Company: STAA
Filing Date: 2025-11-06
Form Type: PX14A6G
Source: 0001193125-25-269485
Chunk: 2

Company: STAAR SURGICAL CO
Filing Date: 2025-11-06
Form: PX14A6G
Chunk 2
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 proposal and the strength of the view
that selling the Company for $28 per share would deprive shareholders of fair value.

STAAR Shareholders Want to Hear from STAAR’s Board, not Alcon’s Board

After having reviewed Alcon’s presentation to STAAR shareholders issued on November 4, 2025, we are at a loss as to why
the STAAR Board is now effectively deferring to Alcon to promote the proposed merger and solicit votes from STAAR shareholders in favor of it, especially given that the Board was aware the Company would soon report results demonstrating business
momentum.

Given the positive performance of the business, STAAR’s shareholders should be hearing from STAAR’s Board, not Alcon’s Board.
After all, it is STAAR’s Board that owes fiduciary duties to STAAR shareholders. Alcon’s obligation is to its own shareholders, and it is consistent with those obligations to seek to acquire STAAR at the lowest price possible for Alcon.
Allowing Alcon to communicate to STAAR shareholders to solicit support for a sale of the Company has only underscored the credibility gap that now exists between STAAR’s Board and its shareholder base.

Selective Presentation of IQVIA Data

More concerning is
Alcon’s selective interpretation of IQVIA procedural data, which, as STAAR’s third quarter results indicate, mischaracterizes the current operating environment in China. While IQVIA aggregates significant data relevant to STAAR’s
markets, procedure volumes, adoption trends, and competitive dynamics, this data is not readily accessible to shareholders. To compensate for this information asymmetry between the Company and shareholders, we have urged STAAR to report its current
and historical in-market ICL sales volume from its distributors to end-customers (i.e., eye surgery providers). In our view, this data would show the health of
STAAR’s business in China from a demand perspective and would help put to rest management’s speculation about less optimistic trends for ICL in China.

In the absence of this data, STAAR shareholders are now being shown Alcon’s selective interpretation
of IQVIA’s data. When discussing China market trends (page 8 of “Alcon’s Perspective on STAAR Acquisition” investor presentation) — ostensibly to support the claim that “headwinds in China are structural, not
transitory” — Alcon omits LTM Q2 2023 as a comparable period. This omission masks, in our view, the actual dynamics of STAAR’s China business: