EXHIBIT 21
SUBSIDIARIES OF THE REGISTRANT
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The following are subsidiaries of ML & Co. as of February 23, 1998 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.
State or Juris-
Name diction of Entity
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Merrill Lynch & Co., Inc. .................................................. Delaware
Merrill Lynch, Pierce, Fenner & Smith Incorporated/1/.................. Delaware
Broadcort Capital Corp. ........................................... Delaware
Merrill Lynch & Co., Canada Ltd. .................................. Ontario
Merrill Lynch Canada Inc. .................................... Nova Scotia
Merrill Lynch Life Agency Inc./2/.................................. Washington
Merrill Lynch Professional Clearing Corp./3/....................... Delaware
Merrill Lynch Bank & Trust Co. ........................................ New Jersey
Merrill Lynch Capital Services, Inc. .................................. Delaware
Merrill Lynch Government Securities Inc. .............................. Delaware
Merrill Lynch Money Markets Inc. .................................. Delaware
Merrill Lynch Group, Inc. ............................................. Delaware
Mercury Asset Management Group Holdings PLC /4/.................... England
Merrill Lynch Asset Management L.P. /5/............................ Delaware
Merrill Lynch Capital Partners, Inc. .............................. Delaware
Merrill Lynch Futures Inc. ........................................ Delaware
Merrill Lynch Group Holdings Limited............................... Ireland
Merrill Lynch Capital Markets Bank Limited.................... Ireland
Merrill Lynch Insurance Group, Inc. ............................... Delaware
Merrill Lynch Life Insurance Company.......................... Arkansas
ML Life Insurance Company of New York......................... New York
Merrill Lynch International Finance Corporation.................... New York
Merrill Lynch International Bank Limited...................... England
Merrill Lynch Bank (Suisse) S.A. ......................... Switzerland
Merrill Lynch Mortgage Capital Inc. ............................... Delaware
Merrill Lynch National Financial................................... Utah
Merrill Lynch Trust Company /6/.................................... New Jersey
Merrill Lynch Business Financial Services Inc. ............... Delaware
Merrill Lynch Credit Corporation.............................. Delaware
Merrill Lynch Investment Partners Inc. ............................ Delaware
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/1/ MLPF&S also conducts business as "Merrill Lynch & Co."
/2/ Similarly named affiliates and subsidiaries that engage in the sale of life
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.
/5/ Merrill Lynch Asset Management L.P. is a limited partnership whose general
partner is Princeton Services, Inc. and whose limited partner is ML & Co.
/6/ Similarly named affiliates and subsidiaries that provide trust and
custodial services are incorporated in various other jurisdictions.
State or Juris-
Name diction of Entity
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Merrill Lynch & Co., Inc.
Merrill Lynch Group, Inc. (cont'd)
MLDP Holdings, Inc./7/............................................................ Delaware
Merrill Lynch Derivative Products AG......................................... Switzerland
ML IBK Positions Inc. ............................................................ Delaware
Merrill Lynch Capital Corporation............................................ Delaware
ML Leasing Equipment Corp./8/..................................................... Delaware
Merrill Lynch International Incorporated.............................................. Delaware
Merrill Lynch (Australasia) Pty Limited........................................... New South Wales
Merrill Lynch International (Australia) Limited................................... New South Wales
Merrill Lynch International Bank.................................................. United States
Merrill Lynch International Holdings Inc. ........................................ Delaware
Merrill Lynch Bank (Austria) Aktiengesellschaft A.G. ........................ Austria
Merrill Lynch Bank and Trust Company (Cayman) Limited........................ Cayman Islands,
British West Indies
Merrill Lynch Capital Markets A.G. .......................................... Switzerland
Merrill Lynch Europe PLC..................................................... England
Merrill Lynch Europe Holdings Limited ................................... England
Merrill Lynch International.......................................... England
Merrill Lynch, Pierce, Fenner & Smith (Brokers & Dealers) Limited........ England
Merrill Lynch Europe Ltd. ................................................... Cayman Islands,
British West Indies
Merrill Lynch France ........................................................ France
Merrill Lynch Capital Markets (France) S.A. ............................. France
Merrill Lynch Far East Limited............................................... Hong Kong
Merrill Lynch Japan Incorporated.................................................. Cayman Islands,
British West Indies
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/7/ Merrill Lynch Group, Inc. owns 100% of this corporation's outstanding
common voting stock. 100% of the outstanding preferred voting stock is held
by outside parties.
/8/ This corporation has more than 45 direct or indirect subsidiaries operating
in the United States and serving as either general partners or associate
general partners of limited partnerships.
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