US Field Trip Dallas - September 28, 2016 INTRODUCTION
HUBERT SAGNIÈRES
US Field Trip - September 2016 2 A Strong Mission is At the Heart of our Strategy
Improving Lives by Improving Sight
7.2 billion people worldwide
63% in need of vision correction
100% in need of vision protection
Source: Essilor – 2015 estimates
US Field Trip - September 2016 3 A Powerful Strategy to Capture All Growth Opportunities
PRESCRIPTION SUNGLASSES LENSES & READERS FAST-GROWING MARKETS 10-12% €12.7bn €10bn
3-4% 6-7% ONLINE €5.8bn 14% €5.8bn
~ €28.5bn 6-7%
Innovation Consumer Focus and Branding Partnerships and Acquisitions Business Interconnections
Size and growth of industry segments by 2018 / Prescription sun lenses are included in prescription lenses Fast-Growing Markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
US Field Trip - September 2016 4 On our Way to Reach our 2018 Ambition
Growth-Enhancing Innovation > €200m p.a. Branding > €200m p.a. Acquisitions
Breakdown of R&D expenses Breakdown of Essilor consumer
in the optical industry marketing expenses Prescription Lenses
Other Sun ~30 Industry c.25% Prescription Sunwear Players
~50 Online Essilor Online ~120 c.75% Fast-Growing Markets
Source: Essilor New Models
US Field Trip - September 2016 5 A Unique Combination Driving for Success
A powerful mission
Poor vision is the world’s A clear strategy largest disability Strong teams
Innovation & partnerships Entrepreneurial & global
Employees aligned with shareholders through employee shareholder program and Valoptec governance
US Field Trip - September 2016 6 USA: A Growing ~$40bn Vision Care Industry
Sell-out sales in USD billions 39.7
0.8 READERS 2.0 SURGERY 4.0 SUNGLASSES 4.6 CONTACT LENSES
5.9 EXAMS
9.6 FRAMES
12.6 LENSES
2009 2010 2011 2012 2013 2014 2015
Source: VisionWatch, Vision Council Consumer Barometer
US Field Trip - September 2016 7 Our Expansion in the USA Will Contribute to Achieving our Objectives Eyewear Biggest Market Underdeveloped Market Room for Expansion In Value
Expected growth in value Progressive Lenses(1) (CAGR 2015-2020, in %) 20 49% (1) Size proportional to 2015 39% Retail Value volume 30% 30m units India 15 ~$40bn
China USA France New Zealand China 10 Indonesia (1) Iran Antireflective Lenses Ethiopia Egypt Costa Rica Philippines Essilor 2015 Revenue Serbia Kenya Malaysia 95% Ghana Thailand across all business divisions Poland Turkey Lebanon Morocco 68% Greece Colombia Mexico SerbiaCroatia 5 Chile Nigeria Argentina Angola Ukraine Canada 39% Kazakhstan South Africa Russia Brazil UAE Saudi Arabia UK ~$3.2bn Ireland USA Norway SwitzerlandTaiwan France Denmark Finland Netherlands Spain Italy Japan 0 USA Spain China 0,2 0,5 1 2 5 10 20 50 100 200 Volume in 2015 (millions of lenses) Penetration of total lens industry (1) Source: VisionWatch, Vision Council Source: Essilor estimates Consumer Barometer Source: Essilor estimates, Estin & Co.
