ASL Strategic Value Fund Releases Letter to Avadel Pharmaceuticals Board of Directors

The following is a letter that ASL Strategic Value Fund sent to the Board of Directors of Avadel Pharmaceuticals AVDL:

November 28, 2018

Mr. Craig Stapleton

Board of Directors

Avadel Pharmaceuticals

16640 Chesterfield Grover Road, Suite 200

Chesterfield, MO 63105

Dear Mr. Stapleton:

I first contacted this Board on August 11, 2018. It has now been 10 weeks since our first meeting in your office on September 4^th and nearly two weeks since our second meeting on November 13^th. The continued silence and lack of action on the part of Avadel's Board of Directors is unacceptable. The management team of Avadel has produced a track record of failures, strategic blunders and abysmal execution over the past two years. These actions have resulted in the destruction of hundreds of millions of dollars of shareholder value and the total loss of confidence in the company on the part of the investing community.

Clearly the management team has proven to be incapable of executing on either of the company's two significant product opportunities. It is long overdue for this Board of Directors to act as a fiduciary for the shareholders of the company. As we discussed, the Board should immediately:

1) Add several new directors, selected by the major shareholders, to the Board

2) Form a special committee of the Board with the majority consisting of those new directors selected by the shareholders.

3) The special committee should retain an investment banking firm to maximize the values for the shareholders of the company

4) This Investment Bank should explore both the sale or partnering of Noctiva and the outright sale of the entire company.

We believe that these actions should result in a valuation that is multiples of the current market price.

Sincerely,

Steven Braverman

Managing Partner

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