Company: STAA
Filing Date: 2025-11-06
Form Type: DFAN14A
Source: 0001213900-25-107231
Chunk: 3

Company: STAAR SURGICAL CO
Filing Date: 2025-11-06
Form: DFAN14A
Chunk 3
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 been making this point to shareholders until shortly before announcing the proposed merger with Alcon.

In sum, the Company’s third quarter results put into even sharper
relief the opportunistic nature of Alcon’s 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.

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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