Company Press Release

NEW YORK - First Eagle Funds and its investment adviser, Arnhold and S. Bleichroeder Advisers, LLC, reported that Matthew McLennan, 39, and Abhay Deshpande, 38, will join Jean-Marie Eveillard as Portfolio Managers of First Eagle U.S. Value Fund.

According to John P. Arnhold, president of First Eagle Funds, “Matt and Abhay have worked together for the past several months and have developed a strong working partnership with Jean-Marie. Our U.S. Value Fund has been given much attention recently, and we believe that the time is now right to formalize their roles. Matt and Abhay have a keen eye for value which will bode well for our fund.”

The New First Eagle U.S. Value Fund Portfolio Managers

Matthew McLennan

Matthew McLennan is the Portfolio Manager for the First Eagle Global, Overseas and U.S. Value Funds and Leader of the Global Value Team.

Mr. McLennan grew up in Queensland, Australia, receiving his Bachelor of Commerce with first-class honors from the University of Queensland. He currently holds the Chartered Financial Analyst (CFA) designation.

He started his career with Queensland Investment Corporation in 1991, where he managed over $1 billion in international equity portfolios. In 1994, Mr. McLennan joined Goldman Sachs in Sydney, where he worked for a year before moving to New York to join Goldman Sachs Asset Management’s (GSAM) U.S. Value Team as a Small Cap Research Analyst. In 1997, he was appointed Portfolio Manager and at the end of 1998, Senior Portfolio Manager and Co-Portfolio Manager of the U.S. Small Cap and U.S. Mid Cap Value strategies.

In 2001, Mr. McLennan co-founded and was named Equity Chief Investment Officer of an investment strategy group for Goldman’s private client business and became a Managing Director of the firm in 2002. In 2003, he moved to London to become Co-Founder of GSAM’s Global Equity Partners and Senior Portfolio Manager of a focused global equity portfolio for the firm’s private wealth management clients. The portfolio used a value-driven approach with an absolute return focus that emphasized low turnover, downside protection and risk aversion.

Abhay Deshpande

Abhay Deshpande is Portfolio Manager of First Eagle Overseas and U.S. Value Funds and Associate Portfolio Manager of the Global Fund. Mr. Deshpande joined Arnhold and S. Bleichroeder Advisers in 2000.

A graduate of the University of Louisville, he holds the Chartered Financial Analyst (CFA) designation. He spent three years as a research analyst with Harris Associates, advisers to the Oakmark International Fund and other international and global products, and was also an analyst for Morningstar. Mr. Deshpande was a senior member of the research group of the First Eagle Global Value Team and covered the energy, base metals, retail, media and technology industries during his tenure.

The First Eagle family of funds, with approximately $25 billion in assets, includes First Eagle Global, Overseas, U.S. Value, Gold, Overseas Variable and First Eagle Fund of America. The Funds are advised by Arnhold and S. Bleichroeder Advisers, LLC and are distributed by First Eagle Funds Distributors. For more complete information about the Funds, including charges and expenses, obtain a prospectus by calling (800) 334-2143.


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