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                                   EXHIBIT 21

                 Subsidiaries of J.P. Morgan & Co. Incorporated

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J.P. Morgan & Co. Incorporated
Delaware

Subsidiaries of J.P. Morgan & Co. Incorporated
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(all wholly owned, except where noted)

DMHL
Delaware

Fund 800 Inc.
Delaware

J.P. Morgan California
California

Morgan Fonciere Cayman Islands Ltd.
Cayman Islands

Morgan Trust Company of the Cayman Islands Ltd.
Cayman Islands

Morgan Trust Company of The Bahamas Limited
Commonwealth of The Bahamas

J.P. Morgan Acceptance Corporation I
Delaware

J.P. Morgan Capital Corporation
Delaware

JPM Capital Trust I
Delaware

J.P. Morgan Capital Emerging Markets K Corporation
Delaware

J.P. Morgan Florida Holdings Corp.(1)
Delaware

J.P. Morgan Funding Corp.
United Kingdom

J.P. Morgan Funds Management Inc.
Delaware

J.P. Morgan Futures Inc.
Delaware

J.P. Morgan Futures Hong Kong Limited
Crown Colony of Hong Kong

J.P. Morgan GT Corporation
Delaware

J.P. Morgan International Capital Corporation
Delaware
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J.P. Morgan International Holdings Corp.
Delaware

J.P. Morgan Investment Corporation
Delaware

J.P. Morgan Investment Management Inc.
Delaware

J.P. Morgan Leasefunding Corp.
Delaware

J.P. Morgan (1992-I) Foreign Sales Corporation
Barbados

J.P. Morgan Mortgage Funding Inc.
Delaware

J.P. Morgan Commercial Mortgage Finance Corp.
Delaware

J.P. Morgan Mortgage Pass-Through Corporation
Delaware

J.P. Morgan News Partnership Corporation
Delaware

J.P. Morgan Technology Partnership Corporation
Delaware

JPM Pork Partnership Corporation
Delaware

J.P. Morgan Pine Street Corporation
Delaware

J.P. Morgan Partnership Capital Corporation
Delaware

J.P. Morgan Real Estate Partnership Corporation
Delaware

J.P. Morgan Energy Partnership Corporation
Delaware

J.P. Morgan Ventures Energy Corporation
Delaware

J.P. Morgan Private Investment Inc.
Delaware

J.P. Morgan Securities Holdings Inc.
Delaware

J.P. Morgan Securities Inc.
Delaware

J.P. Morgan Services Inc.
Delaware

J.P. Morgan Structured Finance Corp.
Delaware

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J.P. Morgan Structured Obligations Corporation
Delaware

Trading and Finance Management Limited
United Kingdom

J.P. Morgan Trust Company of Delaware
Delaware

J.P. Morgan Trust Company of Illinois
Illinois

J.P. Morgan Ventures Corporation
Delaware

J.P. Morgan Venezuela S.A.
Venezuela

J.P. Morgan Community Development Corporation
Delaware

Corsair, Inc.
Delaware

Sixty Wall Street Corporation
Delaware

Sixty Wall Street SBIC Corporation
Delaware

J.P. Morgan Florida, FSB
Florida

J.P. Morgan Trading and Finance Limited
United Kingdom

J.P. Morgan & Co. Limited
United Kingdom

Morgan Guaranty Trust Company of New York
New York


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Subsidiaries of Morgan Guaranty Trust Company of New York
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Angel Court Limited
United Kingdom

Morgan Guaranty Nominees Bahamas Limited
Commonwealth of The Bahamas

J.P. Morgan Interfunding Corp.
Delaware

Morprop Incorporated
Delaware

MorWest, Inc.
Delaware

MGT North America Corp.
Delaware

J.P. Morgan V.E. 92 Ltd.
New York

Oil Tankers Leasing Corporation
New York

J.P. Morgan Energy Products Inc.
Delaware

Ship Holding Corp.
New York

Whitkath Inc.
New York

EC Nominees Limited
United Kingdom

Guaranty Nominees Limited
United Kingdom

JPM (Eagle Star) Nominees Limited
United Kingdom

JPM Nominees Limited
United Kingdom

MGTB Nominees Limited
United Kingdom

MGT-EOC Nominees Limited
United Kingdom

Morgan Guaranty Executor and Trustee Company Limited
United Kingdom

J.P. Morgan Trustees Ltd.
United Kingdom

Morgan Guaranty International Finance Corporation
Section 25 (a) of the Federal Reserve Act of the United States

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Subsidiaries of Morgan Guaranty International Finance Corporation
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J.P. Morgan Argentina Sociedad de Bolsa S.A.(4)
Argentina

J.P. Morgan Chile Limitada(4)
Chile

Morgan Guaranty Finance Limited
Bermuda

J.P. Morgan Funds Bahamas Ltd.
Commonwealth of The Bahamas

JPM Corretora de Cambio, Titulos e Valores Mobiliarios S.A.
Brazil

Banco J.P. Morgan, S.A.(5)
Brazil

J.P. Morgan Fonds (Luxembourg) S.A.
Grand Duchy of Luxembourg

ICICI Asset Management Company Limited (40% owned)
Bombay, India

ICICI Brokerage Services Limited
Bombay, India

J.P. Morgan Iberica, S.L.
Spain

J.P. Morgan Investimentos e Financas Ltda.
Brazil

J.P. Morgan GmbH (97% owned)(6)
Federal Republic of Germany

J.P. Morgan Holding Deutschland GmbH(2)
Federal Republic of Germany

J.P. Morgan Investment GmbH
Federal Republic of Germany

J.P. Morgan & Cie S.A.
France

Morgan Gestion S.A.
France

Societe de Bourse J.P. Morgan S.A.
France

Morgan Conseil S.A.
France

J.P. Morgan Fund Services S.A.(4)
Grand Duchy of Luxembourg

J.P. Morgan S.p.A.(4)
Italy


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J.P. Morgan Trust Bank Ltd.(3)
Japan

