Set Put Interval (“redemption interval”) refers to the 3-, 6-, 9-, 12-, or 18-month interval selected between penalty-free redemption options when the Notes are purchased. The Set Put Date is the last day of each Set Put Interval, with a reasonable expectation of the same in the current year. A request for redemption at a Set Put Date must be submitted within the required notice window. If Phoenix Energy does not receive a valid redemption request by the applicable deadline, Phoenix Energy will be under no obligation to redeem the Notes on the next Set Put Date, and the Notes will continue. Participants who miss the window can request early redemption, which is separate from scheduled penalty-free redemption at a Set Put Date. Early redemption may be made at 95% of the aggregate principal amount of the Notes plus accrued and unpaid interest, subject to the terms, conditions, exceptions, annual limits, and other limitations described in the applicable prospectus and offering documents. Phoenix Energy may not be able to satisfy early redemption requests in all circumstances. Please see “Risk Factors” in the prospectus for additional information.