Exhibit 8.1 Fiscal year 2008



|                                                           |  |              
|---------------------------------------------------------- |  | -------------
|Subsidiary                                                 |  | Jurisdiction 
|4274563 Canada Inc.                                        |  | CANADA       
|75 WALL STREET ADVISERS                                    |  | UNITED STATES
|A. Diffusion                                               |  | FRANCE       
|AAAM S.A.                                                  |  | FRANCE       
|AB Servicios Selecta Espana S.L.                           |  | SPAIN        
|ACMAR                                                      |  | MOROCCO      
|ACM-Compagnie Mercur Aktiengesellschaft                    |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4                |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4a               |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4b               |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4c               |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4d               |  | GERMANY      
|ACP Vermögensverwaltung GmbH & Co. KG Nr. 4e               |  | GERMANY      
|Actio France                                               |  | FRANCE       
|ACTIP 3                                                    |  | FRANCE       
|ACTIP 5                                                    |  | FRANCE       
|Addax Alpha Pat.                                           |  | FRANCE       
|ADEUS Aktienregister-Service-GmbH                          |  | GERMANY      
|Administradora de Inversión Colseguros S.A. en Liquidación |  | COLOMBIA     
|Advisors IG LLC                                            |  | UNITED STATES
|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 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                                                |  | COTE DIVOIRE
|AGF AFRIQUE Holding                                        |  | FRANCE       
|AGF Air France IFC                                         |  | FRANCE       
|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 ASCENSION 2011 L                                       |  | FRANCE       
|AGF Assurfinance                                           |  | FRANCE       
|AGF Balanced                                               |  | BELGIUM      
|AGF Benelux S.A.                                           |  | LUXEMBOURG   
|AGF Benin Assurances (ex. SOBAC)                           |  | BENIN        
|AGF Biplus                                                 |  | FRANCE       
|AGF BIPLUS 2 L                                             |  | FRANCE       



1



---

Exhibit 8.1 Fiscal year 2008



|                                      |  |                         
|------------------------------------- |  | ------------------------
|Subsidiary                            |  | Jurisdiction            
|AGF Brasil Seguros S.A.               |  | BRAZIL                  
|AGF Burkina Assurances S.A.           |  | BURKINA FASO            
|AGF Burkina Assurances Vie S.A.       |  | BURKINA FASO            
|AGF Cameroun Assurances S.A.          |  | CAMEROON                
|AGF Cameroun Assurances Vie S.A.      |  | CAMEROON                
|AGF CAP FRANCE D                      |  | FRANCE                  
|AGF Capital Investissement            |  | FRANCE                  
|AGF Capital Investissement 2          |  | FRANCE                  
|AGF Centrafrique Assurances S.A.      |  | CENTRAL AFRICAN REPUBLIC
|AGF Côte dIvoire Assurances S.A.     |  | COTE DIVOIRE           
|AGF Côte dIvoire Assurances Vie S.A. |  | COTE DIVOIRE           
|AGF CREATIONS1                        |  | FRANCE                  
|AGF CREATIONS2                        |  | FRANCE                  
|AGF Croissance Europe                 |  | FRANCE                  
|AGF Destinations 201                  |  | FRANCE                  
|AGF do Brasil Ltda.                   |  | BRAZIL                  
|AGF Dynamic                           |  | BELGIUM                 
|AGF Dynamisme                         |  | FRANCE                  
|AGF EFFICIO                           |  | FRANCE                  
|AGF Efficio Confort                   |  | FRANCE                  
|AGF EFFICIO PLUS                      |  | FRANCE                  
|AGF Emprunts dEtat                   |  | FRANCE                  
|AGF Energie                           |  | FRANCE                  
|AGF Epargne Action                    |  | FRANCE                  
|AGF Equilibre                         |  | FRANCE                  
|AGF Eureco                            |  | 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 Obligisr                     |  | FRANCE                  
|AGF Euroland                          |  | FRANCE                  
|AGF Europe Convertible                |  | FRANCE                  
|AGF Europe Obligations                |  | FRANCE                  
|AGF FCR                               |  | FRANCE                  
|AGF FIF Inst. Multimercado FI         |  | BRAZIL                  
|AGF FIF Inst. Plus FI                 |  | BRAZIL                  
|AGF Foncier                           |  | FRANCE                  
|AGF Forex Quant                       |  | FRANCE                  
|AGF Graduello                         |  | FRANCE                  
|AGF Haut Rendement !                  |  | FRANCE                  
|AGF Hexeo                             |  | FRANCE                  
|AGF Holding                           |  | FRANCE                  
|AGF Holdings (UK) Limited             |  | UNITED KINGDOM          
|AGF Horizon 2010-11                   |  | FRANCE                  
|AGF Horizon 2012-13                   |  | FRANCE                  
|AGF Horizon 2014-15                   |  | FRANCE                  
|AGF Horizon 2016-17                   |  | FRANCE                  



2



---

Exhibit 8.1 Fiscal year 2008



|                                |  |               
|------------------------------- |  | --------------
|Subsidiary                      |  | Jurisdiction  
|AGF Horizon 2018-20             |  | FRANCE        
|AGF Horizon 2021-23             |  | FRANCE        
|AGF Horizon 2024-26             |  | FRANCE        
|AGF Horizon 2027-29             |  | FRANCE        
|AGF Horizon 2030-32             |  | FRANCE        
|AGF Horizon 2033-35             |  | FRANCE        
|AGF Horizon 2036-38             |  | FRANCE        
|AGF Horizon 2039-41             |  | FRANCE        
|AGF Horizon LG Terme            |  | FRANCE        
|AGF HOSPITAL EURO L             |  | FRANCE        
|AGF Hospitalier International L |  | FRANCE        
|AGF Hospitaliers Monde          |  | FRANCE        
|AGF IART VINTAGE                |  | FRANCE        
|AGF Immobilier S.N.C.           |  | FRANCE        
|AGF Imo Actions                 |  | FRANCE        
|AGF Indice Euroland             |  | FRANCE        
|AGF Indice Japon L              |  | FRANCE        
|AGF Indices U.S.A               |  | 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                      |  | FRANCE        
|AGF Japon                       |  | FRANCE        
|AGF Long Terme                  |  | FRANCE        
|AGF MADAGASCAR S.A.             |  | MADAGASCAR    
|AGF Madagascar Vie              |  | MADAGASCAR    
|AGF Mali Assurances             |  | COTE DIVOIRE 
|AGF Marches Emergents           |  | FRANCE        
|AGF Matieres Premier            |  | FRANCE        
|AGF Multi Alternatives L        |  | FRANCE        
|AGF Multi Croissance            |  | FRANCE        
|AGF Multi Defensif              |  | FRANCE        
|AGF Multi Harmonie              |  | FRANCE        
|AGF Oblig 1-3 Plus              |  | FRANCE        
|AGF Oblig Convertibles          |  | FRANCE        
|AGF Oblig CT Terme              |  | FRANCE        
|AGF Oblig Européennes           |  | 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 Pension Trustees            |  | UNITED KINGDOM
|AGF Private Banking S.A.        |  | FRANCE        



3



---

Exhibit 8.1 Fiscal year 2008



|                                                       |  |               
|------------------------------------------------------ |  | --------------
|Subsidiary                                             |  | Jurisdiction  
|AGF Private Equity FCPR                                |  | FRANCE        
|AGF Private Equity S.A.                                |  | FRANCE        
|AGF Prudence                                           |  | FRANCE        
|AGF RAS Holding BV                                     |  | NETHERLANDS   
|AGF RENDEMENT LT R                                     |  | FRANCE        
|AGF RENDEMENT REEL L                                   |  | FRANCE        
|AGF Saint Marc CL                                      |  | FRANCE        
|AGF Saude S.A.                                         |  | BRAZIL        
|AGF Scalinvest                                         |  | FRANCE        
|AGF Secteur Immobilier                                 |  | FRANCE        
|AGF Sénégal Assecurances S.A.                          |  | SENEGAL       
|AGF Sénégal Assecurances Vie S.A.                      |  | SENEGAL       
|AGF Serenite                                           |  | FRANCE        
|AGF Togo Assurances (ex. AGT)                          |  | TOGO          
|AGF TRIPLUS LH                                         |  | FRANCE        
|AGF UK                                                 |  | FRANCE        
|AGF U.S.A U.S.A                                        |  | FRANCE        
|AGF VALEUR DURABLES L                                  |  | FRANCE        
|AGF Vita 4                                             |  | FRANCE        
|AGF Vita Plus                                          |  | FRANCE        
|AGF Voltissimo                                         |  | FRANCE        
|AGFimo                                                 |  | FRANCE        
|AGIF RCM Asia                                          |  | FRANCE        
|Agora Courtage                                         |  | FRANCE        
|AHFP Capital S.a.r.l.                                  |  | SWITZERLAND   
|Ajax Insurance Holdings Limited                        |  | UNITED KINGDOM
|Alba Allgemeine Versicherungs-Gesellschaft             |  | SWITZERLAND   
|Alchemy Capital PLC                                    |  | IRELAND       
|Aleppa Funding I Llc                                   |  | UNITED STATES 
|Aleppa Funding II Llc                                  |  | UNITED STATES 
|Alexandria Capital Plc                                 |  | IRELAND       
|Alfa Trade Corporation spol s.r.o.                     |  | CZECH REPUBLIC
|Alfa Trade Corporation spol s.r.o.                     |  | CZECH REPUBLIC
|Alida Grundstücksgesellschaft mbH & Co. KG             |  | GERMANY       
|Alida Grundstücksverwaltung GmbH                       |  | GERMANY       
|Alkmene S.a.r.l in Luxembourg                          |  | LUXEMBOURG    
|All Net GmbH                                           |  | GERMANY       
|Allianz Australian Claims Services Limited             |  | AUSTRALIA     
|Allianz (UK) Limited                                   |  | UNITED KINGDOM
|Allianz AADB Fonds                                     |  | GERMANY       
|Allianz ABS Fonds                                      |  | GERMANY       
|Allianz AKR Fonds                                      |  | GERMANY       
|Allianz Alapkezelõ Zrt.                                |  | HUNGARY       
|Allianz Alp Sp. z oo                                   |  | POLAND        
|Allianz ALSI Fonds                                     |  | GERMANY       
|Allianz Alternative Asset Management U.S. Holding Inc. |  | UNITED STATES 
|Allianz Alternative Asset Management U.S. LLC          |  | UNITED STATES 
|Allianz Alternative Assets Holding GmbH                |  | GERMANY       
|Allianz America Latina S.C. Ltda.                      |  | BRAZIL        



4



---

Exhibit 8.1 Fiscal year 2008



|                                                          |  |                           
|--------------------------------------------------------- |  | --------------------------
|Subsidiary                                                |  | Jurisdiction              
|Allianz APAV Fonds                                        |  | GERMANY                   
|Allianz APKE Fonds                                        |  | GERMANY                   
|Allianz APKR Pimco Emerging Markets Fonds                 |  | GERMANY                   
|Allianz Argentina Compania de Seguros Generales S.A.      |  | ARGENTINA                 
|Allianz Asset Management AG                               |  | SWITZERLAND               
|Allianz Asset Management správcovská spol a.s.            |  | SLOVAKIA (Slovak Republic)
|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 Life 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 Automotive Services GmbH                          |  | GERMANY                   
|Allianz Autowelt GmbH                                     |  | GERMANY                   
|Allianz Aviation Agency                                   |  | UNITED STATES             
|Allianz AVM Fonds                                         |  | GERMANY                   
|Allianz AVR-Fonds                                         |  | GERMANY                   
|Allianz AZL Vermögensverwaltung GmbH & Co. KG             |  | GERMANY                   
|Allianz BADB Fonds                                        |  | GERMANY                   
|Allianz Bank Bulgaria JSC                                 |  | BULGARIA                  
|Allianz Bank Financial Advisors S.p.A.                    |  | ITALY                     
|Allianz Bank Polska S.A.                                  |  | POLAND                    
|Allianz Bank Zrt.                                         |  | HUNGARY                   
|Allianz Belgium Insurance S.A.                            |  | BELGIUM                   
|Allianz Beratungs- und Vertriebs-AG                       |  | GERMANY                   
|Allianz Beteiligungs Management GmbH                      |  | GERMANY                   
|Allianz Biznes Sp. z o.o.                                 |  | POLAND                    
|Allianz Bulgaria Holding Company Ltd.                     |  | BULGARIA                  
|Allianz Bulgaria Insurance and Reinsurance Company Ltd.   |  | BULGARIA                  
|Allianz Bulgaria Life Insurance Company Ltd.              |  | BULGARIA                  
|Allianz Bulgaria Pension Company AD                       |  | BULGARIA                  
|Allianz business services s.r.o.                          |  | SLOVAKIA (Slovak Republic)
|Allianz Capital Partners GmbH                             |  | GERMANY                   
|Allianz Capital Partners Verwaltungs GmbH                 |  | GERMANY                   
|Allianz Cash Pool II LLC                                  |  | UNITED STATES             
|Allianz Cash Pool LLC                                     |  | UNITED STATES             
|Allianz China Life Insurance Co. Ltd.                     |  | CHINA                     
|Allianz Climate Solutions GmbH                            |  | GERMANY                   
|Allianz Compagnia Italiana Finanziamenti 2 S.p.A.         |  | ITALY                     
|Allianz Compagnia Italiana Finanziamenti S.p.A.           |  | ITALY                     
|Allianz CompanÍa de Seguros y Reaseguros S.A.             |  | SPAIN                     
|Allianz Consultores S.C.                                  |  | MEXICO                    



