Exhibit 8.1 Fiscal year 2004

Subsidiary	Jurisdiction
“Condor” Immobilien-Gesellschaft mbH	GERMANY
“Fontax” Grundstücks-Verwaltungsgesellschaft mbH & Co. KG	GERMANY
4212657 Canada Inc.	CANADA
48 ND Victoire	FRANCE
5557 Greens Farm	CONNECTICUT
A. Diffusion	FRANCE
A.D.I.C.	COLOMBIA
AAAM	FRANCE
A-Car Inc	CAYMAN ISLANDS
ACMAR	MOROCCO
ACM-Compagnie Mercur Aktiengesellschaft	GERMANY
ADAM Asia Pacific GmbH	GERMANY
ADAM Hellas S.A.	GREECE
ADAM Hong Kong Ltd	HONG KONG
ADAM Ltd.	AUSTRALIA
ADAM Taiwan Ltd	TAIWAN
ADAM U.S. Holding LL	DELAWARE
ADAM U.S. Partners GP	DELAWARE
ADEUS Aktienregister-Service-GmbH	GERMANY
Adriática de Seguros C.A.	VENEZUELA
Advisa Zürich AG	SWITZERLAND
AFA	FRANCE
AFC Assecuranz—und Finanzvermittlungs-Contor GmbH	GERMANY
Agemis GmbH	GERMANY
AGF 2X	FRANCE
AGF AFRIQUE Holding	FRANCE
AGF AFRIQUE S.A.	COTE D’IVOIRE
AGF Allianz Argentina Compania de Seguros Generales S.A.	ARGENTINA
AGF Allianz South America Ltda.	BRAZIL
AGF ALTERNATIVE 2 ANS LH	FRANCE
AGF ALTERNATIVE HOLDINGS PARTENAIRES MIN LH	FRANCE
AGF Ameriques D	FRANCE
AGF Asac Actions	FRANCE
AGF Asia	SINGAPORE
AGF Asset Management S.A.	FRANCE
AGF Assurances Financières	FRANCE
AGF Assurfinance	FRANCE
AGF Belgium Holding S.A.	BELGIUM
AGF Belgium Insurance S.A.	BELGIUM
AGF Benelux S.A.	LUXEMBOURG
AGF Boïeldieu	FRANCE
AGF Brasil Seguros S.A.	BRAZIL
AGF CREATIONS1	FRANCE
AGF CREATIONS2	FRANCE
AGF do Brasil Ltda.	BRAZIL
AGF Euro Actions C et D	FRANCE
AGF Euro Inflation L	FRANCE

Exhibit 8.1 Fiscal year 2004

AGF Financement 2	FRANCE
AGF Haut Rendement	FRANCE
AGF Holding	FRANCE
AGF Holdings (UK)	UNITED KINGDOM
AGF HOSPITAL EURO L	FRANCE
AGF Hospitalier International L	FRANCE
AGF Hospitaliers Monde	FRANCE
AGF Immobilier	FRANCE
AGF Indonesia	INDONESIA
AGF Informatique	FRANCE
AGF Insurance Limited	UNITED KINGDOM
AGF International	FRANCE
AGF Inversiones	ARGENTINA
AGF La Lilloise	FRANCE
AGF Life Luxembourg S.A.	LUXEMBOURG
AGF Opéra	FRANCE
AGF Opti Index	FRANCE
AGF Pension Trustees	UNITED KINGDOM
AGF Private Equity	FRANCE
AGF Project Management Ltd.	UNITED KINGDOM
AGF RAS Holding BV	NETHERLANDS
AGF Richelieu	FRANCE
AGF Saude S.A.	BRAZIL
AGF SECURICASH L	FRANCE
AGF SECURICASH NL	FRANCE
AGF Senegal Vie S.A.	SENEGAL
AGF Senegal IARD S.A.	SENEGAL
AGF USA N	FRANCE
AGF USA USA	FRANCE
AGFARC Ltd.	UNITED KINGDOM
AGFimo	FRANCE
AGIS Allianz Dresdner Informationssysteme GmbH	GERMANY
Agora Courtage	FRANCE
Agricola San Felice S.p.A.	ITALY
AGT	TOGO
AI Industriebesitz und Beteiligungen Isar-Amperwerke AG & Co. OHG	GERMANY
Aiolos Vermögensverwaltungsgesellschaft mbH	GERMANY
Airbus-Leasing Beteiligungsgesellschaft mbH	GERMANY
Ajax Insurance Holdings Limited	UNITED KINGDOM
Alba Allgemeine Versicherungs-Gesellschaft	SWITZERLAND
Alexander Kralis Ltd.	GREECE
Alexandria Capital PLC	IRELAND
Alfa Trade Corporation spol s.r.o.	CZECH REPUBLIC
Alico-Beteiligungsgesellschaft mbH	GERMANY
Alida Grundstücksgesellschaft mbH & Co. KG	GERMANY
Alida Grundstücksverwaltungs GmbH	GERMANY
Allianz Australian Claims Services Limited	AUSTRALIA
Allianz (UK) Limited	UNITED KINGDOM
Allianz AADB Fonds	GERMANY

Exhibit 8.1 Fiscal year 2004

Allianz ABS Fonds	GERMANY
Allianz AGF MAT UK Holding	UNITED KINGDOM
Allianz America Latina S.C. Ltda.	BRAZIL
Allianz Asset Management	SWITZERLAND
Allianz Australia Workers Compensation (Victoria) Limited	AUSTRALIA
Allianz Australia Advantage Ltd.	AUSTRALIA
Allianz Australia Employee Share Plan Pty Ltd.	AUSTRALIA
Allianz Australia Insurance Limited	AUSTRALIA
Allianz Australia Limited	AUSTRALIA
Allianz Australia Services (No. 2) Pty Ltd	AUSTRALIA
Allianz Australia Services Pty Limited	AUSTRALIA
Allianz Australia Workers Compensation (NSW) Limited	AUSTRALIA
Allianz Australia Workers Compensation (SA) Limited	AUSTRALIA
Allianz Autowelt GmbH	GERMANY
Allianz AVM Fonds	GERMANY
Allianz BADB Fonds	GERMANY
Allianz Beteiligungs Management GmbH	GERMANY
Allianz Bulgaria Holding Company Ltd.	BULGARIA
Allianz Bulgaria Insurance and Reinsurance Company Ltd.	BULGARIA
Allianz Bulgaria Life Insurance Company Ltd.	BULGARIA
Allianz Bulgaria Pension Assurance Company Ltd.	BULGARIA
Allianz Capital Managers GmbH	GERMANY
Allianz Capital Partners GmbH	GERMANY
Allianz Capital Partners Management GmbH	GERMANY
Allianz Cash Pool LLC	DELAWARE
Allianz Center Management GmbH (ACM)	GERMANY
Allianz Compagnia Italiana Finanziamenti S.p.A.	ITALY
Allianz CompanÍa de Seguros y Reaseguros S.A.	SPAIN
Allianz Cornhill Equity Investments Ltd.	UNITED KINGDOM
Allianz Cornhill Financial Management Ltd.	UNITED KINGDOM
Allianz Cornhill Holdings Limited	UNITED KINGDOM
Allianz Cornhill Information Services Private Ltd.	INDIA
Allianz Cornhill Insurance Company Pension Fund Trustees Ltd.	UNITED KINGDOM
Allianz Cornhill Insurance plc.	UNITED KINGDOM
Allianz Cornhill Investment Properties Ltd.	UNITED KINGDOM
Allianz Cornhill Northern Ireland Limited	UNITED KINGDOM
Allianz Corporate Ireland Insurance p.l.c.	IRELAND
Allianz Credit Card Management Co.	GREECE
Allianz Dazhong Life Insurance Company Ltd.	CHINA
Allianz Dresdner Asset Management Australia Ltd.	AUSTRALIA
Allianz Dresdner Asset Management Singapur Ltd.	SINGAPORE
Allianz Dresdner Bauspar AG	GERMANY
Allianz Dresdner Funds Ltd.	UNITED KINGDOM
Allianz Dresdner Global Investors Deutschland GmbH	GERMANY
Allianz Dresdner Management Services (UK) Ltd.	UNITED KINGDOM
Allianz Dresdner Mutual Fund Management Co. S.A.	GREECE
Allianz Dresdner Pension Consult GmbH	GERMANY
Allianz Dresdner Pensionsfonds AG	GERMANY
Allianz Dresdner Securities Investment Consulting Ltd.	TAIWAN
Allianz EFU Health Insurance Ltd.	PAKISTAN

Exhibit 8.1 Fiscal year 2004

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 Elementar Werkküchen-Betriebsgesellschaft mbH	AUSTRIA
Allianz Europe Ltd.	NETHERLANDS
Allianz FADB Fonds	GERMANY
Allianz Finance B.V.	NETHERLANDS
Allianz Finance Corporation	DELAWARE
Allianz Finance II B.V.	NETHERLANDS
Allianz Finanzbeteiligungs GmbH	GERMANY
Allianz FinanzInvest Beratungs Ges.mbH	AUSTRIA
Allianz Fire and Marine Insurance Japan Ltd.	JAPAN
ALLIANZ FRANCE	FRANCE
Allianz General Insurance (Vietnam) Co.	VIET NAM
Allianz General Insurance Company S.A.	GREECE
Allianz General Insurance Malaysia Berhad p.l.c.	MALAYSIA
Allianz Gestion Sociedad Gestora de Instituciones de Inversion Colectiva S.A.	SPAIN
Allianz GLA Fonds	GERMANY
Allianz Global Investors (Schweiz) AG	SWITZERLAND
Allianz Global Investors Advisory GmbH	GERMANY
Allianz Global Investors AG	GERMANY
Allianz Global Investors Europe GmbH	GERMANY
Allianz Global Investors Holdings (UK) Ltd	UNITED KINGDOM
Allianz Global Investors Japan Co.	JAPAN
Allianz Global Investors Luxembourg S.A.	LUXEMBOURG
Allianz Global Investors of America L.P.	DELAWARE
Allianz Global Investors of America LLC	CALIFORNIA
Allianz Global Investors US Equities LLC	DELAWARE
Allianz Global Investors US Holdings Inc.	DELAWARE
Allianz Global Risks Rückversicherungs-AG	GERMANY
Allianz Global Risks US Insurance Company	CALIFORNIA
Allianz GLR Fonds	GERMANY
Allianz GLU Fonds	GERMANY
Allianz GREU Fonds	GERMANY
Allianz GRGB Fonds	GERMANY
Allianz HAI 2 Fonds	GERMANY
Allianz Healthcare Beteiligungs GmbH	GERMANY
Allianz Hedge Fund P. (Caymen)	CAYMAN ISLANDS
Allianz Hedge Fund P. SARL	DELAWARE
Allianz Hedge Fund Parners LP	DELAWARE
Allianz Hedge Fund Partners	DELAWARE
Allianz Hedge Fund Partners Holdings LP	DELAWARE
Allianz HKV-Fonds	GERMANY
Allianz Hungária Biztosító Rt.	HUNGARY
Allianz Hungária Pénztárüzemeltetési Kft.	HUNGARY
Allianz Immobilien GmbH	GERMANY
Allianz Immobilienfonds 1 KG	GERMANY
Allianz Immobilienfonds GmbH	GERMANY

