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AAA_Avadel Pharmaceuticals - pending
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Disclosures for Oppenheimer & Co. Inc., Avadel Pharmaceuticals, Inc. (AVDL), March 18, 2022

Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result,
investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
Analyst Certification - The author certifies that this research report accurately states his/her personal views about the
subject securities, which are reflected in the ratings as well as in the substance of this report. The author certifies that no part
of his/her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained
in this research report.
Potential Conflicts of Interest:
Equity research analysts employed by Oppenheimer & Co. Inc. are compensated from revenues generated by the firm
including the Oppenheimer & Co. Inc. Investment Banking Department. Research analysts do not receive compensation
based upon revenues from specific investment banking transactions. Oppenheimer & Co. Inc. generally prohibits any research
analyst and any member of his or her household from executing trades in the securities of a company that such research
analyst covers. Additionally, Oppenheimer & Co. Inc. generally prohibits any research analyst from serving as an officer,
director or advisory board member of a company that such analyst covers. In addition to 1% ownership positions in covered
companies that are required to be specifically disclosed in this report, Oppenheimer & Co. Inc. may have a long position
of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options,
futures or other derivative instruments based thereon. Recipients of this report are advised that any or all of the foregoing
arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.

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