LIST OF SUBSIDIARIES 0F CAPITAL ASSOCIATES, INC. Name Place of Incorporation - ---- ---------------------- Capital Associates International, Inc. Colorado CAI Equipment Leasing I Corporation Colorado CAI Equipment Leasing II Corporation Colorado CAI Equipment Leasing III Corporation Colorado CAI Equipment Leasng IV Corporation Colorado CAI (Japan), Incorporated Japan CAI Leasing Canada, Limited Alberta, Canada CAI Partners Management Company Colorado CAI Securities Corporation California Capital Equipment Corporation Colorado Whitewood Credit Corporation Colorado CAI Lease Securitization-I Corporation Delaware