Exhibit 8.1 Fiscal year 2004

Allianz Individual Insurance Group LLC	MINNEAPOLIS
Allianz Informatik Beteiligungsgesellschaft mbH	GERMANY
Allianz Insurance (Hong Kong) Limited	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 International Ltd.	UNITED KINGDOM
Allianz Invest Kapitalanlage GmbH	AUSTRIA
Allianz Invest Osteuropa LH	AUSTRIA
Allianz Invest Osteuropa NL	AUSTRIA
Allianz Invest Ostrent NL	AUSTRIA
Allianz Investment 1 B.V.	NETHERLANDS
Allianz Investment 2 B.V.	NETHERLANDS
Allianz Investment Bank AG (A.I.B.)	AUSTRIA
Allianz Investment Company LLC	CONNECTICUT
Allianz Investment Management B.V.	NETHERLANDS
Allianz Ireland p.l.c.	IRELAND
Allianz Irish Life Holdings p.l.c.	IRELAND
Allianz Leben Private Equity Fonds Plus GmbH	GERMANY
Allianz Lebensversicherungs-AG	GERMANY
Allianz Life Insurance Co. Ltd.	KOREA, REPUBLIC OF
Allianz Life Insurance Company of North America	MINNESOTA
Allianz Life Insurance Company S.A.	GREECE
Allianz Life Insurance Malaysia Berhad p.l.c.	MALAYSIA
Allianz Life Insurance of New York	NEW YORK
Allianz Life Moskau	RUSSIAN FEDERATION
Allianz Management Services Ltd.	UNITED KINGDOM
Allianz Marine & Aviation France	FRANCE
Allianz Marine & Aviation Versicherungs-AG	GERMANY
Allianz Marine (UK) Ltd.	UNITED KINGDOM
Allianz México S.A. Compañía de Seguros	MEXICO
Allianz MRD Fonds	GERMANY
Allianz Nederland Groep N.V.	NETHERLANDS
Allianz Nederland Levensverzekering N.V.	NETHERLANDS
Allianz Nederland Schadeverzekering N.V.	NETHERLANDS
Allianz New Zealand Limited	NEW ZEALAND
Allianz Objektbeteiligungs—GmbH	GERMANY
Allianz of America	NEW YORK
Allianz of America Corp.	NEW YORK
Allianz of Asia-Pacific and Africa GmbH	GERMANY
Allianz of South Africa (Proprietary) Ltd.	SOUTH AFRICA
Allianz Ostrent LH	AUSTRIA
Allianz Pensionskasse AG	AUSTRIA
Allianz Pensionskasse AG	GERMANY
Allianz penzijní fond	CZECH REPUBLIC
Allianz Pimco Corporate LH	AUSTRIA
Allianz Pimco Corporate NL	AUSTRIA
Allianz Pimco Mortgage LH	AUSTRIA
Allianz Pimco Mortgage NL	AUSTRIA

Exhibit 8.1 Fiscal year 2004

Allianz pojistovna	CZECH REPUBLIC
Allianz President Life Insurance Co. Ltd.	TAIWAN
Allianz Private Equity GmbH	GERMANY
Allianz Private Equity Partners	NEW YORK
Allianz Private Equity Partners GmbH	GERMANY
Allianz Private Krankenversicherungs-AG	GERMANY
Allianz Private Vermögensverwaltungsgesellschaft mbH	GERMANY
Allianz ProzessFinanz GmbH	GERMANY
Allianz PV WS Fonds	GERMANY
Allianz Re Dublin Ltd.	IRELAND
Allianz Real Estate Corporation	DELAWARE
Allianz Rechtsschutz-Service GmbH	GERMANY
Allianz reosiguranje d.d.	CROATIA (local name: Hrvatska)
Allianz Risk Consultant SRL	ROMANIA
Allianz Risk Consultants B.V.	NETHERLANDS
Allianz Risk Consultants Inc.	CALIFORNIA
Allianz Risk Transfer (Bermuda) Ltd.	BERMUDA
Allianz Risk Transfer (U.K.)	UNITED KINGDOM
Allianz Risk Transfer AG	SWITZERLAND
Allianz Risk Transfer Inc.	NEW YORK
Allianz Risk Transfer N.V.	NETHERLANDS
Allianz Romania SA	ROMANIA
Allianz S.A.	SPAIN
Allianz Services (UK) Limited	UNITED KINGDOM
Allianz Services Sp. z o.o.	POLAND
Allianz Servicios Técnicos	SPAIN
Allianz Share Scheme Trustees Limited	UNITED KINGDOM
Allianz Sociedad de Valores S.A.	SPAIN
Allianz Société Financiére S.à.r.l.	LUXEMBOURG
Allianz Specialised Investment Central Europe Sp. Zoo	POLAND
Allianz Specialised Investments Central Europe Kft	HUNGARY
Allianz Specialised Investments Central Europe sro	CZECH REPUBLIC
Allianz Specialised Investments Ltd.	UNITED KINGDOM
Allianz Subalpina Società di Assicurazioni e Riassicurazioni S.p.A.	ITALY
Allianz Suisse Immobilien AG	SWITZERLAND
Allianz Suisse Lebensversicherungs-Gesellschaft	SWITZERLAND
Allianz Suisse Personal Financial Services AG	SWITZERLAND
Allianz Suisse Versicherungs-Gesellschaft	SWITZERLAND
Allianz Taunusanlage GbR	GERMANY
Allianz Technical Service Inc.	DELAWARE
Allianz Tiriac Insurance S.A.	ROMANIA
Allianz Underwriters Insurance Company	CALIFORNIA
Allianz Venture Partners Beteiligungs-GmbH	GERMANY
Allianz Versicherungs-AG	GERMANY
Allianz VKA Fonds	GERMANY
Allianz VKBR-Fonds	GERMANY
Allianz VKRD-Fonds	GERMANY
Allianz VLBR-Fonds	GERMANY
Allianz VSR Fonds	GERMANY
Allianz VVB Fonds	GERMANY

Exhibit 8.1 Fiscal year 2004

Allianz Wohneigentum GmbH	GERMANY
Allianz Worldwide Care Ltd.	IRELAND
Allianz Zagreb d.d.	CROATIA (local name: Hrvatska)
Allianz ZB d.o.o. Company for the Management of an Obligatory Pension Fund	CROATIA (local name: Hrvatska)
Allianz ZB d.o.o. company of the management of voluntary pension funds	CROATIA (local name: Hrvatska)
Allianz Zentrum für Technik GmbH	GERMANY
Allianz_ALD_Fonds	GERMANY
Allianz_ALIK_Fonds	GERMANY
Allianz_AVI_1 Fonds	GERMANY
Allianz_AVM_B_Fonds	GERMANY
Allianz_BRD_Fonds	GERMANY
Allianz_DESTO_AR_Fonds	GERMANY
Allianz_DESTO_Fonds	GERMANY
Allianz_DGD_Fonds	GERMANY
Allianz_DRD_Fonds	GERMANY
Allianz_EAI_Fonds	GERMANY
Allianz_FAD_Fonds	GERMANY
Allianz_FRD_Fonds	GERMANY
Allianz_HAI_1_Fonds	GERMANY
Allianz_HME_1_Fonds	GERMANY
Allianz_Invest_11	AUSTRIA
Allianz_Invest_11	AUSTRIA
Allianz_Invest_12	AUSTRIA
Allianz_Invest_Spezial_2	AUSTRIA
Allianz_Invest_Spezial_3	AUSTRIA
Allianz_LAD_Fonds	GERMANY
Allianz_LBR_Fonds	GERMANY
Allianz_LFE_Fonds	GERMANY
Allianz_LRD_Fonds	GERMANY
Allianz_PV_1_Fonds	GERMANY
Allianz_RFG_Fonds	GERMANY
Allianz_RMO_1_Fonds	GERMANY
Allianz_SALCO_Fonds	GERMANY
Allianz_SDR_Fonds	GERMANY
Allianz_SOA_Fonds	GERMANY
Allianz_SWAG_Fonds	GERMANY
Allianz_UGD_1_Fonds (UPR)	GERMANY
Allianz_VAD_Fonds	GERMANY
Allianz_VAE_Fonds	GERMANY
Allianz_VGI_1_Fonds (UPR)	GERMANY
Allianz_VGL_Fonds	GERMANY
Allianz-PacLife Partners LLC	DELAWARE
Allianz-Slovenská DSS	SLOVAKIA (Slovak Republic)
Allianz-Slovenská poist’ovna a.s.	SLOVAKIA (Slovak Republic)
ALLVOR AG	SWITZERLAND
Am Anger Immobilienverwaltungs-GmbH	GERMANY
Am Anger Verwaltungs-GmbH & Co. KG	GERMANY
Amaya AG	SWITZERLAND

Exhibit 8.1 Fiscal year 2004

Amaya Compania de Seguros y Reaseguros SA	SPAIN
American Automobile Insurance Company	MISSOURI
American Financial Marketing	MINNESOTA
Annex Capital Partners LLC (GP)	CAYMAN ISLANDS
Annex Holdings I LP	CAYMAN ISLANDS
Antoniana Veneta Popolare Assicurazioni S.p.A.	ITALY
Antoniana Veneta Popolare Vita S. p. A.	ITALY
Aquila Beteiligungsgesellschaft mbH	GERMANY
Arcalis	FRANCE
Arlon Properties S.A.	LUXEMBOURG
ARSA B.V.	NETHERLANDS
AS 24 (AS NIJUYON K.K.)	JAPAN
Asopos Vermögensverwaltungsgesellschaft mbH	GERMANY
ASREX	FRANCE
Assimediass S.r.l.	ITALY
Assistance	FRANCE
ASSISTANCE AND SERVICES CORPORATION OF IRELAND “A.S.C.I.”	IRELAND
Associated Group Benefits Ltd.	CANADA
Associated Indemnity Corporation	CALIFORNIA
Assurance Finance Europe (AFI Europe)	FRANCE
Assurance Vie et Prévoyance (AVIP IARD) SA	FRANCE
Assurance Vie et Prévoyance (AVIP) SA	FRANCE
Assurances Fédérales	FRANCE
Assurances Fédérales BV	FRANCE
Assurances Générales de France	FRANCE
Assurances Générales de France IART S.A.	FRANCE
Assurances Générales de France Vie S.A.	FRANCE
Assurances Generales du Laos	LAO PEOPLE’S DEMOCRATIC REPUBLIC
Athéna	FRANCE
Athéna Gestion	FRANCE
Atrium SAS	FRANCE
Atropos Vermögensverwaltungsgesellschaft mbH	GERMANY
Auslands-Incasso-Bank GmbH	GERMANY
Axioma Insurance (Cyprus) Ltd.	CYPRUS
Az Global Risk Ltd.	SOUTH AFRICA
AZ Leben Private Equity Fonds 2001 GmbH	GERMANY
AZ Private Equity (UK) Holdings Ltd.	UNITED KINGDOM
AZ Via Immo 3	FRANCE
AZ-Almüco Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Arges Vermögensverwalgungsgesellschaft mbH	GERMANY
AZ-Argos 10 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 11 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 12 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 13 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 14 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 15 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 16 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 17 Vermögensverwaltungsgesellschaft mbH	GERMANY

