<div id="readability-page-1"><div>RNS Number : 8072M Morgan Stanley Europe SE 24 December 2025 FORM 38.5(b)(EPT/NON-RI)IRISH TAKEOVER PANELOPENING POSITION DISCLOSURE/DEALING DISCLOSUREUNDER RULE 38.5(b) AND RULE 38.6 OF THE IRISH TAKEOVERPANEL ACT, 1997, TAKEOVER RULES, 2022 BY A CONNECTEDEXEMPT PRINCIPAL TRADER WITHOUT RECOGNISEDINTERMEDIARY STATUS, OR WITH RECOGNISED INTERMEDIARYSTATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY1. KEY INFORMATION<div><table><tbody><tr><td>(a) Name of exempt principal trader:</td><td>Morgan Stanley Europe SE</td></tr><tr><td>(b) Name of offeror/offeree in relation to whose relevant securities this form relates:Use a separate form for each offeror/offeree</td><td>Avadel Pharmaceuticals plc</td></tr><tr><td>(c) Name of the party to the offer with which exempt principal trader is connected:(Note 1)</td><td>Avadel Pharmaceuticals plc</td></tr><tr><td>(d) Date position held/dealing undertaken:For an opening position disclosure, state the latest practicable date prior to the disclosure</td><td>23 December 2025</td></tr><tr><td>(e) In addition to the company in 1(b) above, is the exempt principal trader also making disclosures in respect of any other party to the offer?If it is a cash offer or possible cash offer, state &#34;N/A&#34;</td><td>N/A</td></tr></tbody></table></div>2. INTERESTS AND SHORT POSITIONSIf there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2 for each additional class of relevant security.Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any) (Note 2)<div><table><tbody><tr><td>Class of relevant security: (Note 3)</td><td colspan="4">0.01 ordinary shares</td></tr><tr><td rowspan="2"></td><td colspan="2">Interests</td><td colspan="2">Short positions</td></tr><tr><td>Number</td><td>%</td><td>Number</td><td>%</td></tr><tr><td>(1) Relevant securities owned and/or controlled:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr><tr><td>(2) Cash-settled derivatives:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr><tr><td>(3) Stock-settled derivatives (including options) and agreements to purchase/ sell:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr><tr><td>Total:</td><td>0</td><td>0.00</td><td>0</td><td>0.00</td></tr></tbody></table></div>All interests and all short positions should be disclosed.Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.3. DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER(Note 4)Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.The currency of all prices and other monetary amounts should be stated.(a) Purchases and sales<div><table><tbody><tr><td>Class of relevant security</td><td>Purchases/ sales</td><td>Total number of securities</td><td>Highest price per unit paid/ received</td><td>Lowest price per unit paid/ received</td></tr><tr><td>0.01 ordinary shares</td><td>PURCHASES</td><td>3,791</td><td>21.5675 USD</td><td>21.5675 USD</td></tr><tr><td>0.01 ordinary shares</td><td>SALES</td><td>3,791</td><td>21.5675 USD</td><td>21.5675 USD</td></tr></tbody></table></div>(b) Cash-settled derivative transactions<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Product description e.g. CFD</td><td>N/A</td></tr><tr><td>Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position</td><td>N/A</td></tr><tr><td>Number of reference securities (Note 5)</td><td>N/A</td></tr><tr><td>Price per unit (Note 6)</td><td>N/A</td></tr></tbody></table></div>(c) Stock-settled derivative transactions (including options)(i) Writing, selling, purchasing or varying<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Product description e.g. call option</td><td>N/A</td></tr><tr><td>Writing, purchasing,selling, varying etc.</td><td>N/A</td></tr><tr><td>Number of securities to which option relates (Note 5)</td><td>N/A</td></tr><tr><td>Exercise price perunit</td><td>N/A</td></tr><tr><td>Type e.g. American, European etc.</td><td>N/A</td></tr><tr><td>Expiry date</td><td>N/A</td></tr><tr><td>Option money paid/ received per unit</td><td>N/A</td></tr></tbody></table></div>(ii) Exercise<div><table><tbody><tr><td>Class ofrelevantsecurity</td><td>N/A</td></tr><tr><td>Productdescription e.g. calloption</td><td>N/A</td></tr><tr><td>Exercising/exercisedagainst</td><td>N/A</td></tr><tr><td>Number ofsecurities</td><td>N/A</td></tr><tr><td>Exerciseprice perunit (Note 6)</td><td>N/A</td></tr></tbody></table></div>(d) Other dealings (including transactions in respect of new securities)<div><table><tbody><tr><td>Class of relevant security</td><td>N/A</td></tr><tr><td>Nature of dealing e.g. subscription, conversion, exercise</td><td>N/A</td></tr><tr><td>Details</td><td>N/A</td></tr><tr><td>Price per unit (if applicable) (Note 6)</td><td>N/A</td></tr></tbody></table></div>4. OTHER INFORMATION(a) Indemnity and other dealing arrangements<ul><li>Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state &#34;none&#34;</li><li>NONE</li></ul>(b) Agreements, arrangements or understandings relating to options or derivatives<ul><li>Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.</li><li>NONE</li></ul>(c) Attachments<ul><li>Is a Supplemental Form 8 attached?</li><li>NO</li></ul><div><table><tbody><tr><td>Date of disclosure:</td><td>24 December 2025</td></tr><tr><td>Contact name:</td><td>Claire Gordon</td></tr><tr><td>Telephone number:</td><td>+44 141 245-8893</td></tr></tbody></table></div>Public disclosures under Rule 38 of the Rules must be made to a Regulatory Information Service.This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END ITPTIBRTMTBTMBA</div></div>

AVDL

Morgan Stanley Europe SE disclosed its opening position under Rule 38.5(b) and Rule 38.6 of the Irish Takeover Panel Act, 1997, regarding Avadel Pharmaceuticals plc. The disclosure includes details of interests and short positions in relevant securities, with no significant holdings or dealings reported. No indemnity or option arrangements were noted, and no Supplemental Form 8 was attached. The disclosure was made on 24 December 2025.

REG - Morgan StanleyEurope Avadel Pharma plc - Rule 38.5_B - Avadel Pharmaceuticals plc