State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED *** DE NY 13-3623351

Donaldson, Lufkin & Jenrette, Inc. (Note 1) HCO DE NY 13-1898818 23,404,230 41.92%

See Attached Listing E
The Equitable Life Assurance Society of the U.S. * Insurance NY NY 13-5570651 2,000,000 100.00%
The Equitable of Colorado, Inc. * Insurance CO CO 13-3198083 1,000,000 100.00%
Frontier Trust Company Operating ND ND 45-0373941 1,000 100.00%
Equitable Deal Flow Fund, L.P. Investment DE NY 13-3385076 - -
Equitable Managed Assets, L.P. Investment DE NY 13-3385080 - -
Real Estate Partnership Equities (various) Investment ** - - -
Equitable Holdings, L.L.C. (formerly,
Equitable Holding Corp.) (Note 2) HCO NY NY - - -
See Attached Listing A
EREIM LP Associates (L.P.) Operating NY NY - - -
EML Associates, L.P. Investment NY NY 58-1739531 - -
ACMC, Inc. HCO DE NY 13-2677213 5,000,000 100.00%
Wil-Gro, Inc Investment PA PA 23-2702404 1,000 100.00%
Prime Property Funding, Inc. Operating DE NY 13-3719324 1,000 100.00%
Equitable Underwriting & Sales Agency (Bahamas) Operating Bahamas Bahamas - 5,000 100.00%
Ltd.
STCS, Inc. Investment DE NY 13-3761592 1,000 100.00%
Fox Run, Inc. Investment MA NY 23-2762596 1,000 100.00%
FTM Corp. Investment MD MD 13-3778225 1,000 100.00%
CCMI Corp. Investment MD MD 13-3778224 1,000 100.00%
HVM Corp. Investment MD MD 13-3778222 1,000 100.00%
EVSA, Inc. Investment DE PA 23-2671508 50 100.00%
Equitable BJVS,Inc. Investment CA CA 33-0540198 1,000 100.00%
Equitable Rowes Wharf, Inc. Investment MA MA 04-3272826 1,000 100.00%
Camelback JVS, Inc. Investment AZ AZ 86-0794576 1,000 100.00%
GP/EQ Southwest, Inc. Investment TX TX 75-2624983 100 100.00%
Franconom, Inc. Investment PA PA 23-2352488 50 100.00%
EVLICO, Inc. Investment DE GA 58-2203762 100 100.00%
EVLICO East Ridge, Inc. Investment CA GA 58-2206831 100 100.00%
Equitable Structured Settlement Corp. Operating DE NJ 22-3492811 100 100.00%
ELAS Realty, Inc. Investment DE GA 58-2271596 1,000 100.00%
Equitable Realty Assets Corporation Investment DE GA 58-1538468 10,000 100.00%
Prime Property Funding II, Inc. Operating DE NY Pending 100.00%
Sarasota Prime Hotels, Inc. Investment FL GA 58-2330533 100.00%
ECLL, Inc. Investment MI GA Pending 100.00%

<FN>

Notes: 1. In addition, Equitable Holdings, L.L.C.
*Affiliated Insurer owns 19,230,770 shares (34.45%). In the
aggregate, EQ owns 42,635,000 shares (76.37%)
of Donaldson, Lufkin & Jenrette, Inc..

2. Equitable Holding Corp. was merged into
Equitable Holdings, L.L.C. on Dec. 19, 1997.

3. Collectively, Equitable Life and various of
***All subsidiaries are corporations, except as otherwise noted. its subsidiaries beneficially own 57.02% of
the outstanding limited partnership units
issued by Alliance Capital Management L.P.
Equitable Life directly owns 2,266,288 units
(2.69%); ACMC, Inc. owns 33,471,500 units
1997 Additions/Deletions: (39.69%); and Equitable Capital Management
------------------------- Corp. owns 11,800,000 units and 100,000 Class
- Equitable Variable Life Insurance Co. A units, which convert into 551,395 units
(14.64%). In addition, Alliance Capital
Management Corp. owns a 1% general
partnership interest in Alliance Capital
Management L.P.
</FN>

LISTING A:
EQUITABLE HOLDINGS, L.L. State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED
The Equitable Life Assurance Society of the U.S.*
Equitable Holdings, L.L.C. (Note 4)
ELAS Securities Acquisition Corporation Operating DE 13-3049038 500 100.00%
100 Federal Street Realty Corporation Operating MA MA 04-2847619 100 100.00%
100 Federal Street Funding Corporation Operating MA MA 04-2934600 100 100.00%
EQ Financial Consultants, Inc. (f/k/a, Operating DE NY 13-2693569 20,000 100.00%
Equico Securities, Inc.)
Equitable Casualty Insurance Company * Operating VT VT 06-1166226 1,000 100.00%
EquiSource of New York, Inc. Operating NY PA 13-3389662 1,000 100.00%
See Attached Listing B
EREIM LP Corporation Operating DE NY 58-1739521 100 100.00%
EREIM LP Associates (L.P.) Operating NY NY - -
EML Associates, L.P. Investment NY NY 58-1739531 - -
Equitable Investment Corporation HCO NY NY 13-2694412 1,000 100.00%
See Attached Listing C
Equitable JVS, Inc. Investment DE GA 58-1812697 1,000 100.00%
Astor/Broadway Acquisition Corp. Investment NY NY 13-3593692 100 100.00%
Astor Times Square Corp. Investment NY NY 13-3593699 100 100.00%
EJSVS, Inc. Investment DE NJ 58-2169594 1,000 100.00%
Equitable JVS II, Inc. Investment MD MD 52-1877232 1,000 100.00%
Six-Pac G.P., Inc. Investment GA GA 58-1928595 100 100.00%
Equitable Distributors, Inc. (f/k/a, Operating DE NY 13-3550365 1,000 100.00%
Equitable Capital Securities Corp.)
J.M.R. Realty Services, Inc. Operating DE NY 13-3813232 1,000 100.00%

* Affiliated Insurer

Note 4. Owns 34.45% of Donaldson, Lufkin & Jenrette, Inc.

LISTING B:
EQUISOURCE OF NEW YORK, INC. State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED
The Equitable Life Assurance Society of the U.S.*
Equitable Holdings, L.L.C.
EquiSource of New York, Inc.
EquiSource of Alabama, Inc. Operating AL AL 13-3386851 1,000 100.00%
EquiSource of Arizona, Inc. Operating AZ AZ 13-3389071 1,000 100.00%
EquiSource of Arkansas, Inc. Operating AR AR 13-3404676 1,000 100.00%
EquiSource Insurance Agency of Operating CA CA 13-3404686 1,000 100.00%
California
EquiSource of Colorado, Inc. Operating CO CO 13-3404680 1,000 100.00%
EquiSource of Delaware, Inc. Operating DE DE 13-3386036 1,000 100.00%
EquiSource of Hawaii, Inc. Operating HI HI 13-3425232 1,000 100.00%
EquiSource of Maine, Inc. Operating ME ME 13-3404681 1,000 100.00%
EquiSource Insurance Agency of Operating MA MA 22-2891027 1,000 100.00%
Massachusetts, Inc.
EquiSource of Montana, Inc. Operating MT MT 13-3389063 1,000 100.00%
EquiSource of Nevada, Inc. Operating NV NV 13-3389068 1,000 100.00%
EquiSource of New Mexico, Inc. Operating NM NM 13-3404674 1,000 100.00%
EquiSource of Pennsylvania, Inc. Operating PA PA 13-3389070 1,000 100.00%
EquiSource Business Agency of Utah, Inc. Operating UT UT 13-3404679 1,000 100.00%
EquiSource of Washington, Inc. Operating WA WA 13-3437226 1,000 100.00%
EquiSource of Wyoming, Inc. Operating WY WY 13-3389072 1,000 100.00%

