<div id="readability-page-1"><div>RNS Number : 9666M Goldman Sachs &amp; Co. LLC 29 December 2025 FORM 38.5(b)IRISH TAKEOVER PANELDISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RECOGNISED INTERMEDIARY STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY1. KEY INFORMATION<div><table><tbody><tr><td>Name of exempt principal trader</td><td>GOLDMAN SACHS &amp; CO. LLC</td></tr><tr><td>Company dealt in</td><td>AVADEL PHARMACEUTICALS PLC</td></tr><tr><td>Class of relevant security to which the dealings being disclosed relate (Note1)</td><td>USD 0.01 ordinary shares</td></tr><tr><td>Date of dealing</td><td>24 December 2025</td></tr></tbody></table></div>2. INTERESTS AND SHORT POSITIONS(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 2)<div><table><tbody><tr><td></td><td colspan="2">Long</td><td colspan="2">Short</td></tr><tr><td></td><td>Number</td><td>(%)</td><td>Number</td><td>(%)</td></tr><tr><td>(1) Relevant securities</td><td>720,066</td><td>(0.73)</td><td>486,150</td><td>(0.49)</td></tr><tr><td>(2) Derivatives (other than options)</td><td>39,256</td><td>(0.04)</td><td>63,843</td><td>(0.06)</td></tr><tr><td>(3) 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>759,322</td><td>(0.77)</td><td>549,993</td><td>(0.56)</td></tr></tbody></table></div>(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 2)<div><table><tbody><tr><td>Class of relevant security:</td><td colspan="2">Long</td><td colspan="2">Short</td></tr><tr><td></td><td>Number</td><td>(%)</td><td>Number</td><td>(%)</td></tr><tr><td>(1) Relevant securities</td><td></td><td></td><td></td><td></td></tr><tr><td>(2) Derivatives (other than options)</td><td></td><td></td><td></td><td></td></tr><tr><td>(3) Options and agreements to purchase/sell</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td></td><td></td></tr></tbody></table></div>3. DEALINGS (Note 3)(a) Purchases and sales<div><table><tbody><tr><td>Purchase/sale</td><td>Number of relevant securities</td><td>Price per unit (Note 4)</td></tr><tr><td>Sale (Borrow Full Return)</td><td>55,000</td><td>N/A</td></tr><tr><td>Sale (Borrow Full Return)</td><td>55,000</td><td>N/A</td></tr><tr><td>Sale (Borrow Partial Return)</td><td>7,600</td><td>N/A</td></tr><tr><td>Sale (Borrow Partial Return)</td><td>50,900</td><td>N/A</td></tr><tr><td>Sale (Borrow Partial Return)</td><td>2,300</td><td>N/A</td></tr><tr><td>Sale (Borrow Full Return)</td><td>55,000</td><td>N/A</td></tr><tr><td>Sale (Borrow Full Return)</td><td>31,492</td><td>N/A</td></tr><tr><td>Purchase (Borrow New)</td><td>1,600</td><td>N/A</td></tr><tr><td>Purchase (Borrow New)</td><td>29,200</td><td>N/A</td></tr><tr><td>Purchase (Borrow New)</td><td>3,000</td><td>N/A</td></tr><tr><td>Sale (Loan New)</td><td>690</td><td>N/A</td></tr><tr><td>Purchase (Loan Full Return)</td><td>690</td><td>N/A</td></tr><tr><td>Purchase (Loan Partial Return)</td><td>415</td><td>N/A</td></tr></tbody></table></div>(b) Derivatives transactions (other than options transactions)<ul><li>Product name, e.g. CFD</li><li>Nature of transaction (Note 5)</li><li>Number of relevant securities (Note 6)</li><li>Price per unit (Note 4)</li></ul>(c) Options transactions in respect of existing relevant securities(i) Writing, selling, purchasing or varying<ul><li>Product name,e.g. call option</li><li>Writing, selling, purchasing, varying etc.</li><li>Number of securities to which the option relates (Note 7)</li><li>Exercise price</li><li>Type, e.g. American, European etc.</li><li>Expiry date</li><li>Option money paid/received per unit (Note 4)</li></ul>(ii) Exercising<ul><li>Product name,e.g. call option</li><li>Number of securities</li><li>Exercise price per unit (Note 4)</li></ul>(d) Other dealings (including transactions in respect of new securities) (Note 3)<ul><li>Nature of transaction (Note 7)</li><li>Details</li><li>Price per unit (if applicable) (Note 4)</li></ul>4. OTHER INFORMATIONAgreements, 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>Is a Supplemental Form 8 attached? (Note 9) YES<div><table><tbody><tr><td>Date of disclosure</td><td>25 December 2025</td></tr><tr><td>Contact name</td><td>Papa Lette and Andrzej Szyszka</td></tr><tr><td>Telephone number</td><td>+33(1) 4212 1459 / +48(22) 317 4817</td></tr><tr><td>Name of offeree/offeror with which connected</td><td>AVADEL PHARMACEUTICALS PLC</td></tr><tr><td>Nature of connection (Note 9)</td><td>Advisor to Offeree</td></tr></tbody></table></div>SUPPLEMENTAL FORM 38.5(b)IRISH TAKEOVER PANELDISCLOSURE UNDER RULE 38.5(b) OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2013DETAILS OF OPEN POSITIONSOPEN POSITIONS (Note 1)<div><table><tbody><tr><td>Product name,e.g. call option</td><td>Written or purchased</td><td>Number of relevant securities to which the option or derivative relates</td><td>Exercise price (Note 2)</td><td>Type, e.g. American, European etc.</td><td>Expiry date</td></tr><tr><td>Swap</td><td>Sold</td><td>84</td><td>0.0000</td><td>N/A</td><td>13/03/2026</td></tr><tr><td>Swap</td><td>Purchased</td><td>33,762</td><td>0.0000</td><td>N/A</td><td>20/01/2026</td></tr></tbody></table></div>Notes1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of any existing agreements to purchase or to sell must also be given on this form.2. For all prices and other monetary amounts, the currency must be stated.For full details of disclosure requirements, see Rules 8 and 38.5 of the Rules. If in doubt, consult the Panel.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. 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AVDL

Goldman Sachs & Co. LLC disclosed dealings in Avadel Pharmaceuticals plc under the Irish Takeover Panel rules. As of December 24, 2025, Goldman Sachs holds 720,066 long positions and 486,150 short positions in Avadel's USD 0.01 ordinary shares. The report includes details of various transactions, including sales and purchases of shares, and indicates that Goldman Sachs is an advisor to the offeree, Avadel Pharmaceuticals. The disclosure was made on December 25, 2025, with a supplemental form attached.

REG - Goldman Sachs & Co. Avadel Pharma plc - Form 38.5b - AVADEL PHARMACEUTICALS PLC)