Exhibit 8.1 Fiscal year 2004

AZ-Argos 18 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 19 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 2 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 21 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 22 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 3 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 4 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 5 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 6 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Argos 9 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZB-Arges Vermögensverwaltungsgesellschaft mbH	GERMANY
AZB-Arion Vermögensverwaltungsgesellschaft mbH	GERMANY
AZF-Arges1 Vermögensverwaltungsgesellschaft	GERMANY
AZF-Arges2 Vermögensverwaltungsgesellschaft mbH	GERMANY
AZF-Arion Vermögensverwaltungsgesellschaft mbH	GERMANY
AZG-Arges Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-LAD Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-Alico Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-Almüco Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-DRB Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-Leben Private Equity Fonds 1998 GmbH	GERMANY
AZ-LIN Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-Nona Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-Regina Vermögensverwaltungsgesellschaft mbH	GERMANY
AZL-SER Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-MPS Beteiligungsgesellschaft mbH & Co. KG	GERMANY
AZ-Quinta Vermögensverwaltungsgesellschaft mbH	GERMANY
AZS-Arges Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-SDC Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-SER Vermögensverwaltungsgesellschaft mbH	GERMANY
AZ-SGD Private Equity Fonds GmbH	GERMANY
AZV-Arion Vermögensverwaltungsgesellschaft mbH	GERMANY
AZV-Nona Vermögensverwaltungsgesellschaft mbH	GERMANY
BACAB S.A.	SWITZERLAND
Bank for Europe Ltd.	UNITED KINGDOM
Bankhaus W. Fortmann & Söhne	GERMANY
Banque AGF S.A.	FRANCE
BARTEC AB	SWEDEN
BARTEC AS	NETHERLANDS
BARTEC Barlian Industries Holding AG	SWITZERLAND
BARTEC Belgium N.V.	BELGIUM
BARTEC Benke GmbH	GERMANY
BARTEC Consult GmbH	GERMANY
BARTEC d.o.o.	HUNGARY
BARTEC d.o.o.	SLOVENIA
BARTEC Elektrotechnik GmbH	AUSTRIA
BARTEC Engineering + Services AG	SWITZERLAND
Bartec GmbH	GERMANY
BARTEC Ltd.	JAPAN
BARTEC Nederland B.V.	NETHERLANDS

Exhibit 8.1 Fiscal year 2004

BARTEC Nederland Ultrakust Division B.V.	NETHERLANDS
BARTEC Pte Ltd.	SINGAPORE
BARTEC S.A.	SPAIN
BARTEC s.a.r.l.	FRANCE
BARTEC s.r.l.	ITALY
BARTEC s.r.o.	CZECH REPUBLIC
BARTEC Sicherheits-Schaltanlagen GmbH	GERMANY
BARTEC UK Ltd.	UNITED KINGDOM
BARTEC US Corp.	OKLAHOMA
BARTEC Varnost d.o.o.	SLOVENIA
BAWAG Allianz Mitarbeitervorsorgekasse AG	AUSTRIA
Bayerische Versicherungsbank AG	GERMANY
BD-Financial Management Ltd.	IRELAND
BdW Beteiligungsverwaltungsgesellschaft mbH	GERMANY
Beethoven Funding Corporation	NEW YORK
BERGA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG	GERMANY
Bergwitzer Braunkohle AG	GERMANY
Bernese Assicurazioni Compagnia Italo-Svizzera di Assicurazioni e Riassicurazioni S.p.A.	ITALY
Bernese Assicurazioni Finanziaria S.p.A.	ITALY
Bernese Vita Compagnia Italo-Svizzera di Assicurazioni e Riassicurazioni sulla Vita S.p.A.	ITALY
BFC Berliner Film Companie Beteiligungsgesellschaft mbH	GERMANY
BFC Berliner Film Companie CoP GmbH	GERMANY
BFC Berliner Film Companie Distribution GmbH	GERMANY
BFC Berliner Film Companie Produktions GmbH	GERMANY
BFC Berliner Film Companie Studio GmbH	GERMANY
BIC	BRAZIL
Bilan Service	FRANCE
BIP Arbitrage-Gesellschaft mbH i. L.	GERMANY
BNP-AK-Dresdner Finansal Kiralama A.S.	TURKEY
Borgo San Felice S.r.l.	ITALY
Borrowdale Nominees Ltd	UNITED KINGDOM
Bosphorus Capital Limited	IRELAND
Botanic Building S.A.	BELGIUM
Braun & Co. Gesellschaft mbH	AUSTRIA
Bridge Re Limited	MASSACHUSETTS
British Financial Union Ltd	UNITED KINGDOM
British Reserve Insurance Co. Ltd.	UNITED KINGDOM
Buck Consultants Ireland	IRELAND
Buck Heissmann B.V. NL	NETHERLANDS
Buck Heissmann International Services GmbH	GERMANY
Buck Heissmann S.L.	SPAIN
Buck Heissmann Sarl	SWITZERLAND
Buizerlann	NETHERLANDS
Bulgaria Net Co. Ltd.	BULGARIA
Bureau d’Expertises Despretz S.A.	BELGIUM
Bürgel Beteiligungs GmbH	GERMANY
Bürgel Erfurt Beteiligungsgesellschaft mbH	GERMANY
Bürgel Erfurt GmbH & Co. KG	GERMANY

Exhibit 8.1 Fiscal year 2004

Bürgel Wirtschaftsinformationen AG Zürich	SWITZERLAND
Bürgel Wirtschaftsinformationen GmbH & Co. KG	GERMANY
Bürgel Wirtschaftsinformationen Hamburg GmbH	GERMANY
Bürgel Wirtschaftsinformationen Vertriebsgesellschaft mbH	GERMANY
Bürgel Wirtschaftsinformationen Verwaltungs-GmbH	GERMANY
C. F. Erste Beteiligungsgesellschaft mbH	GERMANY
Cabinet Terlier SARL	FRANCE
Cadence Capital Management LLC	MASSACHUSETTS
Cadence Capital Mangement Inc.	DELAWARE
Calypso S.A.	FRANCE
Camat	FRANCE
CAP	FRANCE
Carene	FRANCE
Carwood Holdings	DELAWARE
Carwood Holdings II	DELAWARE
Casas del Toqui S.A.	CHILE
CASBROKERS	CHILE
Cathedral Limited	UNITED KINGDOM
Caywood Scholl Capital Management LLC	DELAWARE
CCB Zweite FraMü Beteiligungs GmbH	GERMANY
CERT Zertifizierungsgesellschaft mbH	GERMANY
Chicago Auto Insurance Service	ILLINOIS
Chicago Insurance Company	ILLINOIS
CIC Allianz Insurance Ltd.	AUSTRALIA
City of Westminster Insurance Company Ltd.	UNITED KINGDOM
Claims Consultancy & Investigation Services Limited	IRELAND
Classic Finance BV	NETHERLANDS
Classic I Netherlands Limited	NETHERLANDS
Classic III Netherlands Limited	NETHERLANDS
CLB S.à.r.l.	LUXEMBOURG
Club Marine Limited	AUSTRALIA
Codinf Services	FRANCE
Colseguros Capitalizacion	COLOMBIA
Colseguros Generales S.A.	COLOMBIA
Colseguros Vida S.A.	COLOMBIA
Colserauto	COLOMBIA
Commercial Bank Allianz Bulgaria Ltd.	BULGARIA
Commerzbank_LEBENCO_Fonds	GERMANY
Compagnie d’Assurance de Protection Juridique S.A.	SWITZERLAND
Compagnie de Gestion et Prevoyance	FRANCE
Compagnie Financière pour la Réalisation d’Opérations Immobilières “COFIDIM”	FRANCE
Companhia de Seguros Allianz Portugal S.A.	PORTUGAL
Compania Colombiana De Inversion Colseguros S.A.	COLOMBIA
COMPANIA DE ASISTENCIA SUDAMERICANA S.A. (CAS SA)	CHILE
Coparc	FRANCE
Cornhill Insurance (Guernsey) Ltd.	UNITED KINGDOM
Cornhill Investment Properties (Reigate) Ltd.	UNITED KINGDOM
Cornhill Trustee (Guernsey) Ltd.	UNITED KINGDOM
Cornhill Unit Trust Managers Ltd.	UNITED KINGDOM

