diff --git a/app/Exports/Controllers/PageExportController.php b/app/Exports/Controllers/PageExportController.php
index 01611fd21..34e67ffcf 100644
--- a/app/Exports/Controllers/PageExportController.php
+++ b/app/Exports/Controllers/PageExportController.php
@@ -6,7 +6,7 @@ use BookStack\Entities\Queries\PageQueries;
 use BookStack\Entities\Tools\PageContent;
 use BookStack\Exceptions\NotFoundException;
 use BookStack\Exports\ExportFormatter;
-use BookStack\Exports\ZipExportBuilder;
+use BookStack\Exports\ZipExports\ZipExportBuilder;
 use BookStack\Http\Controller;
 use Throwable;
 
diff --git a/app/Exports/ZipExportModels/ZipExportAttachment.php b/app/Exports/ZipExports/Models/ZipExportAttachment.php
similarity index 90%
rename from app/Exports/ZipExportModels/ZipExportAttachment.php
rename to app/Exports/ZipExports/Models/ZipExportAttachment.php
index d79a16cc1..8c89ae11f 100644
--- a/app/Exports/ZipExportModels/ZipExportAttachment.php
+++ b/app/Exports/ZipExports/Models/ZipExportAttachment.php
@@ -1,8 +1,8 @@
 <?php
 
-namespace BookStack\Exports\ZipExportModels;
+namespace BookStack\Exports\ZipExports\Models;
 
-use BookStack\Exports\ZipExportFiles;
+use BookStack\Exports\ZipExports\ZipExportFiles;
 use BookStack\Uploads\Attachment;
 
 class ZipExportAttachment extends ZipExportModel
diff --git a/app/Exports/ZipExportModels/ZipExportImage.php b/app/Exports/ZipExports/Models/ZipExportImage.php
similarity index 84%
rename from app/Exports/ZipExportModels/ZipExportImage.php
rename to app/Exports/ZipExports/Models/ZipExportImage.php
index 39f1d1012..05d828734 100644
--- a/app/Exports/ZipExportModels/ZipExportImage.php
+++ b/app/Exports/ZipExports/Models/ZipExportImage.php
@@ -1,8 +1,8 @@
 <?php
 
-namespace BookStack\Exports\ZipExportModels;
+namespace BookStack\Exports\ZipExports\Models;
 
-use BookStack\Exports\ZipExportFiles;
+use BookStack\Exports\ZipExports\ZipExportFiles;
 use BookStack\Uploads\Image;
 
 class ZipExportImage extends ZipExportModel
diff --git a/app/Exports/ZipExportModels/ZipExportModel.php b/app/Exports/ZipExports/Models/ZipExportModel.php
similarity index 92%
rename from app/Exports/ZipExportModels/ZipExportModel.php
rename to app/Exports/ZipExports/Models/ZipExportModel.php
index 26b994c01..8d0c0a437 100644
--- a/app/Exports/ZipExportModels/ZipExportModel.php
+++ b/app/Exports/ZipExports/Models/ZipExportModel.php
@@ -1,6 +1,6 @@
 <?php
 
-namespace BookStack\Exports\ZipExportModels;
+namespace BookStack\Exports\ZipExports\Models;
 
 use JsonSerializable;
 
diff --git a/app/Exports/ZipExportModels/ZipExportPage.php b/app/Exports/ZipExports/Models/ZipExportPage.php
similarity index 91%
rename from app/Exports/ZipExportModels/ZipExportPage.php
rename to app/Exports/ZipExports/Models/ZipExportPage.php
index c7a950354..bae46ca82 100644
--- a/app/Exports/ZipExportModels/ZipExportPage.php
+++ b/app/Exports/ZipExports/Models/ZipExportPage.php
@@ -1,10 +1,10 @@
 <?php
 
-namespace BookStack\Exports\ZipExportModels;
+namespace BookStack\Exports\ZipExports\Models;
 
 use BookStack\Entities\Models\Page;
 use BookStack\Entities\Tools\PageContent;
-use BookStack\Exports\ZipExportFiles;
+use BookStack\Exports\ZipExports\ZipExportFiles;
 
 class ZipExportPage extends ZipExportModel
 {
diff --git a/app/Exports/ZipExportModels/ZipExportTag.php b/app/Exports/ZipExports/Models/ZipExportTag.php
similarity index 92%
rename from app/Exports/ZipExportModels/ZipExportTag.php
rename to app/Exports/ZipExports/Models/ZipExportTag.php
index 09ae9f06c..d4e3c4290 100644
--- a/app/Exports/ZipExportModels/ZipExportTag.php
+++ b/app/Exports/ZipExports/Models/ZipExportTag.php
@@ -1,6 +1,6 @@
 <?php
 
