Zecotek Photonics Inc ZMSPF

RE:RE:RE:RE:ZMS and capital loss for tax 2021 purposes

[Pandora]

Management’s Discussion and Analysis
For the quarter ended January 31, 2020

5
Country of Ownership

          Ownership incorporation     interest as at    interest as at
Entity              and operation        July 31, 2019    July 31, 2018

Zecotek Photonics Singapore Pte Ltd.(“ZPS”) Singapore 100% 100%

Zecotek Display Systems Pte Ltd. (“ZDS”) Singapore 90% 100%

Zecotek Imaging Systems Pte Ltd. (“ZIS”) Singapore 90% 100%

Zecotek Optronics Systems Pte Ltd. (“ZOS”) Singapore 90% 100%

Zecotek Shanghai Ltd. (“ZSL”) People’s Republic of
China                                                          90%    100%
Zecotek Imaging China Limited (“ZICL”) People’s Republic of
China                                                          84%    93.33%

Zic Photonics China limited (“ZPCL”) (Incorporated during the year ended July 31, 2019) People’s Republic of China 84% -

Zecotek ’s corporate headquarters is located in Vancouver, B.C. It is a Canadian public company trading on the
TSX Venture Exchange under the symbol “ZMS” and on the Frankfurt Stock Exchange under the trading symbol
“W1I”. The Company’s website is www.zecotek.com.