EXHIBIT 21
Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
A&A UNDERWRITING SERVICES INC. (DELAWARE)                                                    100.00     100.00

  ALEXANDER HOWDEN NORTH AMERICA, INC. [GA] (GEORGIA)                                        100.00     100.00

    ALEXANDER HOWDEN NORTH AMERICA, INC. [MA] (MASSACHUSETTS)                                100.00     100.00

    ALEXANDER HOWDEN NORTH AMERICA, INC. [NY] (NEW YORK)                                     100.00     100.00

    ALEXANDER HOWDEN NORTH AMERICA, INC. [OH] (OHIO)                                         100.00     100.00

    ALEXANDER HOWDEN NORTH AMERICA, INC. [TX] (TEXAS)                                        100.00     100.00

      ALEXANDER HOWDEN INSURANCE SERVICES OF TEXAS, INC. (TEXAS)                             100.00     100.00

    IRBJ DISPOSITION COMPANY (ILLINOIS)                                                      100.00     100.00

  AMERICAN SPECIAL RISK INSURANCE COMPANY (DELAWARE)                                         100.00     100.00

  ATLANTA INTERNATIONAL INSURANCE COMPANY (NEW YORK)                                         100.00     100.00

ALEXANDER & ALEXANDER (ASIA) HOLDINGS PTE. LTD.* (SINGAPORE)                                  97.23      97.23
Comments: 100.00% Total Ownership

  ALEXANDER & ALEXANDER (MALAYSIA) SDN BHD. (MALAYSIA)                                        49.00      47.64
  Comments: 49.00% Total Ownership

  ALEXANDER & ALEXANDER (TAIWAN) LTD. (TAIWAN)                                                50.00      48.62
  Comments: 50.00% Total Ownership

  ALEXANDER & ALEXANDER INSURANCE AGENCY LTD. (TAIWAN)                                        50.00      48.62
  Comments: 50.00% Total Ownership

  ALEXANDER & ALEXANDER PTE. LTD. (SINGAPORE)                                                100.00      97.23
  Comments: 100.00% Total Ownership
</TABLE>



<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

  ALEXANDER & ALEXANDER RISK MANAGEMENT SERVICES, INC. (TAIWAN)                               50.00      48.62
  Comments: 50.00% Total Ownership

  ALEXANDER HOWDEN GROUP (ASIA) PTE. LTD. (SINGAPORE)                                        100.00      97.23
  Comments: 100.00% Total Ownership

ALEXANDER & ALEXANDER (HONG KONG) HOLDINGS LTD. (HONG KONG)                                  100.00     100.00

  ALEXANDER LIPPO (HONG KONG) LTD. (HONG KONG)                                                50.00      50.00

ALEXANDER & ALEXANDER AUSTRALIA HOLDINGS LTD. (AUSTRALIA)                                    100.00     100.00

  ALEXANDER & ALEXANDER LIMITED (AUSTRALIA)                                                  100.00     100.00

  ALEXANDER STENHOUSE ACCUMULATION FUND NOMINEES LTD. (AUSTRALIA)                            100.00     100.00

  ALEXANDER STENHOUSE FINANCIAL SERVICES LTD. (AUSTRALIA)                                    100.00     100.00

  ALEXANDER STENHOUSE NOMINEES LTD. (AUSTRALIA)                                              100.00     100.00

  ANISTICS PTY. LTD. (AUSTRALIA)                                                             100.00     100.00

  BURNIE ENTERPRISES PTY. LTD. (PAPA NEW GUINEA)                                             100.00     100.00

    ALEXANDER & ALEXANDER (PNG) PTY. LTD. (PAPA NEW GUINEA)                                   63.00      63.00

  JOHN C. LLOYD REINSURANCE BROKERS LTD. (AUSTRALIA)                                          87.50      87.50

  REED STENHOUSE ASIA PACIFIC LTD. (SCOTLAND)                                                100.00     100.00

  SOUTHERN CROSS UNDERWRITING PTY. LIMITED (AUSTRALIA)                                        56.00      56.00

  THE ALEXANDER CONSULTING GROUP LTD. (AUSTRALIA)                                            100.00     100.00

ALEXANDER & ALEXANDER HOLDINGS (NZ) LTD. (NEW ZEALAND)                                       100.00     100.00
</TABLE>


<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
  ALEXANDER & ALEXANDER LTD. (NEW ZEALAND)                                                   100.00     100.00

    ADAM & ADAM LIMITED (NEW ZEALAND)                                                        100.00     100.00

    ALEXANDER & ALEXANDER LTD. (FIJI)                                                        100.00     100.00

    ALEXANDER HOWDEN REINSURANCE BROKERS (NZ) LTD. (NEW ZEALAND)                             100.00     100.00

    INTERNATIONAL INSURANCE BROKERS LTD. (NEW ZEALAND)                                       100.00     100.00

  THE ALEXANDER CONSULTING GROUP LTD. (NEW ZEALAND)                                          100.00     100.00

ALEXANDER & ALEXANDER INTERNATIONAL INC. (MARYLAND)                                          100.00     100.00

  ALEXANDER & ALEXANDER (THAILAND) LTD. (THAILAND)                                            25.00      25.00

  ALEXANDER & ALEXANDER EUROPE B.V. (THE NETHERLANDS)                                        100.00     100.00

    ALEXANDER & ALEXANDER BELGIUM N.V. (BELGIUM)                                             100.00     100.00

      ALEXANDER STENHOUSE BELGIUM INTERNATIONAL* (BELGIUM)                                    25.50      25.50
      Comments: 100.00% Total Ownership

