JP Morgan 26th Annual Healthcare Conference

Michael O’NeillVice President & Chief Financial Officer

January 10, 2008

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Safe Harbor Statement

This presentation contains, in addition to historical information, forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that may cause such a difference include, but are not limited to, those described in the Company’s Annual Report on Form 10-K and other SEC filings.

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Mentor Corporation (NYSE:MNT)#1 Surgical Aesthetics Company in the World

PURTOX

Focused on Building a ‘Best in Class’ Aesthetic Medicine Brand

© Mentor Corporation

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Highlights

• Key player in cosmetic surgery through best-in-class worldwide distribution

• Growth opportunities in cosmetic surgery and minimally invasive aesthetics markets

• Investment in portfolio diversification directed to fast growing market segments

• Continued balance sheet strength from years of strong operating performance

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The Overall Aesthetic Medicine Market$2.2+ billion market worldwide with almost 6 million served in the US alone

US Procedures (1)’05-’06 US Proc.

Growth (1)Worldwide

Market Size (2)

Breast Augmentation 329,396 13% $650-700 million

$630-690 million

$450-500 million

$400 million

$40-65 million

$2.2-2.4 billion

Botulinum Toxin (3) 4,090,517 7%

Dermal Fillers 1,232,289 41%

Lipoplasty 302,789 Flat

Total ~ 6 million 12%

MD Skin Care NA NA

(1) Source: American Society of Plastic Surgery (ASPS), 2007(2) Management estimates as of March 31, 2007

(3) Represents cosmetic market only, or 45-49% of the overall botulinum toxin market

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Aesthetic Medicine: Cosmetic Surgery

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Aesthetic Medicine: Cosmetic Surgery A leader in the highest volume procedures

Top 5 Cosmetic Surgery Procedures in US in 2006 (1)

Procedures2005-2006

Growth Mentor’s Share

Breast Augmentation 329,396 13% ~55%

Rhinoplasty 307,258 3% -

Lipoplasty 302,789 Flat ~50%

Abdominoplasty 146,240 9% -

Blephorplasty 233,200 1% -

Source: American Society of Plastic Surgery (ASPS), 2007

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Current Business

• Breast Implant Surgery– 88% of Q2 2008 Sales– Full line of saline and silicone filled breast implants– Strong pricing trends due to silicone conversion– Mentor currently has approximately 55% share in the US and about

40% share worldwide

• Body contouring – 4% of Q2 2008 Sales– The world’s largest selection of lipoplasty equipment– Key to strategy of leadership in surgical aesthetics

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Trends in Current Business

$100

$150

$200

$250

$300

2001 2002 2003 2004 2005 2006

MN

T B

reas

t Rev

enue

(mm

)

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Tota

l Bre

ast P

roce

dure

s

MNT Implant Revenue12.5% CAGR

Total Procedures6% CAGR

What is the source of the procedure data ?

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Mentor’s Cosmetic Surgery Business

• US breast implant growth driven by 2 developments– Approval of MemoryGelTM silicone gel filled breast implants– Awaiting approval of Contour Profile shaped anatomic silicone gel

filled breast implants

• International breast implant business driven by organic growth and acquisition – Perouse Plastie acquisition in July 2007– Strong international growth rates in many regions of Asia and Latin

America

• Liposuction remains key to surgical sales effort

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• Mentor’s leading silicone gel filled breast implant line

• FDA Approval – November 2006– As of November 3, over 20,000 patients enrolled in the Post Approval

Study towards the goal of 42,900

• On track for 50% gel penetration rate by end of FY08

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• Mentor’s leading anatomic shaped silicone gel filled breast implants with PMA currently under review by the FDA

• Provides for additional projection in cosmetic and reconstruction applications

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• Recently acquired French based breast implant manufacturer and distributor

• Demonstrated success in the fragmented international competitive landscape, where distribution scale is key

• Strengthens OUS positioning• Key geographic markets ─ Europe, Latin America• Complementary product portfolio

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Aesthetic Medicine: Non-Surgical

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Aesthetic Medicine: Non-Surgical MarketStrategic R+D projects in the fastest growing segments

Top 5 Non-Surgical Cosmetic Procedures in 2006 (1)

ProceduresOverall Business Profitability (2) Mentor’s Answer

Toxin-A Injection 4,090,517 High Our Botulium Toxin A

Soft Tissue Filler(78% HA Injection) 1,232,289 Medium Puragen/+,

Prevelle/+, DGE

Chemical Peel 1,063,423 Low / Medium -

Micro-dermabrasion 816,774 Low -

Laser Hair Removal 887,039 Low -

(1) Source: ASPS, 2007(2) Per Mentor Management Estimates

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Non-Surgical Product Opportunities