5



---

Exhibit 8.1 Fiscal year 2008



|                                                                              |  |                               
|----------------------------------------------------------------------------- |  | ------------------------------
|Subsidiary                                                                    |  | Jurisdiction                  
|Allianz Cornhill Information Services Private Ltd.                            |  | INDIA                         
|Allianz Croiss II                                                             |  | FRANCE                        
|Allianz Croiss III                                                            |  | FRANCE                        
|Allianz Croissance                                                            |  | FRANCE                        
|Allianz Deutschland AG                                                        |  | GERMANY                       
|Allianz Direct Agent di Asigurare s.r.l.                                      |  | ROMANIA                       
|Allianz Direct Kft.                                                           |  | HUNGARY                       
|Allianz Direct New Europe d.o.o.                                              |  | CROATIA (local name: Hrvatska)
|Allianz Direct New Europe Sp. z o.o.                                          |  | POLAND                        
|Allianz Direct s.r.o.                                                         |  | CZECH REPUBLIC                
|Allianz dit Strategiefonds Balance                                            |  | GERMANY                       
|Allianz dit Strategiefonds Stabilität                                         |  | GERMANY                       
|Allianz dit Strategiefonds Wachstum                                           |  | GERMANY                       
|Allianz dit Strategiefonds Wachstum Plus                                      |  | GERMANY                       
|Allianz Dresdner Bauspar AG                                                   |  | GERMANY                       
|Allianz Dresdner Mutual Funds Management Hellas S.A.                          |  | GREECE                        
|Allianz EDUKACJA S.A.                                                         |  | POLAND                        
|Allianz EEE Fonds                                                             |  | GERMANY                       
|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 Engineering Services Limited                                          |  | UNITED KINGDOM                
|Allianz Equity Investments Ltd.                                               |  | UNITED KINGDOM                
|ALLIANZ EUR.PENS.INV.-BALANCED                                                |  | LUXEMBOURG                    
|ALLIANZ EUR.PENS.INV.-DYNAMIC                                                 |  | LUXEMBOURG                    
|Allianz Euribor Plus                                                          |  | FRANCE                        
|Allianz Europe B.V.                                                           |  | NETHERLANDS                   
|Allianz Europe Ltd.                                                           |  | NETHERLANDS                   
|Allianz FADB Fonds                                                            |  | GERMANY                       
|Allianz Finance Corporation                                                   |  | UNITED STATES                 
|Allianz Finance II B.V.                                                       |  | NETHERLANDS                   
|Allianz Finance II Luxembourg S.A.                                            |  | LUXEMBOURG                    
|Allianz Finance III B.V.                                                      |  | NETHERLANDS                   
|Allianz Finance III Luxembourg S.A.                                           |  | LUXEMBOURG                    
|Allianz Finance Management Pty Ltd                                            |  | AUSTRALIA                     
|Allianz Finance Pty Ltd.                                                      |  | AUSTRALIA                     
|Allianz Finance UK Limited                                                    |  | UNITED KINGDOM                
|Allianz Financial Services S.A.                                               |  | GREECE                        
|Allianz Finanzbeteiligungs GmbH                                               |  | GERMANY                       
|Allianz Fire and Marine Insurance Japan Ltd.                                  |  | JAPAN                         
|Allianz General Insurance Company (Malaysia) Berhad p.l.c.                    |  | MALAYSIA                      
|Allianz generalni sluzby s.r.o.                                               |  | CZECH REPUBLIC                
|Allianz Gestion Sociedad Gestora de Instituciones de Inversion Colectiva S.A. |  | SPAIN                         
|Allianz GLA Fonds                                                             |  | GERMANY                       



6



---

Exhibit 8.1 Fiscal year 2008



|                                                                                     |  |                   
|------------------------------------------------------------------------------------ |  | ------------------
|Subsidiary                                                                           |  | Jurisdiction      
|Allianz Global Corporate & Specialty AG                                              |  | GERMANY           
|Allianz Global Corporate & Specialty France                                          |  | FRANCE            
|Allianz Global Investors (UK) Ltd.                                                   |  | UNITED KINGDOM    
|Allianz Global Investors Advertising Agency Inc.                                     |  | UNITED STATES     
|Allianz Global Investors Advisory GmbH                                               |  | GERMANY           
|Allianz Global Investors AG                                                          |  | GERMANY           
|Allianz Global Investors Asia Pacific GmbH                                           |  | GERMANY           
|Allianz Global Investors Australia Ltd.                                              |  | AUSTRALIA         
|Allianz Global Investors Deutschland GmbH                                            |  | GERMANY           
|Allianz Global Investors Distributors LLC                                            |  | UNITED STATES     
|Allianz Global Investors Europe GmbH                                                 |  | GERMANY           
|Allianz Global Investors Europe Holding GmbH                                         |  | GERMANY           
|Allianz Global Investors France S.A.                                                 |  | FRANCE            
|Allianz Global Investors Fund Management LLC                                         |  | UNITED STATES     
|Allianz Global Investors Hong Kong Ltd.                                              |  | HONG KONG         
|Allianz Global Investors Ireland Ltd.                                                |  | IRELAND           
|Allianz Global Investors Italia S.p.A                                                |  | ITALY             
|Allianz Global Investors Japan Co. Ltd.                                              |  | JAPAN             
|Allianz Global Investors Kapitalanlagegesellschaft mbH                               |  | GERMANY           
|Allianz Global Investors Korea Limited                                               |  | KOREA, REPUBLIC OF
|Allianz Global Investors Luxembourg S.A.                                             |  | LUXEMBOURG        
|Allianz Global Investors Managed Accounts LLC                                        |  | UNITED STATES     
|Allianz Global Investors Management Partners LLC                                     |  | UNITED STATES     
|Allianz Global Investors MultiAsset Investmentaktiengesellschaft mit veränd. Kapital |  | GERMANY           
|Allianz Global Investors Nominee Services Ltd.                                       |  | UNITED KINGDOM    
|Allianz Global Investors Nominees (UK) Ltd.                                          |  | UNITED KINGDOM    
|Allianz Global Investors NY Holdings LLC                                             |  | UNITED STATES     
|Allianz Global Investors of America Holdings Inc.                                    |  | UNITED STATES     
|Allianz Global Investors of America L.P.                                             |  | UNITED STATES     
|Allianz Global Investors of America LLC                                              |  | UNITED STATES     
|Allianz Global Investors Pacific Ltd.                                                |  | BERMUDA           
|Allianz Global Investors Product Solutions GmbH                                      |  | GERMANY           
|Allianz Global Investors Services (UK) Ltd.                                          |  | UNITED KINGDOM    
|Allianz Global Investors Singapore Ltd.                                              |  | SINGAPORE         
|Allianz Global Investors Solutions LLC                                               |  | UNITED STATES     
|Allianz Global Investors Taiwan Ltd.                                                 |  | TAIWAN            
|Allianz Global Investors U.S. Holding II LLC                                         |  | UNITED STATES     
|Allianz Global Investors U.S. Holding LLC                                            |  | UNITED STATES     
|Allianz Global Investors U.S. Partners GP                                            |  | UNITED STATES     
|Allianz Global Investors U.S. Retail LLC                                             |  | UNITED STATES     
|Allianz Global Life Ltd.                                                             |  | IRELAND           
|Allianz Global Risks U.S. Insurance Company                                          |  | UNITED STATES     
|Allianz Global TAA A                                                                 |  | FRANCE            
|Allianz GLR Fonds                                                                    |  | GERMANY           
|Allianz GLRS Fonds                                                                   |  | GERMANY           
|Allianz GLU Fonds                                                                    |  | GERMANY           
|Allianz GREQ Fonds                                                                   |  | GERMANY           
|Allianz GRGB Fonds                                                                   |  | GERMANY           



7



---

Exhibit 8.1 Fiscal year 2008



|                                                    |  |                               
|--------------------------------------------------- |  | ------------------------------
|Subsidiary                                          |  | Jurisdiction                  
|Allianz Handwerker Services GmbH                    |  | GERMANY                       
|Allianz Hayat ve Emeklilik AS                       |  | TURKEY                        
|Allianz Hedge Fund Partners (Cayman) LLC            |  | CAYMAN ISLANDS                
|Allianz Hedge Fund Partners Inc.                    |  | UNITED STATES                 
|Allianz Hedge Fund Partners S.a.r.l.                |  | SWITZERLAND                   
|Allianz Hellas Insurance Company S.A.               |  | GREECE                        
|Allianz Holding eins GmbH                           |  | AUSTRIA                       
|Allianz Holding France SAS                          |  | FRANCE                        
|Allianz Holdings plc.                               |  | UNITED KINGDOM                
|Allianz Hungária Biztosító Zrt.                     |  | HUNGARY                       
|Allianz Iberica Services Center A.I.E.              |  | SPAIN                         
|Allianz Immobilienfonds 1 GmbH & Co. KG             |  | GERMANY                       
|Allianz Immobilienfonds GmbH                        |  | GERMANY                       
|Allianz Income Management Services Inc.             |  | UNITED STATES                 
|Allianz Individual Insurance Group                  |  | UNITED STATES                 
|Allianz Informatyka Sp. z o.o.                      |  | POLAND                        
|Allianz Infrastructure Partners GmbH                |  | GERMANY                       
|Allianz Infrastructure Partners Ltd.                |  | UNITED KINGDOM                
|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 Insurance plc.                              |  | UNITED KINGDOM                
|Allianz Insurance Services LTD.                     |  | GREECE                        
|Allianz International Ltd.                          |  | UNITED KINGDOM                
|Allianz International Real Estate                   |  | FRANCE                        
|ALLIANZ INVERSIONES SOCIEDAD DE VALORES S.A.        |  | SPAIN                         
|Allianz Invest 50 LH                                |  | AUSTRIA                       
|Allianz Invest 50 PC                                |  | AUSTRIA                       
|Allianz Invest Alternative                          |  | AUSTRIA                       
|ALLIANZ INVEST d.o.o.                               |  | CROATIA (local name: Hrvatska)
|Allianz Invest Eurorent Liquid                      |  | AUSTRIA                       
|Allianz Invest Kapitalanlage GmbH                   |  | AUSTRIA                       
|Allianz Invest Osteuropa LH                         |  | AUSTRIA                       
|Allianz Invest Osteuropa NL                         |  | AUSTRIA                       
|Allianz Invest Ostrent LH                           |  | AUSTRIA                       
|Allianz Investment Company LLC                      |  | UNITED STATES                 
|Allianz Investment Management LLC                   |  | UNITED STATES                 
|Allianz Investment Management SE                    |  | GERMANY                       
|Allianz Investment Properties Ltd.                  |  | UNITED KINGDOM                
|Allianz Investmentbank Aktiengesellschaft           |  | AUSTRIA                       
|Allianz Investments I Luxembourg S.à.r.l            |  | LUXEMBOURG                    
|Allianz Investments II Luxembourg S.à r.l.          |  | LUXEMBOURG                    
|Allianz Investments Management Italia S.p.A.        |  | ITALY                         
|Allianz Irish Life Holdings p.l.c.                  |  | IRELAND                       
|Allianz Jupiter 1 B.V.                              |  | NETHERLANDS                   
|Allianz Jupiter 2 B.V.                              |  | NETHERLANDS                   



8



---

Exhibit 8.1 Fiscal year 2008



|                                                |  |                   
|----------------------------------------------- |  | ------------------
|Subsidiary                                      |  | Jurisdiction      
|Allianz Jupiter 4 B.V.                          |  | NETHERLANDS       
|Allianz Jupiter 5 B.V.                          |  | NETHERLANDS       
|Allianz Jupiter 8 B.V.                          |  | NETHERLANDS       
|Allianz Jupiter 9 B.V.                          |  | NETHERLANDS       
|Allianz Kazakhstan                              |  | KAZAKHSTAN        
|Allianz kontakt s.r.o.                          |  | CZECH REPUBLIC    
|Allianz Leasing & Services JSC                  |  | BULGARIA          
|Allianz Leben Private Equity Fonds 1998 GmbH    |  | GERMANY           
|Allianz Leben Private Equity Fonds 2001 GmbH    |  | GERMANY           
|Allianz Leben Private Equity Fonds 2008 GmbH    |  | GERMANY           
|Allianz Leben Private Equity Fonds Plus GmbH    |  | GERMANY           
|Allianz LEBENCO Fonds                           |  | GERMANY           
|Allianz Lebensversicherungs-Aktiengesellschaft  |  | GERMANY           
|Allianz Life & Annuity Company                  |  | UNITED STATES     
|Allianz Life (BERMUDA) LTD.                     |  | BERMUDA           
|Allianz Life Financial Services LLC             |  | UNITED STATES     
|Allianz Life Insurance Co. Ltd.                 |  | KOREA, REPUBLIC OF
|Allianz Life Insurance Company of New York      |  | UNITED STATES     
|Allianz Life Insurance Company of North America |  | UNITED STATES     
|Allianz Life Insurance Japan Ltd.               |  | JAPAN             
|Allianz Life Insurance Lanka Ltd.               |  | SRI LANKA         
|Allianz Life Insurance Malaysia Berhad p.l.c.   |  | MALAYSIA          
|Allianz Life Luxembourg S.A.                    |  | LUXEMBOURG        
|Allianz Life Moskau                             |  | RUSSIAN FEDERATION
|Allianz Malaysia Berhad p.l.c.                  |  | MALAYSIA          
|Allianz Management Services Limited             |  | UNITED KINGDOM    
|Allianz Marine (UK) Ltd.                        |  | UNITED KINGDOM    
|Allianz Mena Holding Bermuda                    |  | LEBANON           
|Allianz Mena Holding Co. SPC                    |  | BAHRAIN           
|Allianz México S.A. Compañía de Seguros         |  | MEXICO            
|Allianz Money Market Fund (Hungary)             |  | HUNGARY           
|Allianz Nederland Administratie B.V.            |  | NETHERLANDS       
|Allianz Nederland Asset Management B.V.         |  | NETHERLANDS       
|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 Corporation                  |  | UNITED STATES     
|Allianz of America Inc.                         |  | UNITED STATES     
|Allianz of Asia-Pacific and Africa GmbH         |  | GERMANY           
|Allianz of South Africa (Proprietary) Ltd.      |  | SOUTH AFRICA      
|Allianz P.E.P Europa 1                          |  | ITALY             
|Allianz P.E.P Europa 2                          |  | ITALY             
|Allianz p.l.c.                                  |  | IRELAND           
|Allianz PacLife Partners LLC                    |  | UNITED STATES     



