Dear Stockholders

Dear Shareholders,

Today marks the 10th anniversary of Rare Disease Day, a day dedicated to raising awareness about the dire impact rare diseases have not just on the lives of patients, but also on the families and loved ones who must face the reality that for them each day is a rare disease day.

Savara deeply empathizes with these patients and families and is proud to be a part of the Rare Disease community. For those of us who are in good health, we take breathing for granted – something that should be effortless. But for those whose lungs are impaired, nothing else but breathing really matters. This is the painful reality for patients suffering from lung disease, and a driving motivation for the entire Savara team. With more than 100 identified rare lung diseases, and nearly two million Americans living with a rare lung disease, there is a tremendous opportunity for meaningful impact and Savara is at the forefront, challenging these unmet needs and working tirelessly to impact the lives we touch.

While our current focus is the treatment of pulmonary alveolar proteinosis (PAP), MRSA lung infection in cystic fibrosis, and nontuberculous mycobacterial (NTM) lung infection, we are very much forward looking. We believe we are just beginning to explore the full potential of Molgradex, and we are hopeful that it could represent a paradigm shift in the treatment of lung infection via the stimulation of the innate immune system in the lung. We hope that we are just in the beginning of our journey, and we welcome each of you to follow us as we aim to build a preeminent orphan lung disease company.

Today on #RareDiseaseDay, we are privileged to #ShowYourRare and stand in solidarity with the Rare Disease Community.

We sincerely appreciate your continued support and look forward to keeping you updated through our various communication channels including @SavaraPharma, press releases and our SEC filings.

Regards,
Rob Neville
CEO


Savara cautions you that statements herein that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Such statements include, but are not limited to, statements relating to Savara being at the forefront, challenging unmet needs and working tirelessly to impact the lives we touch, that we believe we are just beginning to explore the full potential of Molgradex, being hopeful that it could represent a paradigm shift in the treatment of lung infection via the stimulation of the innate immune system in the lung, that we are just in the beginning of our journey, and building a preeminent orphan lung disease company. Savara may not actually achieve any of the matters referred to in such forward-looking statements, and you should not place undue reliance on these forward-looking statements. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Savara’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with the outcome of ongoing clinical trials for our product candidates, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources for Savara’s operations and to conduct or continue planned clinical development programs, the ability to obtain the necessary patient enrollment for our product candidates in a timely manner, the timing and ability of Savara to raise additional equity capital as needed to fund continued operations; the ability to successfully develop our product candidates, and the risks associated with the process of developing, obtaining regulatory approval for and commercializing drug candidates that are safe and effective for use as human therapeutics. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. For a detailed description of our risks and uncertainties, you are encouraged to review our documents filed with the SEC including our recent filings on Form 8-K, Form 10-Q and Form 10-K. You are cautioned not to place undue reliance on our forward-looking statements herein, which speak only as of February 28, 2018 which is the date on which they were made. Savara undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after such date, except as may be required by law.