Subsidiaries of PHI Group Inc.

SUBSIDIARIES OF PHI GROUP
1
Abundant Farms, Inc.

A Florida 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.

5
ComMatrix, Inc.

A Wyoming corporation

Percentage of ownership: 100%

Business activity: Telecommunication, holding company for Gridline Communications, Inc. (inactive)

6
PHI Capital Holdings, Inc.

A Wyoming corporation

Percentage of ownership: 100%

Business activity: 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 Luxembourg bank funds.

8
PHI VIETNAM INVESTMENT AND DEVELOPMENT LTD.

A Vietnamese limited liability company

Percentage of ownership: 100%

Business activity: Investment and Consulting Services.