Exhibit 8.1 Fiscal year 2005



|                                                         |  |              
|-------------------------------------------------------- |  | -------------
|Subsidiary                                               |  | Jurisdiction 
|4212657 Canada Inc.                                      |  | CANADA       
|5557 Greens Farm LLC                                     |  | CONNECTICUT  
|75 WALL STREET ADVISERS                                  |  | NEW YORK     
|A. Diffusion                                             |  | FRANCE       
|A.D.I.C.                                                 |  | COLOMBIA     
|A.KRALLIS LTD.                                           |  | GREECE       
|AAAM S.A.                                                |  | FRANCE       
|ACMAR                                                    |  | MOROCCO      
|ACM-Compagnie Mercur Aktiengesellschaft                  |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 1              |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 2              |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 3              |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4              |  | GERMANY      
|ADAM Capital Managment LLC                               |  | CALIFORNIA   
|ADAM Hellas S.A.                                         |  | GREECE       
|ADAM U.S. Holding LLC                                    |  | DELAWARE     
|ADAM U.S. Partners GP                                    |  | DELAWARE     
|ADEUS Aktienregister-Service-GmbH                        |  | GERMANY      
|Adriática de Seguros C.A.                                |  | VENEZUELA    
|Advisa Zürich AG                                         |  | SWITZERLAND  
|Aequitas GmbH Allianz Equity  Alternative Strategies    |  | GERMANY      
|Aero-Fonte S.r.l                                         |  | ITALY        
|AFA                                                      |  | FRANCE       
|AFC Assecuranz und Finanzvermittlungs-Contor GmbH       |  | GERMANY      
|AGF 2X                                                   |  | FRANCE       
|AGF Act Croiss Euro                                      |  | FRANCE       
|AGF Actions                                              |  | FRANCE       
|AGF Actions Euro Val                                     |  | FRANCE       
|AGF Actions Internat                                     |  | FRANCE       
|AGF Actions Mid Cap                                      |  | FRANCE       
|AGF ACTIONS ZONE EURO L                                  |  | FRANCE       
|AGF Aequitas L                                           |  | FRANCE       
|AGF AFRIQUE Holding                                      |  | FRANCE       
|AGF AFRIQUE S.A.                                         |  | COTE DIVOIRE
|AGF Air France IFC                                       |  | FRANCE       
|AGF Allianz Argentina Compania de Seguros Generales S.A. |  | ARGENTINA    
|AGF Allianz Argentina Compania de Seguros Generales S.A. |  | BRAZIL       
|AGF Allianz South America Ltda.                          |  | BRAZIL       
|AGF Ameriques D                                          |  | FRANCE       
|AGF Ameriques USD                                        |  | FRANCE       
|AGF Ammonité                                             |  | FRANCE       
|AGF Asac Actions                                         |  | FRANCE       
|AGF Asac Dynamisme                                       |  | FRANCE       
|AGF Asac France 1                                        |  | FRANCE       
|AGF Asac Prudence                                        |  | FRANCE       
|AGF ASCENSION 2011 L                                     |  | FRANCE       
|AGF Asia                                                 |  | SINGAPORE    



---

Exhibit 8.1 Fiscal year 2005



|                                |  |               
|------------------------------- |  | --------------
|AGF Asset Management S.A.       |  | FRANCE        
|AGF Assurances Financières S.A. |  | FRANCE        
|AGF Assurfinance                |  | FRANCE        
|AGF Balanced                    |  | BELGIUM       
|AGF Belgium Holding S.A.        |  | BELGIUM       
|AGF Belgium Insurance S.A.      |  | BELGIUM       
|AGF Benelux S.A.                |  | LUXEMBOURG    
|AGF Biplus                      |  | FRANCE        
|AGF BIPLUS 2 L                  |  | FRANCE        
|AGF BKB RENDA FIXA              |  | BRAZIL        
|AGF Boïeldieu                   |  | FRANCE        
|AGF Brasil Seguros S.A.         |  | BRAZIL        
|AGF CAP FRANCE D                |  | FRANCE        
|AGF Capital Invest 2            |  | FRANCE        
|AGF CAPITAL INVEST L            |  | FRANCE        
|AGF CREATIONS1                  |  | FRANCE        
|AGF CREATIONS2                  |  | FRANCE        
|AGF CROISSANCE MONDE            |  | FRANCE        
|AGF do Brasil Ltda.             |  | BRAZIL        
|AGF Dynamic                     |  | BELGIUM       
|AGF Dynamisme                   |  | FRANCE        
|AGF Emprunts dEtat             |  | FRANCE        
|AGF Energie                     |  | FRANCE        
|AGF Epargne Action              |  | FRANCE        
|AGF Equilibre                   |  | FRANCE        
|AGF Euro Actions C et D         |  | FRANCE        
|AGF Euro Credit Alpha           |  | FRANCE        
|AGF Euro Gagnant                |  | FRANCE        
|AGF Euro Inflation L            |  | FRANCE        
|AGF Euro Oblig Plus             |  | FRANCE        
|AGF Euro Tactique               |  | FRANCE        
|AGF Euroland                    |  | FRANCE        
|AGF Europe Convertible          |  | FRANCE        
|AGF Europe Obligations          |  | FRANCE        
|AGF FIF Cambial Shares          |  | BRAZIL        
|AGF FIF Hedge Fund              |  | BRAZIL        
|AGF FIF Inst. Multimercado FI   |  | BRAZIL        
|AGF FIF Inst. Plus FI           |  | BRAZIL        
|AGF FIF Inst. Plus Shares II    |  | BRAZIL        
|AGF FIF Special                 |  | BRAZIL        
|AGF Financement 2               |  | FRANCE        
|AGF Haut Rendement              |  | FRANCE        
|AGF Holding                     |  | FRANCE        
|AGF Holdings (UK) Limited       |  | UNITED KINGDOM
|AGF Horizon Retraite 2010-2011  |  | FRANCE        
|AGF Horizon Retraite 2012-2013  |  | FRANCE        
|AGF Horizon Retraite 2014-2015  |  | FRANCE        
|AGF Horizon Retraite 2016-2017  |  | FRANCE        
|AGF Horizon Retraite 2018       |  | FRANCE        
|AGF HOSPITAL EURO L             |  | FRANCE        



---

Exhibit 8.1 Fiscal year 2005



|                                |  |               
|------------------------------- |  | --------------
|AGF Hospitalier International L |  | FRANCE        
|AGF Hospitaliers Monde          |  | FRANCE        
|AGF Immobilier S.N.C.           |  | FRANCE        
|AGF Imo Actions                 |  | FRANCE        
|AGF Indice Japon L              |  | FRANCE        
|AGF Indices USA                 |  | FRANCE        
|AGF Informatique G.I.E.         |  | FRANCE        
|AGF Insurance Limited           |  | UNITED KINGDOM
|AGF Inter Oblig                 |  | FRANCE        
|AGF Interfonds                  |  | FRANCE        
|AGF International               |  | FRANCE        
|AGF Inversiones S.A.            |  | ARGENTINA     
|AGF Invest Euro L               |  | FRANCE        
|AGF INVESTMENT GRADE            |  | FRANCE        
|AGF Japon                       |  | FRANCE        
|AGF La Lilloise S.A.            |  | FRANCE        
|AGF Life Luxembourg S.A.        |  | LUXEMBOURG    
|AGF Long Terme                  |  | FRANCE        
|AGF Marches Emergents           |  | FRANCE        
|AGF Monetaire                   |  | FRANCE        
|AGF Multi Croissance            |  | FRANCE        
|AGF Multi Harmonie              |  | FRANCE        
|AGF Oblig CT Terme              |  | FRANCE        
|AGF Octoplus                    |  | FRANCE        
|AGF Octoplus II                 |  | FRANCE        
|AGF Octoplus III                |  | FRANCE        
|AGF Opéra                       |  | FRANCE        
|AGF Opportunities               |  | FRANCE        
|AGF Optomax 2                   |  | FRANCE        
|AGF Optomax L                   |  | FRANCE        
|AGF PEA Pondere                 |  | FRANCE        
|AGF Pea Vitalité                |  | FRANCE        
|AGF Peh Eur. IV FCPR            |  | FRANCE        
|AGF Pension Trustees            |  | UNITED KINGDOM
|AGF Private Banking S.A.        |  | FRANCE        
|AGF Private Equity FCPR         |  | FRANCE        
|AGF Private Equity S.A.         |  | FRANCE        
|AGF Project Management Ltd.     |  | UNITED KINGDOM
|AGF Prudence                    |  | FRANCE        
|AGF RAS Holding BV              |  | NETHERLANDS   
|AGF Richelieu                   |  | FRANCE        
|AGF Saint Marc CL               |  | FRANCE        
|AGF Saude S.A.                  |  | BRAZIL        
|AGF Scalinvest                  |  | FRANCE        
|AGF Secteur Immobilier          |  | FRANCE        
|AGF SECURICASH L                |  | FRANCE        
|AGF Senegal Vie S.A.            |  | SENEGAL       
|AGF Senegal IARD S.A.           |  | SENEGAL       
|AGF Serenite                    |  | FRANCE        
|AGF Taut Fixe                   |  | FRANCE        



---

Exhibit 8.1 Fiscal year 2005



|                                                                  |  |               
|----------------------------------------------------------------- |  | --------------
|AGF TRIPLUS LH                                                    |  | FRANCE        
|AGF UK                                                            |  | FRANCE        
|AGF USA USA                                                       |  | FRANCE        
|AGF VALEUR DURABLES L                                             |  | FRANCE        
|AGF Vita 4                                                        |  | FRANCE        
|AGF World Fund High Yield                                         |  | FRANCE        
|AGFARC Ltd.                                                       |  | UNITED KINGDOM
|AGFimo                                                            |  | FRANCE        
|AGIS Allianz Dresdner Informationssysteme GmbH                    |  | GERMANY       
|Agora Courtage                                                    |  | FRANCE        
|AGT                                                               |  | TOGO          
|AHFP Capital SARL                                                 |  | SWITZERLAND   
|AI Industriebesitz und Beteiligungen Isar-Amperwerke AG & Co. OHG |  | GERMANY       
|Aiolos Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|Ajax Insurance Holdings Limited                                   |  | UNITED KINGDOM
|Alba Allgemeine Versicherungs-Gesellschaft                        |  | SWITZERLAND   
|Alexandria Capital PLC                                            |  | IRELAND       
|Alfa Trade Corporation spol s.r.o.                                |  | CZECH REPUBLIC
|Alida Grundstücksgesellschaft mbH & Co. KG                        |  | GERMANY       
|Alida Grundstücksverwaltungs GmbH                                 |  | GERMANY       
|Alliance                                                          |  | FRANCE        
|Allianz Australian Claims Services Limited                        |  | AUSTRALIA     
|Allianz (UK) Limited                                              |  | UNITED KINGDOM
|Allianz AADB Fonds                                                |  | GERMANY       
|Allianz ABS Fonds                                                 |  | GERMANY       
|Allianz Absolute Return Funds                                     |  | SWITZERLAND   
|Allianz AGF MAT UK Holding                                        |  | UNITED KINGDOM
|Allianz Alternative Assets Holding GmbH                           |  | GERMANY       
|Allianz America Latina S.C. Ltda.                                 |  | BRAZIL        
|Allianz Asset Management                                          |  | SWITZERLAND   
|Allianz AUD Fonds                                                 |  | NETHERLANDS   
|Allianz Australia Workers Compensation (Victoria) Limited         |  | AUSTRALIA     
|Allianz Australia Advantage Ltd.                                  |  | AUSTRALIA     
|Allianz Australia Employee Share Plan Pty Ltd.                    |  | AUSTRALIA     
|Allianz Australia Insurance Limited                               |  | AUSTRALIA     
|Allianz Australia Limited                                         |  | AUSTRALIA     
|Allianz Australia Services (No. 2) Pty Ltd                        |  | AUSTRALIA     
|Allianz Australia Services Pty Limited                            |  | AUSTRALIA     
|Allianz Australia Workers Compensation (NSW) Limited              |  | AUSTRALIA     
|Allianz Australia Workers Compensation (SA) Limited               |  | AUSTRALIA     
|Allianz Autowelt GmbH                                             |  | GERMANY       
|Allianz AVM Fonds                                                 |  | GERMANY       
|Allianz AVR-Fonds                                                 |  | GERMANY       
|Allianz BADB Fonds                                                |  | GERMANY       
|Allianz Beteiligungs Management GmbH                              |  | GERMANY       
|Allianz Bulgaria Holding Company Ltd.                             |  | BULGARIA      
|Allianz Bulgaria Insurance and Reinsurance Company Ltd.           |  | BULGARIA      
|Allianz Bulgaria Life Insurance Company Ltd.                      |  | BULGARIA      
|Allianz Bulgaria Pension Assurance Company Ltd.                   |  | BULGARIA      



---

Exhibit 8.1 Fiscal year 2005



|                                                                         |  |               
|------------------------------------------------------------------------ |  | --------------
|Allianz Capital Partners GmbH                                            |  | GERMANY       
|Allianz Capital Partners Management GmbH                                 |  | GERMANY       
|Allianz Capital Partners Management Vermögensverwaltungsgesellschaft mbH |  | GERMANY       
|Allianz Capital Partners Vermögensverwaltungsgesellschaft mbH            |  | GERMANY       
|Allianz Cash Pool LLC                                                    |  | DELAWARE      
|Allianz CenterManagement GmbH                                            |  | GERMANY       
|Allianz Combinatie Fonds                                                 |  | NETHERLANDS   
|Allianz Compagnia Italiana Finanziamenti S.p.A.                          |  | ITALY         
|Allianz CompanÍa de Seguros y Reaseguros S.A.                            |  | SPAIN         
|Allianz Cornhill Engineering Inspection Services Limited                 |  | UNITED KINGDOM
|Allianz Cornhill Equity Investments Ltd.                                 |  | UNITED KINGDOM
|Allianz Cornhill Financial Management Ltd.                               |  | UNITED KINGDOM
|Allianz Cornhill Holdings plc.                                           |  | UNITED KINGDOM
|Allianz Cornhill Information Services Private Ltd.                       |  | INDIA         
|Allianz Cornhill Insurance Company Pension Fund Trustees Ltd.            |  | UNITED KINGDOM
|Allianz Cornhill Insurance plc.                                          |  | UNITED KINGDOM
|Allianz Cornhill Investment Properties Ltd.                              |  | UNITED KINGDOM
|Allianz Cornhill Management Services Limited                             |  | UNITED KINGDOM
|Allianz Corporate Ireland Insurance p.l.c.                               |  | IRELAND       
|Allianz Credit Card Management Co. S.A.                                  |  | GREECE        
|Allianz Croiss II                                                        |  | FRANCE        
|Allianz Croiss III                                                       |  | FRANCE        
|Allianz Croissance                                                       |  | FRANCE        
|Allianz Dazhong Life Insurance Company Ltd.                              |  | CHINA         
|Allianz Deposito Fonds                                                   |  | NETHERLANDS   
|Allianz Deutschland AG                                                   |  | GERMANY       
|Allianz Dresdner Bauspar AG                                              |  | GERMANY       
|Allianz Dresdner Global Investors Deutschland GmbH                       |  | GERMANY       
|Allianz Dresdner Mutual Funds Management Hellas S.A.                     |  | GREECE        
|Allianz Dresdner Pension Consult GmbH                                    |  | GERMANY       
|Allianz Dresdner Securities Investment Consulting Ltd.                   |  | TAIWAN        
|Allianz Egypt Insurance Company S.A.E.                                   |  | EGYPT         
|Allianz Egypt Life Company S.A.E.                                        |  | EGYPT         
|Allianz Elementar Lebensversicherungs-Aktiengesellschaft                 |  | AUSTRIA       
|Allianz Elementar Versicherungs-Aktiengesellschaft                       |  | AUSTRIA       
|Allianz Europe B.V.                                                      |  | NETHERLANDS   
|Allianz Europe Ltd.                                                      |  | NETHERLANDS   
|Allianz Europees Fonds                                                   |  | NETHERLANDS   
|Allianz FADB Fonds                                                       |  | GERMANY       
|Allianz Finance B.V.                                                     |  | NETHERLANDS   
|Allianz Finance Corporation                                              |  | DELAWARE      
|Allianz Finance II B.V.                                                  |  | NETHERLANDS   
|Allianz Finance III B.V.                                                 |  | NETHERLANDS   
|Allianz Finance Luxemburg S.A.                                           |  | LUXEMBOURG    
|Allianz Finanzbeteiligungs GmbH                                          |  | GERMANY       
|Allianz Fire and Marine Insurance Japan Ltd.                             |  | JAPAN         
|Allianz GBP Fonds                                                        |  | NETHERLANDS   
|Allianz General Insurance Company S.A.                                   |  | GREECE        
|Allianz General Insurance Malaysia Berhad p.l.c.                         |  | MALAYSIA      