9



---

Exhibit 8.1 Fiscal year 2008



|                                                        |  |                               
|------------------------------------------------------- |  | ------------------------------
|Subsidiary                                              |  | Jurisdiction                  
|Allianz Pension Consult GmbH                            |  | GERMANY                       
|Allianz Pension Fund Trustees Ltd.                      |  | UNITED KINGDOM                
|Allianz Pension Partners GmbH                           |  | GERMANY                       
|Allianz Pensionsfonds Aktiengesellschaft                |  | GERMANY                       
|Allianz Pensionskasse Aktiengesellschaft                |  | AUSTRIA                       
|Allianz Pensionskasse Aktiengesellschaft                |  | GERMANY                       
|Allianz penzijní fond a.s.                              |  | CZECH REPUBLIC                
|Allianz Pimco Corporate LH                              |  | AUSTRIA                       
|Allianz Pimco Mortgage LH                               |  | AUSTRIA                       
|Allianz pojistovna a.s.                                 |  | CZECH REPUBLIC                
|Allianz Polska Services Sp. z o.o.                      |  | POLAND                        
|Allianz Private Equity GmbH                             |  | GERMANY                       
|ALLIANZ PRIVATE EQUITY PARTNERS EUROPA III              |  | ITALY                         
|Allianz Private Equity Partners GmbH                    |  | GERMANY                       
|Allianz Private Equity Partners Inc.                    |  | UNITED STATES                 
|Allianz Private Equity Partners Verwaltungs GmbH        |  | GERMANY                       
|Allianz Private Equity UK Holdings Limited              |  | UNITED KINGDOM                
|Allianz Private Krankenversicherungs-Aktiengesellschaft |  | GERMANY                       
|Allianz ProzessFinanz GmbH                              |  | GERMANY                       
|Allianz PV WS Fonds                                     |  | GERMANY                       
|Allianz PV-RD Fonds                                     |  | GERMANY                       
|Allianz RCM Best Styles Euroland                        |  | GERMANY                       
|Allianz RCM Islamic Global Emerging Markets Equity      |  | LUXEMBOURG                    
|Allianz RCM Islamic Global Equity Opportunities         |  | LUXEMBOURG                    
|Allianz RCM U.S. EQ                                     |  | FRANCE                        
|Allianz RCM U.S. EQ WT                                  |  | FRANCE                        
|Allianz Re Dublin Limited                               |  | IRELAND                       
|Allianz Real Estate                                     |  | FRANCE                        
|Allianz Real Estate Germany GmbH                        |  | GERMANY                       
|Allianz Real Estate GmbH                                |  | GERMANY                       
|Allianz Rechtsschutz-Service GmbH                       |  | GERMANY                       
|Allianz Renewable Energy Management GmbH                |  | GERMANY                       
|Allianz Renewable Energy Partners                       |  | GERMANY                       
|Allianz Renewable Energy Subholding GmbH & Co.KG        |  | GERMANY                       
|Allianz reosiguranje d.d.                               |  | CROATIA (local name: Hrvatska)
|Allianz Risk Audit                                      |  | RUSSIAN FEDERATION            
|Allianz Risk Consultants B.V.                           |  | NETHERLANDS                   
|Allianz Risk Consultants Inc.                           |  | UNITED STATES                 
|Allianz Risk Transfer (Bermuda) Ltd.                    |  | BERMUDA                       
|Allianz Risk Transfer (UK) Limited                      |  | UNITED KINGDOM                
|Allianz Risk Transfer AG                                |  | SWITZERLAND                   
|Allianz Risk Transfer Inc.                              |  | UNITED STATES                 
|Allianz Risk Transfer N.V.                              |  | NETHERLANDS                   
|Allianz Rosno Asset Management                          |  | RUSSIAN FEDERATION            
|Allianz S.A. A.S. Agencia de Seguros                    |  | SPAIN                         
|Allianz S.A. de C.V.                                    |  | MEXICO                        
|Allianz S.p.A.                                          |  | ITALY                         



10



---

Exhibit 8.1 Fiscal year 2008



|                                                                           |  |                               
|-------------------------------------------------------------------------- |  | ------------------------------
|Subsidiary                                                                 |  | Jurisdiction                  
|Allianz Service Center GmbH                                                |  | GERMANY                       
|Allianz Services (UK) Limited                                              |  | UNITED KINGDOM                
|Allianz Servicios Técnicos A.I.E.                                          |  | SPAIN                         
|Allianz Shared Infrastructure Services SE                                  |  | GERMANY                       
|Allianz Sigorta AS                                                         |  | TURKEY                        
|Allianz SIN Fonds                                                          |  | GERMANY                       
|Allianz SNA Sal                                                            |  | LEBANON                       
|ALLIANZ Sociedade Gestora de Fundos de Pensões SA.                         |  | PORTUGAL                      
|Allianz Société Financiére S.à.r.l.                                        |  | LUXEMBOURG                    
|Allianz South America Holding B.V.                                         |  | NETHERLANDS                   
|Allianz Specialised Investments Limited                                    |  | UNITED KINGDOM                
|ALLIANZ SUBALPINA HOLDING S.p.A.                                           |  | ITALY                         
|Allianz Suisse Flexible Fund                                               |  | SWITZERLAND                   
|Allianz Suisse Immobilien AG                                               |  | SWITZERLAND                   
|Allianz Suisse Lebensversicherungs-Gesellschaft AG                         |  | SWITZERLAND                   
|Allianz Suisse Personal Financial Services AG                              |  | SWITZERLAND                   
|Allianz Suisse Rückversicherungs AG                                        |  | SWITZERLAND                   
|Allianz Suisse Versicherungs-Gesellschaft                                  |  | SWITZERLAND                   
|Allianz Tactical                                                           |  | FRANCE                        
|Allianz Taiwan Life Insurance Co. Ltd.                                     |  | TAIWAN                        
|Allianz Takaful                                                            |  | BAHRAIN                       
|Allianz Taunusanlage GbR                                                   |  | GERMANY                       
|Allianz Tiriac Asigurari SA                                                |  | ROMANIA                       
|Allianz Treuhand GmbH                                                      |  | GERMANY                       
|Allianz Ukraine LLC                                                        |  | UKRAINE                       
|Allianz Underwriters Insurance Company                                     |  | UNITED STATES                 
|Allianz U.S. Investment GP LLC                                             |  | UNITED STATES                 
|Allianz U.S. Investment LP                                                 |  | UNITED STATES                 
|Allianz Venture Partners Beteiligungs-GmbH                                 |  | GERMANY                       
|Allianz Versicherungs-Aktiengesellschaft                                   |  | GERMANY                       
|Allianz VKA Fonds                                                          |  | GERMANY                       
|Allianz VKRD-Fonds                                                         |  | GERMANY                       
|Allianz VLBR-Fonds                                                         |  | GERMANY                       
|Allianz VSR Fonds                                                          |  | GERMANY                       
|Allianz VVB Fonds                                                          |  | 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_ALD_Fonds                                                          |  | GERMANY                       
|Allianz_ALIK_Fonds                                                         |  | GERMANY                       
|Allianz_AVI_1 Fonds                                                        |  | GERMANY                       
|Allianz_AVM_B_Fonds                                                        |  | GERMANY                       
|Allianz_DGD_Fonds                                                          |  | GERMANY                       
|Allianz_FAD_Fonds                                                          |  | GERMANY                       
|Allianz_FRD_Fonds                                                          |  | GERMANY                       



11



---

Exhibit 8.1 Fiscal year 2008



|                                               |  |                           
|---------------------------------------------- |  | --------------------------
|Subsidiary                                     |  | Jurisdiction              
|Allianz_Invest_10 Division S/U                 |  | AUSTRIA                   
|Allianz_Invest_11 Division Leben/Kranken       |  | AUSTRIA                   
|Allianz_Invest_12 Division Leben/Kranken       |  | AUSTRIA                   
|Allianz_Invest_Spezial_2                       |  | AUSTRIA                   
|Allianz_Invest_Spezial_3                       |  | AUSTRIA                   
|Allianz_LAD_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_SDR_Fonds                              |  | GERMANY                   
|Allianz_SOA_Fonds                              |  | GERMANY                   
|Allianz_SWAG_Fonds                             |  | GERMANY                   
|Allianz_SysFI_Fonds (SysFI)                    |  | 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-dit FinanzPlan 2020                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2025                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2030                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2035                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2040                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2045                    |  | LUXEMBOURG                
|Allianz-dit FinanzPlan 2050                    |  | LUXEMBOURG                
|Allianz-Slovenská DSS a.s.                     |  | SLOVAKIA (Slovak Republic)
|Allianz-Slovenská poistovna a.s.              |  | SLOVAKIA (Slovak Republic)
|ALLIANZ-TIRIAC ADM PENSII                      |  | ROMANIA                   
|AllSecur B.V.                                  |  | NETHERLANDS               
|Almeda LLC                                     |  | RUSSIAN FEDERATION        
|Alternative Holding Partenaires                |  | UNITED KINGDOM            
|Am Anger Immobilienverwaltungs-GmbH            |  | GERMANY                   
|Am Anger Verwaltungs-GmbH & Co. KG             |  | GERMANY                   
|Amaya Compania de Seguros y Reaseguros S.A.    |  | SPAIN                     
|American Automobile Insurance Company          |  | UNITED STATES             
|American Financial Marketing Inc.              |  | UNITED STATES             
|American Standard Lloyds Insurance Company    |  | UNITED STATES             
|Ann Arbor Annuity Exchange Inc.                |  | UNITED STATES             
|Antoniana Veneta Popolare Assicurazioni S.p.A. |  | ITALY                     
|Antoniana Veneta Popolare Vita S. p. A.        |  | ITALY                     
|Approfrais SA                                  |  | FRANCE                    
|Arab Gulf Health Services                      |  | LEBANON                   
|Arcalis                                        |  | FRANCE                    
|Arcalis 22                                     |  | FRANCE                    
|Arcalis 23                                     |  | FRANCE                    
|Arcalis 24                                     |  | FRANCE                    
|Arcalis 28                                     |  | FRANCE                    



12



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Exhibit 8.1 Fiscal year 2008



|                                                          |  |                                 
|--------------------------------------------------------- |  | --------------------------------
|Subsidiary                                                |  | Jurisdiction                    
|Arcalis Assur 5                                           |  | FRANCE                          
|Arcalis UN                                                |  | FRANCE                          
|Ariondaz SAS                                              |  | FRANCE                          
|Arlon Properties S.A.                                     |  | LUXEMBOURG                      
|ARSA B.V.                                                 |  | NETHERLANDS                     
|ART Asset Management LLC                                  |  | UNITED STATES                   
|AS Selecta s.r.o.                                         |  | SLOVAKIA (Slovak Republic)      
|Aseguradora Colseguros S.A.                               |  | COLOMBIA                        
|Aseguradora de Vida Colseguros S.A. (Salud)               |  | COLOMBIA                        
|Aspley AVT Pty Limited                                    |  | AUSTRALIA                       
|ASREX                                                     |  | FRANCE                          
|ASSISTANCE AND SERVICES CORPORATION OF IRELAND A.S.C.I. |  | IRELAND                         
|Assistance Courtage dAssurance et de Réassurance S.A.    |  | FRANCE                          
|Associated Indemnity Corporation                          |  | UNITED STATES                   
|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 Générales du Laos Ltd.                         |  | LAO PEOPLES DEMOCRATIC REPUBLIC
|Astormed CJSC                                             |  | RUSSIAN FEDERATION              
|Athéna                                                    |  | FRANCE                          
|Athena Actions Monde                                      |  | FRANCE                          
|Athena Alter Holdings                                     |  | FRANCE                          
|Athena Euro Actions                                       |  | FRANCE                          
|Athena Europe Conv                                        |  | FRANCE                          
|Athena Europe Obligations                                 |  | FRANCE                          
|Athena Finance Oblig                                      |  | FRANCE                          
|Athena Foncier                                            |  | FRANCE                          
|Athena Interfonds                                         |  | FRANCE                          
|Athena Multijapon !                                       |  | FRANCE                          
|Athena Nouveau March                                      |  | FRANCE                          
|Athéna Obligations                                        |  | FRANCE                          
|Atrium SAS                                                |  | FRANCE                          
|Atropos Vermögensverwaltungsgesellschaft mbH              |  | GERMANY                         
|Auros GmbH                                                |  | GERMANY                         
|Automaty Servis Selecta Sro                               |  | CZECH REPUBLIC                  
|AVIP ACTIONS 100                                          |  | FRANCE                          
|AVIP ACTIONS 60                                           |  | FRANCE                          
|AVIP PERFORMANCE 80                                       |  | FRANCE                          
|AVIP TOP 300                                              |  | FRANCE                          
|AVIP TOP CROISSANCE                                       |  | FRANCE                          
|AVIP TOP DEFENSIF                                         |  | FRANCE                          
|AVIP TOP HARMONIE                                         |  | FRANCE                          
|Axioma Insurance (Cyprus) Ltd.                            |  | CYPRUS                          
|AZ AAAM GLOBAL ALTERNATIVE STR                            |  | ITALY                           
|AZ SERVISNI CENTAR d.o.o.                                 |  | CROATIA (local name: Hrvatska)  



13



---

Exhibit 8.1 Fiscal year 2008



|                                                                       |  |               
|---------------------------------------------------------------------- |  | --------------
|Subsidiary                                                             |  | Jurisdiction  
|AZ-Arges Vermögensverwaltungsgesellschaft mbH                          |  | GERMANY       
|AZ-Argos 14 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 22 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 39 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 41 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 44 Vermögensverwaltungsgesellschaft mbH & Co. KG              |  | GERMANY       
|AZ-Argos 45 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 46 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 47 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 49 Vermögensverwaltungsgesellschaft mbH                       |  | GERMANY       
|AZ-Argos 50 Vermögensverwaltungsgesellschaft mbH & Co. KG              |  | GERMANY       
|AZ-Argos 51 Vermögensverwaltungsgesellschaft mbH & Co. KG              |  | GERMANY       
|AZ-Argos 6 Vermögensverwaltungsgesellschaft mbH                        |  | GERMANY       
|AZ-Asopos Vermögensverwaltungsgesellschaft OHG                         |  | GERMANY       
|AZb ST FI Institucional Renda Fixa                                     |  | BRAZIL        
|AZb ST Institucional Plus II Renda Fixa FI                             |  | BRAZIL        
|AZ-GARI Vermögensverwaltungsgesellschaft mbH & Co. KG                  |  | GERMANY       
|AZL AI Nr. 1 GmbH                                                      |  | GERMANY       
|AZL AI Nr. 2 SARL                                                      |  | LUXEMBOURG    
|AZL PE Nr. 1 GmbH                                                      |  | GERMANY       
|AZL PF Investments Inc.                                                |  | UNITED STATES 
|AZL-DRB Vermögensverwaltungsgesellschaft mbH                           |  | GERMANY       
|AZ-MPS Beteiligungsgesellschaft mbH & Co. KG                           |  | GERMANY       
|AZS-Arges Vermögensverwaltungsgesellschaft mbH                         |  | GERMANY       
|AZ-SGD Private Equity Fonds GmbH                                       |  | GERMANY       
|AZT Automotive GmbH                                                    |  | GERMANY       
|AZT Risk & Technology GmbH                                             |  | GERMANY       
|Baladau                                                                |  | FRANCE        
|Bankhaus W. Fortmann & Söhne KG                                        |  | GERMANY       
|Banque AGF S.A.                                                        |  | FRANCE        
|Barrington II CDO Ltd.                                                 |  | CAYMAN ISLANDS
|Barrington II LLC                                                      |  | UNITED STATES 
|BAWAG Allianz Mitarbeitervorsorgekasse AG                              |  | AUSTRIA       
|BCA Betriebs Catering GmbH Verpflegungsdienste                         |  | GERMANY       
|Beethoven Funding Corporation                                          |  | UNITED STATES 
|BERGA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG                 |  | GERMANY       
|Bernese Assicurazioni Compagnia Italo Svizzera di Assicurazioni S.p.A. |  | ITALY         
|Bernese Vita S.p.A. Roma                                               |  | ITALY         
|BFC Berliner Film Companie Beteiligungsgesellschaft mbH                |  | GERMANY       
|BFC Berliner Film Companie Productions GmbH                            |  | GERMANY       
|BFC Berliner Film Companie Studio GmbH                                 |  | GERMANY       
|BIC                                                                    |  | BRAZIL        



