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

voting which is a detriment to shareholders and applies equally to both the Concerned Shareholders and Biovail.

This situation is not unprecedented in Canadian proxy contests and the Concerned Shareholders had on several occasions asked Biovail how the election of directors would be handled at the meeting but were rebuffed by Biovail on each occasion. The Concerned Shareholders would have preferred to avoid a proxy contest for the election of directors.

It should be noted that upon being advised of the technical shortcoming, the Concerned Shareholders made a significant effort to have the issue corrected and they explored other voting alternatives for shareholders to no avail. The Concerned Shareholders hope that this technical shortcoming is quickly addressed for future situations.

The Governance Resolutions

The Board and Management of Biovail have wasted countless pages and costly hours attacking the resolutions set out in the February 25, 2009 requisition.

    -   Biovail has implicitly acknowledged that indeed there were governance
        shortcomings as evidenced by the adoption of, on the eve of
        finalizing its proxy circular, key features of the reforms outlined
        by the Concerned Shareholders in the resolutions, being (i) majority
        voting, (ii) shareholder approval of dilutive transactions and (iii)
        double-trigger employment agreements.

    -   Had Biovail intended to implement these reforms, why did they wait
        until April 30, 2009 to make these announcements instead of
        approaching the Concerned Shareholders to see if a compromise could
        have been agreed upon?

    -   Upon the announcement of these reforms the Concerned Shareholders
        were satisfied that those resolutions had served their purpose and
        they announced they would no longer proceed forward with the
        proposals - a compromise would have been
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SOURCE Concerned Shareholders of Biovail
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