LISTING C:
EQUITABLE INVESTMENT CORPORATION State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED
The Equitable Life Assurance Society of the U.S.*
Equitable Holdings, L.L.C.
Equitable Investment Corporation
Equitable Capital Management Corporation Operating DE NY 13-3266813 1,000 100.00%
Equitable Capital Private Income &
Equity Partnership II, L.P. Investment DE NY 13-3544879 - -
Alliance Capital Management Corporation Operating DE NY 13-3633538 100 100.00%
See Attached Listing D
Equitable JV Holding Corp. Operating DE NY 13-3555850 1,000 100.00%
EQ Services, Inc. Operating DE GA 58-1985395 1,000 100.00%
EREIM Managers Corporation Operating DE GA 58-1739529 100 100.00%

ML/EQ Real Estate Portfolio, L.P. Investment DE NY 58-1739523 - -
EML Associates, L.P. Investment NY NY 58-1739531 - -

1997 Additions/Deletions:
-------------------------
- Equitable Agri-Business, Inc. - Sold to Lend Lease Corp.
- Equitable Real Estate Inv. Mgmt., Inc. &
Subsidiaries - Sold to Lend Lease, Inc.

LISTING D:
ALLIANCE CAPITAL MANAGEMENT CORP. State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED
The Equitable Life Assurance Society of the U.S.*
Equitable Holdings, L.L.C.
Equitable Investment Corporation
Alliance Capital Management Corporation
Alliance Capital Management L.P. Operating DE NY 13-3434400
Albion Alliance L.L.C. Operating DE NY 13-3903734 40.00%
Cursitor Alliance L.L.C. HCO DE MA 22-3424339 92.55%
Cursitor Holdings Ltd. Operating U.K. U.K. - 100.00%
Draycott Partners. Ltd. Operating MA U.K. 98-0116774 100.00%
The London Partnership Ltd. Operating U.K. U.K. - 100.00%
Cursitor Alliance Services Operating U.K. U.K. - 100.00%
Ltd.
Cursitor Management Co. S.A. Operating Lux. Lux. - 100.00%
Cursitor Management Ltd. Operating U.K. U.K. - 100.00%
Cursitor-Eaton Asset Operating NY MA 13-3379955 50.00%
Management Co.
Cursitor Cecogest S.A. Operating France France - 75.00%
Cursitor Courtage SARL Operating France France - 100.00%
Cursitor Gestion S.A. Operating France France - 100.00%
Alliance Capital Management Corp. HCO DE 13-2778645 10 100.00%
of Delaware
Alliance Fund Services, Inc. Operating DE NJ 13-3211780 100 100.00%
Alliance Fund Distributors, Inc. Operating DE NY 13-3191825 100 100.00%
Alliance Capital Oceanic Corp. Operating DE 13-3441277 1,000 100.00%
Alliance Capital Management Operating Brazil Brazil - 99.00%
(Brazil) Ltd.
Alliance Capital Management Operating Aust. Aust. - 12 100.00%
Australia Limited
Meiji - Alliance Capital Corp. Operating DE NY 13-3613617 50,000 50.00%
Alliance Capital (Luxembourg) Operating Lux. Lux. - 3,999 99.98%
S.A.
ACM Fund Services (Espana) Operating Spain Spain - 100.00%
S.L.
Alliance Barra Research Operating DE NY 13-3548918 1,000 100.00%
Institute, Inc.
Alliance Capital Management Operating DE Canada 13-3630460 18,750 100.00%
Canada, Inc.
Alliance Capital Global Operating DE NY 13-3626546 1,000 100.00%
Derivatives Corp.
ACM Fund Services, S.A. Operating Lux. Lux. - 99.00%
Alliance Capital Management Operating DE India 13-3751338 100.00%
(India) Ltd.
Alliance Capital Management Operating Singapore Singapore - 100.00%
(Singapore) Ltd.
ACM CIIC Investment Management Operating Cayman Isl. Cayman Isl. 54.00%
Ltd.
ACM Software Services Ltd. Operating DE NY 13-3910857 100.00%
East Fund Managementberatung Operating Austria Austria - 51.00%
GmbH.
Alliance Capital (Mauritius) Operating Mauritius Mauritius - 100.00%
Private Ltd.
Alliance Capital Asset
Management (India)
Private Ltd. Operating India India - 75.00%
ACSYS Software India Operating India India - 51.00%
Private Ltd.
Alliance Eastern Europe, Inc. Operating DE 13-3802178 100.00%

LISTING D:
ALLIANCE CAPITAL MANAGEMENT CORP. (CONTINUED) State of State of Number of Parent's
Type of Incorp. or Principal Federal Shares Percent of
Subsidiary Domicile Operation Tax ID # Owned Ownership
---------- -------- --------- -------- ----- ---------

THE EQUITABLE COMPANIES INCORPORATED
The Equitable Life Assurance Society of the U.S. *
Equitable Holdings, L.L.C.
Equitable Investment Corporation
Alliance Capital Management Corporation
Alliance Capital Management L.P.
Alliance Capital Management Corp.
of Delaware (Cont'd)
Alliance Capital Management Operating DE Singapore 13-3752293 100.00%
(Asia) Ltd.
Alliance Capital Management Operating DE Turkey 13-3802177 100.00%
(Turkey) Ltd.
Alliance Capital Management Operating DE Japan 13-3009358 100 100.00%
(Japan), Inc.
Alliance Capital Limited Operating U.K. U.K. - 250,000 100.00%
Alliance Capital Services Operating U.K. U.K. - 1,000 100.00%
Ltd.
Dimentional Trust Operating U.K. U.K. - 50,000 100.00%
Management Ltd.
Alliance Corporate Finance Operating DE NY 52-1671668 1,000 100.00%
Group Inc.
Equitable Capital Investment DE NY 13-3520268 - -
Diversified Holdings, L.P. I
EC Diversified Holdings Investment DE NY 13-3521917 100 100.00%
Corp. I
Equitable Capital Investment DE NY 13-3546007 - -
Diversified Holdings,
L.P. II
EC Diversified Holdings Investment DE NY 13-3551472 100 100.00%
Corp. II
ECM Fund L.P. I Investment DE NY 13-3674518 - -
ECM Corporation I Investment DE NY 13-3674512 100 100.00%
Equitable Capital Partners, Investment DE NY 13-3486115 - -
L.P.
Equitable Capital Partners
(Retirement Fund), L.P. Investment DE NY 13-3486106 - -

LISTING E:
DLJ SUBSIDIARIES
PERCENT SHARES HELD BY JURISDICTION OF
SUBSIDIARY EMPLOYER ID OWNER AFFILIATE OWNERSHIP OWNER INCORPORATION
- ----------------------------------------------------------------------------------------------------------------------------

AMB Holdings Limited (formerly None Donaldson, Lufkin & 16% South Africa
DLJ Pleiade) Jenrette, Inc.

