First Eagle Announces New Leadership

Continued focus on preserving Company’s Investment Culture and Philosophy

We are pleased to announce some important news about succession planning steps taking place at First Eagle. Our current CEO, Bridget Macaskill, is being appointed Chairman of the Board of First Eagle Holdings, Inc., the parent company of First Eagle. In March 2016, Bridget will transition her CEO responsibilities but will remain at First Eagle as a Senior Adviser to the Company and to the new CEO. While she remains fully committed to First Eagle, Bridget has decided, after a long and very successful career, to change the pace of her work activities and create more time for her other interests.

Mehdi Mahmud will be joining First Eagle in March as President and CEO. Mehdi has been the CEO of Jennison Associates for the past four years and has served as a member of its management team since 2003. In his role as CEO, Mehdi will oversee all aspects of First Eagle's business and work in close collaboration with the key portfolio managers who will ensure the continuity and integrity of our investment philosophy and processes. Mehdi’s distinguished career in the asset management industry and his extensive investment experience make him a natural fit for his new role at First Eagle.

John Arnhold will continue to work closely with the Company as the Chairman of First Eagle Investment Management and a Director of First Eagle Holdings, Inc. The Arnhold and Kellen families remain significant shareholders of the Company and in aggregate are expected to be one of the largest investors in our strategies.

There will be no changes to the Company’s investment culture, philosophy and processes as a result of these developments. The investment teams remain in place and will continue their focus on global, fundamental, and benchmark-agnostic investing.

We believe that Mehdi’s appointment, as well as Bridget and John’s ongoing involvement with First Eagle, will ensure the continuity of the Company’s culture and investment philosophy while adding depth to the senior management team.

First Eagle Investment Management

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