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The LCA-Vision Full Value Committee Commences Consent Solicitation to Elect New Board of Directors at LCA-Vision (Nasdaq: LCAV) and Sends Letter to Stockholders
Date:2/9/2009

Value Committee believes it should be obvious to all stockholders that the current Board has presided over disastrous operating and financial performance, poor capital allocation decisions and misguided business strategies. There can be perhaps no clearer indication of the failure of this Board and management team than LCAV's stock price. When Dr. Stephen Joffe stepped down as CEO of LCAV in February 2006, the stock was over $52 a share and the Company's market capitalization exceeded one billion dollars. In a three-year period, the current management team and Board have destroyed over 95% of stockholder value as the Company's market capitalization has plummeted to approximately $50 million. From market capitalization, revenues, same store revenues, procedural volume, national market share, or cash flow, sadly the story is the same, regardless of the financial or operating metric.

    The full text of the letter follows:

    February 9, 2009
    Dear Fellow Stockholders,

IT IS TIME FOR A CHANGE!

The existing LCA-Vision Board has overseen a dramatic deterioration in the Company's financial, operating and stock performance. We are seeking your support to replace the existing Board and senior management of LCA-Vision, Inc., who we believe have failed in their duty to protect and grow the value of your investment in the Company. They have presided over the loss of over $1 billion of stockholder value in just over 2 years - LCA-Vision's stock has tumbled from $32.71 per share on November 1, 2006 when Steve Straus was appointed CEO to just $2.75 per share on February 5, 2009, a gut-wrenching 92% decline.

Yet the Chairman of the Board stated in a letter to us as recently as December 10, 2008 that the Board does not agree with our description of the Company's condition as "dire" or its prognosis as "poor." Perhaps not for the directors and CEO Steve Straus who have very little of the
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SOURCE LCA-Vision Full Value Committee
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