Ais city wire workshop may 2013hk amundifinal

Amundi International SICAV

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

May 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 – May 2013 - Slide 2


Executive Summary

We are Owners of Enterprise, not stock traders

Amundi International SICAV – May 2013 - Slide 3 Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 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.

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 April 2013)

– Absolute Positive Returns: 10.72% vs MSCI World 5.84% (in USD)

– Low Volatility: 11.23% STD vs MSCI World 18.20%


“The Future is Uncertain!”

But it is certain that crisis periods are recurrent

Source: Amundi, First Eagle. Data as of end April 2013. The fund has no official benchmark. The MSCI World is provided for comparative purposes only

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



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. ** Excludes holding companies, paper and forest, Gold ETF.

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

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

Source: First Eagle. Data as of end April 2013 Amundi International SICAV – May 2013 - Slide 9


Emphasizing sustainable competitive advantage

Top 10 Holdings

Number of Holdings: 143

AUM: $4,189.9 Million



Asset & Sector Breakdown

Asset Breakdown

Sector Breakdown

Focusing on companies & revenues, not on markets



1000

Providing consistent positive absolute returns over time

Historical Performance in USD since inception

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

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.


Performance 1 year 3 years 5 years 10 years Inception

Amundi International SICAV 9,35% 7,32% 3,70% 10,71% 10,72%

MSCI World (ND) 16,30% 9,29% 1,80% 8,35% 5,84%

Spread -6,95% -1,97% 1,90% 2,36% 4,88%

Net of fees, in USD, Retail Share (AU-C), monthly data, as of April 30, 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

Source: Amundi - net of fees, Retail Share, since inception, monthly data, in USD, as of end April 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.



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 – 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 with one goal: minimizing risk of capital loss

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

Appendix – Historical Portfolio Data

– Global Value AUM

– Fund Characteristics



Historical Volatility Capture Ratio vs MSCI World (AU-C Share)

Amundi International SICAV – Appendix

Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 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.

Amundi International SICAV – May 2013 – Slide 18


Historical Tracking Error vs MSCI World (AU-C Share)


Source: Amundi - Annualized data, net of fees, Retail Share (AU-C), since inception, in USD, as of end April 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.

Amundi International SICAV – May 2013 – Slide 19




Historical Asset Breakdown

As of end April 2013

Source: Amundi. Data as of end April 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.




Historical Regional Breakdown







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








Historical Market Cap Breakdown


Source: Amundi. Data as of end April 2013




Currency Hedging – EUR/USD


Source: First Eagle, Amundi. Data as of end April 2013




Currency Hedging – JPY/USD


Source: First Eagle, Amundi. Data as of end April 2013



Global Value AUM

Global Value Strategy Historical AUM

Global Value AUM by Sub-Strategy

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

70.5bn 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)



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 legislation 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.

This document contains information about Amundi International SICAV (the “SICAV”), an undertaking for collective investment in transferable

securities existing under Part I of the Luxembourg law of 20 December 2002, organised as a société d’investissement à capital variable and

registered with the Luxembourg Trade and Companies Register under number B55.838. The SICAV has its registered office at 16, Boulevard

Royal, L-2449 Luxembourg

Amundi International SICAV has been authorised for public sale by the Commission de Surveillance du Secteur Financier in Luxembourg. Not

all the share classes of the SICAV will necessarily be registered or authorized for sale in all jurisdictions or be available to all investors.

Subscriptions in the SICAV will only be accepted on the basis of the SICAV’s latest complete and simplified prospectuses, its latest annual and

semi-annual reports and its articles of incorporation that may be obtained, free of charge, at the registered office of the SICAV or respectively at

that of the representative agent duly authorized and agreed by the relevant authority of each relevant concerned jurisdiction. Consideration

should be given to whether the risks attached to an investment in the SICAV are suitable for prospective investors who should ensure that they

fully understand the contents of this document. A professional advisor should be consulted to determine whether an investment in the SICAV is

suitable. The value of, and any income from, an investment in the SICAV can decrease as well as increase. The SICAV have no guaranteed

performance. Further, past performance is not a guarantee or a reliable indicator for current or future performance and returns. The

performance data do not take account of the commissions and costs incurred on the issue and redemption of units. This document does not

constitute an offer to buy nor a solicitation to sell in any country where it might be considered as unlawful, nor does it constitute public

advertising or investment advice. The information contained in this document is deemed accurate as at March 31st, 2013.




Disclaimer

The issuer of this document is Amundi Hong Kong Limited. This document is not intended as an offer or solicitation with respect to the purchase or sale of securities, including shares or units of funds. All views expressed and/or reference to companies cannot be construed as a recommendation by Amundi. Opinions and estimates may be changed without notice. To the extent permitted by applicable law, rules, codes and guidelines, Amundi and its related entities accept no liability whatsoever whether direct or indirect that may arise from the use of information contained in this document. This document is for distribution solely to persons permitted to receive it and to persons in jurisdictions who may receive it without breaching applicable legal or regulatory requirements. Any dissemination, reproduction, copy, modification or translation in whole or in part, with respect to any information provided herein is forbidden. This document is for professional investors only and not for retail investors. Some of the fund(s) mentioned in this document are not authorized by Securities and Futures Commission in Hong Kong. Consequently, shares or units of such funds are not available to the general public in Hong Kong and must not be distributed in Hong Kong by way of public offer, public advertisement or in any similar manner. This document has not been reviewed by any regulatory authority in Hong Kong and no regulatory authority in Hong Kong takes responsibility for the financial soundness of the funds or for the accuracy of any statement made or opinion expressed in this document. Investors are advised to exercise caution in relation to the offer. Any investor who is in doubt about the contents of the document is strongly recommended to seek independent professional advice. This document is prepared for information only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance. Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations. The value of an investment may go down or up. The offering document(s) should be read for further details including the risk factors. The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies, or fixed-income securities. This involves significant risks and is usually more sensitive to price movements. The volatility of fund prices may be relatively increased. Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment. Additional risk factors are described in the offering document(s). Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s).

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Ais city wire workshop may 2013hk amundifinal