Exhibit 8.1 Fiscal year 2004

Corporate Secretaries (Jersey) Ltd	UNITED KINGDOM
Corporate Services (Guernsey) Ltd	UNITED KINGDOM
Corsetec	BRAZIL
COTINCO Assessoria Empresarial Ltda	BRAZIL
COTINCO Beratungsgesellschaft mbH	GERMANY
COTINCO Consultora Técnica	MEXICO
COTINCO Consultora Técnica	MEXICO
Crédit Lyonnais Capital 1	LUXEMBOURG
Crédito Argentino Germánico SA	ARGENTINA
Crédito Germánico S.A.	URUGUAY
CreditRas Assicurazioni S.p.A.	ITALY
CreditRas Vita S.p.A.	ITALY
Crop Growers Corporation	DELAWARE
Cros Belcher Investissements	FRANCE
DAG Management and Trading Company Ltd	CAYMAN ISLANDS
DARTA INVESTMENT FUNDS PLC	IRELAND
DARTA SAVING LIFE ASSURANCE LTD.	IRELAND
DB Cayman	NEW YORK
dbi DGF Bond	GERMANY
dbi DGF Dresdner Grund Fonds	GERMANY
DBI Insurance Company Ltd.	UNITED KINGDOM
DBI_HK1_827_Fonds	GERMANY
dbi-Fonds AKAR	GERMANY
dbi-Fonds Ammerland	GERMANY
dbi-Fonds BAG	GERMANY
dbi-Fonds DAV	GERMANY
dbi-Fonds DBLA	GERMANY
dbi-Fonds DF	GERMANY
dbi-Fonds MAXIMILIAN	GERMANY
dbi-Fonds Ostfriesland	GERMANY
dbi-Fonds WE	GERMANY
DDS Dresdner Direktservice GmbH	GERMANY
DEGI Deutsche Gesellschaft für Immobilienfonds mbH	GERMANY
DEGI Schweden AB	SWEDEN
Delaware Valley Financial Services	DELAWARE
Delta-Vermögensverwaltungsgesellschaft mbH	GERMANY
Deutsche Außenhandels-Gesellschaft mbH	GERMANY
Deutsche Lebensversicherungs-AG	GERMANY
DEUTSCHER INVESTMENT-TRUST Gesellschaft für Wertpapieranlagen mbH	GERMANY
DFV Deutsche Fonds—und Vorsorgeberatungs GmbH	GERMANY
Dieznet Comercio Eloctrónico	SPAIN
Dimensione S.R.L	ITALY
Disko-Flug Vermietungsgesellschaft mbH i. L.	GERMANY
DIT-FONDS ALSI	GERMANY
DIT-Fonds APAV	GERMANY
DIT-FONDS EEE	GERMANY
DIT-FONDS PV-RD	GERMANY
DK Capital Advisory Services (India) Private Ltd	INDIA
DKNA Phoenix LLC	DELAWARE

Exhibit 8.1 Fiscal year 2004

DMC Dresdner Management Consult GmbH	GERMANY
DMC Dresdner Management Consult South East Asia Pte Ltd	SINGAPORE
DOF	FRANCE
Domestic Insurance Services Ltd	UNITED KINGDOM
Donator Beteiligungsverwaltung GmbH	GERMANY
DORANA Dreiundvierzigste Verwaltungsgesellschaft mbH	GERMANY
DR Gesellschaft für Diagnostik und Rehabilitation mbH	GERMANY
Dr. Dr. Heissmann GmbH Unternehmensberatung für Versorgung & Vergütung	GERMANY
DreCan Holding Ltd	CANADA
Dreiunddreißigste DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Dreiundzwanzigste DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Dreizehnte FraMü Beteiligungs GmbH	GERMANY
Dreizehnte SIB Beteiligungs-Aktiengesellschaft	GERMANY
Dresdner Advisors LLC	DELWARE
Dresdner Asset Management Brasil S/A Distribuidora de Titulos é Valores Mobiliários	BRAZIL
Dresdner Asset Management Ltd	SINGAPORE
Dresdner Bank (Hungaria) Rt.	HUNGARY
Dresdner Bank (Schweiz) AG	SWITZERLAND
Dresdner Bank AG	GERMANY
Dresdner Bank Berlin Immobilien-Service GmbH	GERMANY
Dresdner Bank Brasil S.A. Corretora de Cambio	BRAZIL
Dresdner Bank Brasil SA Banco Múltiplo	BRAZIL
Dresdner Bank Croatia dd	CROATIA (local name: Hrvatska)
Dresdner Bank Gestions France	FRANCE
Dresdner Bank Lateinamerika AG	GERMANY
Dresdner Bank Luxembourg S.A.	LUXEMBOURG
Dresdner Bank Polska S.A.	POLAND
Dresdner Bank ZAO	RUSSIAN FEDERATION
Dresdner Brasil Representacoés Ltda	BRAZIL
Dresdner Brasil Servicos Ltda	BRAZIL
Dresdner Brazil Finance Ltd	CAYMAN ISLANDS
Dresdner Capital LLC I	DELAWARE
Dresdner Capital LLC II	DELAWARE
Dresdner Capital LLC III	DELAWARE
Dresdner Capital LLC IV	DELAWARE
Dresdner Capital LLC V	DELAWARE
Dresdner Capital LLC VI Wilmington/Delaware	DELAWARE
Dresdner Capital LLC VII	DELAWARE
Dresdner Corporate Finance GmbH	GERMANY
Dresdner Finance BV	NETHERLANDS
Dresdner Finanzberatungsgesellschaft mbH	GERMANY
Dresdner Finanziaria SpA	ITALY
Dresdner Fund Administration (Cayman) Ltd	CAYMAN ISLANDS
Dresdner Gazdasági Szolgáltató Kft.	HUNGARY
Dresdner Gestion Privée	FRANCE
Dresdner Global Asset Management Beteiligungs-GmbH	GERMANY
Dresdner Guatemala Representación	GUATEMALA
Dresdner International Management Services Ltd	IRELAND

Exhibit 8.1 Fiscal year 2004

Dresdner Investments (UK) Ltd	UNITED KINGDOM
Dresdner Kleinwort Benson General Life Sciences LP	NEW YORK
Dresdner Kleinwort Benson North America Inc	DELAWARE
Dresdner Kleinwort Benson Private Equity Partner LP	NEW YORK
Dresdner Kleinwort Benson Services (Guernsey) Ltd	UNITED KINGDOM
Dresdner Kleinwort Benson Services EURL	FRANCE
Dresdner Kleinwort Capital (USA) Inc	NEW YORK
Dresdner Kleinwort Capital 1 Limited Partnership	NEW YORK
Dresdner Kleinwort Capital 1 LLC	UNITED KINGDOM
Dresdner Kleinwort Capital 2001 LLC	DELAWARE
Dresdner Kleinwort Capital Advisory services Pte Ltd	SINGAPORE
Dresdner Kleinwort Capital Asia Ltd	HONG KONG
Dresdner Kleinwort Capital Beratungs GmbH	GERMANY
Dresdner Kleinwort Capital C&EE LP Ltd.	CAYMAN ISLANDS
Dresdner Kleinwort Capital Central & Eastern Europe GP Ltd	DELAWARE
Dresdner Kleinwort Capital Investment Company Ltd	UNITED KINGDOM
Dresdner Kleinwort Capital Investment Trust Ltd	UNITED KINGDOM
Dresdner Kleinwort Capital Italia Beteiligungsverwaltung GmbH	GERMANY
Dresdner Kleinwort Capital Jersey Ltd	UNITED KINGDOM
Dresdner Kleinwort Capital Life Science Managers L.P.	DELAWARE
Dresdner Kleinwort Capital LLC	NEW YORK
Dresdner Kleinwort Capital Partners 2001 Limited Partnership	DELAWARE
Dresdner Kleinwort Capital UK Ltd	UNITED KINGDOM
Dresdner Kleinwort Capital Ventures Management Ltd	UNITED KINGDOM
Dresdner Kleinwort Capital Verwaltungs GmbH	GERMANY
Dresdner Kleinwort Holdings Inc	NEW YORK
Dresdner Kleinwort Wasserstein (Argentina) SA	BRAZIL
Dresdner Kleinwort Wasserstein (Canada) Ltd	CANADA
Dresdner Kleinwort Wasserstein (China) Ltd	HONG KONG
Dresdner Kleinwort Wasserstein (DRC) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein (Hong Kong) Ltd	HONG KONG
Dresdner Kleinwort Wasserstein (Japan) Limited	HONG KONG
Dresdner Kleinwort Wasserstein (LBDP) Holdings Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein (LBDP) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein (Nominees Pte Lt)d	SINGAPORE
Dresdner Kleinwort Wasserstein (Nominees) Pte. Ltd.	SINGAPORE
Dresdner Kleinwort Wasserstein (Services) Inc	PANAMA
Dresdner Kleinwort Wasserstein (South East Asia) Ltd.	SINGAPORE
Dresdner Kleinwort Wasserstein Advisory Services (Thailand) Ltd	THAILAND
Dresdner Kleinwort Wasserstein Asesorias y Inversiones Chile Ltda	CHILE
Dresdner Kleinwort Wasserstein Australia (Securitisation) Pty Ltd	AUSTRALIA
Dresdner Kleinwort Wasserstein Australia Ltd	AUSTRALIA
Dresdner Kleinwort Wasserstein Beteiligungs-Gesellschaft mbH	GERMANY
Dresdner Kleinwort Wasserstein Derivative Investments Limited	UNITED KINGDOM
Dresdner Kleinwort Wasserstein do Brasil s/c Ltda	BRAZIL
Dresdner Kleinwort Wasserstein Equipment LLC	DELAWARE
Dresdner Kleinwort Wasserstein Europe Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Finance BV	NETHERLANDS
Dresdner Kleinwort Wasserstein Finance EURL	FRANCE
Dresdner Kleinwort Wasserstein Finance Inc.	NEW YORK

Exhibit 8.1 Fiscal year 2004

Dresdner Kleinwort Wasserstein France SCA	FRANCE
Dresdner Kleinwort Wasserstein Grantchester Securities Inc.	DELAWARE
Dresdner Kleinwort Wasserstein Group Inc	DELAWARE
Dresdner Kleinwort Wasserstein Group Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Inc.	DELAWARE
Dresdner Kleinwort Wasserstein Leasing December (1) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December (2) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December (3) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December (4) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December (5) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December (6) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing December 14 Limited	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing Inc	DELAWARE
Dresdner Kleinwort Wasserstein Leasing International Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing June (1) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing June (2) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing June (3) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing March (1) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing March (2) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing March (3) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing September (1) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing September (3) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing September (4) Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Leasing September (5) Limited	UNITED KINGDOM
Dresdner Kleinwort Wasserstein LLC	RUSSIAN FEDERATION
Dresdner Kleinwort Wasserstein Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Metals Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Online Ventures Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Overseas Employees Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Overseas Holdings plc	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Partnership 2001 LP	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Partnership 2001 Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Property Management & Services Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Research (Malaysia) SDN BHD	MALAYSIA
Dresdner Kleinwort Wasserstein Research GmbH	GERMANY
Dresdner Kleinwort Wasserstein Securities (Asia) Holdings Ltd.	HONG KONG
Dresdner Kleinwort Wasserstein Securities (Asia) Ltd	HONG KONG
Dresdner Kleinwort Wasserstein Securities (Australia) Pty Ltd	AUSTRALIA
Dresdner Kleinwort Wasserstein Securities (India) Private Ltd	INDIA
Dresdner Kleinwort Wasserstein Securities France SA	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Securities LLC	DELAWARE
Dresdner Kleinwort Wasserstein Securities Ltd	UNITED KINGDOM
Dresdner Kleinwort Wasserstein Services LLC	DELAWARE
Dresdner Kleinwort Wasserstein Servicios y Asesorias Ltda	COTE D’IVOIRE
Dresdner Lateinamerika Financial Advisors LLC	FLORIDA
Dresdner Lateinamerika S.A. Corredores de Bolsa	CHILE
Dresdner Management Institut GmbH	GERMANY
Dresdner Pension Fund Holdings LLC	DELAWARE