AML Futures, Inc. 13-2671027 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

AML Futures, S.A. (In None Donaldson, Lufkin & 100% 1,000 Switzerland
Dissolution) Jenrette, Inc.

Autranet International Limited None Autranet, Inc. 100% 200 United Kingdom
(In Dissolution)

Autranet, Inc. 13-2961507 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
Bond Investment Partners, LLC 13-7070202 DLJ Capital Corporation 99% Delaware

Bond Investment Partners, LLC 13-7070202 DLJ Investment, Inc. 1% Delaware

Brewster Property Holding Corp. 13-3745194 DLJ Real Estate, Inc. 100% 200 New York

BSI Acquisitions Corp. 13-3189297 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

Cadogan Nominees Limited None Pershing Limited 100% 150 United Kingdom

Calmco Trustee Services, Inc. 74-2777085 Calmco, Inc. 100% 10,000 Delaware

Calmco, Inc. 13-3860801 DLJ Mortgage Capital, 100% 1,000 Delaware
Inc.
CBJC, Inc. 13-3906717 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
CEC Energy Co., Inc. 13-3351987 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette Securities
Corporation

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- -----------------------------------------------------------------------------------------

AMB Holdings Limited (formerly Foreign Parent holding company of DLJ African
DLJ Pleiade) Merchant Bank Limited.

AML Futures, Inc. USA Inactive.

AML Futures, S.A. (In Foreign Inactive.
Dissolution)

Autranet International Limited Foreign Inactive.
(In Dissolution)

Autranet, Inc. USA Securities Broker/Dealer.

Bond Investment Partners, LLC USA Holder of NYC Industrial Development
Agency bonds re: 277 Park Avenue.
Bond Investment Partners, LLC USA Holder of NYC Industrial Development
Agency bonds re: 277 Park Avenue.
Brewster Property Holding Corp. USA Owns 58 acres of land (including a
building) in Putnam County, NY.
BSI Acquisitions Corp. USA Holds Investment. (Inactive)

Cadogan Nominees Limited Foreign Facilitates Stock Transfer for
Pershing Limited. (Inactive)
Calmco Trustee Services, Inc. USA Responsible for collection and loss
mitigation of B and C credit
mortgage loans in Deed of Trust
states (in lieu of mortgages).
Calmco, Inc. USA Responsible for collection and loss
mitigation of B and C credit
mortgage loans.
CBJC, Inc. USA Holds monetary judgments.

CEC Energy Co., Inc. USA Sells steam and electricity to the
Virgin Islands Water & Power
Authority under the terms of a
Service Agreement.

LISTING E:
DLJ SUBSIDIARIES (CONTINUED)
PERCENT SHARES HELD BY JURISDICTION OF
SUBSIDIARY EMPLOYER ID OWNER AFFILIATE OWNERSHIP OWNER INCORPORATION
- ----------------------------------------------------------------------------------------------------------------------------

CF Realty, Inc. 13-3873229 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
CG Funding, Inc. 13-3873232 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.
Column Financial, Inc. 58-2061106 DLJ Mortgage Capital, 100% 1,000 Delaware
Inc.
Coram Funding, Inc. 13-3819014 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

DLJ Acceptance Corporation 13-3438856 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ Asset Management, Inc. 13-3859805 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette Securities
Corporation
DLJ Bermuda Partners, Inc. 13-3799776 DLJ Capital Investors, 100% 1,000 Delaware
Inc.
DLJ Bridge Finance, Inc. 13-3433876 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ Capital Associates (VI), Inc. 13-3519751 DLJ Capital Corporation 100% 1,000 Delaware

DLJ Capital Associates VII, Inc. 13-3810628 DLJ Capital Corporation 100% 100 Delaware

DLJ Capital Associates VIII, Inc. Not Available DLJ Capital Corporation 100% 100 Delaware
as of Today

DLJ Capital Corporation 13-2656882 Donaldson, Lufkin & 100% 100 Delaware
Jenrette, Inc.
DLJ Capital Funding, Inc. 13-3901308 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- -----------------------------------------------------------------------------------------

CF Realty, Inc. USA Real Estate Banking Group investment
vehicle.
CG Funding, Inc. USA Real Estate Banking Group
side-by-side investment vehicle.
Column Financial, Inc. USA Mortgage lender.

Coram Funding, Inc. USA Formed to provide bridge financing to
Coram, Inc. a provider of
alternative site infusion.
DLJ Acceptance Corporation USA Assembles Mortgage Collateral for CMO
Trusts.
DLJ Asset Management, Inc. USA Name Saver.

DLJ Bermuda Partners, Inc. USA Inactive.

DLJ Bridge Finance, Inc. USA General Partner of Investment
Partnership providing bridge
financing.
DLJ Capital Associates (VI), Inc. USA General Partner of a Limited
Partnership called DLJ Associates
(VI), L.P. This Partnership is a
partner in Sprout Capital VI, L.P.
DLJ Capital Associates VII, Inc. USA General Partner of a limited
partnership called DLJ Associates
VII, L.P. which is a partner of
Sprout Capital VII, L.P.
DLJ Capital Associates VIII, Inc. USA General Partner of a limited
partnership called DLJ Associates
VIII, L.P. which is a partner of
Sprout Capital VIII, L.P.
DLJ Capital Corporation USA Venture Capital Partnership
Management Company.
DLJ Capital Funding, Inc. USA Conducts bank and corporate loan
syndication and trading.

DLJ Capital Investors, Inc. 13-3805378 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ Capital Management 13-3603831 DLJ Capital Corporation 100% 1,000 Delaware
Corporation

DLJ Capital Trust I 13-7093229 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ Cayman Acquisition Limited None Donaldson, Lufkin & 100% 1 Cayman Islands
Jenrette, Inc.
DLJ Cayman Islands LDC 52-1879918 DLJ Capital Corporation 20% 999 Cayman Islands

DLJ Cayman Islands LDC 52-1879918 Donaldson, Lufkin & 80% 3,996 Cayman Islands
Jenrette, Inc.
DLJ Century, Inc. 13-3717365 DLJ Mortgage Capital, 100% 1,000 Delaware
Inc.

DLJ Clearing Corporation 13-3731408 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ Commercial Mortgage Corp. 13-3956945 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ Cyprus, Inc. Not Available No shares issued to date. Delaware
as of Today
DLJ Diversified Partners, Inc. 13-3907706 DLJ Capital Investors, 100% 1,000 Delaware
Inc.

DLJ Emerging Markets LDC 98-0151723 DLJ Capital Corporation 20% 2,000 Cayman Islands

DLJ Emerging Markets LDC 98-0151723 Donaldson, Lufkin & 80% 8,000 Cayman Islands
Jenrette, Inc.
DLJ Europe, Inc. 13-3860782 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette Securities
Corporation

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Capital Investors, Inc. USA Holding company which owns the
companies acting as General
Partner of Merchant Banking
Partnerships.
DLJ Capital Management USA Venture Capital Partnership
Corporation Management Company.

DLJ Capital Trust I USA Funding vehicle for issuance of
Preferred Stock by Donaldson,
Lufkin & Jenrette, Inc.
DLJ Cayman Acquisition Limited Foreign Inactive corporation.

