Q1 2004

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Q1 2004
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Forward Looking Statement Disclosure

• This presentation includes forward-looking
  information, including statements related to
  future market trends effecting the contact lens
  industry, the supply of and demand for eye care
  practitioners, possible strategies and actions by
  the Company and its competitors and the Companys
  manufacturing costs.
• Actual results could differ materially from those
  discussed in this presentations.
• Detailed information concerning factors that
  could cause actual results to differ from those
  discussed in this presentation is available in
  the Companys filings with the SEC, including the
  sections entitled Risk Factors.
• The Company does not undertake to revise or
  update any forward-looking statements to reflect
  future events or circumstances.

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Ocular Sciences is...

• A leader in the 3.6 billion soft contact lens
  market
• The only major manufacturer to focus solely on
  the eye care practitioner
• Reducing product cost through innovative
  manufacturing
• Developing innovative new products
• Generating double-digit international sales
  growth
• Executing an earnings growth strategy

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2003 Worldwide Soft Contact Lens Market
Projected Growth Rate 2003 - 2007
2003 Total Revenue 3.6 billion
Source 2003 OSI Long Range Plan
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2003 Worldwide Disposable Soft Contact Lens
Market
of Sales in U.S. dollars by product category
Other
1-Day
Color
Toric
Weekly/Bi
Source 2003 OSI Long Range Plan
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Growth Rate Disposable Toric
2003 2007 Worldwide annual sales in millions
CAGR 17
Source 2003 OSI Long Range Plan
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Growth Rate Daily Disposable
2003 2007 Worldwide annual sales in millions
CAGR 10
Source 2003 OSI Long Range Plan
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Oculars Differentiating Qualities

• Comfort
• Handling
• Patient preference
• Revolutionary Toric design
• Natural lens coloring

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Superior Products Comfort

• Patented Low-Edge Apex Design
• Minimal Lens-lid Interaction

Ocular Sciences Low Edge Apex
Other Manufacturers High Edge Apex
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Superior Products Handling
Biomedics 55 UV

• Dry Cast Molding
• Enhanced Shape Retention
• Visual Acuity

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86 Patient Preference

• Acuity
• Comfort
• Handling
• Overall Performance

Results 86 of these patients preferred
Oculars lens over their current lens.
Independent clinical study evaluated
preferences among 289 patients.
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Revolutionary Biomedics Toric Design
Lens Surface Comparison

Sharp Surface
Smooth Surface
Competitive Brand
Biomedics Toric
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Revolutionary Biomedics Toric Design
Benefits

• Increased stability
• Improved visual acuity
• Consistent performance
• Greater comfort
• Ease of fitting
• Less chair time

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Toric Market Share
Source CLI
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Unique, Natural Biomedics Colors

• Clinically proven Biomedics 55 design
• No refit required for existing Biomedics 55
  wearers
• Proprietary ink technology/natural look
• Revising color offering
• Exclusive Cover Girl marketing agreement

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Innovative Marketing Strategy

• Direct to professional only distribution
• Customized product and branding by channel
• Competitive pricing
• Blue Chip customer base
• High patient retention
• International expansion

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Customized Branding by Channel

• Channel

Dispenser
Brand
Biomedics55/ Hydrogenics 60 Versaflex Polysoft
Ultraflex
Independent Practitioner Retail Optical Mass
Merchandiser
Dr. Smith
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Customized Branding

• Benefits
• Assures channel brand exclusivity
• Reduces possibility of price shopping
• Patients receive prescription that is brand
  specific
• Practitioners retain greater percentage of refill
  orders, increasing recurring revenue stream

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High Patient Retention

• Percent of patients returning to original
  prescribing practitioner

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Blue Chip Customer Base
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International Market Opportunities
Europe Low penetration rate Launch of Toric and
Color lenses Private label expansion Dailies


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Japan
International Market Opportunities

• Second largest contact lens market
• Acquired direct market presence
• Strong competitive position in daily regimen
  segment
• New manufacturing technology enhances competitive
  position
• Strong product pipeline

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Executing an Earnings Growth Strategy

• New product development
• International opportunities
• Drive domestic market share
• Lower manufacturing costs

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New Product Development

• Toric
• Enhanced spherical offering
• Silicone hydrogel
• Multi-focal

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New Product Timeline
9/93
6/01
8/02
Q2 04
Q1 05
Q3 05
6/95
6/99
Intro superior bi-weekly disposable sphere
38 Water content lens launched
Launch daily wear lenses in Japan
Launch superior disposable toric lens in U.S.
Launch superior disposable toric lens in Europe
Global launch improved sphere lens
Launch silicone hydrogel lens in Europe / Launch
multifocal lens in U.S. / Disposable toric lens
approved in Japan
Launch silicone hydrogel in U.S.
Target Over 25 of sales represented by
products introduced in the past 5 years
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International Growth
Annual sales in US dollars
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Geographical Sales
2000
2003
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Drive Domestic Market Share

• New product offerings
• Direct support for the ECP
• Focused sales organization

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Lower Manufacturing Costs

• Gen II technology delivers

• 20 of the labor
• one-third less the facility space
• 40 less production cost

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Lower Manufacturing Costs
Gen II technology timetable

• All daily disposables on Gen II by end of 2003
• 25 of weekly disposables on Gen II by end of
  2003
• 80 of high volume production levels by end of
  2004
• 20MM in product cost savings in 2004
• 40MM in annual product cost reductions by 2005

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Lower Manufacturing Costs
Annual unit production cost decrease
decrease
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Q4 2003 Financial Highlights
Revenue Up 19 - International up 31 -
Toric up 75 Gross Margin 55.6 Operating
Expense Down to 39.8 2003 Full Year Free
Cash Flow 34 million
Prior to Restructuring and Other Related Costs
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Balance Sheet Highlights (in millions)

• As of Dec. 31, 2003
• Cash 47
• Debt 16
• Equity 306
• Working Capital 126

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2004 Operating Model
Revenue 335 - 342 million Gross Margins 55.5
- 56.5 Operating Expense 39 - 41 Net
Income 43 - 44 million Earnings Per Share
1.72 1.75 Prior to Restructuring and Other
Related Costs
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Investment Considerations

• a leader in the 3 billion soft contact lens
  market.
• the only major manufacturer to focus solely on
  the eye care practitioner.
• reducing product cost through innovative
  manufacturing.
• generating double-digit international sales
  growth
• executing an earnings growth strategy