14



---

Exhibit 8.1 Fiscal year 2008



|                                                           |  |               
|---------------------------------------------------------- |  | --------------
|Subsidiary                                                 |  | Jurisdiction  
|Bilan Services S.N.C.                                      |  | FRANCE        
|Bishop Finance Inc.                                        |  | UNITED STATES 
|Björn-Steiger-Stiftung Service GmbH                        |  | GERMANY       
|Blikman & Sartorius B.V.                                   |  | NETHERLANDS   
|BMM AUDACE                                                 |  | FRANCE        
|BMM HARMONIE                                               |  | FRANCE        
|Borgo San Felice S.r.l.                                    |  | ITALY         
|Borromeo Finance SRL                                       |  | ITALY         
|Borrowdale Nominees Limited                                |  | UNITED KINGDOM
|Bosphorus Finance Limited                                  |  | UNITED KINGDOM
|Botanic Building S.P.R.L.                                  |  | BELGIUM       
|Bridge Re Limited                                          |  | UNITED STATES 
|British Reserve Insurance Co. Ltd.                         |  | UNITED KINGDOM
|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 Internationale Inkassogesellschaft GmbH             |  | GERMANY       
|Bürgel Wirtschaftsinformationen GmbH & Co. KG              |  | GERMANY       
|Bürgel Wirtschaftsinformationen Hamburg GmbH               |  | GERMANY       
|Bürgel Wirtschaftsinformationen Vertriebsges. mbH & Co. KG |  | GERMANY       
|Bürgel Wirtschaftsinformationen Verwaltungs-GmbH           |  | GERMANY       
|BURLCO p.l.c.                                              |  | IRELAND       
|business lounge GmbH                                       |  | AUSTRIA       
|Bx3 S.r.l.                                                 |  | ITALY         
|Cadence Capital Mangement Inc.                             |  | UNITED STATES 
|Calypso S.A.                                               |  | FRANCE        
|Camat                                                      |  | FRANCE        
|CAP Rechtsschutz-Versicherungsgesellschaft AG              |  | SWITZERLAND   
|CAPEX                                                      |  | FRANCE        
|Carene                                                     |  | FRANCE        
|Casas del Toqui S.A.                                       |  | CHILE         
|Caywood-Scholl Capital Management LLC                      |  | UNITED STATES 
|CCA                                                        |  | FRANCE        
|Cédulas Colón de Capitalización Colseguros S.A.            |  | COLOMBIA      
|Challenging Financial Careers Insurance Marketing Corp.    |  | UNITED STATES 
|Château Larose Trintaudon S.A.                             |  | FRANCE        
|Chess Finance LLC                                          |  | UNITED STATES 
|Chicago Insurance Company                                  |  | UNITED STATES 
|CIC Allianz Insurance Ltd.                                 |  | AUSTRALIA     
|Clark Risk Management BV                                   |  | NETHERLANDS   
|Classic I Netherlands Limited                              |  | NETHERLANDS   
|Club Marine Limited                                        |  | AUSTRALIA     
|Codinf Services                                            |  | FRANCE        
|Cogar                                                      |  | FRANCE        
|Commerce Assurance Bhd.                                    |  | MALAYSIA      



15



---

Exhibit 8.1 Fiscal year 2008



|                                                                                 |  |                     
|-------------------------------------------------------------------------------- |  | --------------------
|Subsidiary                                                                       |  | Jurisdiction        
|Compagnie de Gestion et Prevoyance                                               |  | FRANCE              
|Compagnie Financière pour la Réalisation dOperations Immobilières S. A. COFIDIM |  | FRANCE              
|Companhia de Seguros Allianz Portugal S.A.                                       |  | PORTUGAL            
|Compania Colombiana de Inversion Colseguros S.A..                                |  | COLOMBIA            
|Compañía Colombiana de Servicio Automotriz S.A.                                  |  | COLOMBIA            
|Coparc                                                                           |  | FRANCE              
|Cornhill Investment Properties (Reigate) Ltd.                                    |  | UNITED KINGDOM      
|Cornhill Solutions Limited                                                       |  | UNITED KINGDOM      
|Cornhill Trustee (Guernsey) Ltd.                                                 |  | UNITED KINGDOM      
|Corporate Directors (No. 1) Limited                                              |  | UNITED KINGDOM      
|Corporate Directors (No. 2) Limited                                              |  | UNITED KINGDOM      
|Corporate Secretaries (Jersey) Limited                                           |  | UNITED KINGDOM      
|Corporate Services (GUERNSEY) Limited                                            |  | UNITED KINGDOM      
|Corsetec                                                                         |  | BRAZIL              
|COTINCO Consultora Técnica Industrial y Comercial S.A.                           |  | MEXICO              
|Crédito Argentino Germánico S.A.                                                 |  | ARGENTINA           
|Crédito Germánico S.A.                                                           |  | URUGUAY             
|CreditRas Assicurazioni S.p.A.                                                   |  | ITALY               
|CreditRas Vita S.p.A.                                                            |  | ITALY               
|CS Theoreme                                                                      |  | FRANCE              
|DARTA SAVING LIFE ASSURANCE LTD.                                                 |  | IRELAND             
|DBI Insurance Company Ltd.                                                       |  | UNITED KINGDOM      
|dbi-BSK Rentenfonds                                                              |  | GERMANY             
|dbi-BSK Rentenfonds Plus                                                         |  | GERMANY             
|DBI-FONDS ADPF1                                                                  |  | GERMANY             
|DBI-FONDS ADPF2                                                                  |  | GERMANY             
|dbi-Fonds DAV                                                                    |  | GERMANY             
|DDS Dresdner Direktservice GmbH                                                  |  | GERMANY             
|De Vries & Co. B. V.                                                             |  | NETHERLANDS         
|Dealis Fund Operations GmbH                                                      |  | GERMANY             
|Delaware Valley Financial Services LLC                                           |  | UNITED STATES       
|Delta Technical Services Ltd.                                                    |  | UNITED KINGDOM      
|Deutsche Außenhandels-Gesellschaft mbH                                           |  | GERMANY             
|Deutsche Lebensversicherungs-Aktiengesellschaft                                  |  | GERMANY             
|DIT-Garantie Plus 2012                                                           |  | GERMANY             
|DIT-Protect Global Winner 2014                                                   |  | GERMANY             
|DKNA Phoenix LLC                                                                 |  | UNITED STATES       
|Donator Beteiligungsverwaltung GmbH                                              |  | GERMANY             
|Doradztwo Gospodarcze Spolka Akcyjna                                             |  | POLAND              
|DreCo Erste Beteiligungs GmbH                                                    |  | GERMANY             
|Dreiundzwanzigste DRESIB Beteiligungs-Gesellschaft mbH                           |  | GERMANY             
|Dresdner Advisors LLC                                                            |  | UNITED STATES       
|Dresdner Bank (DIFC) Limited                                                     |  | UNITED ARAB EMIRATES
|Dresdner Bank (Schweiz) AG                                                       |  | SWITZERLAND         
|Dresdner Bank Aktiengesellschaft                                                 |  | GERMANY             
|Dresdner Bank Brasil S.A. Banco Múltiplo                                         |  | BRAZIL              



16



---

Exhibit 8.1 Fiscal year 2008



|                                                              |  |                   
|------------------------------------------------------------- |  | ------------------
|Subsidiary                                                    |  | Jurisdiction      
|Dresdner Bank Gestions France S. A. S.                        |  | FRANCE            
|Dresdner Bank Luxembourg S. A.                                |  | LUXEMBOURG        
|Dresdner Bank Monaco                                          |  | MONACO            
|Dresdner Bank Representações Ltda.                            |  | BRAZIL            
|Dresdner Bank ZAO                                             |  | RUSSIAN FEDERATION
|Dresdner Capital LLC I                                        |  | UNITED STATES     
|Dresdner Capital LLC II                                       |  | UNITED STATES     
|Dresdner Capital LLC III                                      |  | UNITED STATES     
|Dresdner Capital LLC IV                                       |  | UNITED STATES     
|Dresdner Corporate Finance GmbH i. L.                         |  | GERMANY           
|Dresdner Finance 1 S.à.r.l.                                   |  | LUXEMBOURG        
|Dresdner Finance 2 S.a.r.l                                    |  | LUXEMBOURG        
|Dresdner Finance B.V.                                         |  | NETHERLANDS       
|Dresdner Finanzberatungsgesellschaft mbH                      |  | GERMANY           
|Dresdner Finanziaria S.p.A.                                   |  | ITALY             
|Dresdner Holding B.V.                                         |  | NETHERLANDS       
|Dresdner Investments (UK) Limited                             |  | UNITED KINGDOM    
|Dresdner KleinwortGrantchester Inc.                          |  | UNITED STATES     
|Dresdner Kleinwort & Co. Holdings Inc.                        |  | UNITED STATES     
|Dresdner Kleinwort (China) Ltd.                               |  | HONG KONG         
|Dresdner Kleinwort (Drc) Limited                              |  | UNITED KINGDOM    
|Dresdner Kleinwort (Hong Kong) Limited                        |  | HONG KONG         
|Dresdner Kleinwort (Japan) Limited                            |  | HONG KONG         
|Dresdner Kleinwort (Lbdp) Holdings Limited                    |  | UNITED KINGDOM    
|Dresdner Kleinwort (Lbdp) Limited                             |  | UNITED KINGDOM    
|Dresdner Kleinwort (Services) Inc.                            |  | PANAMA            
|Dresdner Kleinwort Benson Private Equity Partners LP          |  | UNITED STATES     
|Dresdner Kleinwort Beteiligungs-Gesellschaft mbH              |  | GERMANY           
|Dresdner Kleinwort Capital Beratungs GmbH                     |  | GERMANY           
|Dresdner Kleinwort Capital Inc.                               |  | UNITED STATES     
|Dresdner Kleinwort Capital Investment Company Limited         |  | UNITED KINGDOM    
|Dresdner Kleinwort Capital Investment Trust Limited           |  | UNITED KINGDOM    
|Dresdner Kleinwort Capital Italia Beteiligungsverwaltung GmbH |  | GERMANY           
|Dresdner Kleinwort Capital Jersey Ltd                         |  | UNITED KINGDOM    
|Dresdner Kleinwort Capital LLC                                |  | UNITED STATES     
|Dresdner Kleinwort Capital Ventures Management Limited        |  | UNITED KINGDOM    
|Dresdner Kleinwort Derivative Investments Limited             |  | UNITED KINGDOM    
|Dresdner Kleinwort EIV Manager Inc.                           |  | UNITED STATES     
|Dresdner Kleinwort Equipment Finance Limited                  |  | UNITED KINGDOM    
|Dresdner Kleinwort Equipment LLC                              |  | UNITED STATES     
|Dresdner Kleinwort Finance BV                                 |  | NETHERLANDS       
|Dresdner Kleinwort Finance EURL                               |  | FRANCE            
|Dresdner Kleinwort Finance Inc.                               |  | UNITED STATES     
|Dresdner Kleinwort Flags Inc.                                 |  | UNITED STATES     
|Dresdner Kleinwort France SAS                                 |  | FRANCE            
|Dresdner Kleinwort Group Holdings LLC                         |  | UNITED STATES     



17



---

Exhibit 8.1 Fiscal year 2008



|                                                          |  |               
|--------------------------------------------------------- |  | --------------
|Subsidiary                                                |  | Jurisdiction  
|Dresdner Kleinwort Group Limited                          |  | UNITED KINGDOM
|Dresdner Kleinwort Group LLC                              |  | UNITED STATES 
|Dresdner Kleinwort Holdings I Inc.                        |  | UNITED STATES 
|Dresdner Kleinwort Holdings II Inc.                       |  | UNITED STATES 
|Dresdner Kleinwort Holdings LLC                           |  | UNITED STATES 
|Dresdner Kleinwort Leasing (Guernsey) Limited             |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (1) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (10)                  |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (11)                  |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (12) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (13) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (15) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (16) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (2) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (3) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (4) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (6) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (7) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (8) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing December (9) Limited           |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing Holdings Limited               |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing Inc.                           |  | UNITED STATES 
|Dresdner Kleinwort Leasing Limited                        |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing March (2) Limited              |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing March (3) Limited              |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing September (5) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Leasing September (6) Limited          |  | UNITED KINGDOM
|Dresdner Kleinwort Limited                                |  | UNITED KINGDOM
|Dresdner Kleinwort LLC                                    |  | UNITED STATES 
|Dresdner Kleinwort Luminary Inc.                          |  | UNITED STATES 
|Dresdner Kleinwort Metals Limited                         |  | UNITED KINGDOM
|Dresdner Kleinwort Moon LLC                               |  | UNITED STATES 
|Dresdner Kleinwort Online Ventures Limited                |  | UNITED KINGDOM
|Dresdner Kleinwort Overseas Employees Limited             |  | UNITED KINGDOM
|Dresdner Kleinwort Overseas Holdings plc                  |  | UNITED KINGDOM
|Dresdner Kleinwort Partnership 2001 Ltd                   |  | UNITED KINGDOM
|Dresdner Kleinwort Pfandbriefe Investments II Inc.        |  | UNITED STATES 
|Dresdner Kleinwort Pfandbriefe Investments Inc.           |  | UNITED STATES 
|Dresdner Kleinwort Property Management & Services Limited |  | UNITED KINGDOM
|Dresdner Kleinwort Research GmbH                          |  | GERMANY       
|Dresdner Kleinwort Securities (Asia) Holdings Ltd.        |  | HONG KONG     
|Dresdner Kleinwort Securities (Asia) Limited              |  | HONG KONG     
|Dresdner Kleinwort Securities France S. A.                |  | FRANCE        
|Dresdner Kleinwort Securities LLC                         |  | UNITED STATES 
|Dresdner Kleinwort Securities Ltd                         |  | UNITED KINGDOM
|Dresdner Kleinwort Securities Nominees Limited            |  | UNITED KINGDOM
|Dresdner Kleinwort Services (Guernsey) Limited            |  | UNITED KINGDOM
|Dresdner Kleinwort Services LLC                           |  | UNITED STATES 