DLJ Cayman Islands LDC Foreign Securities dealer writing derivative
products on foreign securities.
DLJ Cayman Islands LDC Foreign Securities dealer writing derivative
products on foreign securities.
DLJ Century, Inc. USA General Partner of DLJ Century L.P.
which holds the mortgage on
property located in Florida.
DLJ Clearing Corporation USA General Partner owning 1% of Pershing
Trading Company, L.P., a
specialist on regional exchanges
and market maker.
DLJ Commercial Mortgage Corp. USA Issues securities to the public, such
securities which are backed by
mortgage related securities.
DLJ Cyprus, Inc. USA Name Saver (Inactive).

DLJ Diversified Partners, Inc. USA Managing General Partner of DLJ
Diversified Partners, L.P., a
merchant banking investment fund.
DLJ Emerging Markets LDC Foreign Investor in Latin American securities.

DLJ Emerging Markets LDC Foreign Investor in Latin American securities.

DLJ Europe, Inc. USA Holding Company which holds all of
the Non-Voting Class B Shares of
Donaldson, Lufkin & Jenrette
International.

DLJ Financial Products Limited 13-3957534 Donaldson, Lufkin & 100% 12,000 Bermuda
(formerly DLJ Options Jenrette, Inc.
International Limited)

DLJ First ESC, LLC 13-3790645 DLJ Employees N/A N/A Delaware

DLJ Growth Associates (II), Inc. 13-3695982 DLJ Capital Corporation 100% 1,000 Delaware

DLJ Harbor (Boston) Corp. 13-3160683 DLJ Real Estate, Inc. 100% 1,000 Massachusetts

DLJ Hoffman, Inc. 13-3153908 DLJ Real Estate, Inc. 100% 100 Delaware

DLJ Holdings, Inc. 13-3861189 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

DLJ India Advisory Services, 13-3961301 Donaldson, Lufkin & 100% Delaware
L.L.C. Jenrette, Inc.

DLJ International Group Limited 13-3960274 DLJ International, Inc. 100% 28,845,289 United Kingdom
Voting Class A
Shares

DLJ International Group Limited 13-3960274 Donaldson, Lufkin & greater 3,597,000 Class United Kingdom
Jenrette Securities than 99% B Voting Shares
Corporation

DLJ International Group Limited 13-3960274 DLJ Europe, Inc. less 1 Voting Class United Kingdom
than 1% B Share

DLJ International Investment 13-3971622 Donaldson, Lufkin & 100% 1,000 Delaware
Corp. Jenrette, Inc.

DLJ International Services 98-0176015 Donaldson, Lufkin & 100% 100 Cayman Islands
Jenrette, Inc.

DLJ International, Inc. 13-3860788 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Financial Products Limited Foreign Securities dealer writing derivative
(formerly DLJ Options products on foreign securities.
International Limited)

DLJ First ESC, LLC USA Employee securities company managed
by DLJ LBO Plans Management
Corporation.
DLJ Growth Associates (II), Inc. USA General Partner formed to hold the
unallocated interests in DLJ
Growth Associates (II), L.P.
DLJ Harbor (Boston) Corp. USA General Partner of Boston Harbor
Partners, Ltd.
DLJ Hoffman, Inc. USA Holds wrap mortgages on Westbury Land
and on Boston Harbor.
DLJ Holdings, Inc. USA Name saver.

DLJ India Advisory Services, USA Formed to be the DLJ India branch
L.L.C. office for Merchant Banking.

DLJ International Group Limited Foreign Designated parent holding company of
the DLJ UK Group.
DLJ International Group Limited Foreign Designated parent holding company of
the DLJ UK Group.
DLJ International Group Limited Foreign Designated parent holding company of
the DLJ UK Group.
DLJ International Investment USA Formed to house DLJ's investment
Corp. banking representative office in
Moscow.
DLJ International Services Foreign Vehicle for internationally mobile
employees.
DLJ International, Inc. USA Holding Company which holds of the
Voting Class A Shares of
Donaldson, Lufkin & Jenrette
International Limited

DLJ Investment Funding, Inc. 13-3887953 DLJ Capital Investors, 100% 1,000 Delaware
Inc.
DLJ Investment Management Corp. 13-3859861 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette Securities
Corporation
DLJ Investment Partners, Inc. 13-3854261 DLJ Capital Investors, 100% 1,000 Delaware
Inc.
DLJ Investment, Inc. 13-3419317 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ Kansas City Capital, Inc. 13-3697211 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ LBO Plans Management 13-3743225 DLJ Capital Investors, 100% 100 Delaware
Corporation Inc.
DLJ Leasing Company, Inc. 13-3542594 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ Long Term Investment 13-3951926 Donaldson, Lufkin & 100% 1 Voting Class Delaware
Corporation Jenrette, Inc. A Share

DLJ Long Term Investment 13-3951926 Donaldson, Lufkin & 80% 800 Non-Voting Delaware
Corporation Jenrette, Inc. Class B Shares

DLJ Long Term Investment 13-3951926 Donaldson, Lufkin & 20% 195 Non-Voting Delaware
Corporation Jenrette Securities Class B Shares
Corporation
DLJ Long Term Investment 13-3951926 Autranet, Inc. less 5 Non-Voting Delaware
Corporation than 1% Class B Shares

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Investment Funding, Inc. USA Invests in investment opportunities
side-by-side with DLJ Investment
Partners, L.P.
DLJ Investment Management Corp. USA Wood, Struthers & Winthrop Investment
Adviser.
DLJ Investment Partners, Inc. USA General Partner of DLJ Investment
Partners, L.P., an investment fund.
DLJ Investment, Inc. USA General Partner in Tenacqo bridge
partnership.
DLJ Kansas City Capital, Inc. USA General Partner of Kansas City
DLJ/Gateway Limited Partnership
which purchases Commercial
Mortgages from the RTC.
DLJ LBO Plans Management USA General Partner of the manager of
Corporation various employees securities
companies formed to permit certain
key employees to coinvest with the
Company in certain long-term investments.
DLJ Leasing Company, Inc. USA Holds certain fixed assets of various
DLJ business groups, said assets
are then leased back to the groups.
DLJ Long Term Investment USA Holds and manages the trademarks and
Corporation trade name of Donaldson, Lufkin &
Jenrette, Inc. and subsidiaries.
DLJ Long Term Investment USA Holds and manages the trademarks and
Corporation trade name of Donaldson, Lufkin &
Jenrette, Inc. and subsidiaries.
DLJ Long Term Investment USA Holds and manages the trademarks and
Corporation trade name of Donaldson, Lufkin &
Jenrette, Inc. and subsidiaries.
DLJ Long Term Investment USA Holds and manages the trademarks and
Corporation trade name of Donaldson, Lufkin &
Jenrette, Inc. and subsidiaries.