---

Exhibit 8.1 Fiscal year 2005



|                                                                              |  |                   
|----------------------------------------------------------------------------- |  | ------------------
|Allianz Gestion Sociedad Gestora de Instituciones de Inversion Colectiva S.A. |  | SPAIN             
|Allianz GLA Fonds                                                             |  | GERMANY           
|Allianz Global Investors (Schweiz) AG                                         |  | SWITZERLAND       
|Allianz Global Investors (UK) Ltd                                             |  | UNITED KINGDOM    
|Allianz Global Investors Advisory GmbH                                        |  | GERMANY           
|Allianz Global Investors AG                                                   |  | GERMANY           
|Allianz Global Investors Asia Pacific GmbH                                    |  | GERMANY           
|Allianz Global Investors Australia Limited                                    |  | AUSTRALIA         
|Allianz Global Investors Distributors LLC                                     |  | CONNETICUT        
|Allianz Global Investors Europe Holding GmbH                                  |  | GERMANY           
|Allianz Global Investors Fund Management LLC                                  |  | DELAWARE          
|Allianz Global Investors Holdings (UK) Ltd.                                   |  | UNITED KINGDOM    
|Allianz Global Investors Hong Kong Ltd.                                       |  | CHINA             
|Allianz Global Investors Ireland Ltd.                                         |  | IRELAND           
|Allianz Global Investors Japan Co. Ltd.                                       |  | JAPAN             
|Allianz Global Investors Korea Limited                                        |  | KOREA, REPUBLIC OF
|Allianz Global Investors Luxembourg S.A.                                      |  | LUXEMBOURG        
|Allianz GLobal Investors New York Holdings LLC                                |  | NEW YORK          
|Allianz Global Investors Nominees (UK) Ltd                                    |  | UNITED KINGDOM    
|Allianz Global Investors Nominees Services Limited                            |  | UNITED KINGDOM    
|Allianz Global Investors of America L.P.                                      |  | DELAWARE          
|Allianz Global Investors of America LLC                                       |  | CALIFORNIA        
|Allianz Global Investors Services (UK) Ltd                                    |  | UNITED KINGDOM    
|Allianz Global Investors Singapore Ltd.                                       |  | SINGAPORE         
|Allianz Global Investors Taiwan (SITE) Ltd.                                   |  | TAIWAN            
|Allianz Global Investors U.S. Retail LLC                                      |  | DELAWARE          
|Allianz Global Investors US Equities LLC                                      |  | DELAWARE          
|Allianz Global Investors US Holdings Inc.                                     |  | DELAWARE          
|Allianz Global Risks Rückversicherungs-AG                                     |  | GERMANY           
|Allianz Global Risks US Insurance Company                                     |  | CALIFORNIA        
|Allianz GLR Fonds                                                             |  | GERMANY           
|Allianz GLU Fonds                                                             |  | GERMANY           
|Allianz GREQ Fonds                                                            |  | GERMANY           
|Allianz GREU Fonds                                                            |  | GERMANY           
|Allianz GRGB Fonds                                                            |  | GERMANY           
|Allianz HAI 2 Fonds                                                           |  | GERMANY           
|Allianz Handwerker Services GmbH                                              |  | GERMANY           
|Allianz Healthcare Beteiligungs 1. Vermögensverwaltungsgesellschaft mbH       |  | GERMANY           
|Allianz Healthcare Beteiligungs 2. Vermögensverwaltungsgesellschaft mbH       |  | GERMANY           
|Allianz Healthcare Beteiligungs GmbH                                          |  | GERMANY           
|Allianz Hedge Fund P. SARL                                                    |  | DELAWARE          
|Allianz Hedge Fund Partners (Cayman) LLC                                      |  | CAYMAN ISLANDS    
|Allianz Hedge Fund Partners Inc.                                              |  | DELAWARE          
|Allianz Hedge Fund Partners LP                                                |  | DELAWARE          
|Allianz Holding eins GmbH                                                     |  | AUSTRIA           
|Allianz Hungária Biztosító Rt.                                                |  | HUNGARY           
|Allianz Hungária Pénztárüzemeltetési Kft.                                     |  | HUNGARY           
|Allianz Immobilien GmbH                                                       |  | GERMANY           



---

Exhibit 8.1 Fiscal year 2005



|                                                    |  |                   
|--------------------------------------------------- |  | ------------------
|Allianz Immobilienfonds 1 KG                        |  | GERMANY           
|Allianz Immobilienfonds GmbH                        |  | GERMANY           
|Allianz Individual Insurance Group LLC              |  | MINNEAPOLIS       
|Allianz Informatik Beteiligungsgesellschaft mbH     |  | GERMANY           
|Allianz Insurance (Hong Kong) Ltd.                  |  | CHINA             
|Allianz Insurance Company Lanka Limited             |  | SRI LANKA         
|Allianz Insurance Company of Singapore Pte. Ltd.    |  | SINGAPORE         
|Allianz Insurance Limited                           |  | SOUTH AFRICA      
|Allianz Insurance Management Asia Pacific Pte. Ltd. |  | SINGAPORE         
|Allianz Internationaal Fonds                        |  | NETHERLANDS       
|Allianz International Ltd.                          |  | UNITED KINGDOM    
|ALLIANZ INVERSIONES SOCIEDAD DE VALORES S.A.        |  | SPAIN             
|Allianz Invest Kapitalanlage GmbH                   |  | AUSTRIA           
|Allianz Invest Osteuropa LH                         |  | AUSTRIA           
|Allianz Invest Osteuropa NL                         |  | AUSTRIA           
|Allianz Invest Ostrent LH                           |  | AUSTRIA           
|Allianz Investment Company LLC                      |  | CONNECTICUT       
|Allianz Investmentbank Aktiengesellschaft           |  | AUSTRIA           
|Allianz Ireland p.l.c.                              |  | IRELAND           
|Allianz Irish Life Holdings p.l.c.                  |  | IRELAND           
|Allianz kontakt s.r.o.                              |  | CZECH REPUBLIC    
|Allianz Leben Private Equity Fonds Plus GmbH        |  | GERMANY           
|Allianz Lebensversicherungs-Aktiengesellschaft      |  | GERMANY           
|Allianz Life Insurance Co. Ltd.                     |  | KOREA, REPUBLIC OF
|Allianz Life Insurance Company of North America     |  | MINNESOTA         
|Allianz Life Insurance Company S.A.                 |  | GREECE            
|Allianz Life Insurance Malaysia Berhad p.l.c.       |  | MALAYSIA          
|Allianz Life Insurance of New York                  |  | NEW YORK          
|Allianz Life Moskau                                 |  | RUSSIAN FEDERATION
|Allianz Marine & Aviation (France)                  |  | FRANCE            
|Allianz Marine & Aviation Versicherungs-AG          |  | GERMANY           
|Allianz Marine (UK) Ltd.                            |  | UNITED KINGDOM    
|Allianz México S.A. Compañía de Seguros             |  | MEXICO            
|Allianz Nederland Groep N.V.                        |  | NETHERLANDS       
|Allianz Nederland Levensverzekering N.V.            |  | NETHERLANDS       
|Allianz Nederland Schadeverzekering N.V.            |  | NETHERLANDS       
|Allianz New Europe Holding GmbH                     |  | AUSTRIA           
|Allianz New Zealand Limited                         |  | NEW ZEALAND       
|Allianz Northern Ireland Limited                    |  | UNITED KINGDOM    
|Allianz Objektbeteiligungs- GmbH                    |  | GERMANY           
|Allianz Obligations                                 |  | FRANCE            
|Allianz of America Corp.                            |  | NEW YORK          
|Allianz of America Inc.                             |  | WILMINGTON        
|Allianz of Asia-Pacific and Africa GmbH             |  | GERMANY           
|Allianz of South Africa (Proprietary) Ltd.          |  | SOUTH AFRICA      
|Allianz Pension Partners GmbH                       |  | GERMANY           
|Allianz Pensionsfonds AG                            |  | GERMANY           
|Allianz Pensionskasse AG                            |  | GERMANY           
|Allianz Pensionskasse Aktiengesellschaft            |  | AUSTRIA           
|Allianz penzijní fond a.s.                          |  | CZECH REPUBLIC    



---

Exhibit 8.1 Fiscal year 2005



|                                                                     |  |                               
|-------------------------------------------------------------------- |  | ------------------------------
|Allianz PFI Holdings (Jersey) Limited                                |  | UNITED KINGDOM                
|Allianz Pimco Corporate LH                                           |  | AUSTRIA                       
|Allianz Pimco Mortgage LH                                            |  | AUSTRIA                       
|Allianz Pimco Mortgage NL                                            |  | AUSTRIA                       
|Allianz pojistóvna a.s.                                              |  | CZECH REPUBLIC                
|Allianz Polska Services Sp. z o.o.                                   |  | POLAND                        
|Allianz President Life Insurance Co. Ltd.                            |  | TAIWAN                        
|Allianz Private Equity GmbH                                          |  | GERMANY                       
|Allianz Private Equity Partners GmbH                                 |  | GERMANY                       
|Allianz Private Equity Partners Inc.                                 |  | NEW YORK                      
|Allianz Private Equity Partners Verwaltungs GmbH                     |  | GERMANY                       
|Allianz Private Equity UK Holdings Limited                           |  | UNITED KINGDOM                
|Allianz Private Krankenversicherungs-Aktiengesellschaft              |  | GERMANY                       
|Allianz Private Vermögensverwaltungs GmbH                            |  | GERMANY                       
|Allianz Private Vermögensverwaltungsgesellschaft mbH                 |  | GERMANY                       
|Allianz ProzessFinanz GmbH                                           |  | GERMANY                       
|Allianz PV WS Fonds                                                  |  | GERMANY                       
|Allianz Re Dublin Limited                                            |  | IRELAND                       
|Allianz Rechtsschutz-Service GmbH                                    |  | GERMANY                       
|Allianz reosiguranje d.d.                                            |  | CROATIA (local name: Hrvatska)
|Allianz Risk Audit                                                   |  | RUSSIAN FEDERATION            
|Allianz Risk Consultants B.V.                                        |  | NETHERLANDS                   
|Allianz Risk Consultants Inc.                                        |  | CALIFORNIA                    
|Allianz Risk Transfer (Bermuda) Ltd.                                 |  | BERMUDA                       
|Allianz Risk Transfer (UK) Limited                                   |  | UNITED KINGDOM                
|Allianz Risk Transfer AG                                             |  | SWITZERLAND                   
|Allianz Risk Transfer Inc.                                           |  | NEW YORK                      
|Allianz Risk Transfer N.V.                                           |  | NETHERLANDS                   
|Allianz S.A. A.S.                                                    |  | SPAIN                         
|Allianz Services (UK) Limited                                        |  | UNITED KINGDOM                
|Allianz Servicios Técnicos A.I.E.                                    |  | SPAIN                         
|Allianz Share Scheme Trustees Limited                                |  | UNITED KINGDOM                
|Allianz Société Financiére S.à.r.l.                                  |  | LUXEMBOURG                    
|Allianz Specialised Investments Central Europe Kft                   |  | HUNGARY                       
|Allianz Specialised Investments Central Europe sro                   |  | CZECH REPUBLIC                
|Allianz Specialised Investments Limited                              |  | UNITED KINGDOM                
|ALLIANZ SUBALPINA S.p.A. SOCIETA DI ASSICURAZIONI E RIASSICURAZIONI |  | ITALY                         
|Allianz Suisse Flexible Fund                                         |  | SWITZERLAND                   
|Allianz Suisse Immobilien AG                                         |  | SWITZERLAND                   
|Allianz Suisse Lebensversicherungs-Gesellschaft                      |  | SWITZERLAND                   
|Allianz Suisse Personal Financial Services AG                        |  | SWITZERLAND                   
|Allianz Suisse Versicherungs-Gesellschaft                            |  | SWITZERLAND                   
|Allianz Taunusanlage GbR                                             |  | GERMANY                       
|Allianz Technical Service Inc.                                       |  | DELAWARE                      
|Allianz Tiriac Insurance S.A.                                        |  | ROMANIA                       
|Allianz Underwriters Insurance Company                               |  | CALIFORNIA                    
|Allianz USD Fonds                                                    |  | NETHERLANDS                   
|Allianz Venture Partners Beteiligungs-GmbH                           |  | GERMANY                       
|Allianz Versicherungs-Aktiengesellschaft                             |  | GERMANY                       



---

Exhibit 8.1 Fiscal year 2005



|                                                                           |  |                               
|-------------------------------------------------------------------------- |  | ------------------------------
|Allianz VKA Fonds                                                          |  | GERMANY                       
|Allianz VKBR-Fonds                                                         |  | GERMANY                       
|Allianz VKRD-Fonds                                                         |  | GERMANY                       
|Allianz VLBR-Fonds                                                         |  | GERMANY                       
|Allianz VSR Fonds                                                          |  | GERMANY                       
|Allianz VVB Fonds                                                          |  | GERMANY                       
|Allianz Wohnungseigentum GmbH                                              |  | GERMANY                       
|Allianz Worldwide Care Ltd.                                                |  | IRELAND                       
|Allianz Zagreb d.d.                                                        |  | CROATIA (local name: Hrvatska)
|Allianz ZB d.o.o. Company for the Management of an Obligatory Pension Fund |  | CROATIA (local name: Hrvatska)
|Allianz ZB d.o.o. company of the management of voluntary pension funds     |  | CROATIA (local name: Hrvatska)
|Allianz Zentrum für Technik GmbH                                           |  | GERMANY                       
|Allianz_ALD_Fonds                                                          |  | GERMANY                       
|Allianz_ALIK_Fonds                                                         |  | GERMANY                       
|Allianz_AVI_1 Fonds                                                        |  | GERMANY                       
|Allianz_AVM_B_Fonds                                                        |  | GERMANY                       
|Allianz_BRD_Fonds                                                          |  | GERMANY                       
|Allianz_DESTO_AR_Fonds                                                     |  | GERMANY                       
|Allianz_DESTO_Fonds                                                        |  | GERMANY                       
|Allianz_DGD_Fonds                                                          |  | GERMANY                       
|Allianz_DRD_Fonds                                                          |  | GERMANY                       
|Allianz_EAI_Fonds                                                          |  | GERMANY                       
|Allianz_FAD_Fonds                                                          |  | GERMANY                       
|Allianz_FRD_Fonds                                                          |  | GERMANY                       
|Allianz_HAI_1_Fonds                                                        |  | GERMANY                       
|Allianz_HME_1_Fonds                                                        |  | GERMANY                       
|Allianz_Invest_11                                                          |  | AUSTRIA                       
|Allianz_Invest_11                                                          |  | AUSTRIA                       
|Allianz_Invest_12                                                          |  | AUSTRIA                       
|Allianz_Invest_Spezial_2                                                   |  | AUSTRIA                       
|Allianz_Invest_Spezial_3                                                   |  | AUSTRIA                       
|Allianz_LAD_Fonds                                                          |  | GERMANY                       
|Allianz_LBR_Fonds                                                          |  | GERMANY                       
|Allianz_LFE_Fonds                                                          |  | GERMANY                       
|Allianz_LRD_Fonds                                                          |  | GERMANY                       
|Allianz_PV_1_Fonds                                                         |  | GERMANY                       
|Allianz_RFG_Fonds                                                          |  | GERMANY                       
|Allianz_RMO_1_Fonds                                                        |  | GERMANY                       
|Allianz_SALCO_Fonds                                                        |  | GERMANY                       
|Allianz_SDR_Fonds                                                          |  | GERMANY                       
|Allianz_SOA_Fonds                                                          |  | GERMANY                       
|Allianz_SWAG_Fonds                                                         |  | GERMANY                       
|Allianz_UGD_1_Fonds (UPR)                                                  |  | GERMANY                       
|Allianz_VAD_Fonds                                                          |  | GERMANY                       
|Allianz_VAE_Fonds                                                          |  | GERMANY                       
|Allianz_VGI_1_Fonds (UPR)                                                  |  | GERMANY                       
|Allianz_VGL_Fonds                                                          |  | GERMANY                       
|Allianz-PacLife Partners LLC                                               |  | DELAWARE                      



