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

d would logically assist with Biovail's new direction and path forward.

Clearly these are needs and gaps on the Board that need to be addressed and they would be addressed by the addition of Mr. Haggis and Mr. Potter.

With respect to corporate governance, the incumbent Board relies upon the recent governance reforms, adopted in the face of a proxy fight, as demonstrating that all is fine. However, the Concerned Shareholders point to these recent reforms as validating their belief that improvements were and continue to be necessary. If elected, Mr. Haggis and Mr. Potter would bring a practical and genuine commitment to corporate governance and executive compensation at Biovail, a need which also fundamentally needs to be addressed.

Regarding Mr. Haggis and Mr. Potter Biovail has recently stated "they have no experience in the pharmaceutical industry, or with Biovail's New Strategic Focus" and "they appear to have limited business experience in the United States."

One must fairly point out that these issues do not seem to be a concern for Biovail in nominating Sir Louis Tull for election to the Board at this year's meeting. Sir Louis Tull apparently has no (or limited) experience in the pharmaceutical industry and apparently has no business experience in the United States.

With respect to Mr. Haggis' and Mr. Potter's experience in the United States (i) Mr. Potter served for nine years at the The World Bank in Washington and has a wealth of international business experience and (ii) Mr. Haggis worked for both MetLife and Citibank where he travelled frequently to the United States and from 1993 to 1995 he was part of MetLife's Strategic Research Group ("SRG") where he worked out of MetLife's headquarters on Madison Ave. in New York while living in New Jersey. The SRG was responsible for MetLife's worldwide initiatives, although at the time it was primarily focused on U.S. issues, including health care. This e
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SOURCE Concerned Shareholders of Biovail
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