds are municipal securities whose payments are backed not by a government’s taxing power but by revenues from a specific project or source, such as highway tolls or lease fees. 
Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. 
A separately managed account (SMA) is a portfolio of securities that is managed by a professional investment firm. 
A soft landing refers to a gradual economic slowdown that comes to an end without triggering a recession. 
Sovereign debt refers to debt obligations issued by a country’s government as a means to borrow capital. 
S&P Global Ratings is a nationally recognized statistical rating organization (NRSRO) that assesses the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments, or other bonds. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated (NR) indicates that the debtor was not rated and should not be interpreted as indicating low quality. For more information on the S&P Global Ratings’ method¬ology, please visit spglobal.com and select “Understanding Credit Ratings” under About Ratings. 
A tranche is a portion of a security issue with its own unique risk/reward characteristics and credit rating. 
Undertakings for Collective Investment in Transferable Securities (UCITs) are pooled investment vehicles registered in countries in the European Union. 
Volatility represents the degree to which an investment’s price has deviated from its average over time. 
A yield curve is a graphical representation of interest rates on debt of equal credit quality across a range of maturities.

First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers.

© 2025 First Eagle Investment Management, LLC. All rights reserved.