DISCLOSURES 
This interview was conducted on July 18, 2025. First Eagle views and opinions noted in the interview could have materially changed since the published date. First Eagle is not responsible for updating such views and opinions. There is no guarantee that First Eagle holds any of the names referenced in the interview. 

Philip Blancato is not a representative or affiliated with First Eagle Investments (“FEI”). The opinions and views expressed by Philip Blancato are his own and not those of FEI. 

The opinions expressed are not necessarily those of the firm and are subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any security. 

Market trends referenced in the podcast — including but not limited to NASDAQ decline and recovery, U.S. dollar figures, and international equities outperformance of US — reflect widely reported market data as of mid July 2025. 

Magnificent Seven refers to a group a seven very large tech-related stocks, including Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Nvidia and Tesla. Duration is a measure of a bond prices' sensitivity to changes in interest rates. 

Indices are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index. 

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. 

Nasdaq Composite Index measures the performance of all listed stocks on the Nasdaq Stock Market. 

Alpha measures the risk-adjusted return of an investment relative to its benchmark index. 

Risk Disclosures: 

Diversification does not guarantee investment returns and does not eliminate the risk of loss. Investment in gold and gold-related investments present certain risks, and 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 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. 

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. These risks may be more pronounced with respect to investments in emerging markets. 

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. 

Alternative investments can be speculative and are not suitable for all investors. Investing in alternative investments is only intended for experienced and sophisticated investors who are willing and able to bear the high economic risks associated with such an investment. Investors should carefully review and consider potential risks before investing. Certain of these risks include: 

• Loss of all or a substantial portion of the investment;

• Lack of liquidity in that there may be no secondary market or interest in the strategy and none is expected to develop; 

• Volatility of returns; 

• Interest rate risk; 

• Restrictions on transferring interests in a private investment strategy; 

• Potential lack of diversification and resulting higher risk due to concentration within one of more sectors, industries, countries or regions; 

• Absence of information regarding valuations and pricing; 

• Complex tax structures and delays in tax reporting; 

• Less regulation and higher fees than mutual funds; 

• Use of leverage which magnifies the potential for gain or loss on amounts invested and is generally considered a speculative investment technique and increases the risks associated with investing in the strategy; 

• Carried interest which may cause the strategy to make more speculative, higher risk investments that would be the case in absence of such arrangements; and 

• Below investment-grade loans which may default and adversely affect returns.

All investments involve the risk of loss of principal. 

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.

FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product. 

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

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