EXHIBIT 21.1

LIST OF SUBSIDIARIES

    The following table sets forth a list of the Company's subsidiaries as of 
the Distribution Date:

                              JURISDICTION OF
NAME                          INCORPORATION/ORGANIZATION          DBA
- ----                          --------------------------          ---
Ventures Services Inc.       Delaware                            PriceSmart
                                                                  PriceCostco

PriceCosto de Panama, S.A.    Panama                              PriceCostco

P.B. Real Estate, S.A.        Panama