Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 6

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 6
---
 as a flawed and manipulated fairness opinion, which used management projections that were revised downward at the last minute to cast a more pessimistic outlook on the business and unreasonable discount rate assumptions 2 ▪ We are concerned that the Board’s numerous business entanglements with Alcon and management’s personal financial interests influenced the timing, process and decision to sell ▪ In our view, there is no need to sell the Company now, as fundamental performance has been on the upswing ▪ That said, the refractive surgery market has been experiencing a period of softer demand, stemming largely from weakened consumer sentiment ▪ STAAR has not been immune to these near - term headwinds, and its challenges have been compounded by transitory inventory issues in China, 1 the Company’s largest market, which led to a significant decline in the Company’s stock price and the departure of the former CEO in Q1 2025 ▪ There are encouraging signs that STAAR’s challenges are abating: the Company’s inventory issues in China have been resolved, and management is forecasting a return to growth and profitability over the coming months 2 ▪ Given such evident progress and the prospect of material improvement to STAAR’s business fundamentals, we see no reason why stockholders should accept a sale of the Company now, especially one priced near multi - year lows GREEN 1. Source: FactSet, STAAR Press Release, February 11, 2025. 2. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025.

CONFIDENTIAL © All rights reserved. Two Seas Capital LP INVESTOR PRESENTATION THE WRONG TIME 02

Broadwood Partners, L.P. Now Is the Wrong Time to Sell STAAR 10 STAAR’s Near - Term Headwinds Are Abating and Its Prospects Remain Strong STAAR Has Been Facing Temporary Tactical Challenges ▪ Despite these near - term challenges, there is no sign that STAAR’s long - term opportunity is fundamentally impaired ▪ STAAR’s recent actions to replace its former CEO, restructure the management team, reduce its expenses and form a Board committee dedicated to capital allocation have helped strengthen the business ▪ The Company worked with its Chinese distributors to absorb excess inventory and, as of the end of the second quarter, inventory had returned to historical levels; STAAR now expects its China revenue to “normalize in the second half of fiscal 2025,” 1 and we believe the forthcoming launch of the Company’s EVO