    ALEXANDER & ALEXANDER EUROPE GMBH* (AUSTRIA)                                              51.00      51.00
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER HOLDINGS B.V. (THE NETHERLANDS)                                    100.00     100.00

      ALEXANDER & ALEXANDER B.V. (THE NETHERLANDS)                                           100.00     100.00

      BEKOUW MENDES REINSURANCE B.V. (THE NETHERLANDS)                                       100.00     100.00

      BEKOUW MENDES RISK MANAGEMENT B.V. (THE NETHERLANDS)                                   100.00     100.00

        ALEXANDER INSURANCE MANAGERS N.V. (NETHERLANDS ANTILLES)                             100.00     100.00

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
      BRONS OROBIO GROEP B.V. (THE NETHERLANDS)                                              100.00     100.00

        BEKOUW MENDES C.V. (THE NETHERLANDS)                                                  25.61      25.61

          FIRMA A. J. DRIESSEN C.V.                                                           25.00       6.40

        BRONS VAN LENNEP B.V.* (THE NETHERLANDS)                                             100.00     100.00

        OROBIO MEES HERMAN B.V.* (THE NETHERLANDS)                                           100.00     100.00

      BRONS VAN LENNEP B.V.* (THE NETHERLANDS)                                               100.00     100.00

      BRONS VAN LENNEP DEN HAAG B.V. (THE NETHERLANDS)                                       100.00     100.00

      N. V. VERZEKERING MAATSCHAPPIJ VAN 1890 (THE NETHERLANDS)                              100.00     100.00

      OROBIO MEES HERMAN B.V.* (THE NETHERLANDS)                                             100.00     100.00

    ALEXANDER & ALEXANDER INSURANCE BROKERS - HUNGARY (HUNGARY)                              100.00     100.00

    ALEXANDER & ALEXANDER INSURANCE BROKERS LTD. CZECH. REPUBLIC (CZECH REPUBLIC)            100.00     100.00

    ALEXANDER & ALEXANDER INSURANCE BROKERS LTD. POLAND (POLAND)                             100.00     100.00

    ALEXANDER & ALEXANDER ITALIA S.P.A.* (ITALY)                                              25.00      25.00
    Comments:  75.00% Total Ownership

    ALEXANDER & ALEXANDER SCANDINAVIA AB (SWEDEN)                                            100.00     100.00

    ALEXANDER & ALEXANDER SPAIN CORREDURIA DE SEGUROS, S.A. (SPAIN)                          100.00     100.00

      ALEXANDER & ALEXANDER GALICIA, S.A. (SPAIN)                                             51.00      51.00

      ALEXANDER STENHOUSE RISK MANAGEMENT S.A. (SPAIN)                                       100.00     100.00


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    ALEXANDER COYLE HAMILTON LTD. (IRELAND)                                                   75.00      75.00

    ALEXANDER INSURANCE MANAGERS LTD. S.A.R.L. (LUXEMBOURG)                                   99.80      99.80

    ALEXANDER STENHOUSE BELGIUM INTERNATIONAL* (BELGIUM)                                      74.50      74.50
    Comments:  100.00% Total Ownership

    FIDES ALEXANDER (A.G.) SWITZERLAND (SWITZERLAND)                                          45.00      45.00

    FUTURO 3000 S.R.L.* (ITALY)                                                               95.00      95.00
    Comments:  100.00% Total Ownership

    REED STENHOUSE NETHERLANDS B.V. (THE NETHERLANDS)                                        100.00     100.00

      ALEXANDER & ALEXANDER ITALIA S.P.A.* (ITALY)                                            50.00      50.00
      Comments:  75.00% Total Ownership

  ALEXANDER & ALEXANDER LTD. (THAILAND) (THAILAND)                                            25.00      25.00

  ALEXANDER & ALEXANDER LTDA. CORRETORES DE SEGUROS (BRAZIL)                                  99.63      99.63

    ALEXANDER MACFARLANE CORRETORA DE SEGUROS LTDA. (BRAZIL)                                  50.00      49.82

    AM-MARINE AND LIFE CORRETORA DE SEGUROS LTDA. (BRAZIL)                                    50.00      49.82

  ALEXANDER & ALEXANDER OF COLOMBIA LTDA.* (COLOMBIA)                                         23.60      23.60
  Comments:  50.00% Total Ownership

  ALEXANDER & DAVIDSON DE COLOMBIA LTDA. (COLOMBIA)                                           49.00      49.00

  ALEXANDER INSURANCE MANAGERS (SINGAPORE) PTE. LTD. (SINGAPORE)                             100.00     100.00

  ALEXANDER, AYLING, BARRIOS & CIA, S.A. (ARGENTINA)                                          98.00      98.00

  INDUSTRIE ASSEKURANZ GMBH (GERMANY)                                                         20.00      20.00

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
  JASPERS INDUSTRIE ASSEKURANZ GMBH & CO. KG (GERMANY)                                        20.00      20.00

