- Authorization to convert shares to euros and increase share capital by twelve hundred million Icelandic kronas Reykjavik, Iceland, 09 February 2007 ? Actavis Group (ICEX: ACT), the international generic pharmaceuticals company, today announces that a shareholders' meeting held here today has authorized the board of the Company to convert the Company's Class A shares from ISK to EUR. The proposal was approved with all votes in Class A and Class B, attended for at the meeting. The conversion is permitted by sub-paragraph 4 of Article 1 of the Act No. 2/1995 on public limited liability companies. The conversion shall be made in accordance with the Act No. 3/2006 on Annual Accounts, cf. sub-paragraph 5 of Article 1 of the Act No. 2/1995 on public limited liability companies. In addition, the Board shall be authorized to make the necessary amendments to the Company's Articles of Association reflecting the conversion, including with respect to amounts specified in Article 2 effected by the conversion. If the conversion is approved by the Board of Directors, the nominal value of each share will be EUR 0.01. The shareholders' meeting also authorized the Board of Directors is to increase the Company's share capital in Class A by a nominal value of up to ISK 1,200,000,000 - twelve hundred million Icelandic kronas - nominal value in relation to the funding of the acquisition of shares in other companies. The proposal was approved with all votes in Class A and Class B, attended for at the meeting This authorisation remains valid for one year as of the approval thereof. The new shares shall confer rights as from the date of registration of the share capital increase. The Board may decide that payment for the new shares may be made in a form other than cash. The shareholders shall not have pre-emptive rights to subscribe for the new shares. For more information, please contact Halldor Kristmannsson, Director of Corporate Communications, tel. +354 535 2325, +354 840 3425, email: hkristmannsson@actavis.com About Actavis Group Actavis is one of the world's leading generic pharmaceutical companies specializing in the development, manufacture and sale of generic pharmaceuticals. Based in Iceland, the company has operations in more than 30 countries, with over 10,000 employees. The company's market cap is approximately EUR2.9bn (US$3.6 billion) and it's listed in the Iceland Stock Exchange. Information in this press release may contain forward-looking statements with respect to the financial condition, results of operations and businesses of Actavis. By their nature, forward-looking statements and forecasts involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from that expressed or implied by these forward-looking statements. These factors include, among other things, exchange rate fluctuations, the risk that research and development will not yield new products that achieve commercial success, the impact of competition, price controls and price reductions, the risk of loss or expiration of patents or trade marks, difficulties of obtaining and maintaining governmental approvals for products, the risk of substantial product liability claims, exposure to environmental liability.