SUBSIDIARIES

SUBSIDIARIES OF PHI GROUP

1 Abundant Farms, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Agriculture
2 American Pacific Plastics, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Plastics film manufacturing, holding company for Vinafilms JSC.
3 American Pacific Resources, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Mining & natural resources.
4 American Saigon Palace Group, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Real estate & hospitality (inactive).
5 ComMatrix, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Telecommunication, holding company for Gridline Communications, Inc. (inactive)
6 PHILUX Capital Advisors, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: Asset Management, Consulting and M&A Advisory services.
7 PHI Luxembourg Development S.A.
A Luxembourg company
Percentage of ownership: 100%
Business activity: Mother holding company for PHILUX Global Funds (in formation).
8 PHI VIETNAM INVESTMENT AND DEVELOPMENT LTD.
A Vietnamese limited liability company
Percentage of ownership: 100%
Business activity: Investment and Consulting Services.
9 PHI EZ Water Tech, Inc.
A Wyoming corporation
Percentage of ownership: 75%
Business activity: Water treatment technology (inactive).
10 Phivitae Healthcare, Inc.
A Wyoming corporation
Percentage of ownership: 100%
Business activity: healthcare.