On December 12, 2017, Mr. Bruce D. Steel advised the Board of Directors of Zosano Pharma Corporation that he would resign as a Class II independent director of Zosano, effective December 13, 2017. Mr. Steel’s resignation is not the result of any disagreement with Zosano on any matter relating to its operations, policies or practices. Mr. Walker will continue to serve as Chairman of the Board of Directors.