Company: STAA
Filing Date: 2025-10-02
Form Type: DFAN14A
Source: 0001213900-25-095514
Chunk: 50

Company: STAAR SURGICAL CO
Filing Date: 2025-10-02
Form: DFAN14A
Chunk 50
---
 2 demonstrating STAAR’s strategic value to Alcon ▪ We do not believe STAAR’s long - term prospects have materially changed since then; we believe the uncompelling deal price reflects near - term market pessimism, and we are confident the Company can deliver value to stockholders far in excess of $28 per share ▪ The intrinsic value of management’s own plan, at an appropriate discount rate, far exceeds $28 per share ▪ STAAR’s Board chose to engage with just one counterparty – Alcon – conducting a quasi - exclusive process 2 despite a ready pool of logical and well - capitalized buyers that we believe would view STAAR as a highly strategic asset ▪ Worse, the Board made the decision to focus on Alcon despite being aware of expressed interest from other parties; these parties were not provided access and were only invited to submit proposals hours before the Merger Agreement was signed 2 ▪ The Board relied on what we regard 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

CONFIDENTIAL © All rights reserved. Two Seas Capital LP INVESTOR PRESENTATION APPENDIX A: Overview of Refractive Surgery Technologies 06

Broadwood Partners, L.P. Comparison of Refractive Surgery Technologies 72 SM