Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 35

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 35
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 Peer Analysis Is Also Flawed 47 3 STAAR’s financial advisor based a portion of its analysis on peers with much lower expected growth and margins Source: FactSet. Data as of September 23, 2025. Peer data refers to median. 1. STAAR 2025E and 2027E Revenue and 2027E Adjusted EBITDA based on management projections as disclosed in STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 61. 2. “Broadwood’s Comparable MedTech Companies” include Alcon AG, Alphatec Holdings, Inc., AtriCure , Inc., Axogen , Inc., DexCom , Inc., Establishment Labs Holdings, Inc., Glaukos Corp, Insulet Corporation, iRhythm Technologies, Inc., Penumbra, Inc., PROCEPT BioRobotics Corp., TransMedics Group, Inc. Vericel Corporation and Treace Medical Concepts, Inc. 3. “Citi’s Comparable Public Companies include AtriCure , Inc., Carl Zeiss Meditec AG, RxSight , Inc., SI - BONE, Inc. and Tandem Diabetes Care, Inc.

Broadwood Partners, L.P. Citi Fees for U.S. Public Company Sell - Side Transactions Announced in 2025 ($M) 2 We Believe the Process Was Rife with Material Conflicts 48 4 Citi’s desire for a transaction may have led to a biased and flawed sale process ▪ STAAR’s financial advisor was highly incentivized to support a transaction, in our view — Citi stands to receive approximately $27 million contingent upon closing of the Proposed Merger, in addition to the $4 million it received in connection with the delivery of Citi’s opinion to the Board 1 • This fee represents approximately 16% of Citi’s public company sell - side M&A fees for deals announced in 2025 2 — We believe the magnitude of this contingent fee and the prospect of a completed transaction were particularly influential at a time when Citi has been aggressively seeking to increase the market share and returns of its investment banking division 3 ▪ STAAR’s directors have very little experience overseeing public company M&A processes 4 and may have been particularly susceptible to Citi’s influence and desire for a transaction 1. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16,