    ALEXANDER & ALEXANDER EUROPE GMBH* (AUSTRIA)                                              49.00       9.80
    Comments:  100.00% Total Ownership

    PBG PENSIONS BERATUNGS-GESELLSCHAFT MBH (PARTNERSHIP)* (GERMANY)                          10.00       2.00

  PBG PENSIONS BERATUNGS-GESELLSCHAFT MBH (PARTNERSHIP)* (GERMANY)                            70.00      70.00
  Comments:  72.00% Total Ownership

  SERVICIOS A.B.S., S.A. (MEXICO)                                                             75.00      75.00

ALEXANDER & ALEXANDER SERVICES UK PLC (SCOTLAND)                                             100.00     100.00

  ALEXANDER & ALEXANDER CORRETORES E CONSULTORES DE SEGUROS LDA. (PORTUGAL)                   73.00      73.00

  ALEXANDER & ALEXANDER FINANCE LIMITED (ENGLAND)                                            100.00     100.00

  ALEXANDER HOWDEN HOLDINGS LIMITED (ENGLAND)                                                100.00     100.00

    A. H. E. ALEXANDER HOWDEN DE ESPANA S.A. (SPAIN)                                          99.00      99.00

    ALEXANDER HOWDEN FINANCIAL SERVICES LIMITED (ENGLAND)                                    100.00     100.00

    ALEXANDER HOWDEN GROUP (BERMUDA) LTD. (BERMUDA)                                          100.00     100.00

      A. H. G. FAR EAST LTD. (HONG KONG)                                                     100.00     100.00

        ASIAN REINSURANCE UNDERWRITERS LTD. (HONG KONG)                                      100.00     100.00

        HOWDEN STERLING ASIA LIMITED (HONG KONG)                                             100.00     100.00

        SPHERE DRAKE FAR EAST LIMITED (HONG KONG)                                            100.00     100.00

        STERLING OFFICES FAR EAST LIMITED (HONG KONG)                                        100.00     100.00

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
      ALEXANDER UNDERWRITING AGENCIES LIMITED* (BERMUDA)                                      50.00      50.00
      Comments:  100.00% Total Ownership

      HOWDEN COVER HISPANOAMERICANA (BERMUDA) LTD. (BERMUDA)                                 100.00     100.00

        ALEXANDER HOWDEN DE ESPANA (SPAIN)                                                    50.00      50.00

        HOWDEN CHILE CONSULTORES LTDA. (CHILE)                                                51.00      51.00

      TRENT INSURANCE COMPANY LTD. (BERMUDA)                                                 100.00     100.00

    ALEXANDER HOWDEN GROUP AGENCY MANAGEMENT LTD. (ENGLAND)                                  100.00     100.00

    ALEXANDER HOWDEN GROUP LIMITED (ENGLAND)                                                 100.00     100.00

      ALEXANDER HOWDEN (HELLAS) LTD. (GUERNSEY)                                              100.00     100.00

      ALEXANDER HOWDEN (KAZAKHSTAN) LTD. (KAZAKHSTAN)                                         99.90      99.90

      ALEXANDER HOWDEN ASIA PACIFIC LTD. (ENGLAND)                                           100.00     100.00

      ALEXANDER HOWDEN BRASIL LTDA. (BRAZIL)                                                  33.00      33.00

      ALEXANDER HOWDEN GROUP MANAGEMENT SERVICES LTD. (ENGLAND)                              100.00     100.00

      ALEXANDER HOWDEN LIMITED (ENGLAND)                                                     100.00     100.00

      ALEXANDER HOWDEN OSSA DE COLOMBIA SA (COLOMBIA)                                         51.00      51.00

      ALEXANDER HOWDEN PREVISIONALES Y PERSONAS LTDA. (COLOMBIA)                              51.00      51.00

      ALEXANDER HOWDEN UK LIMITED (ENGLAND)                                                  100.00     100.00

        KEITH RAYMENT & ASSOCIATES LTD. (ENGLAND)                                             51.00      51.00


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
      ALEXANDER HOWDEN Y ASSOCIADOS S.A. DE C.V.* (MEXICO)                                    71.00      71.00

      ALEXANDER UNDERWRITING SERVICES LIMITED (ENGLAND)                                      100.00     100.00

      ALEXANDER Y ALEXANDER CHILE LTDA. (CHILE)                                               51.00      51.00

      ENERGY INSURANCE BROKERS & RISK MANAGEMENT CONSULTANTS LTD. (ENGLAND)                  100.00     100.00

      HOWDEN CHILE REASEGUROS LTDA. (CHILE)                                                   51.00      51.00

      HOWDEN DASTUR REINSURANCE BROKERS (PRIVATE) LTD. (INDIA)                                40.00      40.00

      INDEPENDENT ENGINEERING SERVICES LTD. (ENGLAND)                                        100.00     100.00

      KEYACTION LTD. (ENGLAND)                                                               100.00     100.00

      MANSFELD, HUBENER & PARTNERS GMBH (GERMANY)                                             34.00      34.00

      NORWEGIAN INSURANCE PARTNERS A/S (NORWAY)                                               40.00      40.00

      RYDATA LIMITED (ENGLAND)                                                               100.00     100.00

      UZBEKSUGURTA HOWDEN LIHOU (REPUBLIC OF UZBEKISTAN)                                      39.00      39.00

    ALEXANDER HOWDEN INTERNATIONAL LIMITED (ENGLAND)                                         100.00     100.00

      A.H.O.H (BERMUDA) LIMITED (BERMUDA)                                                    100.00     100.00

        IRM FRANCE S.A.* (FRANCE)                                                             45.60      45.60
        Comments:  100.00% Total Ownership