Exhibit 8.1 Fiscal year 2004

Dresdner Polska Sp.z.o.o.	POLAND
Dresdner Private Placement GmbH	GERMANY
Dresdner Private Placement GmbH & Co. SREI KG	GERMANY
Dresdner RCM Finances	FRANCE
Dresdner RCM Gestion	FRANCE
Dresdner RCM Global Investors (Jersey) Australia	AUSTRALIA
Dresdner RCM Global Investors (Jersey) Hong Kong	HONG KONG
Dresdner RCM Global Investors (Jersey) Ltd	UNITED KINGDOM
Dresdner RCM Global Investors (Jersey) Taiwan	TAIWAN
Dresdner RCM Global Investors Commingled Funds LLC	CALIFORNIA
Dresdner RCM Global Investors Pacific Ltd	BERMUDA
Dresdner RCM Nominee Services Ltd	UNITED KINGDOM
Dresdner RCM Strategic Holdings (HK) Ltd	HONG KONG
Dresdner RCM Trust Company	CALIFORNIA
Dresdner Securitized Products GmbH	GERMANY
Dresdner Symphonica Management S.A.	LUXEMBOURG
Dresdner U.S. Finance Inc	DELAWARE
Dresdner UK Investments 2 B.V.	NETHERLANDS
Dresdner UK Investments N.V.	NETHERLANDS
Dresdner Versicherung GmbH	GERMANY
Dresdner Wirtschaftsdienstleistungsgesellschaft mit beschränkter Haftung	HUNGARY
dresdnerbank investment management Kapitalanlagegesellschaft mbH	GERMANY
DresdnerGrund-Fonds	GERMANY
Dritte SIB Beteiligungs-Aktiengesellschaft	GERMANY
DrKW Delaware Funding Inc.	DELAWARE
DRKW EIV Manager	DELAWARE
DrKW Equipment Finance Ltd	UNITED KINGDOM
DrKW Finance LLC	DELAWARE
DrKW Funding Inc.	DELAWARE
DrKW Funding LLC	DELAWARE
DrKW Holdings	WILMINGTON
DrKW Holdings II	WILMINGTON
DrKW Holdings LLC	WILMINGTON
DrKW Pfandbriefe Investments	DELAWARE
DrKW Services (Guernsey) Ltd.	UNITED KINGDOM
DrKW Standby Nominees Ltd	UNITED KINGDOM
egemis GmbH	GERMANY
Einunddreißigste DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Elco Leasing Ltd	UNITED KINGDOM
ELF Technologies Limited	IRELAND
ELVIA Assistance GmbH	AUSTRIA
ELVIA Assistance Kft. (Ltd.)	HUNGARY
ELVIA Assistance s.r.o.	CZECH REPUBLIC
ELVIA Reiseversicherungs-Gesellschaft AG	SWITZERLAND
ELVIA S.p.z.o.o.	POLAND
ELVIA Service S.r.l.	ITALY
ELVIA Travel Insurance International N.V.	NETHERLANDS
Elviaseg S.A.	SPAIN

Exhibit 8.1 Fiscal year 2004

ELVIASSIST Servicos de Assistencia 24 Horas LDA	PORTUGAL
Empresa de Inversiones S.A.	PERU
Energy Insurance Company Ltd.	BULGARIA
EP Euro-Projektentwicklungs GmbH & Co. Objekt 1 KG	GERMANY
EP Euro-Projektentwicklungs GmbH & Co. Objekt 1KG	GERMANY
EP Euro-Projektentwicklungs GmbH & Co. Objekt Am Markt Chemnitz KG	GERMANY
EP Euro-Projektentwicklungs GmbH & Co. Objekt Köln-Porz KG	GERMANY
EP Euro-Projektentwicklungs-Verwaltungs GmbH	GERMANY
Ernst Vigener GmbH & Co. KG	GERMANY
Erobon Ltd	UNITED KINGDOM
Erste DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Erste FraMü Beteiligungs GmbH	GERMANY
Établissement Nomeco SA	FRANCE
ETI First Source Limited	UNITED KINGDOM
ETI Australia Pty Ltd.	AUSTRALIA
ETI International Limited	UNITED KINGDOM
ETI Property Limited	UNITED KINGDOM
ETI Sales Limited	UNITED KINGDOM
Etoile Foncière et Immobilière	FRANCE
Euler—SFAC Recouvrement	FRANCE
Euler & Hermes Germany GmbH	GERMANY
Euler & Hermes International Centre Limited	UNITED KINGDOM
Euler Agent Limited	UNITED KINGDOM
Euler American Credit Indemnity Mexico	MEXICO
Euler Credito y Caution	SPAIN
Euler do Brasil Seguros Exportacao	BRAZIL
Euler Gestion	FRANCE
Euler Hermes	POLAND
Euler Hermes ACI Holding	NEW YORK
Euler Hermes ACI Inc.	MARYLAND
Euler Hermes ACI Services LLP	MARYLAND
Euler Hermes Beteiligungen GmbH	GERMANY
Euler Hermes Cashflow Solutions Limited	UNITED KINGDOM
Euler Hermes Cescob	CZECH REPUBLIC
Euler Hermes Cescob Service s.r.o.	CZECH REPUBLIC
Euler Hermes Collections UK Limited	UNITED KINGDOM
Euler Hermes Crédit Insurance Belgium S.A. (N.V.)	BELGIUM
Euler Hermes Credit Services (JP) Ltd.	JAPAN
Euler Hermes Credit Underwriters Hong Kong Ltd.	CHINA
EULER HERMES EMPORIKI SA	GREECE
EULER HERMES EMPORIKI Services Ltd.	GREECE
Euler Hermes Forderungsmanagement GmbH	GERMANY
Euler Hermes Gesellschaft für Finanzdienstleistungen mbH	GERMANY
Euler Hermes Gesellschaft für Informationsdienstleistungen mbH	GERMANY
Euler Hermes Guarantee plc.	UNITED KINGDOM
Euler Hermes Holdings UK plc	UNITED KINGDOM
Euler Hermes Interborg N.V.	NETHERLANDS
Euler Hermes International Ltd.	UNITED KINGDOM
Euler Hermes Kredietverzekering NV	NETHERLANDS

Exhibit 8.1 Fiscal year 2004

Euler Hermes Kreditförsäkring Norden AB	SWEDEN
Euler Hermes Kreditversicherungs-AG	GERMANY
Euler Hermes Kreditverzekering NV	NETHERLANDS
Euler Hermes Magyar Hitelbiztositó Rt.	HUNGARY
Euler Hermes Magyar Követeleskezelö Kft.	HUNGARY
Euler Hermes Rating GmbH	GERMANY
Euler Hermes Risk Management GmbH & Co. KG	GERMANY
Euler Hermes Risk Management Verwaltungs-GmbH	GERMANY
Euler Hermes Risk Services UK Limited	UNITED KINGDOM
Euler Hermes S.A.	FRANCE
Euler Hermes Seguros de Crédito S.A.	BRAZIL
Euler Hermes Seguros de Crédito S.A.	MEXICO
Euler Hermes Services (HK) Limited	HONG KONG
Euler Hermes Services AG	SWITZERLAND
Euler Hermes Services Belgium S.A.	BELGIUM
Euler Hermes Servicii Financiare	ROMANIA
Euler Hermes Servicos Ltda	BRAZIL
Euler Hermes Servicos SL	SPAIN
Euler Hermes Servis s.r.o.	SLOVAKIA (Slovak Republic)
Euler Hermes SFAC Crédit	FRANCE
Euler Hermes SFAC S.A.	FRANCE
Euler Hermes SIAC S.p.A.	ITALY
Euler Hermes SIAC Services spa.	ITALY
Euler Hermes UK plc	UNITED KINGDOM
Euler Hermes Versicherungsbeteiligungen GmbH	GERMANY
Euler Hermes Zarzadzanie Ryzkiem Sp. z o.o.	POLAND
Euler Incorporation Inc.	MARYLAND
Euler Re	LUXEMBOURG
Euler Services	FRANCE
Euler SFAC Asset Management	FRANCE
Euler Tech	FRANCE
Euler UK Group Services Limited	UNITED KINGDOM
Eurl 20/22 Le Peletier	FRANCE
EURL 2D3	FRANCE
EURL B Anat	FRANCE
EURL BTKM	FRANCE
EURL COLLEGE CLERC	FRANCE
EURL DDV	FRANCE
EURL La Peyrade	FRANCE
EURL Livi Développement	FRANCE
EURL PL	FRANCE
EURL RM ARROUX	FRANCE
EURL ROCHER STE HELENE	FRANCE
EURL SARL du Rocher St. Hélène	FRANCE
EURL SARL Pascale	FRANCE
Euro American Arbitrage Inc	ILLINOIS
Euro Drukker Beheer B.V.	NETHERLANDS
EURO GESTION	FRANCE
Europe Reinsurance SA	LUXEMBOURG
European Credit Underwriters Limited	UNITED KINGDOM

Exhibit 8.1 Fiscal year 2004

European Properties Inc Ltd	UNITED KINGDOM
European Venture Leasing Ltd	UNITED KINGDOM
European Venture Partners (General Partner) Ltd	UNITED KINGDOM
European Venture Partners (Israel) Ltd	ISRAEL
European Venture Partners (Sweden) AB	SWEDEN
European Venture Partners Ltd	UNITED KINGDOM
EuroShip Assekuradeurgesellschaft mbH & Co. KG	GERMANY
Eurotax Garantie AG	SWITZERLAND
Eurovida S.A. Compañía de Seguros y Reaseguros	SPAIN
Eustache	FRANCE
EWA Life	LUXEMBOURG
F.C.C. LOGIFIX	FRANCE
FAF Inc.	CAYMAN ISLANDS
FAI Allianz Ltd	AUSTRALIA
Failure & Risk Consulting GmbH	GERMANY
Felix Ltd	UNITED KINGDOM
Fenchurch Fiduciaries Ltd	UNITED KINGDOM
Fenchurch Finance Ltd	UNITED KINGDOM
Fenchurch International Holdings Ltd	UNITED KINGDOM
Fenchurch Nominees (Singapore) Pte Ltd	SINGAPORE
Fenchurch Nominees Ltd	UNITED KINGDOM
Fenchurch Nominees Ltd	UNITED KINGDOM
Fenchurch Properties Ltd	UNITED KINGDOM
Fenchurch Trust Ltd	UNITED KINGDOM
Fendrake Ltd	UNITED KINGDOM
Fenix Directo Compania de Seguros y Reaseguros S.A.	SPAIN
FFIC of Bermuda	BERMUDA
Financière et Foncière Européenne	FRANCE
Financière Galilée	FRANCE
Financière Ile de France	FRANCE
Finanztrust AG	GERMANY
Finnish Credit Insurance Company Ltd.	FINLAND
Fireman’s Fund Agribusiness Inc.	MONTANA
Fireman’s Fund Indemnity Corporation	NEW JERSEY
Fireman’s Fund Insurance Company	CALIFORNIA
Fireman’s Fund Insurance Company of Georgia	GEORGIA
Fireman’s Fund Insurance Company of Hawaii	HAWAII
Fireman’s Fund Insurance Company of Louisiana	LOUISANA
Fireman’s Fund Insurance Company of Missouri	MISSOURI
Fireman’s Fund Insurance Company of Nebraska	NEBRASKA
Fireman’s Fund Insurance Company of Ohio	OHIO
Fireman’s Fund Insurance Company of Texas	TEXAS
Fireman’s Fund Insurance Company of Wisconsin	WISCONSIN
First Building Management Company Ltd.	KOREA, REPUBLIC OF
First Call Direct Limited	IRELAND
First European DELTA Beteiligungs GmbH	GERMANY
First European OMEGA Beteiligungs GmbH	GERMANY
First Rate Direct Limited	UNITED KINGDOM
Fitrust	SWITZERLAND
Foncias Iart S.A.	BURKINA FASO