US Field Trip - September 2016 8 Many Recent Initiatives in Fast-Growing High-Value Segments
PRESCRIPTION LENSES SUNWEAR ONLINE
US Field Trip - September 2016 9 UNLOCKING US MARKET POTENTIAL
ERIC LEONARD US Field Trip - September 2016 10 Building Strong Leadership in the US
Revenue across all business divisions CAGR: ~12.5% ~$300m ~$1,100m ~$3,200m
1995 1996 2005 2007 2009 2010 2014 2015
Launch of Entry into the Acquisition of readers and Essilor Vision ECPs Alliances Foundation sunglasses Acquisition of Building of an unrivaled segment Gentex Optics network of local laboratories through partnerships Acquisition of Signet Armorlite Acquisition of Omega prescription Acquisition of laboratory Acquisition of Definity from J&J Entry intro the online channel Transitions Optical
US Field Trip - September 2016 11 A Market Dominated by Optical Laboratories
Consumer Segments
Alliances Online Non-Optical Retail Other Independent ECPs Retail Optical Chains Wholesale Optical Labs
Manufacturing Lens Manufacturers
Fastest-growing channels
US Field Trip - September 2016 12 Strong Independent Eye Care Professionals Served by a Fragmented Laboratory Network
INDEPENDENT ~32,000 LABORATORIES INDEPENDENT ECPs INNOVATION ROUTE
Full job delivery Open market (edge & mount) Delivery time High-end and branded Competitiveness products Local service etc. Strong loyalty to local Need for advanced labs technologies Room for flow Further room for streamlining consolidation
US Field Trip - September 2016 13 Optical Chains Looking for Tailored Solutions to Meet their Specific Needs
RETAIL CHAINS INTEGRATED LABORATORIES
Upstream margin
US-based manufacturing costs Risk of technology obsolescence
Branded & private label products
EXTERNAL SUPPLY Mid-tier positioning Up-to-date technology Resources allocation End-to-end supply chain offers Efficient sourcing needs Efficiency gains Business continuity Online development
US Field Trip - September 2016 14 An Unrivaled Supply Chain Serving ~40,000 Points of Sale
1 ~10,000 employees 1 1 1 7 . Over 1,000 in customer-facing 1 services 1 . ~120 in R&D 1 3 MA: 2 1 RI: 3 1 4 CT: 4 Dallas: 1 of 3 HQ & Innovation and 2 5 3 NY: 5 2 Technology Centers in the world 2 3 1 3 2 12 1 2 5 plants 2 2 4 4 6 4 distribution centers 4 3 scale effects and supply chain security 3 1 2 2
7 2 125 prescription laboratories 1 scale effects and local service 3 IMPORT FROM... …MEXICO …CHINA Headquarters # Prescription laboratories
3 1 Plants # Export prescription laboratories
Distribution Centers R&D facilities As of December 31, 2015
US Field Trip - September 2016 15 A Market Driven by Huge Consumer Needs
Favorable Demographics Evolving Consumer Needs Myopia Epidemic
Population growing above 1% Time on digital devices outstrips Highest prevalence in the 45y.+ growing the fastest TV/Radio/Print US vs. other regions 30 million people with vision Among <45y. it is 2-3X more, Expected to grow from 40% impairment still uncorrected with mobile quickly taking over today to 58% by 2050 Protection against harmful light already 4th largest consumer need
US Field Trip - September 2016 16 Significant Potential Remains in Key Lens Categories
Potential to replace bi/tri-focal Benchmarks suggest room with progressive lenses for growth in antireflective lenses
% of 45+ year-old population wearing progressive or bi/tri-focal lenses % of prescription wearers with antireflective lenses
80% UK France USA Spain 83
60% Germany 65 Canada
40% 39 Italy
20%
China
0% 50% 60% 70% 80% 90% 100% USA Canada Germany Progressive lenses share of progressive + bi/tri-focal lenses
Source: Essilor estimates
US Field Trip - September 2016 17 Meeting Consumer Needs with Superior Product Innovation
US Field Trip - September 2016 18 A Compelling Strategy to Better Tap Market Opportunities
Innovation Deployment Consumer Focus Trade Opportunities
Catch-up potential Education and awareness Supply chain capabilities Leveraging all group Branding Business interconnections networks Consumer insights via New retail players Continuous innovation online models
US Field Trip - September 2016 19 ENGAGING CONSUMERS
CARL BRACY
US Field Trip - September 2016 20 Engage Consumers with More Information and Education
Raising awareness of good vision and the available solutions
Tying the store into Essilor’s branded solutions
Teaching ECPs to build multiple categories and better meet consumer needs
US Field Trip - September 2016 21 “Think About Your Eyes” Awareness Campaigns Boosting Eye Exams and Demand
Exam growth has outpaced population growth since launch
TAYE campaigns go nationwide 2.8% 3.0% 2.0% 1.2% 1.2% 1.2% 1.1% 1.4% 1.6%
1.1% 1.1% 1.1% 1.0% 1.0% 1.1% 0.9% 0.9% 1.1%