        SPICAFAB LIMITED (ENGLAND)                                                           100.00     100.00

          ALEXANDER HOWDEN GROUP (AUSTRALIA) LIMITED (AUSTRALIA)                             100.00     100.00


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
            ALEXANDER HOWDEN REINSURANCE BROKERS (AUSTRALIA) LTD. (AUSTRALIA)                100.00     100.00

          ALEXANDER HOWDEN GROUP CANADA LIMITED* (CANADA)                                     30.00      30.00
          Comments:  100.00% Total Ownership

            ALEXANDER HOWDEN CANADA LIMITED (CANADA)                                         100.00      30.00
            Comments:  100.00% Total Ownership

    DORMANTE HOLDINGS LIMITED (ENGLAND)                                                      100.00     100.00

      SOLAR UNDERWRITING AGENCIES LTD. (ENGLAND)                                             100.00     100.00

    HOWDEN MANAGEMENT & DATA SERVICES LTD. (ENGLAND)                                         100.00     100.00

      ALEXANDER HOWDEN LEASING LTD. (ENGLAND)                                                100.00     100.00

  ALEXANDER HOWDEN UNDERWRITING LIMITED (ENGLAND)                                            100.00     100.00

  ALEXANDER STENHOUSE & PARTNERS LIMITED (SCOTLAND)                                          100.00     100.00

    ALEXANDER & ALEXANDER EUROPE LTD. (ENGLAND)                                              100.00     100.00

      ALEXANDER & ALEXANDER FRANCE S.A. (FRANCE)                                             100.00     100.00

        SOCIETE GENERALE DE COURTAGE D'ASSURANCES* (FRANCE)                                   39.54      39.54
        Comments:  53.28% Total Ownership

          ALEXANDER & ALEXANDER CONSULTANTS S.A. (FRANCE)                                     99.56      39.37
          Comments:  52.14% Total Ownership

          ASSISTANCE AU MANAGEMENT ET A LA PREVENTION DES RISQUES DE L'ENTREPRISE (FRANCE)    89.64      35.44
          Comments:  46.95% Total Ownership

          FRANCE COTE D'AFRIQUE (FRANCE)                                                      98.56      38.97
          Comments:  52.51% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
          GROUPEMENT EUROPEEN D'ASSURANCES GENERALES (FRANCE)                                 99.56      39.37
          Comments:  53.05% Total Ownership

          SASE FRANCE SOCIETE DES ASSURES DU SUD SET (FRANCE)                                 99.08      39.18
          Comments:  52.79% Total Ownership

      RALPH S. HARRIS (INSURANCE) PTY. LTD. (ZIMBABWE)                                       100.00     100.00

      REED STENHOUSE EUROPE HOLDINGS B.V. (THE NETHERLANDS)                                  100.00     100.00

      REED STENHOUSE GMBH                                                                    100.00     100.00

      SOCIETE GENERALE DE COURTAGE D'ASSURANCES* (FRANCE)                                     13.74      13.74
      Comments:  53.28% Total Ownership

        ALEXANDER & ALEXANDER CONSULTANTS S.A. (FRANCE)                                       99.56      13.68
        Comments:  52.14% Total Ownership

        ASSISTANCE AU MANAGEMENT ET A LA PREVENTION DES RISQUES DE L'ENTREPRISE (FRANCE)      89.64      12.32
        Comments:  46.95% Total Ownership

        FRANCE COTE D'AFRIQUE (FRANCE)                                                        98.56      13.54
        Comments:  52.51% Total Ownership

        GROUPEMENT EUROPEEN D'ASSURANCES GENERALES (FRANCE)                                   99.56      13.68
        Comments:  53.05% Total Ownership

        SASE FRANCE SOCIETE DES ASSURES DU SUD SET (FRANCE)                                   99.08      13.61
        Comments:  52.79% Total Ownership

      STENHOUSE REED SHAW AFRICA (PTY) LTD. (SOUTH AFRICA)                                   100.00     100.00

    ALEXANDER & ALEXANDER LIMITED (ENGLAND)                                                  100.00     100.00

      ALEXANDER & ALEXANDER (C.I.) LIMITED (GUERNSEY)                                        100.00     100.00

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
        ALEXANDER INSURANCE MANAGERS (HOLDINGS) LTD.* (GUERNSEY)                              10.00      10.00
        Comments:  100.00% Total Ownership

          ALEXANDER INSURANCE MANAGERS (GUERNSEY) LTD. (GUERNSEY)                            100.00      10.00
          Comments:  100.00% Total Ownership

            BAILIWICK CONSULTANCY & MANAGEMENT CO. LTD. (GUERNSEY)                           100.00      10.00
            Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER (ISLE OF MAN) LIMITED (ENGLAND)                                  100.00     100.00