DLJ MB Funding II, Inc. 13-3919500 DLJ Capital Investors, 100% 1,000 Delaware
Inc.
DLJ Merchant Banking Funding, 13-3709041 DLJ Capital Investors, 100% 1,000 Delaware
Inc. Inc.
DLJ Merchant Banking II, Inc. 13-3906244 DLJ Capital Investors, 100% 1,000 Delaware
Inc.
DLJ Merchant Banking, Inc. 13-3644198 DLJ Capital Investors, 100% 100 Delaware
Inc.
DLJ Mortgage Acceptance Corp. 13-3460894 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ Mortgage Capital, Inc. 13-3460798 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ Offshore Management N.V. None DLJ Capital Investors, 100% 6,000 Netherlands
Inc. Antilles
DLJ Phoenix First General 13-3952234 DLJ Phoenix Group Limited 99% 50,999 United Kingdom
Partner Limited

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ MB Funding II, Inc. USA Invests in debt and equity securities
of business entities subject to
leveraged transactions including
acquisitions, recapitalizations,
restructurings, workouts and other
similar situations side-by-side with
DLJ Merchant Banking Partners II, L.P.
DLJ Merchant Banking Funding, USA Invests in debt and equity securities
Inc. of business entities subject to
leveraged transactions including
acquisitions, recapitalizations,
restructurings, workouts and other
similar situations side-by-side with
DLJ Merchant Banking Partners, L.P.
DLJ Merchant Banking II, Inc. USA Managing General Partner of DLJ
Merchant Banking Partners II,
L.P., an investment fund.
DLJ Merchant Banking, Inc. USA General Partner of a number of
partnerships which manages a
leveraged transaction fund.
DLJ Mortgage Acceptance Corp. USA Issues securities to the public, such
securities which are backed by
mortgage related securities.
DLJ Mortgage Capital, Inc. USA Corporation which trades in whole
loans.
DLJ Offshore Management N.V. Foreign Acts as a General Partner of an
offshore merchant banking
investment partnerships to
establish Cayman Islands residency.
DLJ Phoenix First General Foreign Inactive.
Partner Limited

DLJ Phoenix First General 13-3952234 DLJ Phoenix Securities less than 1% 1 United Kingdom
Partner Limited Investments Limited
DLJ Phoenix Fund Trustee Limited 13-3952239 DLJ Phoenix Group Limited 50% 1 United Kingdom
DLJ Phoenix Fund Trustee Limited 13-3952239 DLJ Phoenix Securities 50% 1 United Kingdom
Investments Limited
DLJ Phoenix General Partner II 13-3952247 DLJ Phoenix Group Limited 100% 2 United Kingdom
Limited
DLJ Phoenix General Partner 13-3952232 DLJ Phoenix Group Limited 50% 1 United Kingdom
Limited
DLJ Phoenix General Partner 13-3952232 DLJ Phoenix Securities 50% 1 United Kingdom
Limited Investments Limited
DLJ Phoenix Group Limited 13-3952201 DLJ International Group 100% Please see United Kingdom
Limited appendix
DLJ Phoenix Insurance Services 13-3952233 DLJ Phoenix Group Limited 100% 2 United Kingdom
Limited
DLJ Phoenix Media Limited 13-3952237 DLJ Phoenix Group Limited 100% 2 United Kingdom
DLJ Phoenix Private Equity 13-3952209 DLJ Phoenix Group Limited 99% 7,499 United Kingdom
Limited
DLJ Phoenix Private Equity 13-3952209 DLJ Phoenix Securities less than 1% 1 United Kingdom
Limited Investments Limited
DLJ Phoenix Securities (Asia) 13-3952250 DLJ Phoenix Group Limited 50% 1 United Kingdom
Limited
DLJ Phoenix Securities (Asia) 13-3952250 DLJ Phoenix Securities 50% 1 United Kingdom
Limited Investments Limited

DLJ Phoenix Securities Finance 13-3952215 DLJ Phoenix Securities 50% 1 United Kingdom
Limited Investments Limited

DLJ Phoenix Securities Finance 13-3952215 DLJ Phoenix Securities 50% 1 United Kingdom
Limited Limited

DLJ Phoenix Securities 13-3952218 DLJ Phoenix Insurance 100% 1,000 United Kingdom
Investments Limited Services Limited

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Phoenix First General Foreign Inactive.
Partner Limited

DLJ Phoenix Fund Trustee Limited Foreign Management Pension Scheme.

DLJ Phoenix General Partner II Foreign General Partner in Phoenix Equity
Limited Partners II.

DLJ Phoenix General Partner Foreign General Partner in Phoenix
Limited Development Capital Fund.

DLJ Phoenix Group Limited Foreign Holding company.

DLJ Phoenix Insurance Services Foreign Inactive.
Limited

DLJ Phoenix Media Limited Foreign Inactive.

DLJ Phoenix Private Equity Foreign Fund manager.
Limited

DLJ Phoenix Securities (Asia) Foreign Corporate Finance advisor.
Limited

DLJ Phoenix Securities Finance Foreign Inactive.
Limited

DLJ Phoenix Securities Foreign Nominee Holding Company.
Investments Limited

DLJ Phoenix Securities Limited 13-3952205 DLJ Phoenix First 100% 20,000 United Kingdom
General Partner Redeemable
Limited Preference
Shares

DLJ Phoenix Securities Limited 13-3952205 DLJ Phoenix Group Limited 99% 874,999 United Kingdom

DLJ Phoenix Securities Limited 13-3952205 DLJ Phoenix Securities less than 1% 1 United Kingdom
Investments Limited

DLJ PSH Limited 13-3952249 DLJ Phoenix Group Limited 100% 2 United Kingdom

DLJ Puerto Rico Realty Corp. 13-3941625 Puerto Rico Hotel OPCO, 100% 1,000 Delaware
L.P.

DLJ Real Estate Capital Funding, 13-3811304 DLJ Capital Investors, 100% 1,000 Delaware
Inc. Inc.

DLJ Real Estate Capital 13-3805375 DLJ Capital Investors, 100% 1,000 Delaware
Partners, Inc. Inc.

DLJ Real Estate Capital, Inc. 13-3811303 DLJ Capital Investors, 100% 1,000 Delaware
Inc.

DLJ Real Estate Exchange 13-3989904 DLJ Capital Investors, 100% 1,000 Delaware
Capital, Inc. Inc.

DLJ Real Estate Mezzanine 13-3910356 DLJ Capital Investors, 100% 1,000 Delaware
Capital, Inc. Inc.

DLJ Real Estate, Inc. 13-2658821 Donaldson, Lufkin & 100% 3,000 Delaware
Jenrette, Inc.

DLJ Realty Services, Inc. 13-2791329 DLJ Real Estate, Inc. 100% 0 Delaware

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Phoenix Securities Limited Foreign Corporate finance adviser.

DLJ PSH Limited Foreign Inactive.

DLJ Puerto Rico Realty Corp. USA Holds an investment.

DLJ Real Estate Capital Funding, USA Invests in real estate opportunities
Inc. side-by-side with DLJ Real Estate
Capital Partners, L.P.
DLJ Real Estate Capital USA General Partner of a fund that
Partners, Inc. invests in real estate
opportunities.
DLJ Real Estate Capital, Inc. USA Formed to serve as the General
Partner of DLJ Real Estate
Capital, L.P.
DLJ Real Estate Exchange USA General Partner of DLJ Real Estate
Capital, Inc. Exchange Capital, L.P., which is
the general partner of DLJ Real
Estate Capital Partners, L.P.
DLJ Real Estate Mezzanine USA General Partner of DLJ Real Estate
Capital, Inc. Mezzanine Capital, L.P. which is
the general partner of DLJ Real
Estate Mezzanine Capital Partners,
L.P.
DLJ Real Estate, Inc. USA Holding Company for all Real Estate
Subsidiaries.
DLJ Realty Services, Inc. USA Licensed Corporate Real Estate Broker
involved in mortgage placement and
brokerage activities.