-namespace BookStack\Exports\ZipExportModels;
+namespace BookStack\Exports\ZipExports\Models;
 
 use BookStack\Activity\Models\Tag;
 
diff --git a/app/Exports/ZipExportBuilder.php b/app/Exports/ZipExports/ZipExportBuilder.php
similarity index 94%
rename from app/Exports/ZipExportBuilder.php
rename to app/Exports/ZipExports/ZipExportBuilder.php
index 5c56e531b..15edebea5 100644
--- a/app/Exports/ZipExportBuilder.php
+++ b/app/Exports/ZipExports/ZipExportBuilder.php
@@ -1,10 +1,10 @@
 <?php
 
-namespace BookStack\Exports;
+namespace BookStack\Exports\ZipExports;
 
 use BookStack\Entities\Models\Page;
 use BookStack\Exceptions\ZipExportException;
-use BookStack\Exports\ZipExportModels\ZipExportPage;
+use BookStack\Exports\ZipExports\Models\ZipExportPage;
 use ZipArchive;
 
 class ZipExportBuilder
diff --git a/app/Exports/ZipExportFiles.php b/app/Exports/ZipExports/ZipExportFiles.php
similarity index 98%
rename from app/Exports/ZipExportFiles.php
rename to app/Exports/ZipExports/ZipExportFiles.php
index 27b6f937a..8f0a6bd40 100644
--- a/app/Exports/ZipExportFiles.php
+++ b/app/Exports/ZipExports/ZipExportFiles.php
@@ -1,6 +1,6 @@
 <?php
 
-namespace BookStack\Exports;
+namespace BookStack\Exports\ZipExports;
 
 use BookStack\Uploads\Attachment;
 use BookStack\Uploads\AttachmentService;
diff --git a/app/Exports/ZipExportReferences.php b/app/Exports/ZipExports/ZipExportReferences.php
similarity index 83%
rename from app/Exports/ZipExportReferences.php
rename to app/Exports/ZipExports/ZipExportReferences.php
index 19672db0a..c3565aaa3 100644
--- a/app/Exports/ZipExportReferences.php
+++ b/app/Exports/ZipExports/ZipExportReferences.php
@@ -1,13 +1,12 @@
 <?php
 
-namespace BookStack\Exports;
+namespace BookStack\Exports\ZipExports;
 
 use BookStack\App\Model;
-use BookStack\Entities\Models\Page;
-use BookStack\Exports\ZipExportModels\ZipExportAttachment;
-use BookStack\Exports\ZipExportModels\ZipExportImage;
-use BookStack\Exports\ZipExportModels\ZipExportModel;
-use BookStack\Exports\ZipExportModels\ZipExportPage;
+use BookStack\Exports\ZipExports\Models\ZipExportAttachment;
+use BookStack\Exports\ZipExports\Models\ZipExportImage;
+use BookStack\Exports\ZipExports\Models\ZipExportModel;
+use BookStack\Exports\ZipExports\Models\ZipExportPage;
 use BookStack\Uploads\Attachment;
 use BookStack\Uploads\Image;
 
@@ -44,12 +43,16 @@ class ZipExportReferences
 
     public function buildReferences(ZipExportFiles $files): void
     {
-        // TODO - Parse page MD & HTML
+        // Parse page content first
         foreach ($this->pages as $page) {
-            $page->html = $this->parser->parse($page->html ?? '', function (Model $model) use ($files, $page) {
+            $handler = function (Model $model) use ($files, $page) {
                 return $this->handleModelReference($model, $page, $files);
-            });
-            // TODO - markdown
+            };
+
+            $page->html = $this->parser->parse($page->html ?? '', $handler);
+            if ($page->markdown) {
+                $page->markdown = $this->parser->parse($page->markdown, $handler);
+            }
         }
 
 //        dd('end');
diff --git a/app/Exports/ZipReferenceParser.php b/app/Exports/ZipExports/ZipReferenceParser.php
similarity index 98%
rename from app/Exports/ZipReferenceParser.php
rename to app/Exports/ZipExports/ZipReferenceParser.php
index 820920da2..4d16dbc61 100644
--- a/app/Exports/ZipReferenceParser.php
+++ b/app/Exports/ZipExports/ZipReferenceParser.php
@@ -1,6 +1,6 @@
 <?php
 
-namespace BookStack\Exports;
+namespace BookStack\Exports\ZipExports;
 
 use BookStack\App\Model;
 use BookStack\Entities\Queries\EntityQueries;