Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 39

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 39
---
� Additionally, a large portion of the executives’ gains will be shielded from tax because the Merger Agreement provided for ta x g ross - ups 3 1. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 3. 2. Source: Id. at 61. See also the Company’s Press Release, February 11, 2025. 3. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 65.

CONFIDENTIAL © All rights reserved. Two Seas Capital LP INVESTOR PRESENTATION THE WRONG PRICE 04

Broadwood Partners, L.P. We Believe the Price Is Inadequate and Not a Reflection of Fair Value 53 ▪ The Proposed Merger values STAAR below the median of a group of comparable medical technology companies 1 ▪ We believe that these companies are more appropriate peers for valuation purposes than those chosen by STAAR’s financial advi sor , given their similar expected growth rates and margins 2 The Proposed Merger Values STAAR Below Comparable MedTech Companies… ▪ The deal’s multiple is substantially below STAAR’s historical multiples …The Company’s Historical Valuation Multiple… ▪ Historically, STAAR has traded at prices well above $30 per share …STAAR’s Historical Stock Price… ▪ The Proposed Merger price is well below historical analyst price targets for STAAR which, up until the Company released Q4 20 24 earnings in February 2025, had been well above $40 for several years …And Historical Analyst Price Targets ▪ STAAR’s stock price declined by approximately 50% during the 12 months prior to the announcement of the Proposed Merger, vers us a median change of +1% for targets of other all - cash transactions during the last 10 years 3 ▪ Companies trading poorly into an M&A negotiation receive greater premiums; the premium offered for STAAR, however, is substan tia lly lower than that of companies with similarly low stockholder returns prior to a sale ▪ STAAR’s expected growth and margins also support a significantly higher valuation multiple STAAR’s Trading and Expected Growth Should Have Inspired a Higher Premium ▪ When Alcon first emerged as a suitor in April 2024 with an offer to acquire the Company for $58 per share in cash, the Board con cluded that the Company’s standalone business