| ​ | Subsidiaries                                            | ​ | ​ | Country ofIncorporation | ​ | ​ | Proportion ofVotingInterest(1) | ​ |
|---------|---------------------------------------------------------|---------|---------|-------------------------|---------|---------|--------------------------------|---------|
| ​ | MFC Commodities GmbH                                    | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Trade & Financial Services GmbH                 | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | IC Managementservice GmbH                               | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | International Trade Services GmbH                       | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Commodities Trading GmbH                            | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Metal Trading GmbH                                  | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Kasese Cobalt Company Limited                           | ​ | ​ | Uganda                  | ​ | ​ | ​                        | ​ | 75% | ​ | ​ |
| ​ | MFC (A) Ltd                                             | ​ | ​ | Marshall Islands        | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC (D) Ltd                                             | ​ | ​ | Marshall Islands        | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | M Financial Corp.                                       | ​ | ​ | Barbados                | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Corporate Services AG                               | ​ | ​ | Switzerland             | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | GPT Global Pellets Trading GmbH                         | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Power Limited Partnership                           | ​ | ​ | Canada                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Resources Inc.                                      | ​ | ​ | U.S.                    | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Possehl Mexico S.A. de C.V.                             | ​ | ​ | Mexico                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Holding Norway AS                                   | ​ | ​ | Norway                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Fesil AS                                                | ​ | ​ | Norway                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Fesil Sales AS                                          | ​ | ​ | Norway                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Fesil Rana Metall AS                                    | ​ | ​ | Norway                  | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Fesil Sales GmbH                                        | ​ | ​ | Germany                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Fesil Sales SA                                          | ​ | ​ | Luxembourg              | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | F.J. Elsner Trading Gesellschaft mbH                    | ​ | ​ | Austria                 | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | MFC Merchant Bank Limited                               | ​ | ​ | Malta                   | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Mednet (Shanghai) Medical Technical Developing Co. Ltd. | ​ | ​ | China                   | ​ | ​ | ​                        | ​ | 100% | ​ | ​ |
| ​ | Hangzhou Zhe-er Optical Co. Ltd.                        | ​ | ​ | China                   | ​ | ​ | ​                        | ​ | 51% | ​ | ​ |

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