EXHIBIT 21 SUBSIDIARIES OF THE REGISTRANT ------------------------------ The following are subsidiaries of ML & Co. as of FEBRUARY 24, 1999 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 - ---- ----------------- Merrill Lynch & Co., Inc. ........................................................................... Delaware Merrill Lynch, Pierce, Fenner & Smith Incorporated/1/ .......................................... Delaware Broadcort Capital Corp. .................................................................... Delaware 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 Merrill Lynch & Co., Canada Ltd. ........................................................... Ontario Merrill Lynch Canada Inc. ............................................................. Nova Scotia Mercury Asset Management Group Ltd./4/ ..................................................... England Mercury Asset Management Holdings Ltd.................................................. 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 Bank USA...................................................................... 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
- ------------------------------ 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 ---- ----------------- 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 (Asia Pacific) Limited .................................................. Hong Kong Merrill Lynch Far East Limited..................................................... Hong Kong Merrill Lynch Japan Incorporated............................................................ Cayman Islands British West Indies
- ------------------ 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. 2