X0306 4 2018-07-30 0 0001330436 Liquidia Technologies Inc LQDA 0001237289 SANDELL SCOTT D 1954 GREENSPRING DRIVE SUITE 600 TIMONIUM MD 21093 0 0 1 0 Common Stock 2018-07-30 4 C 0 515547 A 526667 I See Note 2 Common Stock 2018-07-30 4 C 0 432033 A 958700 I See Note 2 Common Stock 2018-07-30 4 C 0 980715 A 1939415 I See Note 2 Common Stock 2018-07-30 4 P 0 545455 11.00 A 2484870 I See Note 2 Series B Preferred Stock 2018-07-30 4 C 0 3645307 D Common Stock 515547 0 I See Note 2 Series C Preferred Stock 2018-07-30 4 C 0 3337206 D Common Stock 432033 0 I See Note 2 Series D Preferred Stock 2018-07-30 4 C 0 16502833 D Common Stock 980715 0 I See Note 2 Warrant to purchase Series D Preferred Stock 0.01 2018-07-30 4 J 0 684911 D 2017-02-17 2026-12-31 Series D Preferred Stock 40702 0 I See Note 2 Warrant to purchase Common Stock 0.01 2018-07-30 4 J 0 40702 A 2017-02-17 2026-12-31 Common Stock 40702 40702 I See Note 2 The Series B preferred stock had no expiration date and automatically converted into the Issuer's common stock on a 0.1414-for-1 basis immediately prior to the closing of the Issuer's initial public offering. The Reporting Person is a manager of NEA 12 GP, LLC, which is the sole general partner of NEA Partners 12, Limited Partnership ("NEA Partners 12"). NEA Partners 12 is the sole general partner of New Enterprise Associates 12, Limited Partnership ("NEA 12"), the direct beneficial owner of the securities. The Reporting Person disclaims beneficial ownership within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, or otherwise of such portion of the securities held by NEA 12 in which the Reporting Person has no pecuniary interest. The Series C preferred stock had no expiration date and automatically converted into the Issuer's common stock on a 0.1295-for-1 basis immediately prior to the closing of the Issuer's initial public offering. The Series D preferred stock had no expiration date and automatically converted into the Issuer's common stock on a 0.0594-for-1 basis immediately prior to the closing of the Issuer's initial public offering. Immediately prior to the closing of the Issuer's initial public offering and without payment of further consideration, the Warrants to purchase Series D Preferred Stock automatically became exercisable to purchase the Issuer's common stock. The transaction is listed solely for the purpose of reporting the change of the title and amount of securities underlying the warrant. /s/ Sasha Keough, attorney-in-fact 2018-08-01