---

Exhibit 8.1 Fiscal year 2005



|                                                          |  |                                 
|--------------------------------------------------------- |  | --------------------------------
|Allianz-Slovenská DSS a.s.                                |  | SLOVAKIA (Slovak Republic)      
|Allianz-Slovenská poistovna a.s.                         |  | SLOVAKIA (Slovak Republic)      
|Alpha Vision Capital Mgmt LLC                             |  | CALIFORNIA                      
|Alpha Vision LLC                                          |  | CALIFORNIA                      
|Am Anger Immobilienverwaltungs-GmbH                       |  | GERMANY                         
|Am Anger Verwaltungs-GmbH & Co. KG                        |  | GERMANY                         
|Amaya AG                                                  |  | SWITZERLAND                     
|Amaya Compania de Seguros y Reaseguros S.A.               |  | SPAIN                           
|American Automobile Insurance Company                     |  | MISSOURI                        
|American Financial Marketing Inc.                         |  | MINNESOTA                       
|Annex Capital Partners LLC (GP)                           |  | CAYMAN ISLANDS                  
|Annex Holdings I LP                                       |  | CAYMAN ISLANDS                  
|Antoniana Veneta Popolare Assicurazioni S.p.A.            |  | ITALY                           
|Antoniana Veneta Popolare Vita S. p. A.                   |  | ITALY                           
|Arcalis                                                   |  | FRANCE                          
|Arcalis 22                                                |  | FRANCE                          
|Arcalis 23                                                |  | FRANCE                          
|Arcalis 24                                                |  | FRANCE                          
|Arcalis 28                                                |  | FRANCE                          
|Arcalis UN                                                |  | FRANCE                          
|Ariondaz SAS                                              |  | FRANCE                          
|Arlon Properties S.A.                                     |  | LUXEMBOURG                      
|ARSA B.V.                                                 |  | NETHERLANDS                     
|AS 24 (AS NIJUYON K.K.)                                   |  | JAPAN                           
|Asopos Vermögensverwaltungsgesellschaft mbH               |  | GERMANY                         
|ASREX                                                     |  | FRANCE                          
|Assimediass S.r.l.                                        |  | ITALY                           
|ASSISTANCE AND SERVICES CORPORATION OF IRELAND A.S.C.I. |  | IRELAND                         
|Assistance Courtage dAssurance et de Réassurance S.A.    |  | FRANCE                          
|Associated Group Benefits Ltd.                            |  | CANADA                          
|Associated Indemnity Corporation                          |  | CALIFORNIA                      
|Assurance Vie et Prévoyance (AVIP) SA                     |  | FRANCE                          
|Assurances Fédérales BV                                   |  | FRANCE                          
|Assurances Générales de France                            |  | FRANCE                          
|Assurances Générales de France IART S.A.                  |  | FRANCE                          
|Assurances Générales de France Vie S.A.                   |  | FRANCE                          
|Assurances Generales du Laos Ltd.                         |  | LAO PEOPLES DEMOCRATIC REPUBLIC
|Assurances Générales du Mali (AGM)                        |  | COTE DIVOIRE                   
|Athéna                                                    |  | FRANCE                          
|Athena Europe Obligations                                 |  | FRANCE                          
|Athéna Obligations                                        |  | FRANCE                          
|Atrium SAS                                                |  | FRANCE                          
|Atropos Vermögensverwaltungsgesellschaft mbH              |  | GERMANY                         
|AVIP ACTIONS 100                                          |  | FRANCE                          
|AVIP ACTIONS 60                                           |  | FRANCE                          
|AVIP PERFORMANCE 80                                       |  | FRANCE                          
|AVIP TOP 300                                              |  | FRANCE                          
|AVIP TOP CROISSANCE                                       |  | FRANCE                          



---

Exhibit 8.1 Fiscal year 2005



|                                                 |  |             
|------------------------------------------------ |  | ------------
|AVIP TOP DEFENSIF                                |  | FRANCE      
|AVIP TOP HARMONIE                                |  | FRANCE      
|Axioma Insurance (Cyprus) Ltd.                   |  | CYPRUS      
|AZ GI Advertising Agency Inc.                    |  | DELAWARE    
|AZ GI Australia Ltd.                             |  | AUSTRALIA   
|AZ GI Managed Accounts LLC                       |  | DELAWARE    
|AZ GI Pacific Ltd.                               |  | BERMUDA     
|AZ GI U.S. Retail LLC                            |  | DELAWARE    
|Az Global Risk Ltd.                              |  | SOUTH AFRICA
|AZ Leben Private Equity Fonds 2001 GmbH          |  | GERMANY     
|AZ Via Immo 3                                    |  | FRANCE      
|AZ-Arges Vermögensverwaltungsgesellschaft mbH    |  | GERMANY     
|AZ-Argos 10 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 14 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 15 AG                                   |  | GERMANY     
|AZ-Argos 2 Vermögensverwaltungsgesellschaft mbH  |  | GERMANY     
|AZ-Argos 22 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 26 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 27 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 28 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 29 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 3 Vermögensverwaltungsgesellschaft mbH  |  | GERMANY     
|AZ-Argos 30 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 31 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 32 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 33 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 34 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 35 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 36 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 37 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 38 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 39 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 4 Vermögensverwaltungsgesellschaft mbH  |  | GERMANY     
|AZ-Argos 40 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 41 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 42 Vermögensverwaltungsgesellschaft mbH |  | GERMANY     
|AZ-Argos 6 Vermögensverwaltungsgesellschaft mbH  |  | GERMANY     
|AZB-Arges Vermögensverwaltungsgesellschaft mbH   |  | GERMANY     
|AZF-Arges2 Vermögensverwaltungsgesellschaft mbH  |  | GERMANY     
|AZL PE Nr. 1 GmbH                                |  | GERMANY     
|AZ-LAD AG                                        |  | GERMANY     
|AZL-Alico Vermögensverwaltungsgesellschaft mbH   |  | GERMANY     
|AZL-DRB Vermögensverwaltungsgesellschaft mbH     |  | GERMANY     
|AZ-Leben Private Equity Fonds 1998 GmbH          |  | GERMANY     
|AZ-LIN 2 Vermögensverwaltungsgesellschaft mbH    |  | GERMANY     
|AZ-LIN Vermögensverwaltungsgesellschaft mbH      |  | GERMANY     
|AZL-SER Vermögensverwaltungsgesellschaft mbH     |  | GERMANY     
|AZ-MPS Beteiligungsgesellschaft mbH & Co. KG     |  | GERMANY     
|AZS-Arges Vermögensverwaltungsgesellschaft mbH   |  | GERMANY     
|AZ-SDC 2 Vermögensverwaltungsgesellschaft mbH    |  | GERMANY     



---

Exhibit 8.1 Fiscal year 2005



|                                                                                                                                   |  |               
|---------------------------------------------------------------------------------------------------------------------------------- |  | --------------
|AZ-SDC Vermögensverwaltungsgesellschaft mbH                                                                                        |  | GERMANY       
|AZ-SER 2 Vermögensverwaltungsgesellschaft mbH                                                                                      |  | GERMANY       
|AZ-SER Vermögensverwaltungsgesellschaft mbH                                                                                        |  | GERMANY       
|AZ-SGD Private Equity Fonds GmbH                                                                                                   |  | GERMANY       
|AZV-Argos 1 Vermögensverwaltungsgesellschaft mbH                                                                                   |  | GERMANY       
|AZ-Vers PEF GmbH                                                                                                                   |  | GERMANY       
|AZV-Nona Vermögensverwaltungsgesellschaft mbH                                                                                      |  | GERMANY       
|BACAB S.A.                                                                                                                         |  | SWITZERLAND   
|Baladau                                                                                                                            |  | FRANCE        
|Bankhaus W. Fortmann & Söhne KG                                                                                                    |  | GERMANY       
|Banque AGF S.A.                                                                                                                    |  | FRANCE        
|BARTEC AB                                                                                                                          |  | SWEDEN        
|BARTEC AS                                                                                                                          |  | NETHERLANDS   
|BARTEC Barlian Industries Holding AG                                                                                               |  | SWITZERLAND   
|BARTEC Belgium N.V.                                                                                                                |  | BELGIUM       
|BARTEC Benke GmbH                                                                                                                  |  | GERMANY       
|BARTEC Consult GmbH                                                                                                                |  | GERMANY       
|BARTEC d.o.o.                                                                                                                      |  | HUNGARY       
|BARTEC d.o.o.                                                                                                                      |  | SLOVENIA      
|BARTEC Electric (Shanxi) Co. Ltd.                                                                                                  |  | CHINA         
|BARTEC Elektrotechnik GmbH                                                                                                         |  | AUSTRIA       
|BARTEC Engineering + Services AG                                                                                                   |  | SWITZERLAND   
|Bartec GmbH                                                                                                                        |  | GERMANY       
|BARTEC Hungary Kft.                                                                                                                |  | HUNGARY       
|BARTEC Ltd.                                                                                                                        |  | JAPAN         
|BARTEC Nederland B.V.                                                                                                              |  | NETHERLANDS   
|BARTEC Nederland Ultrakust Division B.V.                                                                                           |  | NETHERLANDS   
|BARTEC Pte Ltd.                                                                                                                    |  | SINGAPORE     
|BARTEC S.A.                                                                                                                        |  | SPAIN         
|BARTEC s.a.r.l.                                                                                                                    |  | FRANCE        
|BARTEC s.r.l.                                                                                                                      |  | ITALY         
|BARTEC s.r.o.                                                                                                                      |  | CZECH REPUBLIC
|BARTEC Sicherheits-Schaltanlagen GmbH                                                                                              |  | GERMANY       
|BARTEC UK Ltd.                                                                                                                     |  | UNITED KINGDOM
|BARTEC US Corp.                                                                                                                    |  | OKLAHOMA      
|BARTEC Varnost d.o.o.                                                                                                              |  | SLOVENIA      
|BAWAG Allianz Mitarbeitervorsorgekasse AG                                                                                          |  | AUSTRIA       
|Bayerische Versicherungsbank AG (was merged in January 2006 retroactively effective October 1, 2005 into Allianz
Versicherungs-AG) |  | GERMANY       
|BD-Financial Management Ltd.                                                                                                       |  | IRELAND       
|Beethoven Funding Corporation                                                                                                      |  | NEW YORK      
|BERGA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG                                                                             |  | GERMANY       
|Bergwitzer Braunkohle AG                                                                                                           |  | GERMANY       
|BERNESE ASSICURAZIONI Compagnia Italo Svizzera di Assicurazioni S.p.A.                                                             |  | ITALY         
|Bernese Assicurazioni Finanziaria S.p.A.                                                                                           |  | ITALY         
|BERNESE VITA SPA                                                                                                                   |  | ITALY         
|Bettercare Group Limited                                                                                                           |  | UNITED KINGDOM
|BFC Berliner Film Companie Beteiligungsgesellschaft mbH                                                                            |  | GERMANY       
|BFC Berliner Film Companie CoP GmbH                                                                                                |  | GERMANY       



---

Exhibit 8.1 Fiscal year 2005



|                                                           |  |               
|---------------------------------------------------------- |  | --------------
|BFC Berliner Film Companie Distribution GmbH               |  | GERMANY       
|BFC Berliner Film Companie Produktions GmbH                |  | GERMANY       
|BIC                                                        |  | BRAZIL        
|Bilan Services S.N.C.                                      |  | FRANCE        
|BIP Arbitrage-Gesellschaft mbH i. L.                       |  | GERMANY       
|Blohm + Voss international GmbH                            |  | GERMANY       
|BMM AUDACE                                                 |  | FRANCE        
|BMM HARMONIE                                               |  | FRANCE        
|Borgo San Felice S.r.l.                                    |  | ITALY         
|Borrowdale Nominees Ltd                                    |  | UNITED KINGDOM
|Bosphorus Capital Limited                                  |  | IRELAND       
|Botanic Building S.A.                                      |  | BELGIUM       
|Bridge Re Limited                                          |  | MASSACHUSETTS 
|British Financial Union Ltd                                |  | UNITED KINGDOM
|British Reserve Insurance Co. Ltd.                         |  | UNITED KINGDOM
|Buizerlann                                                 |  | NETHERLANDS   
|Bulgaria Net Co. Ltd.                                      |  | BULGARIA      
|Bureau dExpertises Despretz S.A.                          |  | BELGIUM       
|Bürgel Beteiligungs GmbH                                   |  | GERMANY       
|Bürgel Erfurt Beteiligungsgesellschaft mbH                 |  | GERMANY       
|Bürgel Erfurt GmbH & Co. KG                                |  | GERMANY       
|Bürgel Wirtschaftsinformationen AG Zürich                  |  | SWITZERLAND   
|Bürgel Wirtschaftsinformationen GmbH & Co. KG              |  | GERMANY       
|Bürgel Wirtschaftsinformationen Hamburg GmbH               |  | GERMANY       
|Bürgel Wirtschaftsinformationen Vertriebsges. mbH & Co. KG |  | GERMANY       
|Bürgel Wirtschaftsinformationen Verwaltungs-GmbH           |  | GERMANY       
|business lounge GmbH                                       |  | AUSTRIA       
|BVB PEF GmbH                                               |  | GERMANY       
|C. F. Erste Beteiligungsgesellschaft mbH                   |  | GERMANY       
|Calypso S.A.                                               |  | FRANCE        
|Camat                                                      |  | FRANCE        
|CAP                                                        |  | FRANCE        
|CAPEX                                                      |  | FRANCE        
|Carene                                                     |  | FRANCE        
|Carwood Holdings II Inc.                                   |  | DELAWARE      
|Casas del Toqui S.A.                                       |  | CHILE         
|Caywood Scholl Capital Management LLC                      |  | DELAWARE      
|CCB Zweite FraMü Beteiligungs GmbH                         |  | GERMANY       
|CERT Zertifizierungsgesellschaft mbH                       |  | GERMANY       
|Challenging Financial Careers Insurance Marketing Corp.    |  | CALIFORNIA    
|Château Larose Trintaudon S.A.                             |  | FRANCE        
|Chicago Auto Insurance Service Inc.                        |  | ILLINOIS      
|Chicago Insurance Company                                  |  | ILLINOIS      
|CIC Allianz Insurance Ltd.                                 |  | AUSTRALIA     
|City of Westminster Insurance Company Ltd.                 |  | UNITED KINGDOM
|Claims Consultancy & Investigation Services Limited        |  | IRELAND       
|Classic Finance BV                                         |  | NETHERLANDS   
|Classic I Netherlands Limited                              |  | NETHERLANDS   
|Classic III Netherlands Limited                            |  | NETHERLANDS   
|Club Marine Limited                                        |  | AUSTRALIA     