DLJ Romania, Inc. Not Available Donaldson, Lufkin & 100% 1,000 Delaware
as of Today Jenrette, Inc.
DLJ Secureco Holdings, Inc. 13-3714258 DLJ Mortgage Capital, 100% 1,000 Delaware
Inc.
DLJ Senior Debt Finance, Inc. 13-3891131 Donaldson, Lufkin & 100% 100 Delaware
Jenrette, Inc.
DLJ Senior Officers Investment 13-3220934 Donaldson, Lufkin & 100% 100 Delaware
Corporation Jenrette, Inc.

DLJ Services, Inc. 13-3817414 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ South Africa, Inc. 13-3857310 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
DLJ UK Holding Limited 13-3960278 DLJ International Group 100% 1 United Kingdom
Limited
DLJ UK Limited 13-3960277 DLJ International Group 100% 1 United Kingdom
Limited

DLJdirect Holdings Inc. 13-3902239 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette Securities
Corporation
DLJdirect Inc. 13-3902248 DLJdirect Holdings Inc. 100% 1,000 Delaware

DLJMB Mauritius Investment 98-0172641 Please see appendix 100% Please see Mauritius
Company appendix

Donaldson Funding Corporation 13-3810631 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Donaldson Leasing Corp. 13-3692113 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

DLJ Romania, Inc. USA Formed to act as parent holding
company of DLJ Romania SrL, a
Romanian limited liability company
currently in formation for the purpose
of investing in Romanian fixed income
securities.
DLJ Secureco Holdings, Inc. USA Holding Company.

DLJ Senior Debt Finance, Inc. USA Offers senior credit facilities to
corporate borrowers.
DLJ Senior Officers Investment USA General Partner of DLJ Executive
Corporation Investment Partnership.

DLJ Services, Inc. USA Mortgage servicing agent.

DLJ South Africa, Inc. USA Formed to invest in Pleiade
Investors, LLC, a South African
Investment Banking Firm owned by
New Africa Investment Ltd.
DLJ UK Holding Limited Foreign Parent holding company of Donaldson,
Lufkin & Jenrette International
along with DLJ UK Limited.
DLJ UK Limited Foreign Parent holding company of Donaldson,
Lufkin & Jenrette International
along with DLJ UK Holding Limited.
DLJdirect Holdings Inc. USA Holding Company for DLJdirect
subsidiaries.

DLJdirect Inc. USA Broker/Dealer for DLJdirect clients.

DLJMB Mauritius Investment Foreign Investment vehicle for Merchant
Company Banking Group.

Donaldson Funding Corporation USA Formed for future bridge financing.

Donaldson Leasing Corp. USA Holds certain fixed assets of various
DLJ business groups, said assets
are then leased back to the groups.

Donaldson Lufkin & Jenrette Asia None Donaldson, Lufkin & 99% 299 Hong Kong
Limited Jenrette, Inc.

Donaldson Lufkin & Jenrette Asia None Vincent DeGiaimo 1% 1 Hong Kong
Limited

Donaldson, Lufkin & Jenrette 13-3941845 DLJ Capital Corporation 20% 100,000 Brazil
(Brasil) Ltda.

Donaldson, Lufkin & Jenrette 13-3941845 Donaldson, Lufkin & 80% 400,000 Brazil
(Brasil) Ltda. Jenrette, Inc.

Donaldson, Lufkin & Jenrette 13-3881820 DLJ UK Holding Limited 100% 5,896,977 United Kingdom
International Voting Class B
Shares

Donaldson, Lufkin & Jenrette 13-3881820 DLJ UK Holding Limited greater 284,546,754 United Kingdom
International than 99% Voting Class A
Shares

Donaldson, Lufkin & Jenrette 13-3881820 DLJ UK Limited less 1 Voting Class United Kingdom
International than 1% A Share

Donaldson, Lufkin & Jenrette 13-2741729 Donaldson, Lufkin & 100% 3,000 Delaware
Securities Corporation Jenrette, Inc.

Doskocil Funding, Inc. 13-3951925 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Equine Technology and Analysis, 13-3246841 Donaldson, Lufkin & 100% 1,000 Delaware
Inc. Jenrette, Inc.

Eterindo Funding, Inc. 13-3972463 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

First Overlap Limited None DLJ Phoenix Group 100% United Kingdom
Limited (through
Trust)

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Donaldson Lufkin & Jenrette Asia Foreign International Dealer.
Limited

Donaldson, Lufkin & Jenrette Foreign Represents Donaldson, Lufkin &
(Brasil) Ltda. Jenrette, Inc. and its affiliates
in Brazil.
Donaldson, Lufkin & Jenrette Foreign Represents Donaldson, Lufkin &
(Brasil) Ltda. Jenrette, Inc. and its affiliates
in Brazil.
Donaldson, Lufkin & Jenrette Foreign International Broker/Dealer.
International

Donaldson, Lufkin & Jenrette Foreign International Broker/Dealer.
International

Donaldson, Lufkin & Jenrette USA Securities Broker/Dealer.
Securities Corporation

Doskocil Funding, Inc. USA Formed to provide bridge financing to
Doskocil, Inc.,a leading
manufacturer of pet supplies.
Equine Technology and Analysis, USA Limited Partner in horse breeding
Inc. partnership.

Eterindo Funding, Inc. USA Formed to facilitate a bridge loan to
Eterindo Wahanatama B.V., a
special purpose finance subsidiary
of PT Eterindo Wahanatama, a
leading Indonesian manufacturer
and distributor of mid-stream
petrochemicals and down-stream
specialty and industrial chemicals
First Overlap Limited Foreign Secretary and 50% shareholder of
Phoenix Guernsey (GP) Limited.

Gateway Management, Inc. 13-3732486 DLJ Secureco Holdings, 100% 1,000 Delaware
Inc.

Global Retail Partners Funding, 13-3877298 DLJ Capital Investors, 100% 1,000 Delaware
Inc. Inc.

Global Retail Partners, Inc. 13-3846674 DLJ Capital Investors, 100% 1,000 Delaware
Inc.

Headway GP, Inc. 13-3888736 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.

Headway RECP, Inc. 13-3888738 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.

Headway SBS, Inc. 13-3888737 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.

Heiberg Funding, Inc. 13-3964889 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Hoboken RECP, Inc. 13-3901762 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.

Hoboken SBS, Inc. 13-3901763 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.

HS Funding, Inc. 13-3976402 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

iNautix Technologies, Inc. 13-3902260 DLJdirect Holdings Inc. 100% 1,000 Delaware

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Gateway Management, Inc. USA General Partner of Gateway Management
Associates which is a real estate
partnership.
Global Retail Partners Funding, USA Invest in early stage retail related
Inc. companies among other types of
retail related companies
side-by-side with Global Retail
Partners, L.P.
Global Retail Partners, Inc. USA Registered Investment Advisor and
general partner of Global Retail
Partners, L.P., a fund organized to
invest in early stage retail related
companies.
Headway GP, Inc. USA Real Estate Banking Group investment
vehicle relating to Headway
Investment Associates, Ltd.
Headway RECP, Inc. USA Real Estate Banking Group investment
vehicle relating to Headway
Investment Associates, Ltd.
Headway SBS, Inc. USA Real Estate Banking Group
side-by-side investment vehicle
relating to Headway Investment
Associates, Ltd.
Heiberg Funding, Inc. USA Provide funding to Pharmaceutical
Fine Chemical S.A., an Italian
pharmaceutical company.
Hoboken RECP, Inc. USA Real Estate Banking Group investment
vehicle relating to Hoboken
investment.
Hoboken SBS, Inc. USA Real Estate Banking Group
side-by-side investment vehicle
relating to Hoboken investment.
HS Funding, Inc. USA Vehicle by which a bridge loan will
be made to Holt Shipping Company,
Inc., a diversified provider of
transportation logistics services.
iNautix Technologies, Inc. USA Provider of technology and consulting
services.