2007 2008 2009 2010 2011 2012 2013 2014 2015 Eye Exam Growth Population Growth
US Field Trip - September 2016 22 Consistently Stepping Up Consumer Marketing
Consumer marketing budget on prescription lens brands
95-'00 01-03 03-11 12-13 14-15 2016
US Field Trip - September 2016 23
Educating and Guiding Consumers: Leveraging AllAboutVision.com
45 MILLION BRANDS & PRODUCTS CONSUMERS “I-WANT-TO-KNOW...” UNIQUE VISITORS (visual health & correction solutions)
Educate
Guide
Sales channels
Traffic Trend (in million) Traffic Mix
CAGR: 28% 45.0 27.7 83% Google driven 17.1 19.7 7.8 9.5 12.7 13.1 62% US visitors 60% mobile users 2008 2009 2010 2011 2012 2013 2014 2015
US Field Trip - September 2016 25 US Field Trip - September 2016 26 US Field Trip - September 2016 27 Engage Consumers with More Information and Education
Raising awareness of good vision and the available solutions
Tying the store into Essilor’s branded solutions
Teaching ECPs to build multiple categories and better meet consumer needs
US Field Trip - September 2016 28 Building Categories in a Professional Retail Environment
STEP 1 Consumer directed to trained offices Leveraging traditional media nationally Digitally directing consumers locally
STEP 2 Design the environment around the prescription Unparalleled team of sales representatives
STEP 3 Doctor trained to prescribe during the eye exam Lens packages to combine brands Opticians trained on “human speak” In-store environment designed around education
US Field Trip - September 2016 29 1 Guiding Consumers to our Preferred Partners
THE BRAND ESSILOR WEBSITE
POST-PURCHASE POINT OF SALES ECPECP LOCATORLOCATOR
US Field Trip - September 2016 30 1 Consumer Directed to Trained Offices
Traffic Spikes Banner Ads Dramatically Begin (Web 20%
Traffic Jumps)
15% Traditional Media Starts
Job per Day Growth
10% YOY Growth YOY
5%
0% October November December January February March April
Source: Essilor estimates
US Field Trip - September 2016 31 2 Helping ECPs to Promote In-Store Education
Blue Light Infographic Dispensary Mat
Brochure Holder & Brochures
Tabletop Cube
Poster Window / Door Cling
US Field Trip - September 2016 32 3 Accelerating Category Development Through Advanced Training Programs
Volume growth of key category brands
Double Office Protocol Trained accounts Digit (product and human speak consumer selling)
5%-8% Product trained accounts
0%-3% Untrained offices
Source: Essilor/Time lapse: first six months of 2016
US Field Trip - September 2016 33
DEEPENING RELATIONSHIPS WITH THE TRADE CHANNELS
ERIC LEONARD/DANIEL LIBERMAN/RICK GADD
US Field Trip - September 2016 34 New Opportunities Arise as Optical Market Segmentation Increases
Independent eye care professionals are capturing ever more value
Unlocking the full power of Sell-out figures in USD for spectacle lenses independent ECPs by leveraging Independent ECPs 50% alliances 2005 Optical Chains/Other 50% Tailoring solutions to increasingly diverse key accounts, including new entrants Independent ECPs 53%
2015 Optical Chains/Other 44% Leading the online channel, now the fastest-growing channel Internet ~3%
Source: VisionWatch, Essilor estimates
US Field Trip - September 2016 35 Reinforcing Our Proximity and Pricing Power in Relation to Independents
Optometrist office Optometrist office Ophthalmologist practices non-alliance member alliance member
~12,000 practices ~12,000 practices growing 10% p.a. ~8,000 practices Optical products represent 60%+ of 5 key alliances in the US market Optical products represent 10% of practice revenue Optical products represent 60%+ of practice revenue Key criteria for decision: lab practice revenue 5%-10% have subcontracted optical proximity, product innovation, Key criteria for decision: alliance management to third parties training, product quality and price preferred vendor, lab proximity, Trend toward mega-practice with product innovation, training, 20+ doctors marketing tool, new services, product quality and price
US Field Trip - September 2016 36 US Field Trip - September 2016 37 Alliance Members Represent More Than a Third of Total Independent ECPs in the US and Are Growing Fast
Building our Own Portfolio of ECP Alliances and Services
Largest network of independent optometrists in the world ~7,000 locations Fastest-growing alliance (PERC/IVA) ... and counting National alliance of multi-office eye care providers
US Field Trip - September 2016 38 Leveraging Key Services Platforms to Boost Value Creation with Independent Eye Care Professionals
Independents provide 69% of eye exams, but only 46% of prescription eyeglasses Accelerate category development and new (in volume) product penetration
Extend the product line (contact lenses, sunwear, readers, etc.)
