Corporate governance is in the backbone of ensuring a smooth and ethical business operation. As such, the Company has established an internal Compliance Manual for employees to follow sound corporate governance standards and practices. The Compliance Manual stipulates general business conduct, fiduciary duty, market practices, employees's code of conduct, anti-corruption policies and procedures.

Phoenix complies with all relevant rules and regulations in the jurisdictions in which it invests, including those related to environment, labor standards and human rights. Throughout the initial due diligence and acquisition phases, the Company's investment team endeavors to remain vigilant of the jurisdiction's relevant legal requirements and how such requirements impact the investment process.

In an effort to promote integrity and brand reputation, Phoenix has incorporated the U.S. Foreign Corrupt Practices Act / Anti-corruption Policies and Procedures into the Compliance Manual. In case of non-compliance with the policy, Phoenix is committed to taking the necessary disciplinary actions. For any suspected violation of the policies, employees are encouraged to report promptly to the relevant Department Head for further investigation.

In order to ensure employee awareness and understanding of corporate governance, the Company convenes the Compliance Manual and Code of Ethics to all new joiners. The Legal & Compliance Department provides continuing compliance and ethics guidance and training. In order to maintain ethical standards, all employees are also encouraged to attend compliance training and continuing education classes.