Exhibit 8.1 Fiscal year 2004

Foncias vie S.A.	BURKINA FASO
Fondsdepotbank GmbH	GERMANY
Foreign Holdings Ltd	UNITED KINGDOM
Four Seasons Health Care Jersey	UNITED KINGDOM
Four Seasons Health Care Ltd.	UNITED KINGDOM
FRAGONARD ASSURANCE	FRANCE
FRANCE SECOURS INTERNATIONAL ASSISTANCE S.A.	FRANCE
Frank Nominees Ltd	UNITED KINGDOM
Frankfurter Versicherungs-AG	GERMANY
Freesun Pty Ltd	AUSTRALIA
FS2A S.A.	FRANCE
Fünfte DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Fünfzehnte DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Fünfzehnte FraMü Beteiligungs GmbH	GERMANY
G.I.T. Uniphénix	FRANCE
Gaipare Diffusion	FRANCE
Gallus Bau-Gesellschaft mbH	GERMANY
Gamma-Vermögensverwaltungsgesellschaft mbH	GERMANY
Gangrey Ltd.	UNITED KINGDOM
Gateway HomeCare Limited	ILLINOIS
GAVD Gesellschaft für Altersvorsorge-Dienstleistungen mbH	GERMANY
GbR Berlin Pariser Platz 5a/6	GERMANY
GE.SI Gestione Sistemi Informativi S.p.A	ITALY
Générale Viagère	FRANCE
Generation Vie	FRANCE
GENIALLOYD S.p.A.	ITALY
GENUJO Beteiligungs-GmbH	GERMANY
GENUJO Sechste Beteiligungs GmbH	GERMANY
GENUJO Vierte Beteiligungs GmbH	GERMANY
GERUSIA Grundstücks-Verwaltungsgesellschaft mbH & Co. KG	GERMANY
Gesellschaft für Vorsorgeberatung	SWITZERLAND
Gestiass S.r.l.	ITALY
GESTION DE TELESECURITE ET DE SERVICES “GTS” S.A.	FRANCE
GIE Groupe Dresdner KB France	FRANCE
GIE Placements d’Assurances	FRANCE
GIM Grundwert Immobilien Management GmbH	GERMANY
GKB (General Partner) Limited	UNITED KINGDOM
Golden Gate Reinsurance Company Limited	BERMUDA
Götz GmbH & Co.	GERMANY
Grafton Properties Limited	IRELAND
Grosvenor Kleinwort Benson Residential Ltd.	UNITED KINGDOM
Groupe Mondial Assistance	SWITZERLAND
Groupe Saint Thomas	FRANCE
Growler Trading SA	PANAMA
Grundstücksgesellschaft der Vereinten Versicherungen mbH	GERMANY
Grundstücksgesellschaft der Vereinten Versicherungen mbH & Co. Besitz—und Betriebs KG	GERMANY
Grundstücks-Gesellschaft mbH	GERMANY
Guernsey Nominees Ltd	UNITED KINGDOM
GV DEVELOPPEMENT	FRANCE

Exhibit 8.1 Fiscal year 2004

GVP Grundwert Verwaltungs—und Projektentwicklungs GmbH	GERMANY
GVT Grundbesitz Verwaltung und Treuhand GmbH	GERMANY
Hamburger Handels—und Verwaltungs-Gesellschaft mbH	GERMANY
Hamudi S.A.	FRANCE
HANSA-Bau-Gesellschaft mbH	GERMANY
Hardy Beteiligungs-Gesellschaft mbH	GERMANY
Hauteville Insurance Company Limited	UNITED KINGDOM
Havelaar et Van Stolk B.V.	NETHERLANDS
HEISSMANN CONSULTANTS GMBH European Partner of Mellon HR&IS	AUSTRIA
HEISSMANN CONSULTANTS INTERNATIONAL GMBH	GERMANY
HELVIASS Verzekeringen BV	NETHERLANDS
Herakles Beteiligungs-Gesellschaft mbH	GERMANY
HERMES & EULER CREDIT INSURANCE AGENCY (S) PTE LTD.	SINGAPORE
Hermes e-Business GmbH	GERMANY
Herradura Ltd	UNITED KINGDOM
Hilary Nominees Ltd	UNITED KINGDOM
Hilary Street Properties Ltd	UNITED KINGDOM
Histel Beteiligungs GmbH	GERMANY
Holland Beleggingsgroep B.V.	NETHERLANDS
Holland Bewaarbedrijf B.V.	NETHERLANDS
Home Management Inc.	BELIZE
Honeywell Grundbesitzverwaltungs-GmbH & Co. Vermietungs-KG	GERMANY
Hungária Biztosító Rt. Szolgáltató és Ellátó Kft. (Betriebs—und Versorgungs-GmbH)	HUNGARY
Hungária Biztosító Számitástechnikai Kft. (Hungária EDV-Betriebsgesellschaft mbH)	HUNGARY
Hunter Premium Funding Ltd.	AUSTRALIA
IDS GmbH—Analysis and Reporting Services	GERMANY
IFS Individual Family Services AG	SWITZERLAND
Immovalor Gestion	FRANCE
Informatica Y Servicios Financieros S.A. (Insesa)	SPAIN
INI-Ventures GmbH & Co. Beteiligungs KG	GERMANY
Inmobiliaria Driavena	VENEZUELA
Insolvency Risk Insurance Services Limited	UNITED KINGDOM
Insolvency Risk Management Limited	UNITED KINGDOM
Insurance Joint Stock Company “Allianz”	RUSSIAN FEDERATION
Intermediass S.r.l.	ITALY
International Reinsurance Company S.A.	LUXEMBOURG
Interstate Fire & Casualty Company	ILLINOIS
Interstate Indemnity Company	ILLINOIS
Interstate National Corporation	ILLINOIS
Interstate National Corporation of Texas	TEXAS
INVCO SAS	FRANCE
Inveresk Stockholders Ltd	UNITED KINGDOM
INVESTITORI HOLDING SPA	ITALY
INVESTITORI SGR S.p.a.	ITALY
INVESTITORI SWISS	SWITZERLAND
ITB Immobilientreuhandgesellschaft mbH	AUSTRIA
ITEB B.V.	NETHERLANDS
JBC Ltd	CAYMAN ISLANDS

Exhibit 8.1 Fiscal year 2004

JeffCo Management Company Inc.	NEW JERSEY
Jefferson Insurance Company of N.Y.	NEW YORK
Johneve Ltd.	UNITED KINGDOM
Jota-Vermögensverwaltungsgesellschaft mbH	GERMANY
Kappa Holdings Ireland Limited	IRELAND
KB (C.I.) Nominees Ltd	UNITED KINGDOM
KB EMF II (Guernsey) Ltd	UNITED KINGDOM
KB Investment Management International	UNITED KINGDOM
KBEMF (GP) Ltd	UNITED KINGDOM
KBEMF II (Guernsey) Ltd	UNITED KINGDOM
KBG Immobilier SA	FRANCE
KBIM (IT) Nominees Ltd	UNITED KINGDOM
KBIM General Nominees Ltd	UNITED KINGDOM
KBIM Standby Nominees Ltd	UNITED KINGDOM
KB-LPL Holdings Inc	NEW YORK
KB-LPL Inc	UNITED STATES
KEVA spol.	SLOVAKIA (Slovak Republic)
KGB Kraftwerksgesellschaft mbH	GERMANY
Kléber Lamartine	FRANCE
Kléber Passy	FRANCE
Kleinwort Benson (Channel Islands) Investment	UNITED KINGDOM
Kleinwort Benson (Channel Islands) Investment Management Limited	UNITED KINGDOM
Kleinwort Benson (Channel Islands) Ltd.	UNITED KINGDOM
Kleinwort Benson (Channel Islands) Trustees	UNITED KINGDOM
Kleinwort Benson (Geneva) Trustee SA	SWITZERLAND
Kleinwort Benson (Guernsey) Fund Services Ltd	UNITED KINGDOM
Kleinwort Benson (Guernsey) Ltd	UNITED KINGDOM
Kleinwort Benson (Guernsey) Services Ltd	UNITED KINGDOM
Kleinwort Benson (Guernsey) Trustees Ltd	UNITED KINGDOM
Kleinwort Benson (Jersey) Asset Managers Ltd	UNITED KINGDOM
Kleinwort Benson (Jersey) Fund Managers Ltd	UNITED KINGDOM
Kleinwort Benson (Jersey) Services Ltd	UNITED KINGDOM
Kleinwort Benson (Jersey) Trustees Ltd	UNITED KINGDOM
Kleinwort Benson (US) Asset Managers LLC	DELAWARE
Kleinwort Benson (USA) Inc.	NEW YORK
Kleinwort Benson Australia (Holdings) Ltd	AUSTRALIA
Kleinwort Benson Belgium SA	BELGIUM
Kleinwort Benson Channel Islands (Holdings)	UNITED KINGDOM
Kleinwort Benson China Management Ltd	HONG KONG
Kleinwort Benson Cross Financing Inc	NEW YORK
Kleinwort Benson Cross Financing Ltd	UNITED KINGDOM
Kleinwort Benson Equity Partner General Partner Ltd	UNITED KINGDOM
Kleinwort Benson Farmland Trust (Managers) Ltd	UNITED KINGDOM
Kleinwort Benson Financial Services Ltd	UNITED KINGDOM
Kleinwort Benson Financière SA i. L.	SWITZERLAND
Kleinwort Benson Gilts Ltd	UNITED KINGDOM
Kleinwort Benson International Trust Corporation	UNITED KINGDOM
Kleinwort Benson International Trustees Ltd	UNITED KINGDOM
Kleinwort Benson Investment Holdings Australia Pty Ltd	AUSTRALIA

