EXHIBIT 21
<PAGE>
SUBSIDIARIES OF THE REGISTRANT
AS OF JUNE 2000
SUBSIDIARY STATE OF INCORPORATION/ORGANIZATION
---------- -----------------------------------
Agway Energy Products LLC...............................................Delaware
Agway Energy Services, Inc..............................................Delaware
Agway Energy Services - PA, Inc.........................................Delaware
Agway Financial Corporation.............................................Delaware
Agway General Agency, Inc...............................................New York
Agway Holdings Inc......................................................Delaware
Agway Insurance Company.................................................New York
Agway Realties, Inc.....................................................Delaware
Brubaker Agronomic Consulting Service LLC...............................Delaware
Country Best Adams LLC..................................................Delaware
Country Best-DeBerry LLC................................................Delaware
Feed Commodities International LLC (3)...................................Vermont
Milford Fertilizer Company LLC (2)......................................Delaware
Telmark LLC.............................................................Delaware
Telease Financial Services, Ltd.........................................Delaware
Telmark Lease Funding I LLC.............................................Delaware
Telmark Lease Funding II LLC............................................Delaware
Telmark Lease Funding III LLC...........................................Delaware
Texas City Refining, Inc. (1)...........................................Delaware
Notes:
(1) Agway Energy Products LLC owns 67% of Texas City Refining, Inc. In
September 1993, Texas City Refining, Inc., filed a certificate of
dissolution in the office of the Delaware Secretary of State; in September
1996, Texas City Refining, Inc. was dissolved.
(2) Effective July 1999, Milford Fertilizer Company was merged into Milford
Fertilizer Company LLC, a Delaware limited liability company; Milford
Fertilizer Company LLC is the surviving entity.
(3) Effective July 1999, Feed Commodities International, Inc. and Commodity
Transport, Inc. were merged into Feed Commodities International LLC, a
Delaware limited liability company; Feed Commodities International LLC is
the surviving entity.