<div id="readability-page-1"><div>RNS Number : 1211N Morgan Stanley &amp; Co. LLC 30 December 2025 FORM 38.5(a) (EPT/RI)IRISH TAKEOVER PANELDEALING DISCLOSURE UNDER RULE 38.5(a) OF THE IRISHTAKEOVER PANEL ACT, 1997, TAKEOVER RULES, 2022BY A CONNECTED EXEMPT PRINCIPAL TRADER WITHRECOGNISED INTERMEDIARY STATUS AND DEALING INA CLIENT-SERVING CAPACITY1. KEY INFORMATION<div><table><tbody><tr><td>(a) Name of exempt principal trader:</td><td>Morgan Stanley &amp; Co. LLC</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 dealing undertaken:</td><td>29 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. DEALINGS BY THE EXEMPT PRINCIPAL TRADER (Note 2)Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(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 (Note 3)</td><td>Purchases/ sales</td><td>Totalnumber 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>103,070</td><td>21.5775 USD</td><td>21.5110 USD</td></tr><tr><td>0.01 ordinary shares</td><td>SALES</td><td>103,374</td><td>21.5700 USD</td><td>21.5100 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 4)</td><td>N/A</td></tr><tr><td>Price perunit (Note 5)</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 4)</td><td>N/A</td></tr><tr><td>Exercise price per unit</td><td>N/A</td></tr><tr><td>Type e.g. American, European etc.</td><td>N/A</td></tr><tr><td>Expirydate</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 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>Exercising/ exercised against</td><td>N/A</td></tr><tr><td>Number of securities</td><td>N/A</td></tr><tr><td>Exercise priceper unit (Note 5)</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 5)</td><td>N/A</td></tr></tbody></table></div>3. 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><div><table><tbody><tr><td>Date of disclosure:</td><td>30 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 ITPTMBRTMTIJMFA</div></div>

AVDL

Morgan Stanley & Co. LLC disclosed dealings related to Avadel Pharmaceuticals plc under Rule 38.5(a) of the Irish Takeover Panel. On December 29, 2025, the firm purchased 103,070 ordinary shares at prices ranging from $21.51 to $21.57 and sold 103,374 shares at similar prices. No other dealings or agreements were reported. The disclosure was made on December 30, 2025, by Claire Gordon, with contact details provided for further inquiries.

REG - Morgan Stanley&CoLLC Avadel Pharma plc - Rule 38.5_A - Avadel Pharmaceuticals plc