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            Credit Dispersion Is High Despite Market Calm

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        Macro & Market Views

        Investment Insights with Portfolio Manager Bill Hench

        Investment Insights with Portfolio Manager Bill Hench

        Jan 12, 2023
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        Bill Hench, portfolio manager and head of the Small Cap team, discusses the potential benefits of investing in small cap stocks and how his team applies selectivity to find opportunities in inefficiently valued assets.

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        First Eagle Holdings, Inc.

        Investor Portal Access Request Template

        In order to receive access to the secured investor portal (the “Portal”), which will contain financial information and other materials delivered by First Eagle Holdings, Inc. (“First Eagle”) in connection with its $575,000,000 7.250% Senior Secured Notes due 2032 (the “Notes”), please read the statements below and complete the required information in order to register for the Portal and gain access to such information.

        Once your submission is reviewed and verified, you will receive credentials allowing you to access the Portal. Access to the Portal is limited to those who affirm statements 1 to 6 below. First Eagle reserves the right to deny access to any information and reports that are provided on the Portal to any competitor of First Eagle or its subsidiaries, or to the extent that First Eagle determines in its sole discretion that the provision of such information and reports to such person may be harmful to First Eagle and its subsidiaries.

        By Accessing the Portal, you hereby represent, warrant and agree to the following:

        1. I am:
          1. a holder of the Notes or a beneficial owner of the Notes;
          2. a bona fide prospective investor in the Notes and either (x) a "qualified institutional buyer" within the meaning of Rule 144A of the Securities Act of 1933, as amended (the "Securities Act") or (y) a Non-U.S. Person (as defined in Regulation S under the Securities Act);
          3. a bona fide securities analyst (providing analyses for holders of the Notes and prospective purchasers of the Notes that otherwise have access to the Information (as defined below)); or
          4. a bona fide market maker or intended market maker, only in connection with making a market in the Notes;
        2. I will use the Information:
          1. as a bona fide prospective investor, only for evaluating an investment or potential investment in the Notes;
          2. as a bona fide market maker or intended market maker, only in connection with making a market in the Notes; or
          3. as a bona fide securities analyst, for preparing analyses for holders of the Notes and prospective purchasers of the Notes that otherwise have access to the financial information in compliance with applicable terms and conditions;
        3. I will treat any and all reports (and the information contained therein) and other information included in the Portal (the “Information”) as confidential;
        4. I will not use the information in violation of applicable securities laws or regulations;
        5. I will not use any information in the Portal in any manner intended to compete with the business of First Eagle and/or its subsidiaries; and
        6. I will not publicly disclose any Information.

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