• Botulinum toxin A represented a greater than $1.4 billion market in 2007– High margin product with room for competition– Anchor procedure for non-invasive facial rejuvenation– Mentor maintains cosmetic and therapeutic rights and is fully

vertically integrated

• Dermal filler represented a greater than $500 million market in 2007 with significant under-penetration– Multiple product lines in clinical/regulatory pipeline– Manufacturing agreement with the largest HA manufacturer

worldwide

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Botulinum Toxin Clinical Program

• Licensed IP via University of Wisconsin– Original developers of botulinum toxin

• Cosmetic indication clinical trial– Completed enrollment in Phase IIIa clinical trial, 6 month follow-

up complete by mid-March 2008– Start-up activities completed in Phase IIIb and IIIc, enrollment to

begin by the end of calendar 2007

• On-going Phase I dose escalation study for pain from torticollis / cervical dystonia– 3 investigational sites– Completion of enrollment by the end of fiscal year 2008

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Mentor’s HA Based Dermal Filler Line Upand Prospective Positioning

Mentor Portfolio Product

Duration Equivalency Target Markets

Prevelle Ex-US

US

Ex-US

US

WW

Prevelle Plus

Puragen

Puragen Plus

DGE

Mentor Product Characteristics

Collagen• Very good flow characteristics• Application for lips, fine lines• No anesthetic

Collagen• Very good flow characteristics• Application for lips, fine lines• Contains lidocaine

Restylane• Broad application• Lines, folds, deep plane• No anesthetic

> Radiesse• Deep furrows, lines, folds• Extended duration• Next generation HA

Restylane• Broad application• Lines, nasolabial folds, deep plane• Contains lidocaine

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Pipeline EventsO/U.S. Reg U.S. Reg

CY2007 Market Size

CPG Approved

Approved

Approved Europe/Canada

Prevelle Approved NA $450-500 M

DGE Estimated FY ’09 Estimated FY ’10

Prevelle Plus Estimated Q1 FY09 Estimated Q4 FY ’08

NA

Bot. Toxin-A Therapeutic NA Phase I Torticollis

Ongoing < $100 M (1)

PMA complete Sept ’06 Under Review TBD

Puragen NA

Puragen Plus Mid FY ’09

Bot. Toxin-A Cosmetic Phase III Ongoing $630-690 M

(1) Management estimates for the pain market associated with Torticollis

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Financial Highlights

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Shareholder Focus

• Share repurchase activity– Since April 2007, Mentor has repurchased almost 18% of our diluted

outstanding shares– Approximately 8.7 million shares at an average price of $41.40

• Dividend Increases– $0.80 annualized dividend per share yields > 2.0%– Dividend history – since June 2004 = 33% growth

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Summary Income StatementFiscal Year Ended March 31, LTM2005 2006 2007 9/30/2007

Revenue (1) $251.7 $268.3 $302.0 $336.6Gross Profit 187.2 199.1 224.5 253.2

Margin 74.4% 74.2% 74.3% 75.2%

SG&A 86.4 97.6 120.1 133.5R&D 25.2 29 35 41.9Operating Expense 111.6 126.6 155.1 175.4

Operating Profit 75.6 72.5 69.4 77.8Margin 30.0% 27.0% 23.0% 23.1%

Net Income (2) $42.8 $48.1 $57.6 $62.9Diluted EPS (2) $0.93 $1.01 $1.24 $1.42

(1) Revenue and all expenses are from continuing operations and therefore exclude revenue and expenses from the divested urology business.(2) Net Income and EPS exclude special one time charges related to restructuring and/orM&A/divesture activity.Source: Capital IQ

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Financial Strength to Execute Our Strategy

30-Sep-07Balance Sheet

Cash/Short Term Investments $101.8Other Short Term Assets 168.8Long Term Assets 127.3Total Assets $397.8

Current Liabilities $116.2Debt 150.0Other Long Term Liabilities 17.3Shareholders' Equity 114.3Total Liabilities and Sharedolders' Equity $397.8

Market Capitalization (1) $1,535.8Cash Available From Credit Facility $200.0

(1) Weighted average diluted shares from 10Q dated 9/30/07 and share price as of 1/4/08

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Guidance ~ August 5th

FY 2008 Guidance

$370-385 million

73-75%

39-41% of sales

12-14% of sales

~ 20% of sales

Tax Rate ~ 30%

$1.40-$1.45 on 42 million assumed shares

Sales

Gross Margin

SG&A

Operating Margins

EPS

R&D

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