July Acquisitions, Inc. 13-3902416 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
Laminates Funding, Inc. Not Available DLJ Bridge Finance, Inc. 100% 1,000 Delaware
as of Today
LGS Holdings Limited 13-3979449 Donaldson, Lufkin & 100% 1 Ordinary Share United Kingdom
Jenrette International
LGS Money Brokers 13-3971450 London Global Securities 100% 5,000,000 United Kingdom
Ordinary Shares
London Global Securities 13-3979451 LGS Holdings Limited 100% 60,000,000 United Kingdom
Ordinary
Shares/ 1,000
A Ordinary
Shares
MED Funding, Inc. 13-3981509 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

MIH Funding, Inc. 11-3372867 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

NeTpower Funding, Inc. 11-3372870 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

July Acquisitions, Inc. USA Acquires judgments against properties.

Laminates Funding, Inc. USA Vehicle for funding of bridge loan to
Laminates Acquisition Co., a
Merchant Banking entity formed to
acquire 100% of the common stock of
FMH Holdings, Inc., the 100% owner
of Formica Corporation, the largest
producer of decorative high pressure
laminates.
LGS Holdings Limited Foreign Parent holding company of London
Global Securities.
LGS Money Brokers Foreign Inactive.

London Global Securities Foreign Securities lender.

MED Funding, Inc. USA Vehicle to provide bridge financing
to Medaphis Corporation, a leading
provider of business management
services, systems integration
services and medical software,
primarily to the healthcare
provider market.
MIH Funding, Inc. USA Buy notes of MIH Limited, a British
Virgin Islands Company which owns
pay television assets in South Africa,
Europe, Greece, Cyprus and the Middle East.
NeTpower Funding, Inc. USA Provide bridge funding to NeTpower,
Inc., a manufacturer of computer
workstations.

Orlando GP, Inc. 13-3901271 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
Orlando RECP, Inc. 13-3901270 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
Orlando SBS, Inc. 13-3892543 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.
Oxford Funding, Inc. 13-3982540 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Pershing & Co., Inc. 13-3117481 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
Pershing ICS Nominees Limited None Pershing Limited 100% 2 United Kingdom

Pershing Keen Nominees Ltd. None Pershing Limited 100% 2 United Kingdom

Pershing Limited None DLJ International Group 100% 3,597,500 United Kingdom
Limited
Pershing Nominees Ltd. None Pershing Limited 100% 2 United Kingdom

Pershing Securities Limited None Pershing Limited 100% 1,125,000 United Kingdom

Pershing Trading Company, L.P. 13-3769702 DLJ Clearing Corporation 1% General Partner Delaware

Pershing Trading Company, L.P. 13-3769702 Donaldson, Lufkin & 99% Limited Partner Delaware
Jenrette Securities
Corporation
Phoenix Equity Nominees Limited None DLJ Phoenix Group Limited 100% 2 Ordinary United Kingdom
Shares

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- ---------------------------------------------------------------------------------------

Orlando GP, Inc. USA Real Estate Banking Group investment
vehicle relating to Orlando
investment.
Orlando RECP, Inc. USA Real Estate Banking Group investment
vehicle relating to Orlando
investment.
Orlando SBS, Inc. USA Real Estate Banking Group
side-by-side investment vehicle
relating to Orlando investment.
Oxford Funding, Inc. USA Vehicle to provide bridge financing
to Oxford Health Plans, Inc., a
leading health-maintenance
organization in the Northeast.
Pershing & Co., Inc. USA Inactive.

Pershing ICS Nominees Limited Foreign Inactive.

Pershing Keen Nominees Ltd. Foreign Facilitates Stock Transfers for
Pershing Limited.
Pershing Limited Foreign UK Clearing Broker.

Pershing Nominees Ltd. Foreign Facilitates Stock Transfers for
Pershing Limited.
Pershing Securities Limited Foreign Executes trades on the International
Stock Exchange on behalf of
Pershing Correspondents.
Pershing Trading Company, L.P. USA A specialist on various regional
securities exchanges and a market
maker for over-the-counter
securities.
Pershing Trading Company, L.P. USA A specialist on various regional
securities exchanges and a market
maker for over-the-counter
securities.
Phoenix Equity Nominees Limited Foreign Acts as a nominee of equity interest
in Phoenix Equity Partners II-A
and Phoenix Equity Partners II-B
together with co-investors in
those partnerships.

Phoenix Guernsey (GP) Limited 13-3952253 First Overlap Limited 50% 50 United Kingdom

Phoenix Guernsey (GP) Limited 13-3952253 Second Overlap Limited 50% 50 United Kingdom

Phoenix Securities 13-3952251 DLJ Phoenix Group Limited 100% 12,000 United Kingdom
(International) Limited

PSP Capital Funding, Inc. 13-3920284 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.
PSP Realty, Inc. 13-3920282 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
Puerto Rico Hotel HOLDCO Corp. 13-3923272 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
Puerto Rico Hotel OPCO Corp. 13-3923269 DLJ Real Estate Capital 100% 1,000 Delaware
Partners, L.P.
Puerto Rico Hotel SBS Corp. 13-3923271 DLJ Real Estate Capital 100% 1,000 Delaware
Funding, Inc.
REFG Investor Eight, Inc. 13-3904767 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Eleven, Inc. 13-3904776 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Fifteen, Inc. 13-3904783 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Five, Inc. 13-3904760 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Four, Inc. 13-3847759 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Fourteen, Inc. 13-3904781 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Phoenix Guernsey (GP) Limited Foreign Inactive.

Phoenix Securities Foreign Inactive.
(International) Limited

PSP Capital Funding, Inc. USA Real Estate Banking Group
side-by-side investment vehicle
relating to Pacific-St. Paul
investment.
PSP Realty, Inc. USA Real Estate Banking Group investment
vehicle relating to Pacific-St.
Paul investment.
Puerto Rico Hotel HOLDCO Corp. USA Real Estate Banking Group investment
vehicle relating to Puerto Rico
Hotel investment.
Puerto Rico Hotel OPCO Corp. USA Real Estate Banking Group investment
vehicle relating to Puerto Rico
Hotel investment.
Puerto Rico Hotel SBS Corp. USA Real Estate Banking Group
side-by-side investment vehicle
relating to Puerto Rico Hotel
investment.
REFG Investor Eight, Inc. USA Holder of mortgages and other
investments.
REFG Investor Eleven, Inc. USA Holder of mortgages and other
investments.
REFG Investor Fifteen, Inc. USA Holder of mortgages and other
investments.
REFG Investor Five, Inc. USA Holder of mortgages and other
investments.
REFG Investor Four, Inc. USA Holder of mortgages and other
investments.
REFG Investor Fourteen, Inc. USA Holder of mortgages and other
investments.

