Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 45

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 45
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BITDA ($M) The Price Is Well Below Alcon’s Prior Offers (Continued) 62 6 The Board was convinced STAAR was worth more than $58 per share in April 2024, even though the Company’s prospects were not meaningfully different than they are today ▪ Alcon first emerged as a potential suitor for STAAR in April 2024, offering $58 per share in cash 3 — The Board concluded that the Company’s standalone business plan represented the best path forward and determined not to engage further with Alcon 3 ▪ At that time, consensus estimates projected STAAR would deliver Adjusted EBITDA of $95 million and $114 million in 2026 and 2027, respectively ▪ Now, the Board has concluded STAAR is only worth $28 per share, despite a similar forward forecast 1. Source: FactSet. Data as of April 19, 2024, the day STAAR’s CEO communicated to Alcon’s CEO that STAAR would not be engaging in further discussions with Alcon and would instead continue to execute its standalone business plan. 2. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 61. 3. Source: Id . at 36. $95 $114 $139 $86 $113 $130 2026E 2027E 2028E Consensus Estimate at the Time of Alcon's Initial Approach (April 2024)¹ Management Projection (August 2025)² The Board turned down $58 as too low now but now believes $28 is a fair price, even though 2027E and 2028E projections have not changed meaningfully Which time was the Board right?

Broadwood Partners, L.P. The Price Is Well Below Alcon’s Prior Offers (Continued) 63 6 Alcon reduced its offer by more than 50%, even though STAAR’s growth and margin profile had improved 1. Source: FactSet. Data as of October 29, 2024, the day Alcon’s CEO sent STAAR’s CEO a letter proposing to acquire STAAR for $5 5 p er share in cash plus a contingent value right worth up to $7 per share. 2. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 61. 15% 16%