---

Exhibit 8.1 Fiscal year 2005



|                                                                             |  |               
|---------------------------------------------------------------------------- |  | --------------
|Codinf Services                                                              |  | FRANCE        
|Cogar                                                                        |  | FRANCE        
|Colseguros Capitalizacion                                                    |  | COLOMBIA      
|Colseguros Generales S.A.                                                    |  | COLOMBIA      
|Colseguros Vida S.A.                                                         |  | COLOMBIA      
|Colserauto                                                                   |  | COLOMBIA      
|Commercial Bank Allianz Bulgaria Ltd.                                        |  | BULGARIA      
|Commerzbank_LEBENCO_Fonds                                                    |  | GERMANY       
|Compagnie dAssurance de Protection Juridique S.A.                           |  | SWITZERLAND   
|Compagnie de Gestion et Prevoyance                                           |  | FRANCE        
|Compagnie Financière pour la Réalisation dOpérations Immobilières COFIDIM |  | FRANCE        
|Companhia de Seguros Allianz Portugal S.A.                                   |  | PORTUGAL      
|Compania Colombiana De Inversion Colseguros S.A.                             |  | COLOMBIA      
|Coparc                                                                       |  | FRANCE        
|Cornhill Investment Properties (Reigate) Ltd.                                |  | UNITED KINGDOM
|Cornhill Trustee (Guernsey) Ltd.                                             |  | UNITED KINGDOM
|Cornhill Unit Trust Managers Ltd.                                            |  | UNITED KINGDOM
|Corporate Secretaries (Jersey) Ltd                                           |  | UNITED KINGDOM
|Corporate Services (Guernsey) Ltd                                            |  | UNITED KINGDOM
|Corsetec                                                                     |  | BRAZIL        
|COTINCO Consultora Técnica Industrial y Commercial S.A.                      |  | MEXICO        
|Crédito Argentino Germánico SA                                               |  | ARGENTINA     
|Crédito Germánico S.A.                                                       |  | URUGUAY       
|CreditRas Assicurazioni S.p.A.                                               |  | ITALY         
|CreditRas Vita S.p.A.                                                        |  | ITALY         
|Crop Growers Corporation                                                     |  | DELAWARE      
|Cros Belcher Investissements                                                 |  | FRANCE        
|DARTA SAVING LIFE ASSURANCE LTD.                                             |  | IRELAND       
|DBI Insurance Company Ltd.                                                   |  | UNITED KINGDOM
|DBI_HK1_827_Fonds                                                            |  | GERMANY       
|DBI-BSK Rentenfonds                                                          |  | GERMANY       
|dbi-BSK Rentenfonds Plus                                                     |  | GERMANY       
|DBI-FONDS ADPF1                                                              |  | GERMANY       
|DBI-FONDS ADPF2                                                              |  | GERMANY       
|dbi-Fonds DAV                                                                |  | GERMANY       
|dbi-Fonds DF                                                                 |  | GERMANY       
|dbi-Fonds MAXIMILIAN                                                         |  | GERMANY       
|dbi-Fonds Ostfriesland                                                       |  | GERMANY       
|dbi-Fonds WE                                                                 |  | GERMANY       
|DDS Dresdner Direktservice GmbH                                              |  | GERMANY       
|DEGI Beteiligungs GmbH                                                       |  | GERMANY       
|DEGI Deutsche Gesellschaft für Immobilienfonds mbH                           |  | GERMANY       
|DEGI Schweden AB                                                             |  | SWEDEN        
|Delaware Valley Financial Services                                           |  | DELAWARE      
|Deutsche Außenhandels-Gesellschaft mbH                                       |  | GERMANY       
|Deutsche Lebensversicherungs-AG                                              |  | GERMANY       
|Deutscher Investment-Trust Gesellschaft für Wertpapieranlagen mbH            |  | GERMANY       
|DFV Deutsche Fonds- und Vorsorgeberatungs GmbH                               |  | GERMANY       



---

Exhibit 8.1 Fiscal year 2005



|                                                                       |  |                   
|---------------------------------------------------------------------- |  | ------------------
|Dieznet Comercio Eloctrónico SA                                        |  | SPAIN             
|DIMENSIONE S.R.L                                                       |  | ITALY             
|DIT-FONDS ALSI                                                         |  | GERMANY           
|DIT-Fonds APAV                                                         |  | GERMANY           
|DIT-Fonds APKE                                                         |  | GERMANY           
|DIT-FONDS EEE                                                          |  | GERMANY           
|DIT-FONDS PV-RD                                                        |  | GERMANY           
|DK Capital Advisory Services (India) Private Ltd                       |  | INDIA             
|DKNA Phoenix LLC                                                       |  | DELAWARE          
|Donator Beteiligungsverwaltung GmbH                                    |  | GERMANY           
|DOUBL  ACTIV 2008 L                                                   |  | FRANCE            
|DR Gesellschaft für Diagnostik und Rehabilitation mbH                  |  | GERMANY           
|Dr. Dr. Heissmann GmbH Unternehmensberatung für Versorgung & Vergütung |  | GERMANY           
|Draudimo kompanija NERIS UAB                                           |  | LITHUANIA         
|DRCM ENTREVAL                                                          |  | FRANCE            
|Dreiunddreißigste DRESIB Beteiligungs-Gesellschaft mbH                 |  | GERMANY           
|Dreiundzwanzigste DRESIB Beteiligungs-Gesellschaft mbH                 |  | GERMANY           
|Dreizehnte FraMü Beteiligungs GmbH                                     |  | GERMANY           
|Dresdner Advisors LLC                                                  |  | DELWARE           
|Dresdner Asset Management Ltd                                          |  | SINGAPORE         
|Dresdner Bank (Hungaria) Rt.                                           |  | HUNGARY           
|Dresdner Bank (Schweiz) AG                                             |  | SWITZERLAND       
|Dresdner Bank AG                                                       |  | GERMANY           
|Dresdner Bank Berlin Immobilien-Service GmbH                           |  | GERMANY           
|Dresdner Bank Brasil SA Banco Múltiplo                                 |  | BRAZIL            
|Dresdner Bank Gestions France S.A.                                     |  | FRANCE            
|Dresdner Bank Lateinamerika AG                                         |  | GERMANY           
|Dresdner Bank Luxembourg S.A.                                          |  | LUXEMBOURG        
|Dresdner Bank Polska S.A.                                              |  | POLAND            
|Dresdner Bank ZAO                                                      |  | RUSSIAN FEDERATION
|Dresdner Capital LLC I                                                 |  | DELAWARE          
|Dresdner Capital LLC II                                                |  | DELAWARE          
|Dresdner Capital LLC III                                               |  | DELAWARE          
|Dresdner Capital LLC IV                                                |  | DELAWARE          
|Dresdner Capital LLC V                                                 |  | DELAWARE          
|Dresdner Capital LLC VI Wilmington/Delaware                            |  | DELAWARE          
|Dresdner Capital LLC VII                                               |  | DELAWARE          
|Dresdner Corporate Finance GmbH                                        |  | GERMANY           
|Dresdner Finance BV                                                    |  | NETHERLANDS       
|Dresdner Finanzberatungsgesellschaft mbH                               |  | GERMANY           
|Dresdner Finanziaria SpA                                               |  | ITALY             
|Dresdner Forfaitierungs Aktiengesellschaft                             |  | SWITZERLAND       
|Dresdner Fund Administration (Cayman) Ltd                              |  | CAYMAN ISLANDS    
|Dresdner Investments (UK) Ltd                                          |  | UNITED KINGDOM    
|Dresdner Kleinwort Benson North America Inc                            |  | DELAWARE          
|Dresdner Kleinwort Benson Private Equity Partner LP                    |  | NEW YORK          
|Dresdner Kleinwort Capital 2001 LLC                                    |  | DELAWARE          
|Dresdner Kleinwort Capital Beratungs GmbH                              |  | GERMANY           
|Dresdner Kleinwort Capital Investment Company Ltd                      |  | UNITED KINGDOM    



---

Exhibit 8.1 Fiscal year 2005



|                                                                  |  |               
|----------------------------------------------------------------- |  | --------------
|Dresdner Kleinwort Capital Investment Trust Ltd                   |  | UNITED KINGDOM
|Dresdner Kleinwort Capital Italia Beteiligungsverwaltung GmbH     |  | GERMANY       
|Dresdner Kleinwort Capital Jersey Ltd                             |  | UNITED KINGDOM
|Dresdner Kleinwort Capital LLC                                    |  | NEW YORK      
|Dresdner Kleinwort Capital Partners 2001 Limited Partnership      |  | DELAWARE      
|Dresdner Kleinwort Capital Partners I LLC                         |  | UNITED KINGDOM
|Dresdner Kleinwort Capital UK Ltd                                 |  | UNITED KINGDOM
|Dresdner Kleinwort Capital Ventures Management Ltd                |  | UNITED KINGDOM
|Dresdner Kleinwort Capital Verwaltungs GmbH                       |  | GERMANY       
|Dresdner Kleinwort Holdings Inc                                   |  | NEW YORK      
|Dresdner Kleinwort Wasserstein (Argentina) SA                     |  | BRAZIL        
|Dresdner Kleinwort Wasserstein (Canada) Ltd                       |  | CANADA        
|Dresdner Kleinwort Wasserstein (China) Ltd                        |  | HONG KONG     
|Dresdner Kleinwort Wasserstein (DRC) Ltd                          |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein (Hong Kong) Ltd                    |  | HONG KONG     
|Dresdner Kleinwort Wasserstein (Japan) Limited                    |  | HONG KONG     
|Dresdner Kleinwort Wasserstein (LBDP) Holdings Ltd                |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein (LBDP) Ltd                         |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein (Services) Inc                     |  | PANAMA        
|Dresdner Kleinwort Wasserstein (South East Asia) Ltd.             |  | SINGAPORE     
|Dresdner Kleinwort Wasserstein Advisory Services (Thailand) Ltd   |  | THAILAND      
|Dresdner Kleinwort Wasserstein Asesorias y Inversiones Chile Ltda |  | CHILE         
|Dresdner Kleinwort Wasserstein Australia (Securitisation) Pty Ltd |  | AUSTRALIA     
|Dresdner Kleinwort Wasserstein Australia Ltd                      |  | AUSTRALIA     
|Dresdner Kleinwort Wasserstein Beteiligungs-Gesellschaft mbH      |  | GERMANY       
|Dresdner Kleinwort Wasserstein Derivative Investments Limited     |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein do Brasil s/c Ltda                 |  | BRAZIL        
|Dresdner Kleinwort Wasserstein Equipment LLC                      |  | DELAWARE      
|Dresdner Kleinwort Wasserstein Europe Ltd                         |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Finance BV                         |  | NETHERLANDS   
|Dresdner Kleinwort Wasserstein Finance EURL                       |  | FRANCE        
|Dresdner Kleinwort Wasserstein Finance Inc.                       |  | NEW YORK      
|Dresdner Kleinwort Wasserstein France SAS                         |  | FRANCE        
|Dresdner Kleinwort Wasserstein Grantchester Securities Inc.       |  | DELAWARE      
|Dresdner Kleinwort Wasserstein Group Inc                          |  | DELAWARE      
|Dresdner Kleinwort Wasserstein Group Ltd                          |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Inc.                               |  | DELAWARE      
|Dresdner Kleinwort Wasserstein Leasing December (1) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (11) Limited      |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (13) Limited      |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (2) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (3) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (4) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (5) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December (6) Ltd           |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December 10 Limited        |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December 12 Limited        |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December 14 Limited        |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December 15 Limited        |  | UNITED KINGDOM
|Dresdner Kleinwort Wasserstein Leasing December 7 Limited         |  | UNITED KINGDOM



---

Exhibit 8.1 Fiscal year 2005



|                                                                  |  |                   
|----------------------------------------------------------------- |  | ------------------
|Dresdner Kleinwort Wasserstein Leasing December 8 Limited         |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing December 9 Limited         |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing Inc                        |  | DELAWARE          
|Dresdner Kleinwort Wasserstein Leasing June (2) Ltd               |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing June (3) Ltd               |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing Ltd                        |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing March (2) Ltd              |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing March (3) Ltd              |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing September (1) Ltd          |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing September (3) Ltd          |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing September (4) Ltd          |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Leasing September (5) Limited      |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein LLC                                |  | RUSSIAN FEDERATION
|Dresdner Kleinwort Wasserstein Ltd.                               |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Metals Ltd                         |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Online Ventures Ltd                |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Overseas Employees Ltd             |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Overseas Holdings plc              |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Partnership 2001 Ltd               |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Property Management & Services Ltd |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Research (Malaysia) SDN BHD        |  | MALAYSIA          
|Dresdner Kleinwort Wasserstein Research GmbH                      |  | GERMANY           
|Dresdner Kleinwort Wasserstein Securities (Asia) Holdings Ltd.    |  | HONG KONG         
|Dresdner Kleinwort Wasserstein Securities (Asia) Ltd              |  | HONG KONG         
|Dresdner Kleinwort Wasserstein Securities (Australia) Pty Ltd     |  | AUSTRALIA         
|Dresdner Kleinwort Wasserstein Securities (India) Private Ltd     |  | INDIA             
|Dresdner Kleinwort Wasserstein Securities France SA               |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Securities LLC                     |  | DELAWARE          
|Dresdner Kleinwort Wasserstein Securities Ltd                     |  | UNITED KINGDOM    
|Dresdner Kleinwort Wasserstein Services LLC                       |  | DELAWARE          
|Dresdner Kleinwort Wasserstein Servicios y Asesorias Ltda         |  | COTE DIVOIRE     
|Dresdner Kleinwort Wasserstein sp.z.o.o.                          |  | RUSSIAN FEDERATION
|Dresdner Mezzanine GmbH & Co. KG                                  |  | GERMANY           
|Dresdner Private Placement GmbH                                   |  | GERMANY           
|Dresdner RCM Global Investors (Jersey) Ltd                        |  | UNITED KINGDOM    
|Dresdner Securitized Products GmbH                                |  | GERMANY           
|Dresdner U.S. Finance Inc                                         |  | DELAWARE          
|Dresdner UK Investments 2 B.V.                                    |  | NETHERLANDS       
|Dresdner UK Investments N.V.                                      |  | NETHERLANDS       
|Dresdner Versicherung GmbH                                        |  | GERMANY           
|dresdnerbank investment management Kapitalanlagegesellschaft mbH  |  | GERMANY           
|Dritte SIB Beteiligungs-Aktiengesellschaft                        |  | GERMANY           
|DrKW Commodity Trading I Inc.                                     |  | DELAWARE          
|DrKW Delaware Funding Inc.                                        |  | DELAWARE          
|DRKW EIV Manager Inc.                                             |  | DELAWARE          
|DrKW Equipment Finance Ltd                                        |  | UNITED KINGDOM    
|DrkW Equity Trading I Inc.                                        |  | DELAWARE          
|DrKW Funding Inc.                                                 |  | DELAWARE          



