The following are subsidiaries of ML & Co. as of February 22, 2005 and the states or jurisdictions in which they are organized. Indentation indicates the principal parent of each subsidiary. Except as otherwise specified, in each case ML & Co. owns, directly or indirectly, at least 99% of the voting securities of each subsidiary. The names of particular subsidiaries have been omitted because, considered in the aggregate as a single subsidiary, they would not constitute, as of the end of the year covered by this report, a “significant subsidiary” as that term is defined in Rule 1.02(w) of Regulation S-X under the Securities Exchange Act of 1934.

 

Name				State or Jurisdiction of Entity

Merrill Lynch & Co., Inc.		Delaware
Merrill Lynch, Pierce, Fenner & Smith Incorporated1		Delaware
Merrill Lynch Life Agency Inc.2		Washington
Merrill Lynch Professional Clearing Corp.3		Delaware
Merrill Lynch Capital Services, Inc.		Delaware
Merrill Lynch Commodities, Inc.		Delaware
Merrill Lynch Commodities (Europe) Holdings Limited		England
Merrill Lynch Commodities (Europe) Limited		England
Merrill Lynch Commodities (Europe) Trading Limited		England
Merrill Lynch Commodities GmbH		Germany
Merrill Lynch Government Securities, Inc.		Delaware
Merrill Lynch Money Markets Inc.		Delaware
Merrill Lynch Group, Inc.		Delaware
Investor Protection Insurance Company		Vermont
Merrill Lynch Credit Reinsurance Limited		Bermuda
FAM Distributors, Inc.		Delaware
Merrill Lynch Investment Managers Group Limited4		England
Merrill Lynch Investment Managers (Channel Island) Limited4		England
Merrill Lynch Investment Managers (Dublin) Limited4		Ireland
Merrill Lynch Investment Managers Limited (Australia)4		Australia
Merrill Lynch Pensions Limited		England
Merrill Lynch Investment Managers (Isle of Man) Holdings Limited4		Isle of Man
Merrill Lynch Fund Managers (Isle of Man) Limited		Isle of Man
Merrill Lynch Investment Managers Holdings Limited		England
Merrill Lynch Investment Managers Limited		England
Merrill Lynch Fund Managers Limited		England
Merrill Lynch Investment Managers Società di Gestione del Risparmio S.p.A.		Italy
Merrill Lynch Investment Managers International Limited		England

1		Also conducts business under the name “Merrill Lynch & Co.”
2		Similarly named affiliates and subsidiaries that engage in the sale of insurance and annuity products are incorporated in various other jurisdictions.
3		The preferred stock of the corporation is owned by an unaffiliated group of investors.
4		Held through several intermediate holding companies.

Princeton Services, Inc.		Delaware
Fund Asset Management, L.P.5		Delaware
IQ Investment Advisors LLC		Delaware
Merrill Lynch Investment Managers, L.P.5		Delaware
Merrill Lynch Investment Managers, LLC		Delaware
Merrill Lynch Alternative Investments LLC		Delaware
Princeton Administrators, L.P.5		Delaware
Merrill Lynch Bank & Trust Co.		New Jersey
Financial Data Services, Inc.		Florida
ML Mortgage Holdings Inc.		Delaware
Merrill Lynch Insurance Group, Inc.		Delaware
Merrill Lynch Life Insurance Company		Arkansas
ML Life Insurance Company of New York		New York
Roszel Advisors, LLC		Delaware
Merrill Lynch International Finance Corporation		New York
Merrill Lynch International Bank Limited		England
Majestic Acquisitions Limited		England
Mortgage Holdings Limited		England
Mortgages PLC		England
Genesis Home Loans PLC		England
Mortgages 1 Limited		England
Merrill Lynch Bank (Suisse) S.A.		Switzerland
MLBS Fund Management S.A.		Switzerland
Merrill Lynch Group Holdings Limited		Ireland
Merrill Lynch Capital Markets Bank Limited		Ireland
Merrill Lynch Diversified Investments, Inc.		Delaware
Merrill Lynch Credit Products, L.L.C.		Delaware
Merrill Lynch Mortgage Capital Inc.		Delaware
Merrill Lynch Mortgage Lending, Inc.		Delaware
Wilshire Credit Corporation		Delaware
Merrill Lynch Trust Company, FSB		Federal
MLDP Holdings, Inc.		Delaware
Merrill Lynch Derivatives Products AG		Switzerland
ML IBK Positions, Inc.		Delaware
Merrill Lynch PCG, Inc.		Delaware
Merrill Lynch Capital Corporation		Delaware
ML Leasing Equipment Corp.6		Delaware
Merrill Lynch Canada Holdings Company		Nova Scotia
Merrill Lynch Canada Finance Company		Nova Scotia
Merrill Lynch & Co., Canada Ltd.		Ontario
Merrill Lynch Financial Assets Inc.		Canada
Merrill Lynch Canada Inc.		Canada