Enhance conversion rate
Improve efficiency from manufacturers to PoS
Increase consumer reach
Source: VisionWatch a continuous consumer survey from The Vision Council (12 ME June 2016)
US Field Trip - September 2016 39 Capturing a Growing Portion of Independent ECP Business
Before 1995 1995-2015 2015 onwards
Lens Volume Lens Volume Lens Volume + Lab Services + Lab Services Essilor + Lens Categories Growth
The Industry + Integrated Services
US Field Trip - September 2016 40 Developing 2 Major Programs to Accelerate Growth
Supply chain 2.0 Aligning trade
Frame Dream Essilor Experts
Frame assortment Traffic building Delivery time Conversion Efficiency gains Category growth
US Field Trip - September 2016 41 Simplifying the ECP Supply Chain to Unlock Growth Potential
Stakeholders
Consumers
An end-to-end solution that brings significant value to all stakeholders Suppliers (Frames, Lenses) Data-driven product selection Drive efficiency + Enhance experience Optimal presentation in optical ECPs Simplified product ordering
Fast & predictable fulfillment
US Field Trip - September 2016 42 43 Building an Essilor Experts Network to Push Key Lens Categories
Train ECPs to increase conversion & category development
Display Essilor merchandising in offices
Leverage consumer advertising to drive consumers to loyal Essilor ECPs
Increase sourcing of Essilor brands
~1,000 ECPs enrolled so far
US Field Trip - September 2016 44 Consumer Media Driving Consumers to Essilor Experts
“I had a patient come in the other day asking about Varilux. He said he found the practice on the Varilux website after seeing a commercial and that my practice was listed as an Essilor Expert. So he drove 15 miles out of his way to come into my office instead of several others that were actually closer.”
Dr. Salatini Niguel Summit Optometry
US Field Trip - September 2016 45 46 An Evolving Retail Structure Fueling Future Growth: Tailoring Solutions to Key Accounts
Consumer needs and expectations continue to increase . A more educated consumer . Expecting improved convenience, access, flexibility and choice . Creating opportunities for growth for Essilor with consumer brands, effective supply chain and online solutions
Emergence of new players and new entrants . Foreseeable development of non-optical retailers to increase product accessibility for the people . Essilor providing turn-key solutions including practice management capabilities
US Field Trip - September 2016 47 Serving Large Retailers with All of the Group’s Capabilities
From traditional product supply...... to bespoke business solutions
Lens and coating solutions for major Brands: retailer laboratories . Transitions, NikonEyes, Kodak, Edging & mounting Eyezen, etc. Other Group assets: . Marketing support . Satisloh Technology solutions for: . Instruments . Labs . In-store labs . FGX . POS and IT solutions Higher level of supply chain integration . Sun . … Online solutions
US Field Trip - September 2016 48 Developing New Solutions to Increase Value Creation with Top US Retailers
Largest optical retailer by volume in the USA Quality products at affordable prices: Critical growth for Walmart: ® . NikonEyes®: Fastest-growing optical brand . 28% Transitions penetration with Walmart through brand support, high . High antireflective penetration quality products and superior lab services Traditional relationship through long-term . Support from Mexican export laboratories supply agreements for lenses and coating . Complete support of Walmart.com online New: Business continuity contract for USA vision store through Essilor creating new value Emerging opportunities: Future: Expand business continuity model Deeper integration of supply chain and lab globally services
US Field Trip - September 2016 49 Developing Integrated Supply Chain Offerings for New Entrants
Integrated Supply Chain & Optical Services Model including:
. Lens & Lab Services . Contact Lenses . Optical Accessories . Frame Distribution . IT infrastructure Solutions . OD/Exam Equipment
Products and Services In-Store Experience Solution Development
Sales strategy & dispensary Simplify process through Merchandising support training “one box” solution Vendor alignment In-store marketing support IT integration from store through to supply chain Integrated supply chain Frame optimization Customer support Analytics and reporting
US Field Trip - September 2016 50 UNIQUELY POSITIONED TO WIN IN THE ONLINE SPACE
ROY HESSEL
US Field Trip - September 2016 51 An Appealing Model to Unlock the Untapped Potential of the Myopia Segment
Incremental volumes Trade-up