18



---

Exhibit 8.1 Fiscal year 2008



|                                                                   |  |               
|------------------------------------------------------------------ |  | --------------
|Subsidiary                                                         |  | Jurisdiction  
|Dresdner Kleinwort Servicios y Asesorias Ltda.                     |  | CHILE         
|Dresdner Kleinwort Sponsoring GmbH                                 |  | GERMANY       
|Dresdner Kleinwort Stripes LLC; Wilmington                         |  | UNITED STATES 
|Dresdner Kleinwort Trading Holdings LLC                            |  | UNITED STATES 
|Dresdner Kleinwort Wasserstein (Argentina) S.A.                    |  | BRAZIL        
|Dresdner Kleinwort Wasserstein (South East Asia) Ltd.              |  | THAILAND      
|Dresdner Kleinwort Wasserstein do Brasil s/c Ltda.                 |  | BRAZIL        
|Dresdner Kleinwort Wasserstein Securities (India) Private Limited  |  | INDIA         
|Dresdner Kleinwort Wasserstein sp.z.o.o.                           |  | POLAND        
|Dresdner Lateinamerika Aktiengesellschaft                          |  | GERMANY       
|Dresdner Leasing 1 S.àr.l.                                         |  | LUXEMBOURG    
|Dresdner Leasing 2 S.àr.l.                                         |  | LUXEMBOURG    
|Dresdner Leasing 4 S.à.r.l.                                        |  | LUXEMBOURG    
|Dresdner Leasing 5 S.à.r.l.                                        |  | LUXEMBOURG    
|Dresdner Leasing 6 S.à.r.l.                                        |  | LUXEMBOURG    
|Dresdner Leasing 7 S.a.r.l                                         |  | LUXEMBOURG    
|Dresdner Leasing 8 S.a.r.l                                         |  | LUXEMBOURG    
|Dresdner Mezzanine GmbH & Co. KG                                   |  | GERMANY       
|Dresdner Mezzanine Verwaltungs-GmbH                                |  | GERMANY       
|Dresdner Private Placement GmbH                                    |  | GERMANY       
|Dresdner RCM Global Investors (Jersey) Ltd                         |  | UNITED KINGDOM
|Dresdner RCM Monetaire                                             |  | FRANCE        
|Dresdner Stiftungstreuhand GmbH                                    |  | GERMANY       
|Dresdner Structured Products S.A.                                  |  | LUXEMBOURG    
|Dresdner U.S. Finance Inc.                                         |  | UNITED STATES 
|Dresdner UK Investments 2 B.V.                                     |  | NETHERLANDS   
|Dresdner UK Investments N.V.                                       |  | NETHERLANDS   
|Dresdner Van Moer Courtens S.A.                                    |  | BELGIUM       
|Dresdner Versicherung GmbH                                         |  | GERMANY       
|Dresdner VPV N.V.                                                  |  | NETHERLANDS   
|Dritte SIB Beteiligungs-Aktiengesellschaft                         |  | GERMANY       
|EF Solutions LLC                                                   |  | UNITED STATES 
|EH Sigorta Anonim Sirketi                                          |  | TURKEY        
|Einunddreißigste DRESIB Beteiligungs-Gesellschaft mbH              |  | GERMANY       
|Elco Leasing Limited                                               |  | UNITED KINGDOM
|ELF Technologies Limited                                           |  | IRELAND       
|ELVIA Assistance Kft. (Ltd)                                        |  | HUNGARY       
|ELVIA Inc                                                          |  | UNITED STATES 
|ELVIA Reiseversicherungs-Gesellschaft AG                           |  | SWITZERLAND   
|ELVIA Travel Insurance International N.V.                          |  | NETHERLANDS   
|Emerald Global Inv.                                                |  | FRANCE        
|Energy Insurance Company Ltd.                                      |  | BULGARIA      
|EP Euro-Projektentwicklungs GmbH & Co. Objekt 1 KG                 |  | GERMANY       
|EP Euro-Projektentwicklungs GmbH & Co. Objekt Am Markt Chemnitz KG |  | GERMANY       



19



---

Exhibit 8.1 Fiscal year 2008



|                                                                         |  |               
|------------------------------------------------------------------------ |  | --------------
|Subsidiary                                                               |  | Jurisdiction  
|EP Euro-Projektentwicklungs GmbH & Co. Objekt Friedrichstadt-Passagen KG |  | GERMANY       
|EP Euro-Projektentwicklungs GmbH & Co. Objekt Köln-Porz KG               |  | GERMANY       
|EP Euro-Projektentwicklungs-Verwaltungs GmbH                             |  | GERMANY       
|Ephesus Finance Limited                                                  |  | UNITED KINGDOM
|Erste DRESIB Beteiligungs-Gesellschaft mbH                               |  | GERMANY       
|esa EuroShip Assekuradeurgesellschaft mbH                              |  | GERMANY       
|ESA Cargo & Logistics GmbH                                               |  | 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
|Euler & Hermes International Ltd.                                        |  | UNITED KINGDOM
|Euler Agent Limited                                                      |  | UNITED KINGDOM
|Euler do Brasil Seguros Exportacao                                       |  | BRAZIL        
|Euler Gestion                                                            |  | FRANCE        
|Euler Hermes ACI Holding                                                 |  | UNITED STATES 
|Euler Hermes ACI Inc.                                                    |  | UNITED STATES 
|Euler Hermes ACI Services LLP                                            |  | UNITED STATES 
|Euler Hermes ACMAR Services                                              |  | MOROCCO       
|EULER HERMES ARGENTINA                                                   |  | ARGENTINA     
|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 Colombia                                                    |  | COLOMBIA      
|EULER HERMES CREDIT INSURANCE AGENCY (S) PTE. LTD.                       |  | SINGAPORE     
|EULER HERMES CREDIT INSURANCE BELGIUM S.A.                               |  | BELGIUM       
|Euler Hermes Credit Management Services Ireland Ltd.                     |  | IRELAND       
|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 Guarantee plc.                                              |  | UNITED KINGDOM
|Euler Hermes Holdings UK plc                                             |  | UNITED KINGDOM
|Euler Hermes Information Consulting (Shanghai) Co. Ltd.                  |  | CHINA         
|Euler Hermes Interborg N.V.                                              |  | NETHERLANDS   
|Euler Hermes Kozinska MierzejewskaKancelaria Prawna Sp.k.               |  | POLAND        
|Euler Hermes Kreditförsäkring Norden AB                                  |  | SWEDEN        
|Euler Hermes Kreditversicherungs-Aktiengesellschaft                      |  | GERMANY       



20



---

Exhibit 8.1 Fiscal year 2008



|                                                |  |                           
|----------------------------------------------- |  | --------------------------
|Subsidiary                                      |  | Jurisdiction              
|Euler Hermes Kreditverzekering N.V.             |  | NETHERLANDS               
|Euler Hermes Magyar Hitelbiztosító Rt.          |  | HUNGARY                   
|Euler Hermes Magyar Követeleskezelö Kft.        |  | HUNGARY                   
|Euler Hermes Management Services UK Ltd.        |  | UNITED KINGDOM            
|Euler Hermes Management UK Limited              |  | UNITED KINGDOM            
|Euler Hermes Netherlands                        |  | NETHERLANDS               
|Euler Hermes Rating GmbH                        |  | GERMANY                   
|Euler Hermes Réinsurance                        |  | SWITZERLAND               
|Euler Hermes Risk Services UK Limited           |  | UNITED KINGDOM            
|EULER HERMES RISK YÖNETIMI                      |  | TURKEY                    
|Euler Hermes S.A.                               |  | FRANCE                    
|Euler Hermes Seguros de Crédito S.A.            |  | BRAZIL                    
|Euler Hermes Seguros de Crédito S.A.            |  | MEXICO                    
|Euler Hermes Service AB                         |  | SWEDEN                    
|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 India Privat Limited      |  | INDIA                     
|Euler Hermes Services Latvija SIA               |  | LATVIA                    
|Euler Hermes Services S.A.S.                    |  | FRANCE                    
|Euler Hermes Servicii Financiare S.R.L.         |  | ROMANIA                   
|Euler Hermes Servicios de Crédito S.L.          |  | SPAIN                     
|Euler Hermes Servicios S.A.                     |  | MEXICO                    
|Euler Hermes Servicos Ltda                      |  | BRAZIL                    
|Euler Hermes Servis s.r.o.                      |  | SLOVAKIA (Slovak Republic)
|Euler Hermes SFAC Crédit S.A.S.                 |  | FRANCE                    
|Euler Hermes SFAC Recouvrement S.A.S.           |  | FRANCE                    
|Euler Hermes SFAC S.A.                          |  | FRANCE                    
|Euler Hermes SIAC S.p.A.                        |  | ITALY                     
|Euler Hermes Trade Credit Limited               |  | NEW ZEALAND               
|Euler Hermes Trade Credit Underwriting Agents   |  | AUSTRALIA                 
|Euler Hermes UK plc                             |  | UNITED KINGDOM            
|Euler Hermes UMA                                |  | UNITED STATES             
|Euler Hermes World Agency SASU                  |  | FRANCE                    
|Euler Hermes Zarzadzanie Ryzkiem Sp. z o.o.     |  | POLAND                    
|Euler Incorporation Inc.                        |  | UNITED STATES             
|Euler Re                                        |  | LUXEMBOURG                
|Euler SFAC Asset Management                     |  | FRANCE                    
|Euler Tech                                      |  | FRANCE                    
|Eurl 20/22 Le Peletier                          |  | FRANCE                    
|EURO GESTION                                    |  | FRANCE                    
|EUROGRAFICA Systemplanungs-GmbH                 |  | GERMANY                   
|European Credit Underwriters Limited            |  | UNITED KINGDOM            
|European Properties Inc.                        |  | UNITED KINGDOM            
|European Venture Partners (General Partner) Ltd |  | UNITED KINGDOM            
|European Venture Partners (Holdings) Ltd        |  | UNITED KINGDOM            



21



---

Exhibit 8.1 Fiscal year 2008



|                                                         |  |               
|-------------------------------------------------------- |  | --------------
|Subsidiary                                               |  | Jurisdiction  
|European Venture Partners (Israel) Limited               |  | UNITED KINGDOM
|European Venture Partners Ltd                            |  | UNITED KINGDOM
|EURO-Pro Gesellschaft für Data Processing mbH            |  | GERMANY       
|Eurovida S.A. Compañía de Seguros y Reaseguros           |  | SPAIN         
|F Jupiter SAS                                            |  | FRANCE        
|FAF Inc.                                                 |  | CAYMAN ISLANDS
|FAI Allianz Ltd                                          |  | AUSTRALIA     
|Failure & Risk Consulting GmbH                           |  | GERMANY       
|FCPR Fregate                                             |  | FRANCE        
|Felix Limited                                            |  | CAYMAN ISLANDS
|Fenchurch Fiduciares Limited                             |  | UNITED KINGDOM
|Fenchurch Finance Limited                                |  | UNITED KINGDOM
|Fenchurch International Holdings Limited                 |  | UNITED KINGDOM
|Fenchurch Nominees (SINGAPORE) pte Limited               |  | SINGAPORE     
|Fenchurch Nominees Limited                               |  | UNITED KINGDOM
|Fenchurch Nominees Limited                               |  | UNITED KINGDOM
|Fenchurch Trust Limited                                  |  | UNITED KINGDOM
|Fendrake Limited                                         |  | UNITED KINGDOM
|Fenix Directo Compania de Seguros y Reaseguros S.A.      |  | SPAIN         
|FFIC County Mutual Insurance Company                     |  | UNITED STATES 
|Fiduciaria Colseguros S.A.                               |  | COLOMBIA      
|Financiere AGF                                           |  | FRANCE        
|Finanztrust AG                                           |  | GERMANY       
|Firemans Fund Financial Services                        |  | UNITED STATES 
|Firemans Fund Indemnity Corporation                     |  | UNITED STATES 
|Firemans Fund Insurance Company                         |  | UNITED STATES 
|Firemans Fund Insurance Company of Bermuda              |  | BERMUDA       
|Firemans Fund Insurance Company of Hawaii Inc.          |  | UNITED STATES 
|Firemans Fund Insurance Company of Louisiana            |  | UNITED STATES 
|Firemans Fund Insurance Company of Ohio                 |  | UNITED STATES 
|First Call Direct Limited                                |  | IRELAND       
|First Rate Direct Limited                                |  | UNITED KINGDOM
|Fitrust Fiduciaire et Trustee SA                         |  | SWITZERLAND   
|FLORALIS                                                 |  | FRANCE        
|FRAGONARD ASSURANCE                                      |  | FRANCE        
|Frank Nominees Limited                                   |  | UNITED KINGDOM
|Franke & Partners Pensioenadvies en Vermogensbeheer B. V |  | NETHERLANDS   
|Frey printcom GmbH                                       |  | GERMANY       
|Fundatia Allianz pentru Romania                          |  | ROMANIA       
|G.I.T. Uniphénix                                         |  | FRANCE        
|Gaipare Action                                           |  | FRANCE        
|Gaipare Diffusion                                        |  | FRANCE        
|GamePlan Financial Marketing LLC                         |  | UNITED STATES 
|Gamma-Vermögensverwaltungsgesellschaft mbH               |  | GERMANY       
|GE.SI Gestione Sistemi Informatici S.p.c.A.              |  | ITALY         
|General Leasing (No.16) Limited                          |  | UNITED KINGDOM
|Generali Investissement (C)                              |  | FRANCE        
|Generation Vie                                           |  | FRANCE        



