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The Concerned Shareholders of Biovail Say Biovail Has Misled Shareholders
Date:5/15/2009

nk Potter to the board of directors of Biovail. Mr. Haggis and Mr. Potter are two highly qualified and independent directors with strong financial and corporate governance backgrounds who will provide Biovail's Board with a new vantage point and with two directors unencumbered by the recent trials and tribulations at Biovail.

As has been previously stated by the Concerned Shareholders, the overriding emphasis of the current requisition is an improved Biovail, which includes a greater respect for corporate governance and an improved board of directors better equipped and aligned to create value for all shareholders.

The Board and management of Biovail continue to miss the point with respect to the purpose of the requisition which is exemplified by the following:

    Mr. Haggis and Mr. Potter - Proven Experience, a Respect for Governance
    and Independence from Management and Biovail's Largest Shareholder

The Concerned Shareholders are in agreement with one aspect of the recent press release and letter to shareholders issued by Biovail: Mr. Haggis and Mr. Potter have had notable careers and their business experience or ethics cannot be questioned. However, the Concerned Shareholders strongly disagree with the recent assertion that "neither of them fill a gap or satisfy a need in the current Board." This could not be further from the truth.

    -   If elected, Mr. Haggis and Mr. Potter would be independent actors on
        the Board who owe nothing to management or the Concerned Shareholders
        and they would bring a fresh vantage point to Board deliberations.

    -   They would also be unencumbered by Biovail's history which has
        included investigations by securities regulators, class action
        lawsuits (relating to timeframes with which current members of the
        Board were involved) and disputes with Biovail's founder.

    -   Their addition to the Boar
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SOURCE Concerned Shareholders of Biovail
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