---

Exhibit 8.1 Fiscal year 2005



|                                                                               |  |               
|------------------------------------------------------------------------------ |  | --------------
|DrKW Funding LLC                                                               |  | DELAWARE      
|DrKW FX Trading I Inc.                                                         |  | DELAWARE      
|DrKW Holdings II                                                               |  | WILMINGTON    
|DrKW Holdings III Inc.                                                         |  | DELAWARE      
|DrKW Holdings LLC                                                              |  | WILMINGTON    
|DrKW Pfandbriefe Investments Inc.                                              |  | DELAWARE      
|DrKW Rates Trading II Inc.                                                     |  | DELAWARE      
|DrKW Services (Guernsey) Ltd.                                                  |  | UNITED KINGDOM
|DrKW Standby Nominees Ltd                                                      |  | UNITED KINGDOM
|DrKW Trading Holdings LLC                                                      |  | DELAWARE      
|DrKW Trading Inc.                                                              |  | DELAWARE      
|DrKWS Nominees Ltd                                                             |  | UNITED KINGDOM
|E.U.R.L. CACHACAG                                                              |  | FRANCE        
|E.U.R.L. D.O.F.                                                                |  | FRANCE        
|Einunddreißigste DRESIB Beteiligungs-Gesellschaft mbH                          |  | GERMANY       
|Elco Leasing Ltd                                                               |  | UNITED KINGDOM
|ELF Technologies Limited                                                       |  | IRELAND       
|ELVIA Assistance GmbH                                                          |  | AUSTRIA       
|ELVIA Assistance Kft. (Ltd.)                                                   |  | HUNGARY       
|ELVIA Assistance s.r.o.                                                        |  | CZECH REPUBLIC
|ELVIA ASSISTANCE SP. Z O.O.                                                    |  | POLAND        
|ELVIA Reiseversicherungs-Gesellschaft AG                                       |  | SWITZERLAND   
|ELVIA Travel Insurance International N.V.                                      |  | NETHERLANDS   
|ELVIASEG S.A. De Seguros y Reaseguros de Riesgos Diversos Sociedad Unipersonal |  | SPAIN         
|Emerald Global Inv.                                                            |  | FRANCE        
|Empresa de Inversiones S.A.                                                    |  | PERU          
|Energy Insurance Company Ltd.                                                  |  | BULGARIA      
|Entenial Dynamisme                                                             |  | FRANCE        
|Entenial Equilibre                                                             |  | FRANCE        
|Entenial Serenite                                                              |  | FRANCE        
|EP Euro-Projektentwicklungs GmbH & Co. Friedrichstadt-Passagen KG              |  | GERMANY       
|EP Euro-Projektentwicklungs GmbH & Co. Objekt 1 KG                             |  | GERMANY       
|EP Euro-Projektentwicklungs GmbH & Co. Objekt Am Markt Chemnitz KG             |  | GERMANY       
|EP Euro-Projektentwicklungs GmbH & Co. Objekt Köln-Porz KG                     |  | GERMANY       
|EP Euro-Projektentwicklungs-Verwaltungs GmbH                                   |  | GERMANY       
|Erste DRESIB Beteiligungs-Gesellschaft mbH                                     |  | GERMANY       
|Erste FraMü Beteiligungs GmbH                                                  |  | GERMANY       
|esa EuroShip Assekuradeurgesellschaft mbH & Co. KG                             |  | GERMANY       
|ETI First Source Limited                                                       |  | UNITED KINGDOM
|ETI Australia Pty Ltd.                                                         |  | AUSTRALIA     
|ETI International Limited                                                      |  | UNITED KINGDOM
|ETI Property Limited                                                           |  | UNITED KINGDOM
|ETI Sales Limited                                                              |  | UNITED KINGDOM
|Etoile Foncière et Immobilière S.A.S.U.                                        |  | FRANCE        
|Euler & Hermes International Centre Limited                                    |  | UNITED KINGDOM
|Euler Agent Limited                                                            |  | UNITED KINGDOM
|Euler American Credit Indemnity Mexico                                         |  | MEXICO        
|Euler do Brasil Seguros Exportacao                                             |  | BRAZIL        



---

Exhibit 8.1 Fiscal year 2005



|                                                               |  |                           
|-------------------------------------------------------------- |  | --------------------------
|Euler Gestion                                                  |  | FRANCE                    
|Euler Hermes ACI Holding                                       |  | NEW YORK                  
|Euler Hermes ACI Inc.                                          |  | MARYLAND                  
|Euler Hermes ACI Services LLP                                  |  | MARYLAND                  
|Euler Hermes ACMAR Services                                    |  | MOROCCO                   
|Euler Hermes Anna KozinskaKancelaria Prawna sp.k.             |  | POLAND                    
|Euler Hermes Beteiligungen GmbH                                |  | GERMANY                   
|Euler Hermes Cashflow Solutions Limited                        |  | UNITED KINGDOM            
|Euler Hermes Cescob Service s.r.o.                             |  | CZECH REPUBLIC            
|Euler Hermes Cescob uverová pojistovna a.s.                    |  | CZECH REPUBLIC            
|Euler Hermes Collections UK Limited                            |  | UNITED KINGDOM            
|EULER HERMES CREDIT INSURANCE AGENCY (S) PTE. LTD.             |  | SINGAPORE                 
|EULER HERMES CREDIT INSURANCE BELGIUM S.A.                     |  | BELGIUM                   
|Euler Hermes Credit Services (JP) Ltd.                         |  | JAPAN                     
|Euler Hermes Credit Underwriters Hong Kong Ltd.                |  | CHINA                     
|Euler Hermes Crédito Compañía de Seguros y Reaseguros S.A.     |  | SPAIN                     
|EULER HERMES EMPORIKI SA                                       |  | GREECE                    
|EULER HERMES EMPORIKI Services Ltd.                            |  | GREECE                    
|Euler Hermes Forderungsmanagement GmbH                         |  | GERMANY                   
|Euler Hermes Gesellschaft für Finanzdienstleistungen mbH       |  | GERMANY                   
|Euler Hermes Gesellschaft für Informationsdienstleistungen mbH |  | GERMANY                   
|Euler Hermes Guarantee plc.                                    |  | UNITED KINGDOM            
|Euler Hermes Holdings UK plc                                   |  | UNITED KINGDOM            
|Euler Hermes Interborg N.V.                                    |  | NETHERLANDS               
|Euler Hermes International Ltd.                                |  | UNITED KINGDOM            
|Euler Hermes Kreditförsäkring Norden AB                        |  | SWEDEN                    
|Euler Hermes Kreditversicherungs-AG                            |  | GERMANY                   
|Euler Hermes Kreditverzekering N.V.                            |  | NETHERLANDS               
|Euler Hermes Magyar Hitelbiztosító Rt.                         |  | HUNGARY                   
|Euler Hermes Magyar Követeleskezelö Kft.                       |  | HUNGARY                   
|Euler Hermes Rating GmbH                                       |  | GERMANY                   
|Euler Hermes Risk Management Verwaltungs-GmbH                  |  | GERMANY                   
|Euler Hermes Risk Services UK Limited                          |  | UNITED KINGDOM            
|Euler Hermes Riskmanagement GmbH & Co. KG                      |  | GERMANY                   
|Euler Hermes S.A.                                              |  | FRANCE                    
|Euler Hermes Seguros de Crédito S.A.                           |  | BRAZIL                    
|Euler Hermes Seguros de Crédito S.A.                           |  | MEXICO                    
|Euler Hermes Services (HK) Limited                             |  | HONG KONG                 
|Euler Hermes Services AG                                       |  | SWITZERLAND               
|Euler Hermes Services B.V.                                     |  | NETHERLANDS               
|Euler Hermes Services Baltic UAB                               |  | LITHUANIA                 
|Euler Hermes Services Belgium S.A.                             |  | BELGIUM                   
|Euler Hermes Services Estonia OÜ                               |  | ESTONIA                   
|Euler Hermes Services Latvija SIA                              |  | LATVIA                    
|Euler Hermes Services S.A.S.                                   |  | FRANCE                    
|Euler Hermes Servicii Financiare                               |  | ROMANIA                   
|Euler Hermes Servicios de Crédito S.L.                         |  | SPAIN                     
|Euler Hermes Servicos Ltda                                     |  | BRAZIL                    
|Euler Hermes Servis s.r.o.                                     |  | SLOVAKIA (Slovak Republic)
|Euler Hermes SFAC Crédit S.A.S.                                |  | FRANCE                    



---

Exhibit 8.1 Fiscal year 2005



|                                                    |  |               
|--------------------------------------------------- |  | --------------
|Euler Hermes SFAC Recouvrement S.A.S.               |  | FRANCE        
|Euler Hermes SFAC S.A.                              |  | FRANCE        
|Euler Hermes SIAC S.p.A.                            |  | ITALY         
|EULER HERMES SIAC S.P.A.                            |  | ITALY         
|Euler Hermes UK plc                                 |  | UNITED KINGDOM
|Euler Hermes Versicherungsbeteiligungen GmbH        |  | GERMANY       
|Euler Hermes Zarzadzanie Ryzkiem Sp. z o.o.         |  | POLAND        
|Euler Incorporation Inc.                            |  | MARYLAND      
|Euler Re                                            |  | LUXEMBOURG    
|Euler SFAC Asset Management                         |  | FRANCE        
|Euler Tech                                          |  | FRANCE        
|Euler UK Group Services Limited                     |  | UNITED KINGDOM
|Eurl 20/22 Le Peletier                              |  | FRANCE        
|EURL 2D3                                            |  | FRANCE        
|EURL B Anat                                         |  | FRANCE        
|EURL BTKM                                           |  | FRANCE        
|EURL COLLEGE CLERC                                  |  | FRANCE        
|EURL Livi Développement                             |  | FRANCE        
|EURL PL                                             |  | FRANCE        
|EURL RM ARROUX                                      |  | FRANCE        
|EURL ROCHER STE HELENE                              |  | FRANCE        
|EURL SARL du Rocher St. Hélène                      |  | FRANCE        
|EURL SARL Pascale                                   |  | FRANCE        
|Euro Drukker Beheer B.V.                            |  | NETHERLANDS   
|EURO GESTION                                        |  | FRANCE        
|Europe Reinsurance SA                               |  | LUXEMBOURG    
|European Credit Underwriters Limited                |  | UNITED KINGDOM
|European Properties Inc Ltd                         |  | UNITED KINGDOM
|European Venture Partners (General Partner) Ltd     |  | UNITED KINGDOM
|European Venture Partners (Holdings) Ltd            |  | UNITED KINGDOM
|European Venture Partners (Israel) Limited          |  | UNITED KINGDOM
|European Venture Partners (Sweden) AB               |  | UNITED KINGDOM
|European Venture Partners LP                        |  | UNITED KINGDOM
|European Venture Partners Ltd                       |  | UNITED KINGDOM
|Eurotax Garantie AG                                 |  | SWITZERLAND   
|Eurovida S.A. Compañía de Seguros y Reaseguros      |  | SPAIN         
|F.C.C. LOGIFIX                                      |  | FRANCE        
|FAF Inc.                                            |  | CAYMAN ISLANDS
|FAI Allianz Ltd                                     |  | AUSTRALIA     
|Failure & Risk Consulting GmbH                      |  | GERMANY       
|Fenchurch Fiduciaries Ltd                           |  | UNITED KINGDOM
|Fenchurch Finance Ltd                               |  | UNITED KINGDOM
|Fenchurch International Holdings Ltd                |  | UNITED KINGDOM
|Fenchurch Nominees (Singapore) Pte Ltd              |  | SINGAPORE     
|Fenchurch Nominees Ltd                              |  | UNITED KINGDOM
|Fenchurch Nominees Ltd                              |  | UNITED KINGDOM
|Fenchurch Properties Ltd                            |  | UNITED KINGDOM
|Fenchurch Trust Ltd                                 |  | UNITED KINGDOM
|Fendrake Ltd                                        |  | UNITED KINGDOM
|Fenix Directo Compania de Seguros y Reaseguros S.A. |  | SPAIN         



---

Exhibit 8.1 Fiscal year 2005



|                                                                                                                               |  |                   
|------------------------------------------------------------------------------------------------------------------------------ |  | ------------------
|FFIC of Bermuda                                                                                                                |  | BERMUDA           
|FIF Sudameris Finance Shares                                                                                                   |  | BRAZIL            
|Financiere AGF                                                                                                                 |  | FRANCE            
|Financière et Foncière Européenne                                                                                              |  | FRANCE            
|Financière Galilée                                                                                                             |  | FRANCE            
|Financière Ile de France                                                                                                       |  | FRANCE            
|Finanztrust AG                                                                                                                 |  | GERMANY           
|Finnish Credit Insurance Company Ltd.                                                                                          |  | FINLAND           
|Firemans Fund Agribusiness Inc.                                                                                               |  | MONTANA           
|Firemans Fund Financial Services                                                                                              |  | TEXAS             
|Firemans Fund Indemnity Corporation                                                                                           |  | NEW JERSEY        
|Firemans Fund Insurance Company                                                                                               |  | CALIFORNIA        
|Firemans Fund Insurance Company of Georgia                                                                                    |  | GEORGIA           
|Firemans Fund Insurance Company of Hawaii Inc.                                                                                |  | HAWAII            
|Firemans Fund Insurance Company of Louisiana                                                                                  |  | LOUISANA          
|Firemans Fund Insurance Company of Missouri                                                                                   |  | MISSOURI          
|Firemans Fund Insurance Company of Nebraska                                                                                   |  | NEBRASKA          
|Firemans Fund Insurance Company of Ohio                                                                                       |  | OHIO              
|First Building Management Company Ltd.                                                                                         |  | KOREA, REPUBLIC OF
|First Call Direct Limited                                                                                                      |  | IRELAND           
|First Rate Direct Limited                                                                                                      |  | UNITED KINGDOM    
|Fitrust Fiduciaire et Trustee SA                                                                                               |  | SWITZERLAND       
|FLORALIS                                                                                                                       |  | FRANCE            
|Foncias Iart S.A.                                                                                                              |  | BURKINA FASO      
|Foncias vie S.A.                                                                                                               |  | BURKINA FASO      
|Fondsdepot Bank GmbH                                                                                                           |  | GERMANY           
|Foreign Holdings Ltd                                                                                                           |  | UNITED KINGDOM    
|Four Seasons (JDM) Ltd. Wilmslow (former: Four Seasons Health Care Ltd.                                                        |  | GERMANY           
|Four Seasons Health Care Jersey                                                                                                |  | UNITED KINGDOM    
|Four Seasons Health Care Limited                                                                                               |  | UNITED KINGDOM    
|FRAGONARD ASSURANCE                                                                                                            |  | FRANCE            
|FRANCE SECOURS INTERNATIONAL ASSISTANCE S.A.                                                                                   |  | FRANCE            
|Frank Nominees Ltd                                                                                                             |  | UNITED KINGDOM    
|Frankfurter Versicherungs-AG (was merged in January 2006 retroactively effective October 1, 2005into Allianz
Versicherungs-AG) |  | GERMANY           
|FS2A S.A.                                                                                                                      |  | FRANCE            
|Fünfzehnte FraMü Beteiligungs GmbH                                                                                             |  | GERMANY           
|FV PEF GmbH                                                                                                                    |  | GERMANY           
|G.I.T. Uniphénix                                                                                                               |  | FRANCE            
|Gaipare Action                                                                                                                 |  | FRANCE            
|Gaipare Diffusion                                                                                                              |  | FRANCE            
|GamePlan Financial Marketing LLC                                                                                               |  | ILLINOIS          
|Gamma-Vermögensverwaltungsgesellschaft mbH                                                                                     |  | GERMANY           
|Garantiefonds 1992                                                                                                             |  | NETHERLANDS       
|Garantiefonds 1993                                                                                                             |  | NETHERLANDS       
|GAVD Gesellschaft für Altersvorsorge-Dienstleistungen mbH                                                                      |  | GERMANY           
|GbR Berlin Pariser Platz 5a/6                                                                                                  |  | GERMANY           
|GE.SI Gestione Sistemi Informatici S.p.c.A.                                                                                    |  | ITALY             
|Générale Viagère                                                                                                               |  | FRANCE            