22



---

Exhibit 8.1 Fiscal year 2008



|                                                                                  |  |               
|--------------------------------------------------------------------------------- |  | --------------
|Subsidiary                                                                        |  | Jurisdiction  
|Genialloyd S.p.A.                                                                 |  | ITALY         
|GENUJO LOK Beteiligungs GmbH                                                      |  | GERMANY       
|GENUJO Vierte Beteiligungs GmbH                                                   |  | GERMANY       
|German Real Estate Equity Fund I                                                  |  | GERMANY       
|Gesellschaft für Vorsorgeberatung                                                 |  | SWITZERLAND   
|Gestion Produits Dyn                                                              |  | FRANCE        
|Gestion Produits Str                                                              |  | FRANCE        
|GIE AZ Investment Management                                                      |  | FRANCE        
|GIE Dresdner Bank Gestions France                                                 |  | FRANCE        
|GIE Dresdner Kleinwort France                                                     |  | FRANCE        
|GIE Victoria Aéronautique                                                         |  | FRANCE        
|Global Transport & Automotive Insurance Solutions Pty Limited                     |  | AUSTRALIA     
|Go Express Distributione Automatica S.p.A.                                        |  | ITALY         
|Gosman & Kraan B.V.                                                               |  | NETHERLANDS   
|GOUGH FABRICATIONS LIMITED                                                        |  | UNITED KINGDOM
|grapho metronic Mess- und Regeltechnik GmbH                                       |  | GERMANY       
|Greenway Infrastructure Capital PLC (GIC PLC)                                     |  | UNITED KINGDOM
|Greenway Infrastructure Fund (GIC Fund)                                           |  | UNITED KINGDOM
|Gresham Bond Fund                                                                 |  | UNITED KINGDOM
|Gresham Leasing March (1) Limited                                                 |  | UNITED KINGDOM
|Gresham Leasing March (2) Limited                                                 |  | UNITED KINGDOM
|Grundstücksgesellschaft der Vereinten Versicherungen mbH                          |  | GERMANY       
|Grundstücks-Gesellschaft mbH                                                      |  | GERMANY       
|GTSGESTION DE TELESECURITE ET DE SERVICES S.A.                                   |  | FRANCE        
|Guernsey Nominees Limited                                                         |  | UNITED KINGDOM
|Hamudi S.A.                                                                       |  | FRANCE        
|Hardy Beteiligungs-Gesellschaft mbH                                               |  | GERMANY       
|Hauteville Insurance Company Limited                                              |  | UNITED KINGDOM
|Havelaar et Van Stolk B.V.                                                        |  | NETHERLANDS   
|HELVIASS Verzekeringen BV                                                         |  | NETHERLANDS   
|Heracles                                                                          |  | FRANCE        
|Herradura Ltd                                                                     |  | UNITED KINGDOM
|Hilary Nominees Limited                                                           |  | UNITED KINGDOM
|Histel Beteiligungs GmbH                                                          |  | GERMANY       
|HOLMES DROLLED LIMITED                                                            |  | UNITED KINGDOM
|Home & Legacy (Holdings) Limited                                                  |  | UNITED KINGDOM
|Home & Legacy Insurance Services Limited                                          |  | UNITED KINGDOM
|Home Management Inc.                                                              |  | BELIZE        
|Honeywell Grundbesitzverwaltungs-GmbH & Co Vermietungs-KG                         |  | GERMANY       
|Hungária Biztosító Számitástechnikai Kft. (Hungária EDV-Betriebsgesellschaft mbH) |  | HUNGARY       
|Hunter Premium Funding Ltd.                                                       |  | AUSTRALIA     
|Idilias SPC Inc.                                                                  |  | CAYMAN ISLANDS
|IDR Actions Euros                                                                 |  | FRANCE        
|IDS GmbHAnalysis and Reporting Services                                          |  | GERMANY       



23



---

Exhibit 8.1 Fiscal year 2008



|                                                                 |  |                           
|---------------------------------------------------------------- |  | --------------------------
|Subsidiary                                                       |  | Jurisdiction              
|Immovalor Gestion S.A.                                           |  | FRANCE                    
|Informatica Y Servicios Financieros S.A. (Insesa)                |  | SPAIN                     
|Infrastruktur Putlitz Ost GmbH                                   |  | GERMANY                   
|Infrastruktur Putlitz Ost II G                                   |  | GERMANY                   
|Insolvency Risk Insurance Services Limited                       |  | UNITED KINGDOM            
|Insolvency Risk Management Limited                               |  | UNITED KINGDOM            
|Insurance Company Progress Garant                              |  | RUSSIAN FEDERATION        
|Insurance Joint Stock Company Allianz                          |  | RUSSIAN FEDERATION        
|Intermediass S.r.l.                                              |  | ITALY                     
|International Film Guarantors LLC                                |  | UNITED STATES             
|International Film Guarantors Ltd.                               |  | UNITED KINGDOM            
|Interstate Fire & Casualty Company                               |  | UNITED STATES             
|Interstate Indemnity Company                                     |  | UNITED STATES             
|INVCO SAS                                                        |  | FRANCE                    
|Inveresk Stockholders Limited                                    |  | UNITED KINGDOM            
|Inversiones Dresdner Kleinwort Chile Ltda.                       |  | CHILE                     
|Investitori SGR S.p.a.                                           |  | ITALY                     
|ITEB B.V.                                                        |  | NETHERLANDS               
|Jefferson Insurance Company of N.Y.                              |  | UNITED STATES             
|Jota-Vermögensverwaltungsgesellschaft mbH                        |  | GERMANY                   
|K2 (U.S.A) LLC                                                   |  | UNITED STATES             
|K2 Corporation                                                   |  | CAYMAN ISLANDS            
|Kaunos Finance Limited                                           |  | UNITED KINGDOM            
|KB (C.I.) Nominees Limited                                       |  | UNITED KINGDOM            
|KBEMF (GP) Limited                                               |  | UNITED KINGDOM            
|KBIM General Nominees Limited                                    |  | UNITED KINGDOM            
|KBIM Standby Nominees Limited                                    |  | UNITED KINGDOM            
|KBPB Nominees Limited                                            |  | UNITED KINGDOM            
|KEVA spol. s.r.o.                                                |  | SLOVAKIA (Slovak Republic)
|Kiinteistöoasakeyhtiö Eteläesplanadi 2                           |  | FINLAND                   
|Kleinwort Benson (Canada) Limited                                |  | CANADA                    
|Kleinwort Benson (Channel Islands) Business Services Limited     |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Corporate Services Limited    |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Investment Management Limited |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Limited                       |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Pension Trustees Limited      |  | UNITED KINGDOM            
|Kleinwort Benson (Channel Islands) Trustees Limited              |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Corporate Services Limited           |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Limited                              |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Services Limited                     |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Trustees (1997) Limited              |  | UNITED KINGDOM            
|Kleinwort Benson (Guernsey) Trustees Ltd.                        |  | UNITED KINGDOM            
|Kleinwort Benson (Hong Kong) Trustees Ltd.                       |  | HONG KONG                 
|Kleinwort Benson (Jersey) Asset Managers Limited                 |  | UNITED KINGDOM            



24



---

Exhibit 8.1 Fiscal year 2008



|                                                                       |  |                   
|---------------------------------------------------------------------- |  | ------------------
|Subsidiary                                                             |  | Jurisdiction      
|Kleinwort Benson (Jersey) Fund Services Limited                        |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Services Limited                             |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Trustees (1997) Limited                      |  | UNITED KINGDOM    
|Kleinwort Benson (Jersey) Trustees Limited                             |  | UNITED KINGDOM    
|Kleinwort Benson (Switzerland) Trustees Ltd.                           |  | SWITZERLAND       
|Kleinwort Benson (UK) Trustees Limited                                 |  | UNITED KINGDOM    
|Kleinwort Benson (U.S.A) Inc.                                          |  | UNITED STATES     
|Kleinwort Benson Channel Islands Holdings Limited                      |  | UNITED KINGDOM    
|Kleinwort Benson Custodian Services Limited                            |  | UNITED KINGDOM    
|Kleinwort Benson Farmland Trust (Managers) Limited                     |  | UNITED KINGDOM    
|Kleinwort Benson Financial Services Limited                            |  | UNITED KINGDOM    
|Kleinwort Benson Gilts Limited                                         |  | UNITED KINGDOM    
|Kleinwort Benson International Corporation Limited                     |  | UNITED KINGDOM    
|Kleinwort Benson International Trustees Limited                        |  | UNITED KINGDOM    
|Kleinwort Benson Pension Trustees Limited                              |  | UNITED KINGDOM    
|Kleinwort Benson Private Bank Limited                                  |  | UNITED KINGDOM    
|Kleinwort Benson Trustees Limited                                      |  | UNITED KINGDOM    
|Kleinwort Benson Unit Trusts Limited                                   |  | UNITED KINGDOM    
|Knidos Finance Limited                                                 |  | UNITED KINGDOM    
|KNIGHTSBRIDGE ALLIANZ LP                                               |  | UNITED STATES     
|Knowlfa Limited                                                        |  | UNITED KINGDOM    
|Königinstrasse I S.a.r.l.                                              |  | LUXEMBOURG        
|KTC Kommunikations- und Trainings-Center Königstein GmbH               |  | GERMANY           
|L.A. Partecipazioni e Servizi                                          |  | ITALY             
|LA RURALE                                                              |  | FRANCE            
|LA Vita                                                                |  | ITALY             
|LAMINA Grundstücks-Verwaltungsgesellschaft mbH & Co. Objekt Leipzig KG |  | GERMANY           
|Langbourn Nominees Limited                                             |  | UNITED KINGDOM    
|Langdale Nominees Limited                                              |  | UNITED KINGDOM    
|Langham Nominees Ltd                                                   |  | UNITED KINGDOM    
|Laodicea II LLC                                                        |  | UNITED STATES     
|Laodicea LLC                                                           |  | UNITED STATES     
|Larose Trintaudon Chile S.A.                                           |  | CHILE             
|LAssicuratrice Italiana Danni                                         |  | ITALY             
|LAssicuratrice Italiana Vita S.p.A.                                   |  | ITALY             
|Le Cottage                                                             |  | FRANCE            
|Le Profil des Profils                                                  |  | FRANCE            
|Life Sales LLC                                                         |  | UNITED STATES     
|Limited Liability Company Professional Management Services           |  | RUSSIAN FEDERATION
|LLC Allianz Asset Management                                         |  | RUSSIAN FEDERATION
|LLC Allianz Life and Finance Rus                                     |  | RUSSIAN FEDERATION
|Lloyd Adriatico Holding S.p.A.                                         |  | ITALY             
|Lloyd Adriatico Real Estate S.p.A.                                     |  | ITALY             
|Local Market Financial Investment Fund                                 |  | BRAZIL            
|LOFRA GmbH & Co.KG                                                     |  | GERMANY           
|LOFRA Verwaltungs-Gesellschaft mbH                                     |  | GERMANY           



25



---

Exhibit 8.1 Fiscal year 2008



|                                             |  |                               
|-------------------------------------------- |  | ------------------------------
|Subsidiary                                   |  | Jurisdiction                  
|LOGICA SOFTWARE SRL                          |  | ITALY                         
|London Verzekeringen N.V.                    |  | NETHERLANDS                   
|LUFRA Beteiligungs-Holding AG                |  | SWITZERLAND                   
|Lufthansa Leasing GmbH & Co. Echo-Oscar KG   |  | GERMANY                       
|Lufthansa Leasing GmbH & Co. Echo-Papa KG    |  | GERMANY                       
|LYXOR Höchststandgar. 2023                   |  | FRANCE                        
|LYXOR HÖCHSTSTANDSGARANT. 2018               |  | FRANCE                        
|LYXOR HÖCHSTSTANDSGARANT. 2021               |  | FRANCE                        
|LYXOR Höchststandsgarantie 2020              |  | FRANCE                        
|LYXOR Höchststandsgarantie 2022              |  | FRANCE                        
|LYXOR HÖCHSTSTANDSGARANTIEF. 2019            |  | FRANCE                        
|M.R. Print Management Ltd.                   |  | UNITED KINGDOM                
|Magador BV.                                  |  | NETHERLANDS                   
|Magdeburger Sigorta A.S.                     |  | TURKEY                        
|Magpie Rose Limited                          |  | UNITED KINGDOM                
|Mandas Receivables No.2 Limited              |  | UNITED KINGDOM                
|manroland (China) Ltd.                       |  | CHINA                         
|manroland (India) Pvt. Ltd.                  |  | INDIA                         
|manroland (Korea) Ltd.                       |  | KOREA, REPUBLIC OF            
|manroland (Shenzhen) Ltd.                    |  | CHINA                         
|manroland (Taiwan) Ltd.                      |  | TAIWAN                        
|manroland AG                                 |  | GERMANY                       
|manroland Asia Pacific Sdn. Bhd.             |  | MALAYSIA                      
|manroland Baltics SIA                        |  | LATVIA                        
|manroland Benelux N.V.                       |  | BELGIUM                       
|manroland Bulgaria-eood                      |  | BULGARIA                      
|manroland Canada Inc.                        |  | CANADA                        
|manroland CEE AG                             |  | AUSTRIA                       
|manroland Ceská Republika spol. S.r.o.       |  | CZECH REPUBLIC                
|manroland Co. Ltd.                           |  | JAPAN                         
|manroland Danmark A/S                        |  | DENMARK                       
|manroland Finland Oy                         |  | FINLAND                       
|manroland France SA                          |  | FRANCE                        
|manroland Great Britain Ltd.                 |  | UNITED KINGDOM                
|manroland Heusenstamm GmbH                   |  | GERMANY                       
|manroland Hrvatska d.o.o.                    |  | CROATIA (local name: Hrvatska)
|manroland Inc.                               |  | UNITED STATES                 
|manroland Ireland Ltd.                       |  | IRELAND                       
|manroland Italia SpA                         |  | ITALY                         
|manroland Magyarorszag Kft.                  |  | HUNGARY                       
|manroland Norge AS                           |  | NORWAY                        
|manroland Poland SP. Z.o.o.                  |  | POLAND                        
|manroland Polska Sp. z.o.o.                  |  | POLAND                        
|manroland Portugal Lda.                      |  | PORTUGAL                      
|manroland Printing Equipment (Shanghai) Ltd. |  | CHINA                         
|manroland Romania S.R.L.                     |  | ROMANIA                       
|manroland Rotations Vertriebs GmbH Nord      |  | GERMANY                       
|manroland Sistemas S.L.                      |  | SPAIN                         
|manroland Slovenija d.o.o.                   |  | SLOVENIA                      