Convenience Higher penetration of anti-reflective/ photochromic/thin lenses for single vision Choice
Multi-pair Greater appetite for added- Better margins per consumer value lenses… Base 1 = Essilor lens business’ Replacement & renewal rate Average penetration rate estimated contribution margin per of antireflective lenses consumer Consumers who 100% x5 like to purchase …with higher appetite …and who re-trade faster outside of for multi-pairs… x2 business hours Number of purchase over a 3- 39% Average pairs per order year period 1 1.4 ~4 ≥1 Coastal.com USA Essilor Lens EyeBuyDirect FramesDirect Business 1/3 of ~1 sales US market prescription eyeglasses
EyeBuyDirect Worldwide EyeBuyDirect Worldwide Key profitability drivers: order size, integrated supply chain, marketing efficiencies for customer acquisition, loyalty and product mix
US Field Trip - September 2016 52 Online is the Fastest Growing Channel in Optical Retail
Online channel to capture more than half of optical retail growth in developed markets by 2020
Global online optical 15.6 retail (in € billions) World 2009 - 2025 9.7
3.6 1.7
2009 2014 2020e 2025e Position of online in total optical retail (as a %) 3% 4% 10% 14%
Around 5% in Source: Euromonitor, Estin & Co estimates and analysis the USA
US Field Trip - September 2016 53 A Highly Fragmented Channel with Different Business Models at Work
Different type of players & price points Together they sell:
Mono-brand sites (e.g. Costa, Ray-Ban), Prescription products Traditional retailers (Costco, NVI, WalMart, etc.) . 70% contact lenses Mono-product & multi-product sites . 30% eyeglasses (e.g.Coastal) Non-prescription products 2015 value share in North America . Readers Marketplaces . Sunwear <5% Brands ~15% 60% Direct pure players Click & mortar ~25% (retailers)
US Field Trip - September 2016 54 Essilor is the Global Leader in the Online Eyeglasses Segment
Eyeglasses is the fastest-growing category Unique global footprint
PROPORTION OF ONLINERETAIL BY
(
asa
% of %of total sales, in volume)
PRODUCT
TIME
(in years since introduction)
US Field Trip - September 2016 55 3 Online Optical Segments
Mono-brand Value Large mid-range Large high-end (mid-range private label branded offering branded offering or high-end)
Eyeglasses, Eyeglasses, Sunwear, Eyeglasses, Sunwear Sunwear, Readers Sunwear Contact lenses
Mostly private label All optical products Designer frames Mono-brand products “under one roof” and sunglasses websites Entry-level price at Large portfolio of $6 per pair incl. exclusive third Premium prices Hybrid retail and single vision lenses, party brands, online model average price at $45 designer frames Superior service and contact lenses Limited number of Fair number of references references Strong focus on cross-selling
US Field Trip - September 2016 56 Leader in the US Value Segment
Founded in 2006 Highlights & key figures . Annual growth rate of 30%-40% since 2013 . Over 1 million visitors per month . 1 million customers in the database . Highest conversion rate among pure players . First to offer blue-light filtering and Eyezen™ lenses online Products . Eyeglasses: 1,000 frames to choose from, starting at $6, RFLKT brand launched in 2015 . Lenses: single vision, digital screen protection . Sunglasses: majority sold with prescription, >300 sunglasses, average price $39
US Field Trip - September 2016 57 Leader in the US Premium Segment
Founded in 1996 by two optometrists Highlights & key figures . #1 online retailer in the US for premium eyewear . First website to offer prescription glasses online . Over 1 million customers . Largest selection of designer frames: over 250 brands available Products . Branded frames . Lenses: single vision, digital screen protection, progressive . Branded sunglasses . Contact lenses
US Field Trip - September 2016 58 Has the Biggest Potential in the Mid Segment
Founded in 2000 Highlights & key figures . One of the largest online contact lens retailers in the US . ~3 million visitors per month . Over 2 million US customers in the database Products . Eyeglasses: third-party and exclusive brand frame styles. Leading exclusive brands include Derek Cardigan, Joseph Marc and Kam Dhillon . Lenses: mostly single vision lenses including Kodak® digital screen protection and Transitions® + some progressive lenses . Sunglasses . Contact lenses: over 15,000 SKU’s. All leading brands (Acuvue, Alcon, CooperVision and Bausch & Lomb)
US Field Trip - September 2016 59 New Consumer Experience at Coastal™ with MyFit
MyFit – easy and simple experience New RX flow Widest lens and frame selection
