13G Filing: Amzak Capital Management, Llc and Zosano Pharma Corp (NASDAQ:ZSAN)

(1)                                 Includes 5,151,813 shares of Common Stock outstanding owned by the Amzak Capital Management, LLC and 118,033 shares of Common Stock owned by Michael D Kazma. In addition to these shares, Amzak Capital Management, LLC owns 2,190,306 shares subject to warrants. These warrants provide the holder may not exercise them to the extent doing so would result in it owning in excess of 9.99% of the outstanding common shares of the Issuer. Given the current ownership percentage exceeds the limitation, Amzak Capital Management is prevented from exercising said warrants.

(2)                                 Based on 39,000,274 shares of Common Stock outstanding as of March 23, 2017, derived from: (a) 19,450,274 shares of Common Stock outstanding as of February 20, 2017, as reported in the Issuers Annual Report on Form 10-K filed on March 6, 2017, and (b) 19,550,000 shares of Common Stock issued in the public offering pursuant to the Registration Statement on Form S- 1 (File No. 333- 216410) declared effective on March 17, 2017.

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