26



---

Exhibit 8.1 Fiscal year 2008



|                                                                        |  |                           
|----------------------------------------------------------------------- |  | --------------------------
|Subsidiary                                                              |  | Jurisdiction              
|manroland Sverige AB                                                    |  | SWEDEN                    
|manroland Swiss AG                                                      |  | SWITZERLAND               
|manroland Versicherungsvermittlungs GmbH                                |  | GERMANY                   
|manroland Vertrieb und Service GmbH                                     |  | GERMANY                   
|manroland Vertrieb und Servicegesellschaft Süddeutschland mbH           |  | GERMANY                   
|manroland Western Europe Group B.V.                                     |  | NETHERLANDS               
|Marlyna Ltd                                                             |  | UNITED KINGDOM            
|Martin Maurel Vie                                                       |  | FRANCE                    
|Marylebone Commercial Finance Limited                                   |  | UNITED KINGDOM            
|Mauritius Island Mascareignes Services Assistance- MSA Ltd.             |  | MAURITIUS                 
|Medexpress                                                              |  | RUSSIAN FEDERATION        
|Medexpress Plus                                                         |  | RUSSIAN FEDERATION        
|Medexpress Service                                                      |  | RUSSIAN FEDERATION        
|Medibroker s.r.o.                                                       |  | SLOVAKIA (Slovak Republic)
|Medical Express Lebanon                                                 |  | LEBANON                   
|Medisalud Compania Colombiana de Medicina Prepagada S.A. en Liquidación |  | COLOMBIA                  
|Medvantis AG                                                            |  | SWITZERLAND               
|Menza Grundstücks-Verwaltungsgesellschaft mbH                           |  | GERMANY                   
|MERCOSUL                                                                |  | BRAZIL                    
|MERCOSUL ASSISTANCE ARGENTINE                                           |  | ARGENTINA                 
|MERKUR Grundstücks GmbH                                                 |  | GERMANY                   
|MERKUR Grundstücks-Gesellschaft Objekt Berlin Lange Straße KG           |  | GERMANY                   
|MERLAN Mobilien-Verwaltungsgesellschaft mbH & Co. Projekt Nr. 16 KG     |  | GERMANY                   
|META Finanz-Informationssysteme GmbH                                    |  | GERMANY                   
|METALLRENTE FONDS PORTFOLIO                                             |  | LUXEMBOURG                
|MetallRente Pensionsfonds AG i.G.                                       |  | GERMANY                   
|Miletos Finance Limited                                                 |  | GIBRALTAR                 
|MM Composition Amerique                                                 |  | FRANCE                    
|MMI Worksafe (Malaysia) Sdn Bhd                                         |  | MALAYSIA                  
|Mole Finance Inc.                                                       |  | CAYMAN ISLANDS            
|Mondial Assistance (Asia) Pte Ltd.                                      |  | SINGAPORE                 
|Mondial Assistance (Thailand) CO Ltd.                                   |  | THAILAND                  
|Mondial Assistance AG                                                   |  | SWITZERLAND               
|Mondial Assistance Australia Holding                                    |  | AUSTRALIA                 
|MONDIAL ASSISTANCE B.V.                                                 |  | NETHERLANDS               
|Mondial Assistance Beijing Services Co. Ltd.                            |  | CHINA                     
|Mondial Assistance Deutschland GmbH                                     |  | GERMANY                   
|Mondial Assistance France                                               |  | FRANCE                    
|Mondial Assistance France SAS                                           |  | FRANCE                    
|MONDIAL ASSISTANCE GmbH                                                 |  | AUSTRIA                   
|MONDIAL ASSISTANCE ITALIA S.P.A.                                        |  | ITALY                     
|Mondial Assistance OOO                                                  |  | RUSSIAN FEDERATION        
|Mondial Assistance Portugal Servicos de Assistência LDA                 |  | PORTUGAL                  



27



---

Exhibit 8.1 Fiscal year 2008



|                                                               |  |                   
|-------------------------------------------------------------- |  | ------------------
|Subsidiary                                                     |  | Jurisdiction      
|Mondial Assistance Réunion S.A.                                |  | FRANCE            
|Mondial Assistance S.A.S.                                      |  | FRANCE            
|Mondial Assistance s.p. Z.O.O                                  |  | POLAND            
|Mondial Assistance s.r.o                                       |  | CZECH REPUBLIC    
|Mondial Assistance Sigorta Aracilik Hizmetleri Limited Sirketi |  | TURKEY            
|Mondial Assistance United Kingdom Ltd (MAUK)                   |  | UNITED KINGDOM    
|Mondial Contact Center Italia Srl.                             |  | ITALY             
|Mondial Mexico S.A. de C.V.                                    |  | MEXICO            
|Mondial Protection Corretora de Seguros Ltda.                  |  | BRAZIL            
|Mondial Service Italia S.r.l                                   |  | ITALY             
|Mondial Services (India) Private Limited                       |  | INDIA             
|Mondial Servicios S.A. de C.V.                                 |  | MEXICO            
|MONEGER SA                                                     |  | SENEGAL           
|More Global Inc.                                               |  | CAYMAN ISLANDS    
|Morris (S.P.) Holdings Limited                                 |  | UNITED KINGDOM    
|MS GL SM Cap Val                                               |  | FRANCE            
|Münchener und Magdeburger Agrarversicherung Aktiengesellschaft |  | GERMANY           
|Münsterländische Bank Thie & Co. KG                            |  | GERMANY           
|National Surety Corporation                                    |  | UNITED STATES     
|NEM Insurance Ireland Limited                                  |  | IRELAND           
|Nemian Life & Pensions S.A.                                    |  | LUXEMBOURG        
|Neoasistencia Manoteras S.L.                                   |  | SPAIN             
|Neunzehnte FraMü Beteiligungs GmbH                             |  | GERMANY           
|Nextcare Holding                                               |  | BAHRAIN           
|NFJ Investment Group LLC                                       |  | UNITED STATES     
|Nicholas-Applegate Capital Management LLC                      |  | UNITED STATES     
|Nicholas-Applegate Capital Management Ltd.                     |  | UNITED KINGDOM    
|Nicholas-Applegate Holdings LLC                                |  | UNITED STATES     
|Nicholas-Applegate Securities LLC                              |  | UNITED STATES     
|Noman LTD.                                                     |  | UNITED KINGDOM    
|Norman Nominees Limited                                        |  | UNITED KINGDOM    
|North American London Underwriters Ltd.                        |  | BERMUDA           
|Novosibirsk-Medizina CJSC                                      |  | RUSSIAN FEDERATION
|Objekt Burchardplatz GmbH & Co. KG                             |  | GERMANY           
|OCICA                                                          |  | COTE DIVOIRE     
|Oddo Europe Mid Cap                                            |  | FRANCE            
|Oddo Gestion Audac                                             |  | FRANCE            
|Oddo Gestion Equilibre                                         |  | FRANCE            
|Oddo Oblig Court T                                             |  | FRANCE            
|Oddo Proactif Europe                                           |  | FRANCE            
|Oddo Quattro                                                   |  | FRANCE            
|Oddo Quattro 2                                                 |  | FRANCE            
|OLB-Beteiligungsgesellschaft mbH                               |  | GERMANY           
|OLB-Immobiliendienst-GmbH                                      |  | GERMANY           
|OLB-Versicherungsdienst GmbH                                   |  | GERMANY           
|Oldenburgische Landesbank Aktiengesellschaft                   |  | GERMANY           
|Omega Thai Investment Holding                                  |  | NETHERLANDS       



28



---

Exhibit 8.1 Fiscal year 2008



|                                                         |  |                   
|-------------------------------------------------------- |  | ------------------
|Subsidiary                                               |  | Jurisdiction      
|OOO Euler Hermes Credit Management                       |  | RUSSIAN FEDERATION
|OpCap Advisors LLC                                       |  | UNITED STATES     
|Open Selection France                                    |  | FRANCE            
|Oppenheimer Capital LLC                                  |  | UNITED STATES     
|Oppenheimer Group Inc.                                   |  | UNITED STATES     
|Orbis Tax Services Limited                               |  | UNITED KINGDOM    
|Organizacion G.o.a. S.A.                                 |  | PERU              
|Orion Direct Nederland B.V.                              |  | NETHERLANDS       
|OSECA                                                    |  | SENEGAL           
|OY Selecta AB                                            |  | FINLAND           
|Pacific Investment Management Company LLC                |  | UNITED STATES     
|Pacific MMI Insurance Ltd.                               |  | PAPUA NEW GUINEA  
|Parc Continental Ltd.                                    |  | UNITED KINGDOM    
|Patara Finance Limited                                   |  | UNITED KINGDOM    
|PEMSE S.A.                                               |  | SPAIN             
|Personalized Brokerage Service LLC                       |  | UNITED STATES     
|Pet Plan Ltd.                                            |  | UNITED KINGDOM    
|PFP Holdings Inc.                                        |  | UNITED STATES     
|PGREF V 1301 6th Invstrs I LP                            |  | UNITED STATES     
|PGREF V 1301 Sixth Investors I L.L.C.                    |  | UNITED STATES     
|Phénix compagnie dassurances                            |  | SWITZERLAND       
|Phénix compagnie dassurances sur la vie                 |  | SWITZERLAND       
|Phénix Immobilier S.N.C.                                 |  | FRANCE            
|Phénix Long Short I                                      |  | FRANCE            
|Phenix Sécurité L                                        |  | FRANCE            
|Pico Westwood Limited                                    |  | UNITED KINGDOM    
|Pimco (Switzerland) S.a.r.l.                             |  | SWITZERLAND       
|PIMCO Asia Ltd.                                          |  | HONG KONG         
|PIMCO Asia PTE Ltd.                                      |  | SINGAPORE         
|PIMCO Australia Pty Ltd.                                 |  | AUSTRALIA         
|PIMCO Canada Corp.                                       |  | CANADA            
|PIMCO Canada Holding LLC                                 |  | UNITED STATES     
|PIMCO Canada Management Inc.                             |  | UNITED STATES     
|PIMCO Europe Ltd.                                        |  | UNITED KINGDOM    
|PIMCO Global Advisors (Ireland) Ltd.                     |  | IRELAND           
|PIMCO Global Advisors (Resources) Ltd.                   |  | UNITED STATES     
|PIMCO Global Advisors LLC                                |  | UNITED STATES     
|PIMCO Japan Ltd.                                         |  | JAPAN             
|PIMCO Luxembourg III S.A.                                |  | LUXEMBOURG        
|PIMCO Luxembourg IV S.A.                                 |  | LUXEMBOURG        
|PIMCO Luxembourg S.A.                                    |  | LUXEMBOURG        
|POLY ASSISTANCE & SERVICES S.A.                          |  | GREECE            
|ppi Media GmbH                                           |  | GERMANY           
|PPI Media U.S. Inc.                                      |  | UNITED STATES     
|PremierLine Direct Limited                               |  | UNITED KINGDOM    
|PrevindustriaFiduciaria Previdenza Imprenditori S.p.A.. |  | ITALY             
|Priamos Limited                                          |  | UNITED KINGDOM    
|Prienne Finance Limited                                  |  | GIBRALTAR         



29



---

Exhibit 8.1 Fiscal year 2008



|                                                  |  |               
|------------------------------------------------- |  | --------------
|Subsidiary                                        |  | Jurisdiction  
|Priority Vie                                      |  | FRANCE        
|Prism Re                                          |  | BERMUDA       
|Privatinvest Bank AG                              |  | AUSTRIA       
|PriZ GmbH Emissionsgesellschaft für Zertifikate   |  | GERMANY       
|Professional Planners Marketing Group LLC         |  | UNITED STATES 
|Pronto Lloyd S.r.l.                               |  | ITALY         
|Property Nominees (Channel Islands) Limited       |  | 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        
|Quadrator                                         |  | FRANCE        
|Quality 1 AG                                      |  | SWITZERLAND   
|Questar Agency Inc.                               |  | UNITED STATES 
|Questar Agency of Alabama Inc.                    |  | UNITED STATES 
|Questar Agency of Colorado Inc.                   |  | UNITED STATES 
|Questar Agency of New Mexico Inc.                 |  | UNITED STATES 
|Questar Agency of Ohio Inc.                       |  | UNITED STATES 
|Questar Agency of Texas Inc.                      |  | UNITED STATES 
|Questar Asset Management                          |  | UNITED STATES 
|Questar Capital Corporation                       |  | UNITED STATES 
|Quintet Properties Ltd.                           |  | IRELAND       
|R.B. Nominees Limited                             |  | UNITED KINGDOM
|Ras Alternative Investments Sgr S.p.A.            |  | ITALY         
|Ras Alternative Multi-Strategy                    |  | ITALY         
|RAS ANTARES                                       |  | ITALY         
|Ras Immobiliare S.r.l.                            |  | ITALY         
|Ras Private Bank (Suisse) S.A.                    |  | SWITZERLAND   
|RB Fiduciaria SpA                                 |  | ITALY         
|RB Vita S.p.A.                                    |  | ITALY         
|RC Verwaltungs- und Beteiligungsgesellschaft mbH  |  | GERMANY       
|RCM (UK) Ltd.                                     |  | UNITED KINGDOM
|RCM Asia Pacific Ltd.                             |  | HONG KONG     
|RCM Capital Management (Australia) Pty Ltd.       |  | AUSTRALIA     
|RCM Capital Management LLC                        |  | UNITED STATES 
|RCM Japan Co. Ltd.                                |  | JAPAN         
|RCM U.S. Holdings LLC                             |  | UNITED STATES 
|RE-AA                                             |  | COTE DIVOIRE 
|Real Faubourg Haussmann SAS                       |  | FRANCE        
|Real FR Haussmann SAS                             |  | FRANCE        
|Receivable Partners Inc.                          |  | UNITED STATES 
|rehacare GmbH                                     |  | GERMANY       
|Retail Vending Ltd.                               |  | UNITED KINGDOM
|Return 10                                         |  | FRANCE        
|Reuschel & Co. Beteiligungs- und Verwaltungs GmbH |  | GERMANY       
|Reuschel & Co. Finanz-Service-GmbH                |  | GERMANY       
|Reuschel & Co. Kommanditgesellschaft              |  | GERMANY       
|Reuschel & Co. Verwaltungs GmbH                   |  | GERMANY       
|RHEA                                              |  | LUXEMBOURG    