---

Exhibit 8.1 Fiscal year 2005



|                                                                                       |  |               
|-------------------------------------------------------------------------------------- |  | --------------
|Generali Invest                                                                        |  | FRANCE        
|Generation Vie                                                                         |  | FRANCE        
|GENIALLOYD S.p.A.                                                                      |  | ITALY         
|GENUJO LOK Beteiligungs GmbH                                                           |  | GERMANY       
|GENUJO Sechste Beteiligungs GmbH                                                       |  | GERMANY       
|GENUJO Vierte Beteiligungs GmbH                                                        |  | GERMANY       
|GERUSIA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG                               |  | GERMANY       
|Gesellschaft für Vorsorgeberatung                                                      |  | SWITZERLAND   
|Gestiass S.r.l.                                                                        |  | ITALY         
|GIE Groupe Dresdner KB France                                                          |  | FRANCE        
|GIE Placements dAssurances                                                            |  | FRANCE        
|GIE Victoria Aéronautique                                                              |  | FRANCE        
|GIM Grundwert Immobilien Management GmbH                                               |  | GERMANY       
|GKB (General Partner) Limited                                                          |  | UNITED KINGDOM
|Golden Gate Reinsurance Company Limited                                                |  | BERMUDA       
|Grafton Properties Limited                                                             |  | IRELAND       
|Grosvenor Kleinwort Benson Residential Ltd.                                            |  | UNITED KINGDOM
|Groupe Mondial Assistance                                                              |  | SWITZERLAND   
|Groupe Saint Thomas                                                                    |  | FRANCE        
|Grundstücksgesellschaft der Vereinten Versicherungen mbH                               |  | GERMANY       
|Grundstücksgesellschaft der Vereinten Versicherungen mbH & Co. Besitz und Betriebs KG |  | GERMANY       
|Grundstücks-Gesellschaft mbH                                                           |  | GERMANY       
|GTSGESTION DE TELESECURITE ET DE SERVICES S.A.                                        |  | FRANCE        
|Guernsey Nominees Ltd                                                                  |  | UNITED KINGDOM
|GVP Grundwert Verwaltungs und Projektentwicklungs GmbH                                |  | GERMANY       
|H.V. Gestion                                                                           |  | FRANCE        
|Hamudi S.A.                                                                            |  | FRANCE        
|HANSA-Bau-Gesellschaft mbH                                                             |  | GERMANY       
|Hardy Beteiligungs-Gesellschaft mbH                                                    |  | GERMANY       
|Hauteville Insurance Company Limited                                                   |  | UNITED KINGDOM
|Havelaar et Van Stolk B.V.                                                             |  | NETHERLANDS   
|Heissmann Consultants (Ireland) Ltd.                                                   |  | IRELAND       
|Heissmann Consultants B.V.                                                             |  | NETHERLANDS   
|HEISSMANN CONSULTANTS GMBH                                                             |  | AUSTRIA       
|Heissmann Consultants Holding GmbH                                                     |  | GERMANY       
|HEISSMANN CONSULTANTS INTERNATIONAL GMBH                                               |  | GERMANY       
|Heissmann Consultants SARL                                                             |  | SWITZERLAND   
|HELVIASS Verzekeringen BV                                                              |  | NETHERLANDS   
|HERMES & EULER CREDIT INSURANCE AGENCY (S) PTE LTD.                                    |  | SINGAPORE     
|Hermes e-Business GmbH                                                                 |  | GERMANY       
|Herradura Ltd                                                                          |  | UNITED KINGDOM
|Hilary Nominees Ltd                                                                    |  | UNITED KINGDOM
|Hilary Street Properties Ltd                                                           |  | UNITED KINGDOM
|Histel Beteiligungs GmbH                                                               |  | GERMANY       
|Holland Amerika Fonds N.V.                                                             |  | NETHERLANDS   
|Holland Beleggingsgroep B.V.                                                           |  | NETHERLANDS   
|Holland Bewaarbedrijf B.V.                                                             |  | NETHERLANDS   
|Holland Dollar Fonds                                                                   |  | NETHERLANDS   
|Holland Europe Fund N.V.                                                               |  | NETHERLANDS   



---

Exhibit 8.1 Fiscal year 2005



|                                                                                   |  |                   
|---------------------------------------------------------------------------------- |  | ------------------
|Holland Fund                                                                       |  | NETHERLANDS       
|Holland Internationaal Rentefo                                                     |  | NETHERLANDS       
|Holland Obligatie Fonds                                                            |  | NETHERLANDS       
|Holland Pacific Fund N.V.                                                          |  | NETHERLANDS       
|Holland Selectie Fonds                                                             |  | NETHERLANDS       
|Holland Stallings Rekening                                                         |  | NETHERLANDS       
|Holland Wereld Fonds N.V.                                                          |  | NETHERLANDS       
|Home Management Inc.                                                               |  | BELIZE            
|Honeywell Grundbesitzverwaltungs-GmbH & Co. Vermietungs-KG                         |  | GERMANY           
|Hungária Biztosító Rt. Szolgáltató és Ellátó Kft. (Betriebs und
Versorgungs-GmbH) |  | HUNGARY           
|Hungária Biztosító Számitástechnikai Kft. (Hungária EDV-Betriebsgesellschaft mbH)  |  | HUNGARY           
|Hunter Premium Funding Ltd.                                                        |  | AUSTRALIA         
|IDS GmbHAnalysis and Reporting Services                                           |  | GERMANY           
|Immovalor Gestion S.A.                                                             |  | FRANCE            
|Informatica Y Servicios Financieros S.A. (Insesa)                                  |  | SPAIN             
|Inmobiliaria Driavena                                                              |  | VENEZUELA         
|Insolvency Risk Insurance Services Limited                                         |  | UNITED KINGDOM    
|Insolvency Risk Management Limited                                                 |  | UNITED KINGDOM    
|Insurance Joint Stock Company Allianz                                            |  | RUSSIAN FEDERATION
|Intermediass S.r.l.                                                                |  | ITALY             
|International Film Guarantors Inc.                                                 |  | CALIFORNIA        
|International Film Guarantors LLC                                                  |  | CALIFORNIA        
|International Film Guarantors Ltd.                                                 |  | UNITED KINGDOM    
|International Film Guarantors Reinsurance Ltd.                                     |  | BERMUDA           
|Interstate Fire & Casualty Company                                                 |  | ILLINOIS          
|Interstate Indemnity Company                                                       |  | ILLINOIS          
|Interstate National Corporation                                                    |  | ILLINOIS          
|Interstate National Corporation of Texas                                           |  | TEXAS             
|INVCO SAS                                                                          |  | FRANCE            
|Inveresk Stockholders Ltd                                                          |  | UNITED KINGDOM    
|INVESTITORI HOLDING SPA                                                            |  | ITALY             
|INVESTITORI SGR S.p.a.                                                             |  | ITALY             
|INVESTITORI SWISS                                                                  |  | SWITZERLAND       
|Ionia Capital                                                                      |  | IRELAND           
|ITEB B.V.                                                                          |  | NETHERLANDS       
|J.P. Morgan PUTTERs/DRIVERs Trust                                                  |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 1000                                      |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 1012                                      |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 1200                                      |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 735                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 742                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 744                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 768                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 781                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 792                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 795                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 804                                       |  | NEW YORK          
|J.P. Morgan PUTTERs/DRIVERs Trust Series 808                                       |  | NEW YORK          



---

Exhibit 8.1 Fiscal year 2005



|                                                                 |  |                           
|---------------------------------------------------------------- |  | --------------------------
|J.P. Morgan PUTTERs/DRIVERs Trust Series 825                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 826                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 831                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 838                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 842                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 846                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 848                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 868                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 882                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 958                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 965                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 967                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 975                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 976                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 977                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 996                     |  | NEW YORK                  
|J.P. Morgan PUTTERs/DRIVERs Trust Series 999                     |  | NEW YORK                  
|JeffCo Management Company Inc.                                   |  | NEW JERSEY                
|Jefferson Insurance Company of N.Y.                              |  | NEW YORK                  
|Johneve Ltd.                                                     |  | UNITED KINGDOM            
|Jota-Vermögensverwaltungsgesellschaft mbH                        |  | GERMANY                   
|Justine Capital inc.                                             |  | ITALY                     
|K.B.I.M. Overseas BV                                             |  | NETHERLANDS               
|KB (C.I.) Nominees Ltd                                           |  | UNITED KINGDOM            
|KBEMF (GP) Ltd                                                   |  | UNITED KINGDOM            
|KBEMF II (Guernsey) Ltd                                          |  | UNITED KINGDOM            
|KBG Immobilier SA                                                |  | FRANCE                    
|KBIM (IT) Nominees Ltd                                           |  | UNITED KINGDOM            
|KBIM General Nominees Ltd                                        |  | UNITED KINGDOM            
|KBIM International Ltd                                           |  | UNITED KINGDOM            
|KBIM Standby Nominees Ltd                                        |  | UNITED KINGDOM            
|KB-LPL Holdings Inc                                              |  | NEW YORK                  
|KB-LPL Inc                                                       |  | UNITED STATES             
|KBPB Holdings Ltd.                                               |  | UNITED KINGDOM            
|KEVA spol.                                                       |  | SLOVAKIA (Slovak Republic)
|Kléber Lamartine S.A.S.                                          |  | FRANCE                    
|Kléber Passy S.A.S.                                              |  | FRANCE                    
|Kleinwort Benson (Channel Islands) Business Services Limited     |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Corporate Services Limited    |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Fund Services Limited         |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Investment Management Limited |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Ltd.                          |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Pension Trustees Limited      |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Trustees Limited              |  | UNITED KINGDOM            
|Kleinwort Benson (Geneva) Trustee SA                             |  | SWITZERLAND               
|Kleinwort Benson (Guernsey) Corporate Services Limited           |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Ltd                                  |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Services Ltd                         |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Trustees (1997) Limited              |  | UNITED KINGDOM            



---

Exhibit 8.1 Fiscal year 2005



|                                                         |  |                   
|-------------------------------------------------------- |  | ------------------
|Kleinwort Benson (Guernsey) Trustees Ltd                 |  | UNITED KINGDOM    
|Kleinwort Benson (Hong Kong) Trustees Ltd                |  | HONG KONG         
|Kleinwort Benson (Jersey) Asset Managers Ltd             |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Fund Services Limited          |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Services Ltd                   |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Trustees Ltd                   |  | UNITED KINGDOM    
|Kleinwort Benson (US) Asset Managers LLC                 |  | DELAWARE          
|Kleinwort Benson (USA) Inc.                              |  | NEW YORK          
|Kleinwort Benson Australia (Holdings) Ltd                |  | AUSTRALIA         
|Kleinwort Benson Belgium SA                              |  | BELGIUM           
|Kleinwort Benson Channel Islands Holdings Ltd.           |  | UNITED KINGDOM    
|Kleinwort Benson China Management Ltd                    |  | HONG KONG         
|Kleinwort Benson Cross Financing Inc                     |  | NEW YORK          
|Kleinwort Benson Cross Financing Ltd                     |  | UNITED KINGDOM    
|Kleinwort Benson Farmland Trust (Managers) Ltd           |  | UNITED KINGDOM    
|Kleinwort Benson Financial Services Ltd                  |  | UNITED KINGDOM    
|Kleinwort Benson Financière SA i. L.                     |  | SWITZERLAND       
|Kleinwort Benson Gilts Ltd                               |  | UNITED KINGDOM    
|Kleinwort Benson International Trust Corporation         |  | UNITED KINGDOM    
|Kleinwort Benson International Trustees Ltd              |  | UNITED KINGDOM    
|Kleinwort Benson Investment Holdings Australia Pty Ltd   |  | AUSTRALIA         
|Kleinwort Benson Investment Management Americas Inc      |  | NEW YORK          
|Kleinwort Benson Private Bank Limited                    |  | UNITED KINGDOM    
|Kleinwort Benson Trustees Ltd                            |  | UNITED KINGDOM    
|Kleinwort Benson Unit Trusts Ltd                         |  | UNITED KINGDOM    
|Kleinwort Capital Partners General Partner 1 Ltd.        |  | UNITED KINGDOM    
|KNIGHTSBRIDGE ALLIANZ LP                                 |  | NEW YORK          
|Knowlfa Ltd                                              |  | UNITED KINGDOM    
|KOMMATA Verwaltungsgesellschaft mbH & Co. KG             |  | GERMANY           
|KTC Kommunikations und Trainings-Center Königstein GmbH |  | GERMANY           
|L.A. PARTECIPAZIONI e SERVIZI                            |  | ITALY             
|LA FIN SIM S.P.A.                                        |  | ITALY             
|LA PEYRADE                                               |  | FRANCE            
|LA RURALE                                                |  | FRANCE            
|LA VITA                                                  |  | ITALY             
|Langbourn Nominees Ltd                                   |  | UNITED KINGDOM    
|Langdale Nominees Ltd                                    |  | UNITED KINGDOM    
|Langham Nominees Ltd                                     |  | UNITED KINGDOM    
|Larose Trintaudon Chile S.A.                             |  | CHILE             
|LAssicuratrice Italiana Danni                           |  | ITALY             
|LAssicuratrice Italiana Vita S.p.A.                     |  | ITALY             
|LDS                                                      |  | ITALY             
|Le Profil des Profs                                      |  | FRANCE            
|Les Assurances Fédérales IARD                            |  | FRANCE            
|Les Hautes Villes                                        |  | FRANCE            
|Life Agency USA of Minnesota                             |  | MINNESOTA         
|Liffey Emmerald                                          |  | UNITED KINGDOM    
|Limited Liability Company Pazha                        |  | RUSSIAN FEDERATION
|Limited Liability Company Plava                        |  | RUSSIAN FEDERATION
|Limited Liability Company Polya                        |  | RUSSIAN FEDERATION