      ALEXANDER & ALEXANDER (UK) LTD. (ENGLAND)                                              100.00     100.00

        ALEXANDER & ALEXANDER (IRELAND) LIMITED (IRELAND)                                     99.99      99.99

        ALEXANDER STENHOUSE MAGEE LIMITED (IRELAND)                                           99.00      99.00

      ALEXANDER & ALEXANDER UK LTD. (ENGLAND)                                                100.00     100.00

      ALEXANDER STENHOUSE LIMITED (ENGLAND)                                                  100.00     100.00

      ALEXANDER STENHOUSE MANAGEMENT SERVICES LTD. (SCOTLAND)                                100.00     100.00

      ALEXANDER STENHOUSE UK LTD. (ENGLAND)                                                  100.00     100.00

      ANISTICS LTD. (ENGLAND)                                                                100.00     100.00

    ALEXANDER & ALEXANDER U.K. PENSION TRUSTEES LTD. (ENGLAND)                               100.00     100.00

    ALEXANDER CLAY AND PARTNERS CONSULTING* (UNITED KINGDOM)                                  41.52      41.52
    Comments:  100.00% Total Ownership

      THE ALEXANDER CONSULTING GROUP LTD. (SCOTLAND)                                         100.00      41.52
      Comments:  100.00% Total Ownership


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
        ALEXANDER FINANCIAL SERVICES LTD. (SCOTLAND)                                         100.00      41.52
        Comments:  100.00% Total Ownership

    ALEXANDER HOWDEN Y ASSOCIADOS S.A. DE C.V.* (MEXICO)                                       5.70       5.70
    Comments:  76.50% Total Ownership

    HALFORD, SHEAD & CO. LIMITED (ENGLAND)                                                   100.00     100.00

      IRM FRANCE S.A.* (FRANCE)                                                               54.45      54.45
      Comments:  100.00% Total Ownership

      REED STENHOUSE UNDERWRITING MANAGEMENT LTD. (SCOTLAND)                                 100.00     100.00

    SCOTTISH & COMMONWEALTH INSURANCE CO. LTD. (BERMUDA)                                     100.00     100.00

    STENHOUSE MARKETING SERVICES (LONDON) LTD. (ENGLAND)                                     100.00     100.00

      STENHOUSE MARKETING SERVICES INC. (DELAWARE)                                           100.00     100.00

  COUPAREY NOMINEES LTD. (ENGLAND)                                                           100.00     100.00

ALEXANDER & ALEXANDER U.S. INC.* (MARYLAND)                                                    87.76      87.76
Comments:  100.00% Total Ownership

  ALEXANDER & ALEXANDER INC. (MARYLAND)                                                      100.00      87.76
  Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER MIDDLE EAST LTD. (BERMUDA)                                         100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF ARIZONA INC. (ARIZONA)                                          100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF CONNECTICUT INC. (CONNECTICUT)                                  100.00      87.76
    Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    ALEXANDER & ALEXANDER OF KENTUCKY, INC. (KENTUCKY)                                       100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF MISSISSIPPI INC. (MISSISSIPPI)                                  100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF NEW YORK INC. (NEW YORK)                                        100.00      87.76
    Comments:  100.00% Total Ownership

      A&A REAL ESTATE SERVICES INC. (NEW YORK)                                               100.00      87.76
      Comments:  100.00% Total Ownership

      AARE CORPORATION (NEW YORK)                                                            100.00      87.76
      Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF THE CAROLINAS INC. (NORTH CAROLINA)                             100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF VIRGINIA, INC. (VIRGINIA)                                       100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER OF WYOMING, INC. (WYOMING)                                         100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER SECURITIES CORPORATION (DELAWARE)                                  100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER, INC. [FL] (FLORIDA)                                               100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER, INC. [LA] (LOUISIANA)                                             100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER, INC. [MA] (MASSACHUSETTS)                                         100.00      87.76
    Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    ALEXANDER & ALEXANDER, INC. [OK] (OKLAHOMA)                                              100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER, INC. [TN] (TENNESSEE)                                             100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER, INC. [WVA] (WEST VIRGINIA)                                        100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER & ASSOCIATES INC. (TEXAS)                                                      100.00      87.76
    Comments:  100.00% Total Ownership

      ALEXANDER RISK MANAGEMENT AND CONSULTING SERVICES, INC. (TEXAS)                        100.00      87.76
      Comments:  100.00% Total Ownership

      ECCO INSURANCE SERVICES, INC. (TEXAS)                                                  100.00      87.76
      Comments:  100.00% Total Ownership

      ECCO SERVICES, INC. (TEXAS)                                                            100.00      87.76
      Comments:  100.00% Total Ownership

        ECCO INSURANCE SERVICES INC. (CALIFORNIA)                                            100.00      87.76
         Comments:  100.00% Total Ownership

      GILLILAND & MCREYNOLDS, INC. (TEXAS)                                                   100.00      87.76
      Comments:  100.00% Total Ownership

      INSURANCE ADMINISTRATORS INC. (TEXAS)                                                  100.00      87.76
      Comments:  100.00% Total Ownership

      MT. FRANKLIN GENERAL AGENCY                                                             98.00      86.00
      Comments:  98.0% Total Ownership