30



---

Exhibit 8.1 Fiscal year 2008



|                                              |  |                   
|--------------------------------------------- |  | ------------------
|Subsidiary                                    |  | Jurisdiction      
|Rhein-Main Metallverarbeitung GmbH            |  | GERMANY           
|Risikomanagement und Softwareentwicklung GmbH |  | AUSTRIA           
|Risk & Safety Services Limited                |  | IRELAND           
|risklab germany GmbH                          |  | GERMANY           
|Riskon Aktiengesellschaft geschlossenen Typs  |  | RUSSIAN FEDERATION
|Riverbank Trustees Limited                    |  | UNITED KINGDOM    
|Robert Benson Lonsdale & Co (Canada) Limited  |  | UNITED KINGDOM    
|Roland 1. Verwaltungsgesellschaft mbH         |  | GERMANY           
|Roland Holding GmbH                           |  | GERMANY           
|Roland Print B.V.                             |  | GERMANY           
|Rood Nominees Limited                         |  | UNITED KINGDOM    
|Rook Finance LLC                              |  | UNITED STATES     
|Rosno Centre                                  |  | RUSSIAN FEDERATION
|Rosno MS                                      |  | RUSSIAN FEDERATION
|Roster Financial LLC                          |  | UNITED STATES     
|Rusmed CJSC                                   |  | RUSSIAN FEDERATION
|Russian Peoples Insurance Society ROSNO    |  | RUSSIAN FEDERATION
|RVB Verwaltungs- und Beteiligungs GmbH        |  | GERMANY           
|S.C. ASIT REAL ESTATE S.R.L.                  |  | ROMANIA           
|S.I.B.I.                                      |  | FRANCE            
|S.N.C. Haussmann Viager 2                     |  | FRANCE            
|SA Immobilière de LAvenue du Roule           |  | FRANCE            
|Sa Paindavoine                                |  | FRANCE            
|Saint Melrose Limited                         |  | UNITED KINGDOM    
|Saint-Barth Assurances S.A.R.L.               |  | FRANCE            
|San Francisco Reinsurance Company             |  | UNITED STATES     
|SAS LAENNEC                                   |  | FRANCE            
|SAS Madeleine Opéra                           |  | FRANCE            
|SAT S.A.                                      |  | TURKEY            
|SC Tour Michelet                              |  | FRANCE            
|SCAPI                                         |  | FRANCE            
|SCEA Chateau Arnauld                          |  | FRANCE            
|Schmalbach-Lubeca Service Center N.V.         |  | BELGIUM           
|SCI Avip des Pivolles                         |  | FRANCE            
|SCI AVIP La Templerie                         |  | FRANCE            
|SCI AVIP Marly-Saint Cyr                      |  | FRANCE            
|SCI AVIP SCPI Selection                       |  | FRANCE            
|SCI Carmidaloc                                |  | FRANCE            
|SCI champ laurent                             |  | FRANCE            
|SCI CRAM                                      |  | FRANCE            
|SCI DE LA PAILLERE                            |  | FRANCE            
|SCI Fonciere du mas de Roman                  |  | FRANCE            
|SCI J.T.                                      |  | FRANCE            
|SCI La Balandrane                             |  | FRANCE            
|SCI La Rize                                   |  | FRANCE            
|SCI Paris X                                   |  | FRANCE            
|SCI PRELLOYD                                  |  | FRANCE            
|SCI RELAIS S.SAUVEUR                          |  | FRANCE            
|SCI Stratus                                   |  | FRANCE            



31



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Exhibit 8.1 Fiscal year 2008



|                                                |  |               
|----------------------------------------------- |  | --------------
|Subsidiary                                      |  | Jurisdiction  
|SCI Vilaje                                      |  | FRANCE        
|SEL Multi-Ger Japon                             |  | FRANCE        
|Selecta A/S                                     |  | DENMARK       
|Selecta AB                                      |  | SWEDEN        
|Selecta AG                                      |  | SWITZERLAND   
|Selecta AS                                      |  | NORWAY        
|Selecta Betriebsverpflegungs GmbH               |  | AUSTRIA       
|Selecta Deutschland GmbH                        |  | GERMANY       
|Selecta Eesti Osauhing                          |  | ESTONIA       
|Selecta Holding AB                              |  | SWEDEN        
|Selecta Holding GmbH                            |  | GERMANY       
|Selecta Holding Ltd.                            |  | UNITED KINGDOM
|Selecta Hungary Automataüzemeltetö KFT          |  | HUNGARY       
|Selecta Luxembourg SA                           |  | LUXEMBOURG    
|Selecta Management AG                           |  | SWITZERLAND   
|Selecta Nordic Holding AB                       |  | SWEDEN        
|Selecta Olland BV                               |  | NETHERLANDS   
|Selecta Purchasing AG                           |  | SWITZERLAND   
|Selecta Refreshments Ltd.                       |  | IRELAND       
|Selecta SA                                      |  | BELGIUM       
|Selecta SA                                      |  | FRANCE        
|Selecta TMP AG                                  |  | SWITZERLAND   
|Selecta UK Ltd.                                 |  | UNITED KINGDOM
|Selection Multi-Gerant Emerg                    |  | FRANCE        
|Semaphore                                       |  | FRANCE        
|SF Development FCPR L                           |  | FRANCE        
|SI 173-175 Boulevard Haussmann SAS              |  | FRANCE        
|SIA Baltic Payment Systems                      |  | LATVIA        
|SIA Selecta                                     |  | LATVIA        
|Siac Services Srl                               |  | ITALY         
|Side Finance Limited                            |  | UNITED KINGDOM
|Siebzehnte DRESIB Beteiligungs-Gesellschaft mbH |  | GERMANY       
|SIFCOM Assurances                               |  | COTE DIVOIRE 
|Sigma-1 CLO 2007                                |  | IRELAND       
|Silver Tower 125 Inc.                           |  | CAYMAN ISLANDS
|SITIA Beteiligungs- und Verwaltungs-GmbH        |  | GERMANY       
|Skylark Ltd                                     |  | CAYMAN ISLANDS
|SLC Allianz Life Ukraine                      |  | UKRAINE       
|SNAM S.A.L                                      |  | LEBANON       
|SNC AGF Cash                                    |  | FRANCE        
|SNC AGF Clearing                                |  | FRANCE        
|SNC Kléber Magdebourg                           |  | FRANCE        
|SNC LAENNEC RIVE GAUCHE                         |  | FRANCE        
|SNC Maxium                                      |  | FRANCE        
|SOCIEDAD MUNDIAL DE ASISTENCIA SA               |  | SPAIN         
|Società Agricola San Felice S.p.A.              |  | ITALY         
|SOCIETE BELGE DASSISTANCE INTERNATIONALE S.A.  |  | BELGIUM       
|SOCIETE BELGE DE SERVICES TELEPHONIQUES         |  | BELGIUM       



32



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Exhibit 8.1 Fiscal year 2008



|                                                                                       |  |                   
|-------------------------------------------------------------------------------------- |  | ------------------
|Subsidiary                                                                             |  | Jurisdiction      
|Société Civile Construction Vente 33 Lafayette                                         |  | FRANCE            
|SOCIETE EUROPEENNE DE PROTECT. ET DE SERVICES DASSIST. A DOMICILE S.E.P.S.A.D. S.A. |  | FRANCE            
|Société Foncière Européenne                                                            |  | FRANCE            
|Société Foncière Européenne                                                            |  | NETHERLANDS       
|Société Nationale Foncière S.A.L.                                                      |  | LEBANON           
|Sofiholding S.A.                                                                       |  | BELGIUM           
|Sonimm                                                                                 |  | FRANCE            
|Southwark Bridge Investments Ltd.                                                      |  | UNITED KINGDOM    
|Space Park Erste Verwaltungs GmbH                                                      |  | GERMANY           
|Space Park GmbH & Co. KG                                                               |  | GERMANY           
|SPACECO                                                                                |  | FRANCE            
|SPEHM SAS                                                                              |  | FRANCE            
|ST Drive Inc.                                                                          |  | CAYMAN ISLANDS    
|Standard General Agency Inc.                                                           |  | UNITED STATES     
|Stanislas H. Haine N.V.                                                                |  | BELGIUM           
|StocksPLUS Management Inc.                                                             |  | UNITED STATES     
|Subarban Finance Company                                                               |  | BERMUDA           
|Subarban Finance Company II                                                            |  | BERMUDA           
|Süddeutsche Industrie-Beteiligungs-GmbH                                                |  | GERMANY           
|Supercheck GmbH                                                                        |  | GERMANY           
|Swiss India Investment Management (Mauritius) Limited                                  |  | SWITZERLAND       
|Swiss India Opportunities Fund Ltd.                                                    |  | SWITZERLAND       
|Symphony No.1 Llc                                                                      |  | CAYMAN ISLANDS    
|Symphony No.2 Llc                                                                      |  | UNITED STATES     
|Symphony No.3 Llc                                                                      |  | UNITED STATES     
|Symphony No.4 Llc                                                                      |  | UNITED STATES     
|Synergie Select EV                                                                     |  | FRANCE            
|Tagil-MedService LLC                                                                   |  | RUSSIAN FEDERATION
|Takecare Management Ltd.                                                               |  | UNITED KINGDOM    
|TELESERVICES ET SECURITE TEL2S                                                       |  | FRANCE            
|TFI ALLIANZ POLSKA S.A.                                                                |  | POLAND            
|Thames SPC                                                                             |  | UNITED KINGDOM    
|The Ajax Insurance Association Ltd.                                                    |  | UNITED KINGDOM    
|The American Insurance Company                                                         |  | UNITED STATES     
|The Annuity Store Financial & Insurance Services LLC                                   |  | UNITED STATES     
|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 Trust                                                                    |  | UNITED KINGDOM    
|Thermo Centre Technische Handelsondemeing BV                                           |  | NETHERLANDS       
|Three Pillars Business Solutions Limited                                               |  | UNITED KINGDOM    
|Thurlaston Finance Limited                                                             |  | UNITED KINGDOM    
|Tihama Investments B.V.                                                                |  | UNITED STATES     
|Top Assistance Service GmbH                                                            |  | AUSTRIA           
|Top Versicherungsservice GmbH                                                          |  | AUSTRIA           



33



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Exhibit 8.1 Fiscal year 2008



|                                                             |  |                     
|------------------------------------------------------------ |  | --------------------
|Subsidiary                                                   |  | Jurisdiction        
|Top Versicherungs-Vermittler Service GmbH                    |  | AUSTRIA             
|Top Vorsorge-Management GmbH                                 |  | AUSTRIA             
|Towarzystwo Ubezpieczen Euler Hermes S.A.                    |  | POLAND              
|Trade Debtor Insurance Services Limited                      |  | 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.                                             |  | UNITED STATES       
|TU Allianz Polska S.A.                                       |  | POLAND              
|TU Allianz Zycie Polska S.A.                                 |  | POLAND              
|UAB Selecta                                                  |  | LITHUANIA           
|Universal Leven N.V.                                         |  | NETHERLANDS         
|Unterstützungseinrichtung des Bankhauses Reuschel & Co. GmbH |  | GERMANY             
|Valorem LLC                                                  |  | UNITED STATES       
|Veer Palthe Voûte (Antilles) N.V.                            |  | NETHERLANDS ANTILLES
|Vendcare (Holdings) Limited                                  |  | UNITED KINGDOM      
|Vendcare Services Ltd.                                       |  | UNITED KINGDOM      
|Vendome Lease S.A.                                           |  | FRANCE              
|Vereinte Spezial Krankenversicherung Aktiengesellschaft      |  | GERMANY             
|Vereinte Spezial Versicherung AG                             |  | GERMANY             
|Vernon                                                       |  | FRANCE              
|VertBois S.à.r.l.                                            |  | LUXEMBOURG          
|Via Pierre 1                                                 |  | FRANCE              
|Victoria Capital Holdings S.A.                               |  | LUXEMBOURG          
|Victoria Capital S.A.                                        |  | LUXEMBOURG          
|Villa La Pagliaia S.r.l.                                     |  | ITALY               
|Vintage Insurance Company                                    |  | UNITED STATES       
|Viveole SAS                                                  |  | FRANCE              
|Votra S.A.                                                   |  | SWITZERLAND         
|W Finance                                                    |  | FRANCE              
|W Finance Amerique                                           |  | FRANCE              
|W Finance Arbitrage !                                        |  | FRANCE              
|W Finance Assurances                                         |  | FRANCE              
|W Finance Croissance                                         |  | FRANCE              
|W Finance Europe                                             |  | FRANCE              
|W Finance Opportunite !                                      |  | FRANCE              
|Wall Street Technology Managers LP                           |  | UNITED STATES       
|Wasserstein Perella & Co.Limited                             |  | UNITED KINGDOM      
|Wasserstein Perella (France) SA                              |  | FRANCE              
|Watling Leasing March (1) Unlimited                          |  | UNITED KINGDOM      
|WATTINVEST C                                                 |  | FRANCE              
|WebTek Software Private Limited                              |  | INDIA               
|Werner Lies GmbH & Co. KG                                    |  | GERMANY             
|Werner Lies Verwaltungsgesellschaft mbH                      |  | GERMANY             
|West Nominees Limited                                        |  | UNITED KINGDOM      
|Westbourne Properties Limited                                |  | UNITED KINGDOM      



34



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Exhibit 8.1 Fiscal year 2008



|                                              |  |               
|--------------------------------------------- |  | --------------
|Subsidiary                                    |  | Jurisdiction  
|WF Administration                             |  | FRANCE        
|Wilhelm Reuschel GmbH                         |  | GERMANY       
|Willemsbruggen                                |  | NETHERLANDS   
|Windpark Berge-Kleeste GmbH & Co.KG           |  | GERMANY       
|Windpark Büttel GmbH & Co. KG.                |  | GERMANY       
|Windpark Emmendorf GmbH & Co.KG               |  | GERMANY       
|Windpark Freyenstein GmbH & Co. KG            |  | GERMANY       
|Windpark Halenbeck GmbH & Co. KG              |  | GERMANY       
|Windpark Kittlitz KG GmbH & Co. KG            |  | GERMANY       
|Windpark Pröttlin GmbH & Co. KG               |  | GERMANY       
|Windpark Schönwalde GmbH & Co. KG             |  | GERMANY       
|Windpark Waltersdorf GmbH Co. KG Renditefonds |  | GERMANY       
|Wisley Inc.                                   |  | CAYMAN ISLANDS
|Wm. H McGee & Co. (Bermuda) Ltd.              |  | UNITED STATES 
|Wm. H McGee & Co. Inc.                        |  | UNITED STATES 
|Wm. H McGee & Co. of Puerto Rico Inc.         |  | PUERTO RICO   
|World Access Canada Inc.                      |  | CANADA        
|World Access Europe Ltd.                      |  | UNITED KINGDOM
|World Access Inc.                             |  | UNITED STATES 
|World Access Insurance Broker Ltd.            |  | CANADA        
|World Access Service Corp.                    |  | UNITED STATES 
|YAO Investment S.a.r.l.                       |  | LUXEMBOURG    
|Yarra Finance Limited                         |  | UNITED KINGDOM
|Yorktown Financial Companies Inc.             |  | UNITED STATES 
|Zehnte SIB Beteiligungs-Aktiengesellschaft    |  | GERMANY       
|Zenon Beteiligungs-GmbH                       |  | GERMANY       
|Zwölfte SIB Beteiligungs-Aktiengesellschaft   |  | GERMANY       



35