Management’s Estimate of Fair Value of Common Shares February 6, 2019 To whom it may concern, Management’s estimate of the fair value of the common shares of Zenith Capital Corp. for financial reporting purposes was USD $0.689 per share as at October 31, 2018. If you require further information, please contact Sarah Zapotichny at (403) 254-9252 ex. 875. (signed) “Brad Cann”Brad Cann, CA, CBVChief Financial Officer Zenith Capital Corp.