      SRA, INC. (TEXAS)                                                                      100.00      87.76
      Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    ALEXANDER HELLAS E.P.E. (GREECE)                                                         100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER HOWDEN GROUP LIMITED (BERMUDA)                                                 100.00      87.76
    Comments:  100.00% Total Ownership

      ALEXANDER INSURANCE MANAGERS LTD.* (BERMUDA)                                            15.25      13.38
      Comments:  100.00% Total Ownership

        ALEXANDER INSURANCE MANAGERS (BARBADOS) LTD. (BARBADOS)                              100.00      13.38
        Comments:  100.00% Total Ownership

        ALEXANDER INSURANCE MANAGERS (CAYMAN) LTD. (CAYMAN ISLANDS)                          100.00      13.38
        Comments:  100.00% Total Ownership

        ALEXANDER INSURANCE MANAGERS (DUBLIN) LTD. (IRELAND)                                 100.00      13.38
        Comments:  100.00% Total Ownership

        ALEXANDER INSURANCE MANAGERS (HOLDINGS) LTD.* (GUERNSEY)                              90.00      12.05
        Comments:  100.00% Total Ownership

          ALEXANDER INSURANCE MANAGERS (GUERNSEY) LTD. (GUERNSEY)                            100.00      12.05
          Comments:  100.00% Total Ownership

            BAILIWICK CONSULTANCY & MANAGEMENT CO. LTD. (GUERNSEY)                           100.00      12.05
            Comments:  100.00% Total Ownership

        ALEXANDER INSURANCE MANAGERS (ISLE OF MAN) LTD. (ISLE OF MAN)                        100.00      13.38
        Comments:  100.00% Total Ownership

    ALEXANDER HOWDEN REINSURANCE INTERMEDIARIES, INC. (NEW YORK)                             100.00      87.76
    Comments:  100.00% Total Ownership

    ALEXANDER REINSURANCE INTERMEDIARIES, INC. (NEW YORK)                                    100.00      87.76
    Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    ALEXANDER UNDERWRITING AGENCIES LIMITED* (BERMUDA)                                        50.00      43.88
    Comments:  100.00% Total Ownership

    BARROS & CARRION, INC. (PUERTO RICO)                                                     100.00      87.76
    Comments:  100.00% Total Ownership

      ASESORES Y CORREDORES DE SEGUROS, S.A. (REPUBLICA DOMINICANA)                          100.00      87.76
      Comments:  100.00% Total Ownership

    FUTURO 3000 S.R.L.* (ITALY)                                                                5.00       4.39
    Comments:  100.00% Total Ownership

    HEMISPHERE MARINE & GENERAL ASSURANCE LTD. (BERMUDA)                                     100.00      87.76
    Comments:  100.00% Total Ownership

    INSURANCE PLANNING, INC. (NEVADA)                                                         80.00      70.21
    Comments:  80.00% Total Ownership

    R. B. JONES CORPORATION (DELAWARE)                                                       100.00      87.76
    Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF KANSAS, INC. (KANSAS)                                         100.00      87.76
      Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF MISSOURI INC. (MISSOURI)                                      100.00      87.76
      Comments:  100.00% Total Ownership

    S. HAMMOND STORY AGENCY, INC. (GEORGIA)                                                  100.00      87.76
    Comments:  100.00% Total Ownership

    SECURITY OFFSHORE INSURANCE LTD. (BERMUDA)                                                 2.79       2.45
    Comments:  2.79% Total Ownership

    SHL PACIFIC REGIONAL HOLDINGS INC. (CALIFORNIA)                                          100.00      87.76
    Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

      ALEXANDER & ALEXANDER OF CALIFORNIA, INC. (CALIFORNIA)                                 100.00      87.76
      Comments:  100.00% Total Ownership

        AGR DISPOSITION COMPANY INC. (CALIFORNIA)                                            100.00      87.76
        Comments:  100.00% Total Ownership

          FIGURECHECK LTD. (UNITED KINGDOM)                                                  100.00      87.76
          Comments:  100.00% Total Ownership

          RUBEN ENTERTAINMENT INSURANCE SERVICES (UNITED KINGDOM)                             50.00      43.88
          Comments:  50.00% Total Ownership

        ALEXANDER & ALEXANDER OF JAPAN, INC. (NEVADA)                                        100.00      87.76
        Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF IDAHO, INC. (IDAHO)                                           100.00      87.76
      Comments:  100.00% Total Ownership

        CAMPBELL & CO., INC. (IDAHO)                                                         100.00      87.76
        Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF INDIANA, INC. (INDIANA)                                       100.00      87.76
      Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF MICHIGAN, INC. (MICHIGAN)                                     100.00      87.76
      Comments:  100.00% Total Ownership

      ALEXANDER & ALEXANDER OF OHIO, INC. (OHIO)                                             100.00      87.76
      Comments:  100.00% Total Ownership

        OHIO CAP INSURANCE COMPANY, INC.                                                       7.00       6.14
        Comments:  7.00% Total Ownership

      ALEXANDER & ALEXANDER OF WASHINGTON INC. (WASHINGTON)                                  100.00      87.76
      Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

      ALEXANDER OF HAWAII INC. (HAWAII)                                                      100.00      87.76
      Comments:  100.00% Total Ownership