Exhibit 8.1 Fiscal year 2004

Kleinwort Benson Investment Management Americas (HK) Inc	NEW YORK
Kleinwort Benson Investment Management Americas Inc	NEW YORK
Kleinwort Benson Investment Management Holdings Ltd	UNITED KINGDOM
Kleinwort Benson Investment Management Ltd	UNITED KINGDOM
Kleinwort Benson Private Bank Limited	UNITED KINGDOM
Kleinwort Benson Securities (Asia) Holdings Ltd	HONG KONG
Kleinwort Benson Trustees Ltd	UNITED KINGDOM
Kleinwort Benson Unit Trusts Ltd	UNITED KINGDOM
Kleinwort Capital Partners General Partner 1 Ltd.	UNITED KINGDOM
Knowlfa Ltd	UNITED KINGDOM
KOMMATA Verwaltungsgesellschaft mbH & Co. KG	GERMANY
KTC Kommunikations—und Trainings-Center Königstein GmbH	GERMANY
L.A. PARTECIPAZIONI e SERVIZI	ITALY
LA FIN SIM S.P.A.	ITALY
LA PEYRADE	FRANCE
LA RURALE	FRANCE
LA VITA	ITALY
Langbourn Nominees Ltd	UNITED KINGDOM
Langdale Nominees Ltd	UNITED KINGDOM
Langham Nominees Ltd	UNITED KINGDOM
Larose Trintaudon	FRANCE
Larose Trintaudon Chile S.A.	CHILE
L’Assicuratrice Italiana Danni	ITALY
L’Assicuratrice Italiana Vita S.p.A.	ITALY
LDS	ITALY
Les Hautes Villes	FRANCE
Life Agency USA of Minnesota	MINNESOTA
Liffey Emmerald	UNITED KINGDOM
Lisa Synthetic CDO	GERMANY
LJ SARL	FRANCE
Lloyd Adriatico Real Estate	ITALY
Lloyd Adriatico S.p.A.	ITALY
Local Market Fundo de Investimento Financeiro	BRAZIL
LOGICA	ITALY
Lombardkasse AG	GERMANY
London Verzekeringen N.V.	NETHERLANDS
LTCAmerica Holding	MINNESOTA
LUFRA Beteiligungsholding AG	SWITZERLAND
Lufthansa Leasing GmbH & Co. Echo-Oscar KG	GERMANY
Lufthansa Leasing GmbH & Co. Echo-Papa KG	GERMANY
M.R. Print Management Ltd.	UNITED KINGDOM
Madeleine SA	FRANCE
Marlyna Ltd	UNITED KINGDOM
Martin Maurel Vie	FRANCE
Mathis Assurances	FRANCE
Mauritius Island	MAURITIUS
McGee Insurance Co. (Bermuda) Ltd.	BERMUDA
Medisalud Compania Colombiana de Medicina Prepagada S.A.	COLOMBIA
MEDISPAC	FRANCE
Menza Grundstücks-Verwaltungsgesellschaft mbH	GERMANY

Exhibit 8.1 Fiscal year 2004

Menza Grundstücks-Verwaltungsgesellschaft mbH & Co. KG	GERMANY
MERCOSUL	BRAZIL
MERCOSUL ASSISTANCE ARGENTINE	ARGENTINA
Merkur Grundstücks-Gesellschaft mbH	GERMANY
MERLAN Mobilien-Verwaltungsgesellschaft mbH & Co. Projekt Nr. 16 KG	GERMANY
META Finanz-Informationssysteme GmbH	GERMANY
MetallRente Pensionsfonds AG	GERMANY
MetaPhysics S.A.	SWITZERLAND
Métropole	FRANCE
Midway Insurance Company of Illinois	ILLINOIS
MMI Worksafe (Malaysia) Sdn Bhd	MALAYSIA
Moerkerke	BELGIUM
Mole Finance Inc.	CAYMAN ISLANDS
Mondial Assistance Australia Holding Pty Ltd.	AUSTRALIA
MONDIAL ASSISTANCE B.V.	NETHERLANDS
Mondial Assistance Beijing Services Co. Ltd.	CHINA
Mondial Assistance Deutschland GmbH	GERMANY
MONDIAL ASSISTANCE FRANCE “MAF” S.A.	FRANCE
Mondial Assistance Italia S.p.A.	ITALY
Mondial Assistance S.A.	FRANCE
Mondial Assistance United Kingdom (MAUK) Ltd.	UNITED KINGDOM
Monticello Insurance Co.	DELAWARE
Morris (S.P.) Holdings Ltd	UNITED KINGDOM
MTS Accounting Services Ltd	UNITED KINGDOM
Münchener und Magdeburger Agrarversicherung AG	GERMANY
Münsterländische Bank Thie & Co.	GERMANY
MVK Datenmanagement GmbH	AUSTRIA
National Surety Corporation	ILLINOIS
Nederland Administration B.V. i.L.	NETHERLANDS
Nederland Hypotheekservice B.V.	NETHERLANDS
NEM Business Services Ltd.	UNITED KINGDOM
NEM Insurance Ireland	IRELAND
Nemian Life & Pensions S.A.	LUXEMBOURG
Nereus Vermögensverwaltungsgesellschaft mbH	GERMANY
Neubar SA i. L.	SWITZERLAND
Neunte SIB Beteiligungs-Aktiengesellschaft	GERMANY
NFJ Investment Group L.P.	TEXAS
NFJ Management Inc.	DELAWARE
Nicholas Applegate	CALIFORNIA
Nicholas Applegate Capital Management LLC	DELAWARE
Nicholas Applegate Holdings LLC	DELAWARE
Nicholas Applegate Securities International	CALIFORNIA
Nicholas Applegate Securities LLC	DELAWARE
NIXOR Grundstücks-Verwaltungsgesellschaft mbH & Co. KG	GERMANY
Noman LTD.	UNITED KINGDOM
Nona-Vermögensverwaltungsgesellschaft mbH	GERMANY
Norman Nominees Ltd	UNITED KINGDOM
North American London Underwriters	BERMUDA
Objekt Burchardplatz GmbH & Co. KG	GERMANY

Exhibit 8.1 Fiscal year 2004

OCC Distributors LLC	DELAWARE
Octagon Ltd.	CAYMAN ISLANDS
OLB-Beteiligungsgesellschaft mbH	GERMANY
OLB-Immobiliendienst GmbH	GERMANY
OLB-Versicherungsdienst GmbH	GERMANY
Oldenburgische Landesbank AG	GERMANY
Omega Thai Investment Holding	NETHERLANDS
Omnium Opel Händler Versicherungsdienst GmbH	GERMANY
OpCap Advisors LLC	DELAWARE
Opernringhof Bau—  und Betriebs AG	AUSTRIA
Oppenheimer Capital AM	DELAWARE
Oppenheimer Capital LLC	DELAWARE
Oppenheimer Group	DELAWARE
Orbis Business Services Ltd	UNITED KINGDOM
Orbis Directors (No 1) Ltd	UNITED KINGDOM
Orbis Directors (No 2) Ltd	UNITED KINGDOM
Orbis Management Ltd	UNITED KINGDOM
Orbis Management Ltd	UNITED KINGDOM
Orbis Nominees Jersey Ltd	UNITED KINGDOM
Orbis Pensions Trustees Ltd	UNITED KINGDOM
Orbis Secretaries Jersey Ltd	UNITED KINGDOM
Orbis SPV Management Ltd	UNITED KINGDOM
Orbis Tax Services Ltd	UNITED KINGDOM
Orbis Trustees (1997) Ltd	UNITED KINGDOM
Orbis Trustees Guernsey Ltd	UNITED KINGDOM
Orbis Trustees Jersey (1997) Ltd	UNITED KINGDOM
Orbis Trustees Jersey Ltd	UNITED KINGDOM
Orbis Trustees Ltd	UNITED KINGDOM
Organizacion G.o.a. S.A.	PERU
Orpheus Vermögensverwaltungsgesellschaft mbH	GERMANY
Other US Equity Managers	DELAWARE
PA Advertising Agency	DELAWARE
PA CD Distributors	CONNETICUT
PA Distributors LLC	DELAWARE
PA Fund Management LLC	DELAWARE
PA Managed Accounts LLC	DELAWARE
PA Retail Holdings LLC	DELAWARE
PAC Investment Management	DELAWARE
Pacific Investment Management Company LLC	DELAWARE
Pacific MMI Insurance Ltd.	PAPUA NEW GUINEA
Pallas-Vermögensverwaltungsgesellschaft mbH	GERMANY
PALP Ownership Structure	DELWARE
Parc Continental Ltd	UNITED KINGDOM
Parkway Insurance Company	NEW JERSEY
Participations Gentil	FRANCE
PEA Capital LLC	NEW YORK
Pegasus Beteiligungsgesellschaft mbH	GERMANY
PEMSE S.A.	SPAIN
Personalized Brokerage Service LLC	KANSAS
Pet Plan Ltd.	UNITED KINGDOM

Exhibit 8.1 Fiscal year 2004

Peter Street Properties Ltd	UNITED KINGDOM
Petra Capital II Ltd.	GERMANY
Phenix Alternative Holding	FRANCE
Phénix Iart	SWITZERLAND
Phénix Immobilier	FRANCE
Phénix Kléber	FRANCE
Phenix Sécurité L	FRANCE
Phénix Vie	SWITZERLAND
Philippe II S.C.I.	LUXEMBOURG
PIMCO Advisors Services	DELAWARE
PIMCO Asia PTE Ltd.	SINGAPORE
PIMCO Australia Pty Ltd.	AUSTRALIA
Pimco Canada Corp.	CANADA
Pimco Canada Management Inc.	DELAWARE
PIMCO Equity AM	DELAWARE
PIMCO Equity Partners	DELAWARE
PIMCO Europe Limited	UNITED KINGDOM
PIMCO Global Advisors (Ireland) Limited	IRELAND
PIMCO Global Advisors (Resources) Limited	CAYMAN ISLANDS
PIMCO Global Advisors LLC	DELAWARE
PIMCO GmbH	GERMANY
PIMCO Japan Ltd.	JAPAN
PIMCO Luxembourg SA.	LUXEMBOURG
PIMCO Private Client Services LLC	DELAWARE
PIMCO Specialty Markets LLC	DELAWARE
PinacleUSA LLC	NEW JERSEY
Pinnacle USA	MINNESOTA
PL Sarl	FRANCE
POLY—ASSISTANCE & SERVICES A.E.	GREECE
Previndustria—Fid. Prev. Imprenditori S.p.A.	ITALY
Prevint Gestione Servizi Previdenziali S.p.A.	ITALY
Privatinvest Bank AG	AUSTRIA
Promotota Country	COLOMBIA
Pronto Lloyd srl	ITALY
Property Nominees (Channel Islands) Ltd	UNITED KINGDOM
Protexia France	FRANCE
PT Asuransi Allianz Life Indonesia p.l.c.	INDONESIA
PT Asuransi Allianz Utama Indonesia Ltd.	INDONESIA
PTE Allianz Polska SA	POLAND
Qualis	FRANCE
Quinta-Vermögensverwaltungsgesellschaft mbH	GERMANY
Quintet Properties Ltd.	IRELAND
R. B. Nominees Ltd	UNITED KINGDOM
Radian Inc.	CAYMAN ISLANDS
RAS ALTERNATIVE INVESTMENTS SGR S.p.A.	ITALY
RAS Asset Management SGR S.p.A.	ITALY
RAS IMMOBILIARE SRL	ITALY
Ras International N.V.	NETHERLANDS
RAS Tutela Giudiziaria S.p.A.	ITALY
Rasbank (Swiss) S.A.	SWITZERLAND