---

Exhibit 8.1 Fiscal year 2005



|                                                                    |  |                   
|------------------------------------------------------------------- |  | ------------------
|Limited Liability Company Professional Management Services        |  | RUSSIAN FEDERATION
|Limited Liability Company Sheza                                   |  | RUSSIAN FEDERATION
|Limited Liability Company Uvod                                    |  | RUSSIAN FEDERATION
|Limited Liability Company Volot                                   |  | RUSSIAN FEDERATION
|Lisa Synthetic CDO                                                  |  | GERMANY           
|LLOYD ADRIATICO REAL ESTATE S.p.A.                                  |  | ITALY             
|Lloyd Adriatico S.p.A.                                              |  | ITALY             
|Local Market Fundo de Investimento Financeiro                       |  | BRAZIL            
|LOGICA SOFTWARE SRL                                                 |  | ITALY             
|London Verzekeringen N.V.                                           |  | NETHERLANDS       
|LTCAmerica                                                          |  | MINNESOTA         
|LUFRA Beteiligungsholding AG                                        |  | SWITZERLAND       
|Lufthansa Leasing GmbH & Co. Echo-Oscar KG                          |  | GERMANY           
|Lufthansa Leasing GmbH & Co. Echo-Papa KG                           |  | GERMANY           
|M.R. Print Management Ltd.                                          |  | UNITED KINGDOM    
|Marlyna Ltd                                                         |  | UNITED KINGDOM    
|Martin Maurel Vie                                                   |  | FRANCE            
|Mauritius Island Mascareignes Services Assistance- MSA Ltd.         |  | MAURITIUS         
|McGee Insurance Co. (Bermuda) Ltd.                                  |  | BERMUDA           
|Medisalud Compania Colombiana de Medicina Prepagada S.A.            |  | COLOMBIA          
|MEDISPAC                                                            |  | FRANCE            
|Menza Grundstücks-Verwaltungsgesellschaft mbH                       |  | GERMANY           
|Menza Grundstücks-Verwaltungsgesellschaft mbH & Co. KG              |  | GERMANY           
|MERCOSUL                                                            |  | BRAZIL            
|MERCOSUL ASSISTANCE ARGENTINE                                       |  | ARGENTINA         
|Merkur Grundstücks-Gesellschaft mbH                                 |  | GERMANY           
|MERLAN Mobilien-Verwaltungsgesellschaft mbH & Co. Projekt Nr. 16 KG |  | GERMANY           
|META Finanz-Informationssysteme GmbH                                |  | GERMANY           
|MetallRente Pensionsfonds AG                                        |  | GERMANY           
|MetaPhysics S.A.                                                    |  | SWITZERLAND       
|Métropole                                                           |  | FRANCE            
|Midway Insurance Company of Illinois                                |  | ILLINOIS          
|MMI Worksafe (Malaysia) Sdn Bhd                                     |  | MALAYSIA          
|Mole Finance Inc.                                                   |  | CAYMAN ISLANDS    
|Mondial Assistance (UK) Limited                                     |  | UNITED KINGDOM    
|Mondial Assistance Australia Holding Pty Ltd.                       |  | AUSTRALIA         
|MONDIAL ASSISTANCE B.V.                                             |  | NETHERLANDS       
|Mondial Assistance Beijing Services Co. Ltd.                        |  | CHINA             
|Mondial Assistance Deutschland GmbH                                 |  | GERMANY           
|MONDIAL ASSISTANCE FRANCE MAF S.A.                                |  | FRANCE            
|MONDIAL ASSISTANCE ITALIA S.P.A.                                    |  | ITALY             
|Mondial Assistance PortugalServiços Assistencia Ldt.               |  | PORTUGAL          
|Mondial Assistance S.A.S.                                           |  | FRANCE            
|Mondial Assitance Reunion S.A.                                      |  | FRANCE            
|MONDIAL SERVICE ITALIA S.R.L.                                       |  | ITALY             
|MONEGER SA                                                          |  | SENEGAL           
|Monticello Insurance Co.                                            |  | DELAWARE          
|Morris (S.P.) Holdings Ltd                                          |  | UNITED KINGDOM    
|MTS Accounting Services Ltd                                         |  | UNITED KINGDOM    



---

Exhibit 8.1 Fiscal year 2005



|                                                       |  |               
|------------------------------------------------------ |  | --------------
|Münchener und Magdeburger Agrarversicherung AG         |  | GERMANY       
|Münsterländische Bank Thie & Co. KG.                   |  | GERMANY       
|National Surety Corporation                            |  | ILLINOIS      
|Nederland Hypotheekservice B.V.                        |  | NETHERLANDS   
|NEM Business Services Ltd.                             |  | UNITED KINGDOM
|NEM Insurance Ireland                                  |  | IRELAND       
|Nemian Life & Pensions S.A.                            |  | LUXEMBOURG    
|Neubar SA i. L.                                        |  | SWITZERLAND   
|Neunte SIB Beteiligungs-Aktiengesellschaft             |  | GERMANY       
|NFJ Investment Group L.P.                              |  | TEXAS         
|NFJ Management Inc.                                    |  | DELAWARE      
|Nicholas Applegate Capital Management LLC              |  | DELAWARE      
|Nicholas Applegate Holdings LLC                        |  | DELAWARE      
|Nicholas Applegate Securities International            |  | CALIFORNIA    
|Nicholas Applegate Securities LLC                      |  | DELAWARE      
|NIXOR Grundstücks-Verwaltungsgesellschaft mbH & Co. KG |  | GERMANY       
|Noman LTD.                                             |  | UNITED KINGDOM
|Norman Nominees Ltd                                    |  | UNITED KINGDOM
|North American London Underwriters Ltd.                |  | BERMUDA       
|Objekt Burchardplatz GmbH & Co. KG                     |  | GERMANY       
|OCC Distributors LLC                                   |  | DELAWARE      
|OCICA                                                  |  | COTE DIVOIRE 
|Oddo Europe Mid Cap                                    |  | FRANCE        
|Oddo Gestion Audac                                     |  | FRANCE        
|Oddo Gestion Equilibre                                 |  | FRANCE        
|Oddo Quattro                                           |  | FRANCE        
|Oddo Quattro 2                                         |  | FRANCE        
|Oddo Valeurs Rende                                     |  | FRANCE        
|OLB-Beteiligungsgesellschaft mbH                       |  | GERMANY       
|OLB-Immobiliendienst GmbH                              |  | GERMANY       
|OLB-Versicherungsdienst GmbH                           |  | GERMANY       
|Oldenburgische Landesbank AG                           |  | GERMANY       
|Omega Thai Investment Holding                          |  | NETHERLANDS   
|OpCap Advisors LLC                                     |  | DELAWARE      
|Opernring-Hof Bau- und Betriebs-Aktiengesellschaft     |  | AUSTRIA       
|Oppenheimer Capital LLC                                |  | DELAWARE      
|Oppenheimer Group Inc.                                 |  | DELAWARE      
|Orbis Directors (No 1) Ltd                             |  | UNITED KINGDOM
|Orbis Directors (No 2) Ltd                             |  | UNITED KINGDOM
|Orbis Management Ltd                                   |  | UNITED KINGDOM
|Orbis Management Ltd                                   |  | UNITED KINGDOM
|Orbis Secretaries Jersey Ltd                           |  | UNITED KINGDOM
|Orbis Tax Services Ltd                                 |  | UNITED KINGDOM
|Orbis Trustees Guernsey Ltd                            |  | UNITED KINGDOM
|Orbis Trustees Jersey (1997) Ltd                       |  | UNITED KINGDOM
|Orbis Trustees Jersey Ltd                              |  | UNITED KINGDOM
|Orbis Trustees Ltd                                     |  | UNITED KINGDOM
|Organizacion G.o.a. S.A.                               |  | PERU          
|OSECA                                                  |  | SENEGAL       
|PA CD Distributors LLC                                 |  | CONNETICUT    



---

Exhibit 8.1 Fiscal year 2005



|                                                       |  |                   
|------------------------------------------------------ |  | ------------------
|Pacific Investment Management Company LLC              |  | DELAWARE          
|Pacific MMI Insurance Ltd.                             |  | PAPUA NEW GUINEA  
|Parc Continental Ltd                                   |  | UNITED KINGDOM    
|Parkway Insurance Company                              |  | NEW JERSEY        
|Participations Gentil                                  |  | FRANCE            
|PEA Capital LLC                                        |  | NEW YORK          
|PEMSE S.A.                                             |  | SPAIN             
|Personalized Brokerage Service LLC                     |  | KANSAS            
|Pet Plan Ltd.                                          |  | UNITED KINGDOM    
|Peter Street Properties Ltd                            |  | UNITED KINGDOM    
|Petra Capital II Ltd.                                  |  | GERMANY           
|Phenix Alternative Holding                             |  | FRANCE            
|Phénix Iart                                            |  | SWITZERLAND       
|Phénix Immobilier S.N.C.                               |  | FRANCE            
|Phénix Kléber                                          |  | FRANCE            
|Phénix Long Short                                      |  | FRANCE            
|Phenix Sécurité L                                      |  | FRANCE            
|Phénix Vie                                             |  | SWITZERLAND       
|Philippe II S.C.I.                                     |  | LUXEMBOURG        
|PIMCO Asia PTE Ltd.                                    |  | SINGAPORE         
|PIMCO Australia Pty Ltd.                               |  | AUSTRALIA         
|Pimco Canada Corp.                                     |  | CANADA            
|Pimco Canada Management Inc.                           |  | DELAWARE          
|PIMCO Europe Limited                                   |  | UNITED KINGDOM    
|PIMCO Global Advisors (Ireland) Limited                |  | IRELAND           
|PIMCO Global Advisors (Resources) Limited              |  | CAYMAN ISLANDS    
|PIMCO Global Advisors Holdings BV                      |  | DELAWARE          
|PIMCO Global Advisors LLC                              |  | DELAWARE          
|PIMCO GmbH                                             |  | GERMANY           
|PIMCO Japan Ltd.                                       |  | JAPAN             
|PIMCO Luxembourg SA.                                   |  | LUXEMBOURG        
|PIMCO Private Client Services LLC                      |  | DELAWARE          
|PIMCO Specialty Markets LLC                            |  | DELAWARE          
|PinacleUSA LLC                                         |  | NEW JERSEY        
|PL Sarl                                                |  | FRANCE            
|POLY ASSISTANCE & SERVICES S.A.                        |  | GREECE            
|PREVINDUSTRIAFiduciaria Previdenza Imprenditori S.p.A |  | ITALY             
|Prevint Gestione Servizi Previdenziali S.p.A.          |  | ITALY             
|Priority Vie                                           |  | FRANCE            
|Privatinvest AG                                        |  | AUSTRIA           
|Professional Management Services LLC                   |  | RUSSIAN FEDERATION
|Pronto Lloyd s.r.l.                                    |  | ITALY             
|Property Nominees (Channel Islands) Ltd                |  | UNITED KINGDOM    
|Protexia France S.A.                                   |  | FRANCE            
|PT Asuransi Allianz Life Indonesia p.l.c.              |  | INDONESIA         
|PT Asuransi Allianz Utama Indonesia Ltd.               |  | INDONESIA         
|PTE Allianz Polska S.A.                                |  | POLAND            
|Quarré Holding                                         |  | NETHERLANDS       
|Questar Capital Corporation                            |  | MICHIGAN          
|Quinta-Vermögensverwaltungsgesellschaft mbH            |  | GERMANY           



---

Exhibit 8.1 Fiscal year 2005



|                                                                     |  |                   
|-------------------------------------------------------------------- |  | ------------------
|Quintet Properties Ltd.                                              |  | IRELAND           
|R. B. Nominees Ltd                                                   |  | UNITED KINGDOM    
|Radian Inc.                                                          |  | CAYMAN ISLANDS    
|RAS ALTERNATIVE INVESTMENTS Società di gestione del risparmio S.p.A. |  | ITALY             
|RAS ANTARES                                                          |  | ITALY             
|RAS ASSET MANAGEMENT Società di gestione del risparmio S.p.A.        |  | ITALY             
|RAS IMMOBILIARE S.R.L.                                               |  | ITALY             
|RAS International III B.V.                                           |  | NETHERLANDS       
|Ras International N.V.                                               |  | NETHERLANDS       
|RAS ITALIA S.P.A.                                                    |  | ITALY             
|RAS SERVICE S.c.p.A.                                                 |  | ITALY             
|RAS Tutela Giudiziaria S.p.A.                                        |  | ITALY             
|Rasbank (Swiss) S.A.                                                 |  | SWITZERLAND       
|Rasbank S.p.A.                                                       |  | ITALY             
|Rasfin Società di Intermediazione Mobiliare S.p.A.                   |  | ITALY             
|RB Fiduciaria SpA                                                    |  | ITALY             
|RB Vita S.p.A.                                                       |  | ITALY             
|RC Verwaltungs- und Beteiligungsgesellschaft mbH                     |  | GERMANY           
|RCM (UK) Ltd.                                                        |  | UNITED KINGDOM    
|RCM Capital Management LLC                                           |  | CALIFORNIA        
|RCM Distiributors LLC                                                |  | CALIFORNIA        
|RCM US Holdings LLC                                                  |  | CALIFORNIA        
|RCS Managers                                                         |  | FRANCE            
|RE-AA                                                                |  | COTE DIVOIRE     
|Real Faubourg Haussmann SAS                                          |  | FRANCE            
|Real FR Haussmann SAS                                                |  | FRANCE            
|Receivable Partners Inc.                                             |  | DELAWARE          
|Recovre Pty Ltd                                                      |  | AUSTRALIA         
|rehacare GmbH                                                        |  | GERMANY           
|Reliance Trading Co. (Liverpool) Limited                             |  | UNITED KINGDOM    
|Return 10                                                            |  | FRANCE            
|Reuschel & Co. Beteiligungs und Verwaltungs GmbH                    |  | GERMANY           
|Reuschel & Co. Finanzservice GmbH                                    |  | GERMANY           
|Reuschel & Co. Kommanditgesellschaft                                 |  | GERMANY           
|Reuschel & Co. Verwaltungs GmbH                                      |  | GERMANY           
|RHEA                                                                 |  | LUXEMBOURG        
|Rhyme Jersey Limited                                                 |  | UNITED KINGDOM    
|Risikomanagement und Softwareentwicklung GmbH                        |  | AUSTRIA           
|Risk & Safety Services Limited                                       |  | IRELAND           
|risklab germany GmbH                                                 |  | GERMANY           
|Riskon Aktiengesellschaft geschlossenen Typs                         |  | RUSSIAN FEDERATION
|Riunione Adriatica di Sicurtà S.p.A.                                 |  | ITALY             
|Riverbank Leasing 1 Limited                                          |  | UNITED KINGDOM    
|Riverbank Leasing 2 Limited                                          |  | UNITED KINGDOM    
|Riverbank Leasing 3 Limited                                          |  | UNITED KINGDOM    
|RM ARROUX                                                            |  | FRANCE            
|Robert Benson Lonsdale & Co (Canada) Ltd                             |  | UNITED KINGDOM    
|Roese GmbH Versicherungsmakler                                      |  | GERMANY           