  ALEXANDER & ALEXANDER MEXICO S.A. DE C.V. (MEXICO)                                         100.00      87.76
  Comments:  100.00% Total Ownership

    ASESORES KENNEDY AGENTE DE SEGUROS Y DE FIANZAS, S.A. DE C.V. (MEXICO)                    80.00      70.21
    Comments:  80.00% Total Ownership

      INMUEBLES NIAGARA S.A. DE C.V.* (MEXICO)                                                 8.83       6.20
      Comments:  88.83% Total Ownership

    CONSEJEROS ACTUARIALES Y ADMINISTRATIVOS, S.C. (MEXICO)                                   80.00      70.21
    Comments:  100.00% Total Ownership

    GRUPO KEN S.A. DE C.V. (MEXICO)                                                           80.00      70.21
    Comments:  80.00% Total Ownership

      ASESORES DE REASEGUROS INTERNACIONALES MEXICANOS S.A. DE C.V. (MEXICO)                  99.20      69.65
      Comments:  99.920% Total Ownership

    INMUEBLES NIAGARA S.A. DE C.V.* (MEXICO)                                                  80.00      70.21
    Comments:  88.83% Total Ownership

    PROMOTORA ZIRCON S.A. DE C.V. (MEXICO)                                                    80.00      70.21
    Comments:  80.00% Total Ownership

    SERVICIOS ADMINISTRATIVOS KENNEDY S.A. DE C.V. (MEXICO)                                   80.00      70.21
    Comments:  80.00% Total Ownership

    SERVICIOS IMMOBILARIOS GUADALAJARA, S.C. (MEXICO)                                         80.00      70.21
    Comments:  80.00% Total Ownership

    WILKEN ASESORES, S.C. {PARTNERSHIP} (MEXICO)                                              80.00      70.21
    Comments:  80.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

  ALEXANDER & ALEXANDER OF COLOMBIA LTDA.* (COLOMBIA)                                         27.40      24.05
  Comments:  50.00% Total Ownership

  ALEXANDER INSURANCE MANAGERS LTD.* (BERMUDA)                                                84.75      74.38
  Comments:  100.00% Total Ownership

    ALEXANDER INSURANCE MANAGERS (BARBADOS) LTD. (BARBADOS)                                  100.00      74.38
    Comments:  100.00% Total Ownership

    ALEXANDER INSURANCE MANAGERS (CAYMAN) LTD. (CAYMAN ISLANDS)                              100.00      74.38
    Comments:  100.00% Total Ownership

    ALEXANDER INSURANCE MANAGERS (DUBLIN) LTD. (IRELAND)                                     100.00      74.38
    Comments:  100.00% Total Ownership

    ALEXANDER INSURANCE MANAGERS (HOLDINGS) LTD.* (GUERNSEY)                                  90.00      66.94
    Comments:  100.00% Total Ownership

      ALEXANDER INSURANCE MANAGERS (GUERNSEY) LTD. (GUERNSEY)                                100.00      66.94
      Comments:  100.00% Total Ownership

        BAILIWICK CONSULTANCY & MANAGEMENT CO. LTD. (GUERNSEY)                               100.00      66.94
        Comments:  100.00% Total Ownership

    ALEXANDER INSURANCE MANAGERS (ISLE OF MAN) LTD. (ISLE OF MAN)                            100.00      74.38
    Comments:  100.00% Total Ownership

ALEXANDER CLAY AND PARTNERS CONSULTING* (UNITED KINGDOM)                                      47.37      47.37
Comments:  100.00% Total Ownership

  THE ALEXANDER CONSULTING GROUP LTD. (SCOTLAND)                                             100.00      47.37
  Comments:  100.00% Total Ownership

    ALEXANDER FINANCIAL SERVICES LTD. (SCOTLAND)                                             100.00      47.37
    Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
ALEXANDER CLAY COMMUNICATIONS LIMITED (ENGLAND)                                              100.00     100.00

ALEXANDER UNDERWRITING SERVICES INC. (MARYLAND)                                              100.00     100.00

CLAY & PARTNERS (1987) LIMITED (ENGLAND)                                                     100.00     100.00

CLAY & PARTNERS INDEPENDENT TRUST CORPORATION LTD. (ENGLAND)                                 100.00     100.00

CLAY & PARTNERS LTD. (ENGLAND)                                                               100.00     100.00

CLAY & PARTNERS PENSION TRUSTEES LIMITED (ENGLAND)                                           100.00     100.00

CLAYTIME LTD. (ENGLAND)                                                                      100.00     100.00

JUFCREST LIMITED (UNITED KINGDOM)                                                             50.00      50.00

MANZITTI HOWDEN BECK S.P.A. (ITALY)                                                           40.00      40.00

  L. & F. LONGOBARDI SRL (ITALY)                                                              24.27       9.71

PTS LIQUIDATION, CO. (PENNSYLVANIA)                                                          100.00     100.00

REED STENHOUSE COMPANIES LTD.* (CANADA)                                                      100.00     100.00

  164226 CANADA INC.* (CANADA)                                                                50.00      50.00
  Comments:  100.00% Total Ownership

    REED STENHOUSE COMPANIES LTD.* (CANADA)                                                    1.84       0.92
    Comments:  100.00% Total Ownership

