X0306 4 2020-03-30 0 0001330436 Liquidia Technologies Inc LQDA 0001706673 Eshelman Ventures, LLC 319 N. 3RD STREET, SUITE 301 WILMINGTON NC 28401 0 0 1 0 0001033409 ESHELMAN FREDRIC N C/O ESHELMAN VENTURES, LLC 319 N. 3RD STREET, SUITE 301 WILMINGTON NC 28401 0 0 1 0 Common Stock 2020-03-30 4 P 0 14100 4.7593 A 14100 I By Fred Eshelman, manager of Eshelman Ventures, LLC Common Stock 2020-03-31 4 P 0 30000 4.8704 A 44100 I By Fred Eshelman, manager of Eshelman Ventures, LLC Common Stock 5159744 D This transaction was executed in multiple trades at prices ranging from $4.51 to $4.79. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected. This transaction was executed in multiple trades at prices ranging from $4.64 to $4.96. The price reported in Column 4 is a weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the trades were effected. The securities reported as directly beneficially owned by the Reporting Person may be deemed to be indirectly beneficially owned by Dr. Eshelman, who is the manager of the Reporting Person. /s/ Eshelman Ventures, LLC, By: Fredric N. Eshelman, Manager 2020-04-01 /s/ Fredric N. Eshelman 2020-04-01