5		Princeton Services, Inc. is the general partner and ML & Co. is the limited partner of these partnerships.
6		This corporation has 31 direct and indirect subsidiaries operating in the United States and serving as either general partners or associate general partners of limited partnerships

Merrill Lynch Bank USA		Utah
MLBUSA Funding Corporation		Delaware
Merrill Lynch Business Financial Services Inc.7		Delaware
Merrill Lynch Credit Corporation		Delaware
Merrill Lynch NJ Investment Corporation		New Jersey
Merrill Lynch Utah Investment Corporation		Utah
Merrill Lynch Community Development Company, LLC		New Jersey
Merrill Lynch Commercial Finance Corp.		Delaware
Merrill Lynch Private Finance Inc.		Delaware
Merrill Lynch International Incorporated		Delaware
Merrill Lynch Futures (Hong Kong) Limited		Hong Kong
Merrill Lynch Taiwan Limited		Taiwan
Merrill Lynch International Bank		Federal
Merrill Lynch Reinsurance Solutions LTD		Bermuda
Merrill Lynch (Australasia) Pty Limited		New South Wales, Australia
Merrill Lynch Finance (Australia) Pty Limited		Victoria, Australia
Merrill Lynch Markets (Australia) Pty Limited		New South Wales, Australia
Merrill Lynch Private (Australia) Limited		Victoria, Australia
Merrill Lynch Equities (Australia) Limited		Victoria, Australia
Berndale Securities Limited		Victoria, Australia
Merrill Lynch (Australia) Nominees Pty Limited		New South Wales, Australia
Merrill Lynch International (Australia) Pty Limited		New South Wales, Australia
Merrill Lynch (Australia) Futures Limited		New South Wales, Australia
Merrill Lynch Private (Australia) Limited		New South Wales, Australia
Merrill Lynch International Holdings Inc.		Delaware
PT Merrill Lynch Indonesia		Indonesia
Merrill Lynch Bank and Trust Company (Cayman) Limited		Cayman Islands, British West Indies
Institucion Financiera Externa Merrill Lynch Bank (Uruguay) S.A.		Uruguay
Merrill Lynch Española Agencia de Valores S.A.		Spain
Merrill Lynch Capital Markets AG8		Switzerland

7		Also conducts business under the name “Merrill Lynch Capital.”
8		Also conducts business under the names “Merrill Lynch Capital Markets S.A.” and “Merrill Lynch Capital Markets Ltd.”

Merrill Lynch Europe PLC		England
Merrill Lynch Asset Management U.K. Limited		England
Merrill Lynch Global Asset Management Limited		England
Merrill Lynch, Pierce, Fenner & Smith Limited		England
Merrill Lynch Administration Services (Luxembourg) S.à r.l.		Luxembourg
ML UK Capital Holdings9		England
Merrill Lynch International10		England
Merrill Lynch Capital Markets España S.A., S.V.		Spain
Merrill Lynch (Singapore) Pte. Ltd.11		Singapore
Merrill Lynch South Africa (Pty) Ltd.12		South Africa
Merrill Lynch Mexico, S.A. de C.V., Casa de Bolsa		Mexico
Merrill Lynch Argentina S.A.		Argentina
Merrill Lynch Pierce Fenner & Smith de Argentina S.A.F.M. y de M		Argentina
Banco Merrill Lynch de Investimentos S.A.		Brazil
Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliàrios		Brazil
Merrill Lynch S.A.		Luxembourg
Merrill Lynch Europe Ltd.		Cayman Islands, British West Indies
Merrill Lynch France S.A.S.		France
Merrill Lynch Capital Markets (France) S.A.S.		France
Merrill Lynch, Pierce, Fenner & Smith SAS		France
Merrill Lynch (Asia Pacific) Limited		Hong Kong
Merrill Lynch Far East Limited		Hong Kong
Merrill Lynch Japan Securities Co., Ltd.		Japan
Merrill Lynch Japan Finance Co., Ltd.		Japan
Herzog, Heine, Geduld, LLC		Delaware
Merrill Lynch Financial Markets Inc.		Delaware

9		Held through intermediate subsidiaries.
10		Partially owned by another indirect subsidiary of ML & Co
11		Held through intermediate subsidiaries.
12		Held through intermediate subsidiaries.