J.P. Morgan Japanese Fund Services S.A.(4)
Grand Duchy of Luxembourg

J.P. Morgan Jersey Limited
Jersey, The Channel Islands

J.P. Morgan Benelux S.A.
Kingdom of Belgium

J.P. Morgan Securities Asia Ltd. (50% owned)
Republic of Singapore

J.P. Morgan Securities South Africa (Proprietary) Limited
South Africa

J.P. Morgan Servicios S.A. de C.V.,
  J.P. Morgan Morgan Grupo Financiero
Mexico City, Mexico

J.P. Morgan Financial Markets Ltd.
Switzerland

J.P. Morgan (Suisse) S.A.
Switzerland

J.P. Morgan Portfolio Ltd.
United Kingdom

Morgan Property Development Company Limited
United Kingdom

J.P. Morgan Polska Sp. z o.o.
Warsaw, Poland

J.P. Morgan International Ltd.
Delaware

J.P. Morgan Grupo Financiero, S.A. de C.V.
Mexico City, Mexico

Banco J.P. Morgan, S.A., Institucion de Banca Multiple,
 J.P. Morgan Grupo Financiero
Mexico City, Mexico

J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P. Morgan
 Grupo Financiero
Mexico City, Mexico

J.P. Morgan Fondi Italia S.p.A.
Italy

J.P. Morgan Services Ltd.
Singapore

Financiere Franco-Neerlandaise (10% Owned)
France

FL21 SARL (10% Owned)
France


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ICICI Securities and Finance Company Limited (39.7% Owned)
Bombay, India

Epargne-Interessement (23% Owned)
France

Private Export Funding Corporation (7.5% Owned)
New York

J.P. Morgan Overseas Capital Corporation
Delaware


Subsidiaries of J.P. Morgan Overseas Capital Corporation
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J.P. Morgan Nederland N.V.
Amsterdam, The Netherlands

J.P. Morgan Securities Hong Kong Ltd.
Crown Colony of Hong Kong

J.P. Morgan Whitefriars Inc.
Delaware

J.P. Morgan Whitefriars (UK)
United Kingdom

J.P. Morgan Securities Ltd.(7)
United Kingdom

J.P. Morgan Securities Canada Inc.
Ontario, Canada

J.P. Morgan Canada
Ontario, Canada

Morgan Bank of Canada (Receivables Purchase Financing) Ltd.
Ontario, Canada

J.P. Morgan Espana S.A.
Spain

J.P. Morgan Sociedad de Valores y Bolsa S.A.
Spain

Morgan Gestion, S.A.
Spain

J.P. Morgan Sterling Securities Ltd.
United Kingdom

Kipps Nominees Ltd.
United Kingdom

J.P. Morgan Societa di Intermediazione Mobiliare S.p.A.
Italy

Morgan Guaranty Holdings Ltd.(8)
United Kingdom

Morgan Guaranty Trust Company Limited (U.K.)
United Kingdom



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Sociven S.A.
Venezuela

J.P. Morgan Australia Holdings Limited
Victoria, Australia

J.P. Morgan Australia Limited
Victoria, Australia

J.P. Morgan Australia Securities Limited
Victoria, Australia

J.P. Morgan Investment Management Australia Limited
Victoria, Australia

J.P. Morgan Nominees Pty. Limited
Victoria, Australia

Bank of the Philippine Islands (12.6% Owned)
Philippines

Saudi International Bank Al-Bank Al-Saudi Al-Alami Limited (20% Owned) 
London

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      (1)   J.P. MORGAN INTERNATIONAL HOLDINGS CORP. HAS A 50% OWNERSHIP
              INTEREST.

      (2)   J.P. MORGAN & CIE S.A. OWNS SHARES CARRYING 23% OF THE VOTING POWER.

      (3)   J.P. MORGAN AND CIE S.A. OWNS PREFERRED SHARES CARRYING 31.74% OF
              THE VOTING POWER.

      (4)   J.P. MORGAN OVERSEAS CAPITAL CORPORATION OWNS A MINORITY INTEREST IN
              THE COMPANY.

      (5)   J.P. MORGAN INVESTIMENTOS E FINANCAS LTDA. HAS A 36% OWNERSHIP
              INTEREST.

      (6)   MORGAN GUARANTY TRUST COMPANY OF NEW YORK HAS A 3% OWNERSHIP
              INTEREST.

      (7)   MORGAN GUARANTY INTERNATIONAL FINANCE CORPORATION AND MORGAN
              GUARANTY INTERNATIONAL BANK EACH OWNS A MINORITY INTEREST IN THE
              COMPANY.

      (8)   MORGAN GUARANTY INTERNATIONAL FINANCE CORPORATION HAS A 21%
              OWNERSHIP INTEREST.



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