Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 31

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 31
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 on a timeline similar to the timeline Alcon was prepar ed to pursue…”). Target Acquirer

Broadwood Partners, L.P. Net Sales ($M) 1 Management Abruptly Lowered Its Projections, Seemingly to Justify the Deal 42 3 Management produced a more conservative set of projections for the Company’s financial advisor to use in its fairness opinion ▪ In early July 2025, STAAR’s management team began working on multi - year financial projections to inform Citi’s fairness opinion 2 — Management presented those projections to Alcon on July 23, 2025 3 ▪ However, sometime between July 23 and August 2, the management team revised its projections downward 4 — The Company’s proxy statement does not explain why the initial July projections were revised or what new developments or knowledge caused them to become “stale” less than two weeks after they were presented to Alcon as being reliable ▪ The revised projections presented a significantly more pessimistic view of the Company’s prospects 1 — The revised projections contemplated materially lower net sales and Adjusted EBITDA in 2026 and 2027 — These more conservative projections were seemingly not shared with Alcon but were ultimately used in Citi’s fairness opinion to justify the proposed purchase price (3%) ∆ (12%) ∆ (12%) ∆ (20%) ∆ 1. Source: STAAR proxy statement on Form DEFM14A, filed with the SEC on September 16, 2025 at 61 - 62. 2. Id . at 41. 3. Id . at 44. 4. Id . at 45. $256 $350 $428 $260 $340 $375 2025P 2026P 2027P Initial (July) Management Projection Revised Management Projection $7 $98 $142 $9 $86 $113 2025P 2026P 2027P Initial (July) Management Projection Revised Management Projection Adjusted EBITDA Unburdened by Stock - Based Compensation ($M) 1

Broadwood Partners, L.P. Terminal Value of Unlevered Free Cash Flow ($M) Revised Projections Led to a “Perfect” DCF to Justify the Deal 43 3 The revised, pessimistic projections resulted in a materially lower valuation range for STAAR 1. Values estimated by replicating Citi’s discounted cash flow model and assumptions, based on the disclosures in STAAR proxy st