  ALEXANDER & ALEXANDER CANADA INC. (CANADA)                                                 100.00     100.00

    164226 CANADA INC.* (CANADA)                                                              50.00      50.00
    Comments:  100.00% Total Ownership


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

      REED STENHOUSE COMPANIES LTD.* (CANADA)                                                  1.84       0.92
      Comments:  100.00% Total Ownership

  ALEXANDER HOWDEN GROUP CANADA LIMITED* (CANADA)                                             70.00      70.00
  Comments:  100.00% Total Ownership

    ALEXANDER HOWDEN CANADA LIMITED (CANADA)                                                 100.00      70.00
    Comments:  100.00% Total Ownership

  DUGGAN INSURANCES LTD. (IRELAND)                                                           100.00     100.00

  LA SOCIETE DE COURTAGE MELOCHE ALEXANDER INC. (CANADA)                                     100.00     100.00

  REED STENHOUSE LIMITED (CANADA)                                                            100.00     100.00

  RISK MANAGEMENT CONSULTANTS OF CANADA LTD. (CANADA)                                        100.00     100.00

  THE ALEXANDER CONSULTING GROUP LTD. (CANADA)                                               100.00     100.00

  Y&D PROPERTIES LTD. (CANADA)                                                                50.00      50.00

STENHOUSE (SOUTH EAST ASIA) PTE. LTD. (SINGAPORE)                                            100.00     100.00

  ALEXANDER & ALEXANDER (ASIA) HOLDINGS PTE. LTD.* (SINGAPORE)                                 2.77       2.77
  Comments:  100.00% Total Ownership

    ALEXANDER & ALEXANDER (MALAYSIA) SDN BHD. (MALAYSIA)                                      49.00       1.36
    Comments: 49.00% Total Ownership

    ALEXANDER & ALEXANDER (TAIWAN) LTD. (TAIWAN)                                              50.00       1.39
    Comments: 50.00% Total Ownership

    ALEXANDER & ALEXANDER INSURANCE AGENCY LTD. (TAIWAN)                                      50.00       1.39
    Comments: 50.00% Total Ownership


</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>
    ALEXANDER & ALEXANDER PTE. LTD. (SINGAPORE)                                              100.00       2.77
    Comments: 100.00% Total Ownership

    ALEXANDER & ALEXANDER RISK MANAGEMENT SERVICES, INC. (TAIWAN)                             50.00       1.39
    Comments: 50.00% Total Ownership

    ALEXANDER HOWDEN GROUP (ASIA) PTE. LTD. (SINGAPORE)                                      100.00       2.77
    Comments: 100.00% Total Ownership

THE ALEXANDER CONSULTING GROUP INC. (MARYLAND)                                               100.00     100.00

  ALEXANDER & ALEXANDER BENEFITS SERVICES INC. [NJ] (NEW JERSEY)                             100.00     100.00

    A&A MANAGING GENERAL AGENCY, INC. (TEXAS)                                                100.00     100.00

    ALEXANDER & ALEXANDER BENEFITS SERVICES (ARIZONA) INC. (ARIZONA)                         100.00     100.00

    ALEXANDER & ALEXANDER BENEFITS SERVICES INC. [OH] (OHIO)                                 100.00     100.00

    ALEXANDER & ALEXANDER BENEFITS SERVICES OF LOUISIANA INC. (LOUISIANA)                    100.00     100.00

    ALEXANDER & ALEXANDER INSURANCE BENEFITS SERVICES INC. (MASSACHUSETTS)                   100.00     100.00

    PBA INC. (MINNESOTA)                                                                     100.00     100.00

    PILOTS INTERNATIONAL ASSOCIATION (NORTH DAKOTA)                                          100.00     100.00

  ALEXANDER & ALEXANDER CONSULTING GROUP INC. [NJ] (NEW JERSEY)                              100.00     100.00

    ALEXANDER & ALEXANDER BENEFITS SERVICES INC. [VA] (VIRGINIA)                             100.00     100.00

    ALEXANDER & ALEXANDER CONSULTING GROUP INC. [TX] (TEXAS)                                 100.00     100.00

  ALEXANDER CLAY AND PARTNERS CONSULTING* (UNITED KINGDOM)                                    11.11      11.11
  Comments:  100.00% Total Ownership

</TABLE>

<PAGE>

Subsidiaries of
ALEXANDER & ALEXANDER SERVICES INC.
<TABLE><CAPTION>

                                                                                             %Owned     %Owned
Subsidiary                                                                                  By Parent   Overall
--------------------------------------------------------                                    ---------   -------
<S>                                                                                          <C>        <C>

    THE ALEXANDER CONSULTING GROUP LTD. (SCOTLAND)                                           100.00      11.11
    Comments:  100.00% Total Ownership

        ALEXANDER FINANCIAL SERVICES LTD. (SCOTLAND)                                         100.00      11.11
        Comments:  100.00% Total Ownership

  ALEXANDER CONSULTING INVESTMENT SERVICES INC. (MARYLAND)                                   100.00     100.00

TRUST PROPERTY & CASUALTY INSURANCE COMPANY (VERMONT)                                        100.00     100.00

NOTE: * designates entities with multiple parents.



</TABLE>