Q&A at the Conference Call for Analysts and Institutional Investors Concerning the Acquisition of Drunk Elephant Holdings, LLC (Summary)
(WorldNews Japan)

October 10, 2019 Shiseido Co., Ltd. Q&A at the Conference Call for Analysts and Institutional Investors Concerning the Acquisition of Drunk Elephant Holdings, LLC (Summary) Attending: Masahiko Uotani, President and CEO Michael Coombs, Corporate Officer, CFO Q) The acquisition price appears quite high. When will ROIC exceed capital costs? What effect do you expect Drunk Elephant`s leveraging of Shiseido`s platform to have on its future sales growth? A) We used various valuation methods to verify the acquisition price ahead of acquisition. We also made comparisons with other transactions as well as our own DCF calculations. We are satisfied with the price that was ultimately agreed upon...