REFG Investor Nine, Inc. 13-3904768 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor One, Inc. 13-3810633 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Seven, Inc. 13-3904766 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Six, Inc. 13-3904764 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Ten, Inc. 13-3904769 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Thirteen, Inc. 13-3904779 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Trust Not available REFG Investors One, Inc. 50% Delaware
as of today
REFG Investor Trust Not available REFG Investors Two, Inc. 50% Delaware
as of today
REFG Investor Twelve, Inc. 13-3904778 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investor Two, Inc. 13-3810632 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REFG Investors Three, Inc. 13-3844068 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
REOltor Services, Inc. 74-2769097 Calmco, Inc. 100% 10,000 Texas

SatMex Funding, Inc. 13-3978915 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Scratch & Sniff Funding, Inc. 13-3981092 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

REFG Investor Nine, Inc. USA Holder of mortgages and other
investments.
REFG Investor One, Inc. USA 50% owner of REFG Investor Trust.

REFG Investor Seven, Inc. USA Holder of mortgages and other
investments.
REFG Investor Six, Inc. USA Holder of mortgages and other
investments.
REFG Investor Ten, Inc. USA Holder of mortgages and other
investments.
REFG Investor Thirteen, Inc. USA Holder of mortgages and other
investments.
REFG Investor Trust USA Passive investor in debt securities.

REFG Investor Trust USA Passive investor in debt securities.

REFG Investor Twelve, Inc. USA Holder of mortgages and other
investments.
REFG Investor Two, Inc. USA 50% owner of REFG Investor Trust.

REFG Investors Three, Inc. USA Formed to buy judgment liens re:
Ginsburg.
REOltor Services, Inc. USA Texas real estate broker for Real
Estate Owned properties held by
Calmco, Inc. and Calmco Trustee
Services, Inc.
SatMex Funding, Inc. USA Vehicle to provide bridge financing
to Satellite Mexicanos, a Mexican
government owned satellite
services company.
Scratch & Sniff Funding, Inc. USA Vehicle to provide bridge financing
to AHC I Acquisition Corp. in
connection with a transaction
involving Arcade, the world leader
in scent sampling and fragrance
and cosmetics sampling.

Seaport General Corporation 13-3194809 DLJ Realty Services, Inc. 100% 100 New York

Second Overlap Limited None DLJ Phoenix Group 100% United Kingdom
Limited (through
Trust)
Secureco Chateau, Inc. 13-3720564 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Deerfield, Inc. 13-3719130 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Grand Park, Inc. 13-3714735 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Greenbriar, Inc. 13-3869249 DLJ Secureco Holdings, 100% 1,000 Delaware
Inc.
Secureco Lodge, Inc. 13-3715328 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Marina, Inc. 13-3715403 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Candlewick, Inc. 13-3720556 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund I, Inc. 13-3720558 DLJ Secureco Holdings, 100% 500 Delaware
Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Seaport General Corporation USA General Partner of Seaport Associates.

Second Overlap Limited Foreign First Director and 50% shareholder of
Phoenix Guernsey (GP) Limited.
Secureco Chateau, Inc. USA General Partner of Merit Chateau
Investors L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Deerfield, Inc. USA General Partner of Trinity Secureco
Deerfield Partners L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Grand Park, Inc. USA General Partner of Trinity Secureco
Grand Park Partners L.P. which
owns multifamily residential
properties or the mortgages
thereon.
Secureco Greenbriar, Inc. USA General Partner of Trinity Secureco
Greenbriar Partners, L.P. which
owns multifamily residential
properties or the mortgages
thereon.
Secureco Lodge, Inc. USA General Partner of Trinity Secureco
Lodge Partners L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Marina, Inc. USA General Partner of Trinity Secureco
Marina Partners L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Candlewick, Inc. USA General Partner of Merit Candlewick
Investors L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund I, Inc. USA General Partner of Merit Fund I
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.

Secureco Merit Fund II, Inc. 13-3720566 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund III, Inc. 13-3720551 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund IV, Inc. 13-3720561 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund IX, Inc. 13-3720555 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund VI, Inc. 13-3720565 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Fund VIII, Inc. 13-3720554 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Merit Washington Manor, 13-3720550 DLJ Secureco Holdings, 100% 500 Delaware
Inc. Inc.
Secureco Riverside, Inc. 13-3715362 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Rolling Hills, Inc. 13-3732849 DLJ Secureco Holdings, 100% 1,000 Delaware
Inc.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Secureco Merit Fund II, Inc. USA General Partner of Merit Fund Two
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund III, Inc. USA General Partner of Merit Fund III
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund IV, Inc. USA General Partner of Merit Fund IV
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund IX, Inc. USA General Partner of Merit Fund IX
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund VI, Inc. USA General Partner of Merit Fund VI
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Fund VIII, Inc. USA General Partner of Merit Fund VIII
Limited Partnership which owns
multifamily residential properties
or the mortgages thereon.
Secureco Merit Washington Manor, USA General Partner of Merit Washington
Inc. Manor Investors L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Riverside, Inc. USA General Partner of Trinity Secureco
Riverside Partners L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Rolling Hills, Inc. USA General Partner of Trinity Rolling
Hills Partners L.P. which owns
multifamily residential properties
or the mortgages thereon.

Secureco Tan Crest, Inc. 13-3720553 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Westchester Square, Inc. 13-3720557 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Secureco Worthington, Inc. 13-3719132 DLJ Secureco Holdings, 100% 500 Delaware
Inc.
Snoga, Inc. 13-3036391 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
TBS Funding, Inc. 13-3990901 DLJ Bridge Finance, Inc. 100% 1,000 Delaware

Trinity Group Hearthstone, Inc. 36-3951675 Trinity Holding, Inc. 100% 100 Illinois

Trinity Holding, Inc. 13-3810632 DLJ Mortgage Capital, 100% 100 Delaware
Inc.
UK Investment Plan 1997, Inc. 13-3941938 Donaldson, Lufkin & 100% 1,000 Delaware
Jenrette, Inc.
Winthrop Trust Company 13-3818656 Wood, Struthers & 100% 100 New York
Winthrop Management
Corp.
Wood, Struthers & Winthrop 13-2774791 Donaldson, Lufkin & 100% 1,000 Delaware
Management Corp. Jenrette Securities
Corporation
WSW Capital, Inc. 13-3749620 Wood, Struthers & 100% 1,000 Delaware
Winthrop Management
Corp.

SUBSIDIARY USA/FOREIGN BUSINESS ACTIVITY
- --------------------------------------------------------------------------------------

Secureco Tan Crest, Inc. USA General Partner of Tan Crest
Apartments, Ltd. which owns
multifamily properties or the
mortgages thereon.
Secureco Westchester Square, Inc. USA General Partner of Merit Westchester
Square Investors L.P. which owns
multifamily residential properties
or the mortgages thereon.
Secureco Worthington, Inc. USA General Partner of Trinity Secureco
Worthington Partners L.P. which
owns multifamily residential
properties or the mortgages
thereon.
Snoga, Inc. USA Acts as escrow agent for business
activities of DLJ Bridge Finance,
Inc.
TBS Funding, Inc. USA Funding vehicle for Bridge Loan to be
provided to TBS Shipping Services
Inc., an international shipping
company.
Trinity Group Hearthstone, Inc. USA Property manager for MLG Properties.

Trinity Holding, Inc. USA Holding Company.

UK Investment Plan 1997, Inc. USA Holds a U.K. Investment.

Winthrop Trust Company USA Banking trust company which offers
personal trust services to
high-net-worth individuals.
Wood, Struthers & Winthrop USA Investment Advisor.
Management Corp.

WSW Capital, Inc. USA General Partner in WSW Hedge Fund L.P.