House of ‘exclusive’ brands A fast fashion experience Just launched in August…
US Field Trip - September 2016 60 Leveraging Core Competitive Advantages to Enhance User Experience and Trust
Superior knowledge Dedicated Brand & product in optics supply chain portfolio
Credibility Quality and reliability of Access to known Global perspective (and service consumer brands ambition) Economies of scale First to market on Access to innovation Flexibility, scalability innovations
US Field Trip - September 2016 61 A Unique Multi-channel Strategy Delivering Double-Digit Growth…
2015 Online Revenue in the US: ~$96m, up 11%
14% 29%
28%
29%
US Field Trip - September 2016 62 Potential Game Changer: Refraction Technologies to Further Boost Online Penetration
Smart refraction . Portable . Accurate . Comprehensive . Trustworthy . Convenient
Full purchase cycle (from exam to order) will be possible online . Technology acquisition . Partnerships: Essilor’s open contest for innovative refraction applications
The tipping point could be reached in the next 2-3 years
US Field Trip - September 2016 63
Key Takeaways & Next Steps
In a nutshell Our priorities
Key channel to address growing myopia Maintain current momentum of our Higher margin per consumer winners Technology-related inflection point Meet the potential of the mid-range segment Essilor global leadership is based on: Focus on synergies and value creation . Innovation . Supply chain Embrace and deploy game changing . Multi-channel strategy technologies
US Field Trip - September 2016 64 Thank you Visit us today at: eyebuydirect.com
coastal.com
framesdirect.com
65 Speakers’ Biographies Speakers’ Biographies
Eric Leonard President, Essilor of America, Inc. Eric started at Essilor in 2002 as Chief Procurement Officer. Most recently, he held the role of President, Europe Region where he was responsible for all European countries. Prior to joining Essilor, he worked for BCG Consulting and Peugeot.
Carl Bracy Chief Marketing Officer, Essilor of America, Inc. Carl Bracy joined Essilor of America in 2004, as Vice President of Marketing. Bracy received his undergraduate degree in psychology and economics and his Master of business administration in marketing and finance from the University of Michigan. He was promoted to senior vice president of marketing and new business and then recently to his current position. Prior to joining Essilor, he held positions with Procter & Gamble, Verizon, and TXU Energy.
Rick Gadd Senior Vice President Key Accounts, Essilor of America, Inc. Rick Gadd joined Essilor in March 2011 as Senior Vice President Key Accounts and manages the Integrated Health Management Systems and retail businesses. Gadd obtained his Bachelor’s degree and his BBA in marketing and finance from York University in Toronto, Canada. Prior to Essilor, Gadd spent over 20 years with Motorola where he progressed through several roles including sales, key account management, marketing, product development and general management. In his last role with Motorola, Gadd held the position of Vice President and Sales General Manager.
US Field Trip - September 2016 67 Speakers’ Biographies
Roy Hessel President and Chief Executive Officer, Clearly Group Roy is the President and Chief Executive Officer of the Clearly Group. He has been a pioneer of online optical since he founded EyeBuyDirect in 2005 with the ambition to make vision correction globally accessible. Roy’s vision was made possible by joining with the Essilor Group in 2012, and he now leads the world’s largest online optical group that provides access to product and education to vision consumers worldwide. Roy was recently recognized by the World Economic Forum as a Young Global Leader of 2016. He is a graduate of the Harvard Business School OPM program.
Daniel Liberman Senior Vice President Strategic Initiatives, Essilor of America, Inc. Daniel joins us from Samsung where he held the position of Vice President and General Manager, National Retail where he was responsible for the national retail sales organization. Prior to Samsung, Daniel held several senior level positions with Radio Shack in the retail services, strategic initiatives, procurement, merchandising and national retail areas. Prior to Radio Shack, Daniel was a restructuring attorney with Skadden, Arps, Slate, Meagher and Flom. Daniel’s educational background includes a Bachelors’s Degree from Stanford, a Master of Science from the University of Bath and a Law Degree from the University of Michigan.
US Field Trip - September 2016 68