---

Exhibit 8.1 Fiscal year 2005



|                                       |  |               
|-------------------------------------- |  | --------------
|Rood Nominees Ltd                      |  | UNITED KINGDOM
|RVB Verwaltungs- und Beteiligungs GmbH |  | GERMANY       
|S.C. ASIT REAL ESTATE S.R.L.           |  | ROMANIA       
|S.I. Rue de LIndustrie 19 S.A.        |  | SWITZERLAND   
|S.I.B.I.                               |  | FRANCE        
|S.N.C. Haussmann Viager 1              |  | FRANCE        
|S.N.C. Haussmann Viager 2              |  | FRANCE        
|S.N.C. SNC Dresdner Service            |  | FRANCE        
|SA Immobilière de LAvenue du Roule    |  | FRANCE        
|Sa Paindavoine                         |  | FRANCE        
|SAAD No. 3                             |  | CAYMAN ISLANDS
|SACNAS INTERNATIONAL S.A.              |  | FRANCE        
|SAFARRIV IARD S.A.                     |  | COTE DIVOIRE 
|SAFARRIV VIE S.A.                      |  | COTE DIVOIRE 
|SAGE SARL                              |  | FRANCE        
|Saint-Barth Assurances S.A.R.L.        |  | FRANCE        
|San Francisco Reinsurance Company      |  | CALIFORNIA    
|SARL CACHACAG                          |  | FRANCE        
|Sarl de lEtoile                       |  | FRANCE        
|Sarl FFE                               |  | FRANCE        
|SARL H.B. Pergola                      |  | FRANCE        
|SARL L.J                               |  | FRANCE        
|SARL Lège                              |  | FRANCE        
|SARL MIDAGUIEM                         |  | FRANCE        
|SARL MIFRA                             |  | FRANCE        
|SARL MJBD                              |  | FRANCE        
|SAS LAENNEC                            |  | FRANCE        
|SAS Madeleine Opéra                    |  | FRANCE        
|SAT S.A.                               |  | TURKEY        
|SCAPI                                  |  | FRANCE        
|Schmalbach-Lubeca Service Center N.V.  |  | BELGIUM       
|SCI Atrium W9                          |  | FRANCE        
|SCI AVIP La Templerie                  |  | FRANCE        
|SCI AVIP Limas du Vieux CEP            |  | FRANCE        
|SCI AVIP Marly-Saint Cyr               |  | FRANCE        
|SCI AVIP Paris X                       |  | FRANCE        
|SCI AVIP SCPI Selection                |  | FRANCE        
|SCI Bel                                |  | FRANCE        
|SCI Bercy W9                           |  | FRANCE        
|SCI Carmidaloc                         |  | FRANCE        
|SCI CRAM                               |  | FRANCE        
|SCI de Bonlieu et du lac               |  | FRANCE        
|SCI Dicca                              |  | FRANCE        
|SCI en Presles                         |  | FRANCE        
|SCI Fonciere du mas de Roman           |  | FRANCE        
|SCI J.T.                               |  | FRANCE        
|SCI Jamin                              |  | FRANCE        
|SCI Jelavie                            |  | FRANCE        
|SCI La Balandrane                      |  | FRANCE        
|SCI La Rize                            |  | FRANCE        



---

Exhibit 8.1 Fiscal year 2005



|                                                                                     |  |               
|------------------------------------------------------------------------------------ |  | --------------
|SCI Ladef                                                                            |  | FRANCE        
|SCI Limmo                                                                            |  | FRANCE        
|SCI mediterranee distribution                                                        |  | FRANCE        
|SCI PRELLOYD                                                                         |  | FRANCE        
|SCI Rhone Alpe                                                                       |  | FRANCE        
|SCI Stratus                                                                          |  | FRANCE        
|SCI Trescol                                                                          |  | FRANCE        
|Sealdrift Ltd                                                                        |  | UNITED KINGDOM
|Sechste FraMü Beteiligungsgesellschaft mbH                                           |  | GERMANY       
|Security Ltd.                                                                        |  | GREECE        
|Semaphore                                                                            |  | FRANCE        
|SF Development FCPR L                                                                |  | FRANCE        
|SHA Seminarhotel AG                                                                  |  | SWITZERLAND   
|SI 173-175 Boulevard Haussmann SAS                                                   |  | FRANCE        
|Siebte SIB Beteiligungs-Aktiengesellschaft                                           |  | GERMANY       
|Siebzehnte DRESIB Beteiligungs-Gesellschaft mbH                                      |  | GERMANY       
|SIFCOM Assurances                                                                    |  | COTE DIVOIRE 
|Signature Financial Services LLC                                                     |  | PENNSYLVANIA  
|Silver Lux Inc.                                                                      |  | CAYMAN ISLANDS
|Silver Tower 125 Inc.                                                                |  | CAYMAN ISLANDS
|Skylark                                                                              |  | CAYMAN ISLANDS
|SMASA SOCIEDAD MUNDIAL DE ASISTENCIA S.A.                                            |  | SPAIN         
|SNA Holding (Bermuda) Ltd.                                                           |  | BERMUDA       
|SNA Ré Societé Nationale DAssurances et de Reassurances (Bermuda) Ltd.             |  | BERMUDA       
|SNA Sal                                                                              |  | LEBANON       
|SNAM S.A.L                                                                           |  | LEBANON       
|SNC AGF Cash                                                                         |  | FRANCE        
|SNC AGF Clearing                                                                     |  | FRANCE        
|SNC AIP                                                                              |  | FRANCE        
|SNC Kléber Magdebourg                                                                |  | FRANCE        
|SNC Maxium                                                                           |  | FRANCE        
|SOBAC                                                                                |  | BENIN         
|SOCIETA AGRICOLA SAN FELICE S.p.A.                                                  |  | ITALY         
|SOCIETE BELGE DASSISTANCE INTERNATIONALE S.A.                                       |  | BELGIUM       
|SOCIETE BELGE DE SERVICES TELEPHONIQUES S.B.S.T. S.A.                              |  | BELGIUM       
|Société Civile Construction Vente 33 Lafayette                                       |  | FRANCE        
|SOCIETE DE SERVICES COMMUNS SAS                                                      |  | FRANCE        
|SOCIETE EUROPEENNE DE PROTECT. ET DE SEVICES DASSIST. A DOMICILES.E.P.S.A.D. S.A. |  | FRANCE        
|Société Foncière Européenne                                                          |  | FRANCE        
|Société Foncière Européenne                                                          |  | NETHERLANDS   
|Société Nationale DAssurances S.A.L.                                                |  | LEBANON       
|Société Nouvelle DAssurances du Cameroun S.A.                                       |  | CAMEROON      
|Société Nouvelle DAssurances vie du Cameroun S.A.                                   |  | CAMEROON      
|Sofiholding S.A.                                                                     |  | BELGIUM       
|SOLVET S.r.l.                                                                        |  | ITALY         
|Somerset Valley Insurance Services LLC                                               |  | NEW JERSEY    
|Sonimm                                                                               |  | FRANCE        
|Southwark Bridge Investments Ltd                                                     |  | UNITED KINGDOM



---

Exhibit 8.1 Fiscal year 2005



|                                                    |  |               
|--------------------------------------------------- |  | --------------
|Space Park Aufbau GmbH                              |  | GERMANY       
|Space Park Erste Verwaltungs GmbH                   |  | GERMANY       
|Space Park GmbH & Co. KG                            |  | GERMANY       
|SPACECO                                             |  | FRANCE        
|Spinnaker Capital Partners LLC                      |  | UNITED KINGDOM
|Spinnaker Capital Partners LLC GP                   |  | UNITED KINGDOM
|Standard General Agency Inc.                        |  | TEXAS         
|Stanislas H. Haine N.V.                             |  | BELGIUM       
|StocksPLUS L.P.                                     |  | DELAWARE      
|StocksPLUS Management Inc.                          |  | DELAWARE      
|StocksPLUS Sub-Fund B LLC.                          |  | CALIFORNIA    
|Strategic Reinsurance Ltd.                          |  | BERMUDA       
|Subarban Finance Company Limited                    |  | CAYMAN ISLANDS
|Subarban Finance Company II Limited                 |  | CAYMAN ISLANDS
|Subarbon Finance Co.                                |  | UNITED KINGDOM
|Sudamero Consultoria SA                             |  | FRANCE        
|Sudamero Trust Company (Cayman) Ltd                 |  | CAYMAN ISLANDS
|Süddeutsche Industrie-Beteiligungs-Gesellschaft mbH |  | GERMANY       
|Suffolk Investments Inc                             |  | NEW YORK      
|Symphony No 1 LLC                                   |  | CAYMAN ISLANDS
|Syscom Instruments S.A.                             |  | SWITZERLAND   
|Takecare Management Ltd.                            |  | UNITED KINGDOM
|Tanguy Opportunité                                  |  | FRANCE        
|TFI ALLIANZ POLSKA S.A.                             |  | POLAND        
|TGAF Inc.                                           |  | CAYMAN ISLANDS
|Thames SPC                                          |  | UNITED KINGDOM
|The Ajax Insurance Association Ltd.                 |  | UNITED KINGDOM
|The American Insurance Company                      |  | NEBRASKA      
|The Export Credit Clearing House Limited            |  | UNITED KINGDOM
|The Gresham Leasing CV                              |  | UNITED KINGDOM
|The MI Group Limited                                |  | UNITED KINGDOM
|The MI Property Management Company Limited          |  | UNITED KINGDOM
|The Riverbank Bond Fund                             |  | WILMINGTON    
|The Riverbank Trust                                 |  | UNITED KINGDOM
|Three Pillars Business Solutions Limited            |  | UNITED KINGDOM
|Thurlastone Finance Limited                         |  | UNITED KINGDOM
|Tindall Riley Marine Limited                        |  | UNITED KINGDOM
|Top Logistikwerkstatt Assistance GmbH               |  | AUSTRIA       
|Top MVK Datenmanagement GmbH                        |  | AUSTRIA       
|Top Versicherungsservice GmbH                       |  | AUSTRIA       
|Top Versicherungs-Vermittler Service GmbH           |  | AUSTRIA       
|Towarzystwo Ubezpieczeniowe Euler Hermes S.A.       |  | POLAND        
|Trade Debtor Insurance Services Limited             |  | UNITED KINGDOM
|TRADE INDEMNITY Collections Ltd.                    |  | UNITED KINGDOM
|Trade Indemnity Credit Corporation Limited          |  | UNITED KINGDOM
|Trade Indemnity Factors Limited                     |  | UNITED KINGDOM
|Trafalgar Insurance Public Limited Company          |  | UNITED KINGDOM
|Traktir                                             |  | FRANCE        
|Travel Care Inc.                                    |  | FLORIDA       
|TU Allianz Polska S.A.                              |  | POLAND        



---

Exhibit 8.1 Fiscal year 2005



|                                                             |  |                         
|------------------------------------------------------------ |  | ------------------------
|TU Allianz Zycie Polska S.A.                                 |  | POLAND                  
|Turnpike Crossing 1                                          |  | DELAWARE                
|Turnpike Crossing 2 LLC                                      |  | DELAWARE                
|TURNPIKE CROSSING 3 LLC                                      |  | DELAWARE                
|Union Centrafricaine DAssurances et de Reassurances S.A.    |  | CENTRAL AFRICAN REPUBLIC
|UNIPENSÃO SOCIEDADE GESTORA DE FUNDOS DE PENSÕES S.A.        |  | PORTUGAL                
|Universal Leven N.V.                                         |  | NETHERLANDS             
|Universal Trading Ltd                                        |  | UNITED KINGDOM          
|Unterstützungseinrichtung des Bankhauses Reuschel & Co. GmbH |  | GERMANY                 
|USAllianz Advisers                                           |  | MINNESOTA               
|USAllianz Insurance & Securities Agency Inc.                 |  | MINNESOTA               
|USAllianz Insurance & Securities Agency Inc.                 |  | ALABAMA                 
|USAllianz Insurance & Securities Agency Inc.                 |  | COLORADO                
|USAllianz Insurance & Securities Agency Inc.                 |  | HAWAII                  
|USAllianz Insurance & Securities Agency Inc.                 |  | KENTUCKY                
|USAllianz Insurance & Securities Agency Inc.                 |  | NEVADA                  
|USAllianz Insurance & Securities Agency Inc.                 |  | NEW MEXICO              
|USAllianz Insurance & Securities Agency Inc.                 |  | OHIO                    
|USAllianz Insurance & Securities Agency Inc.                 |  | TEXAS                   
|USAllianz Insurance & Securities Agency Inc.                 |  | VERMONT                 
|USAllianz Insurance Agency Inc.                              |  | MINNESOTA               
|USAllianz Insurance Agency Inc.                              |  | NEW YORK                
|USAllianz Investor Services LLC                              |  | MINNESOTA               
|USAllianz Securities                                         |  | MINNESOTA               
|Veer Palthe Voûte (Antilles) NV                              |  | NETHERLANDS ANTILLES    
|Veer Palthe Voûte (VPV) N.V. Gouda                           |  | NETHERLANDS             
|Vendome Lease SA                                             |  | UNITED KINGDOM          
|Vereinte Spezial Krankenversicherung AG                      |  | GERMANY                 
|Vereinte Spezial Versicherung AG                             |  | GERMANY                 
|Verlag Arbeit und Alter GmbH                                 |  | GERMANY                 
|Vernon                                                       |  | FRANCE                  
|VHPM                                                         |  | NETHERLANDS             
|Via Pierre 1                                                 |  | FRANCE                  
|Vierzehnte FraMü Beteiligungs GmbH                           |  | GERMANY                 
|Villa La Pagliaia S.r.l.                                     |  | ITALY                   
|Vintage Insurance Company                                    |  | CALIFORNIA              
|VIP                                                          |  | FRANCE                  
|visionapp GmbH                                               |  | GERMANY                 
|W Finance                                                    |  | FRANCE                  
|W Finance Assurances                                         |  | FRANCE                  
|W9 Atrium SARL                                               |  | FRANCE                  
|W9 Bercy SARL                                                |  | FRANCE                  
|Wall Street Technology Managers                              |  | NEW YORK                
|Wall Street Technology Partners L.P.                         |  | NEW YORK                
|Wasserstein Perella & Co. Deutschland GmbH                   |  | FRANCE                  
|Wasserstein Perella & Co. Holdings Inc.                      |  | UNITED KINGDOM          
|Wasserstein Perella & Co. Inc. (Delaware)                    |  | DELAWARE                
|Wasserstein Perella & Co. Japan Ltd.                         |  | JAPAN                   
|Wasserstein Perella & Co. Limited                            |  | UNITED KINGDOM          



---

Exhibit 8.1 Fiscal year 2005



|                                                       |  |               
|------------------------------------------------------ |  | --------------
|Wasserstein Perella & Co. Pacific Inc.                 |  | DELAWARE      
|Wasserstein Perella (France) SA                        |  | FRANCE        
|Wasserstein Perella Group Holdings LLC                 |  | DELAWARE      
|WATTINVEST C                                           |  | FRANCE        
|WebTek Software Private Limited                        |  | INDIA         
|Wessex Holdings Inc                                    |  | NEW YORK      
|West Nominees Limited                                  |  | UNITED KINGDOM
|Westbourne Properties Ltd                              |  | UNITED KINGDOM
|Wilhelm Reuschel GmbH                                  |  | GERMANY       
|Willemsbruggen                                         |  | NETHERLANDS   
|Wm. H McGee & Co. (Bermuda) Ltd.                       |  | BERMUDA       
|Wm. H McGee & Co. Inc.                                 |  | NEW YORK      
|Wm. H McGee & Co. of Puerto Rico Inc.                  |  | PUERTO RICO   
|Wm. H McGee Services Inc.                              |  | NEW YORK      
|World Access ASIA (PTE) Ltd.                           |  | SINGAPORE     
|World Access Canada Inc.                               |  | CANADA        
|World Access Europe LTD.                               |  | UNITED KINGDOM
|World Access Healthcare Services Inc.                  |  | FLORIDA       
|World Access Inc.                                      |  | VIRGINIA      
|World Access Service Corp.                             |  | VIRGINIA      
|WP Bridge Finance Inc.                                 |  | DELAWARE      
|WP Plan Management Partners Inc.                       |  | DELAWARE      
|WP Services Inc.                                       |  | DELAWARE      
|Yarra Finance Limited                                  |  | UNITED KINGDOM
|Zehnte SIB Beteiligungs-Aktiengesellschaft             |  | GERMANY       
|Zenon Beteiligungs-GmbH                                |  | GERMANY       
|Zgar                                                   |  | NETHERLANDS   
|Zweiunddreißigste DRESIB Beteiligungs-Gesellschaft mbH |  | GERMANY       
|Zwölfte SIB Beteiligungs-Aktiengesellschaft            |  | GERMANY       
|Zwolsche Algemeene Europa B.V.                         |  | NETHERLANDS