Exhibit 8.1 Fiscal year 2004

Rasbank S.p.A.	ITALY
Rasfin Società di Intermediazione Mobiliare S.p.A.	ITALY
RASSERVICE s.c.p.a.	ITALY
RB Fiduciaria SpA	ITALY
RB Vita S.p.A.	ITALY
RC Verwaltungs—  und Beteiligungsgesellschaft mbH	GERMANY
RCM (UK). Ltd.	UNITED KINGDOM
RCM Capital Management LLC	CALIFORNIA
RCM Distiributors LLC	CALIFORNIA
RCM US Holdings LLC	CALIFORNIA
Real Faubourg Haussmann SAS	FRANCE
Real Fr Haussmann SAS	FRANCE
Receivable Partners Inc.	DELAWARE
Receivable Partners New York	NEW YORK
Recovre Pty Ltd	AUSTRALIA
Reliance Trading Co. (Liverpool) Limited	UNITED KINGDOM
RES Gesellschaft für Immobilienbesitz mbH	GERMANY
Reunion Island	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
Rhone Nominees SA	PANAMA
Rhyme Jersey Holding	UNITED KINGDOM
Rhyme UK Holding	UNITED KINGDOM
Risikomanagement und Softwareentwicklung GmbH	AUSTRIA
Risk & Safety Services Limited	IRELAND
risklab germany GmbH	GERMANY
Riskon Aktiengesellschaft geschlossenen Typs	RUSSIAN FEDERATION
Riunione Adriatica di Sicurtà S.p.A.	ITALY
RM ARROUX	FRANCE
Robert Benson Lonsdale & Co (Canada) Ltd	UNITED KINGDOM
Robert Benson Lonsdale & Co. Ltd	UNITED KINGDOM
Roese GmbH—  Versicherungsmakler	GERMANY
Rood Nominees Ltd	UNITED KINGDOM
RVB Verwaltungs—  und Beteiligungs GmbH	GERMANY
S. C. I. Dutilleul	FRANCE
S. C. I. Part-Dieu	UNITED KINGDOM
S.A. PRESTALYS	FRANCE
S.C. ASIT REAL ESTATE S.R.L.	ROMANIA
S.C.I. de la Boucle	FRANCE
S.I. Rue de L’Industrie 19 S.A.	SWITZERLAND
S.I.B.I.	FRANCE
S.N.C. Haussmann Viager 2	FRANCE
S.N.C. SNC Dresdner Service	FRANCE
SA Immobilière de L’Avenue du Roule	FRANCE
Sa Paindavoine	FRANCE
SACNAS INTERNATIONAL S.A.	FRANCE
SACNAS RE	LUXEMBOURG

Exhibit 8.1 Fiscal year 2004

SAFARRIV IARD S.A.	COTE D’IVOIRE
SAFARRIV VIE S.A.	COTE D’IVOIRE
SAGE SARL	FRANCE
Saint-Barth Assurances S.A.R.L.	FRANCE
San Francisco Reinsurance Company	CALIFORNIA
SARL BTKM	FRANCE
SARL CACHACAG	FRANCE
Sarl de l’Etoile	FRANCE
Sarl FFE	FRANCE
SARL G V DEVELOPPEMENT	FRANCE
SARL H.B. Pergola	FRANCE
SARL L.J	FRANCE
SARL Lège	FRANCE
SARL MEDISPAC	FRANCE
SARL MIDAGUIEM	FRANCE
SARL MIFRA	FRANCE
SARL MJBD	FRANCE
SARL RM Arroux	FRANCE
SARL RS PIAU	FRANCE
SAS LAENNEC	FRANCE
SAT S.A.	TURKEY
Schmalbach-Lubeca Finanzanlagen GmbH	GERMANY
Schmalbach-Lubeca PET Centre Technique et de Recherche S.A.S.	FRANCE
Schmalbach-Lubeca Service Center N.V.	BELGIUM
SCI Atrium W9	FRANCE
SCI AVIP Atlantique	FRANCE
SCI AVIP Boulogne Schumann	FRANCE
SCI AVIP Champs Elysée	FRANCE
SCI Avip des Pivolles	FRANCE
SCI AVIP La Templerie	FRANCE
SCI AVIP Limas du Vieux CEP	FRANCE
SCI AVIP Marly-Saint Cyr	FRANCE
SCI AVIP Paris X	FRANCE
SCI AVIP SCPI Selection	FRANCE
SCI Bel	FRANCE
SCI Bercy W9	FRANCE
SCI Carmidaloc	FRANCE
SCI champ laurent	FRANCE
SCI Chaponnay	FRANCE
SCI Chene Alpes	FRANCE
SCI CRAM	FRANCE
SCI de Bonlieu et du lac	FRANCE
SCI des 108 et 110 Boulevard Haussmann	FRANCE
SCI des Mercieres	FRANCE
SCI Dicca	FRANCE
SCI Du Manoir Queval	FRANCE
SCI en Presles	FRANCE
SCI F.D.B.L.	FRANCE
SCI Fonciere du mas de Roman	FRANCE

Exhibit 8.1 Fiscal year 2004

SCI IDF	FRANCE
SCI Immobilière des Pennes Mirabeau	FRANCE
SCI J.T.	FRANCE
SCI Jamin	FRANCE
SCI Jelavie	FRANCE
SCI La Balandrane	FRANCE
SCI La Riche 540	FRANCE
SCI La Rize	FRANCE
SCI Lajevie	FRANCE
SCI Limmo	FRANCE
SCI Limmo 2	FRANCE
SCI Marcleau	FRANCE
SCI mediterranee distribution	FRANCE
SCI RELAIS S.SAUVEUR	FRANCE
SCI Rhone Alpe	FRANCE
SCI Rue Babeuf	FRANCE
SCI Stratus	FRANCE
SCI Trescol	FRANCE
SCI Turenne	FRANCE
SCI Vilaje	FRANCE
Sealdrift Ltd	UNITED KINGDOM
Sechste FraMü Beteiligungsgesellschaft mbH	GERMANY
Sechzehnte FraMü Beteiligungs GmbH	GERMANY
Secunda-Vermögensverwaltungsgesellschaft mbH	GERMANY
Security Ltd.	GREECE
Sexta-Vermögensverwaltungsgesellschaft mbH	GERMANY
SF Development FCPR L	FRANCE
SHA Seminarhotel AG	SWITZERLAND
Siebte FraMü Beteiligungsgesellschaft mbH	GERMANY
Siebte SIB Beteiligungs-Aktiengesellschaft	GERMANY
Siebzehnte DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Signature Financial Services	PENNSYLVANIA
Silver Lux Inc.	CAYMAN ISLANDS
Silver Tower 125 Inc.	CAYMAN ISLANDS
Skylark	CAYMAN ISLANDS
SNA Holding (Bermuda) Ltd.	BERMUDA
SNA—  Ré Societé Nationale D’Assurances et de Reassurances (Bermuda) Ltd.	BERMUDA
SNA Sal	LEBANON
SNAM S.A.L	LEBANON
SNC AGF Cash	FRANCE
SNC AGF Clearing	FRANCE
SNC AIP	FRANCE
SNC Allianz Bercy	FRANCE
SNC Dresdner Services	FRANCE
SNC Kléber Magdebourg	FRANCE
SNC Maxium	FRANCE
SOBAC	BENIN
SOCIEDAD MUNDIAL DE ASISTENCIA (S.M.A.S.A.) S.A.	SPAIN
SOCIETE BELGE D’ASSISTANCE INTERNATIONALE S.A. “S.B.A.I.”	BELGIUM

Exhibit 8.1 Fiscal year 2004

SOCIETE BELGE DE SERVICES TELEPHONIQUES “S.B.S.T.” S.A.	BELGIUM
Société Civile Construction Vente 33 Lafayette	FRANCE
SOCIETE EUROPEENNE DE PROTECT. ET DE SEVICES D’ASSIST. A DOMICILE “S.E.P.S.A.D.” S.A.	FRANCE
Société Financière du Léman	SWITZERLAND
Société Foncière Européenne	FRANCE
Société Foncière Européenne	NETHERLANDS
Société Nationale D’Assurances S.A.L.	LEBANON
Société Nouvelle D’Assurances du Cameroun S.A.	CAMEROON
Société Nouvelle D’Assurances vie du Cameroun S.A.	CAMEROON
Sofiholding S.A.	BELGIUM
Sogafi	FRANCE
SOLVET S.r.l.	ITALY
Somerset Valley Insurance Services	NEW JERSEY
Sonimm	FRANCE
Southwark Bridge Investments Ltd	UNITED KINGDOM
Space Park Aufbau GmbH	GERMANY
Space Park Erste Verwaltungs GmbH	GERMANY
Space Park GmbH & Co. KG	GERMANY
SPACECO	FRANCE
SSC Société de Services Communs	FRANCE
Standard General Agency	TEXAS
Stanislas H. Haine	BELGIUM
StocksPLUS	DELAWARE
StocksPLUS Management Inc.	DELAWARE
StocksPLUS Sub-Fund B LLC.	CALIFORNIA
Strategic Reinsurance Ltd.	BERMUDA
Structured Security Company	DELAWARE
Subarban Finance Company Limited	CAYMAN ISLANDS
Subarban Finance Company II Limited	CAYMAN ISLANDS
Subarbon Finance Co.	UNITED KINGDOM
Sudamero Consultoria SA	FRANCE
Sudamero Trust Company (Cayman) Ltd	CAYMAN ISLANDS
Süddeutsche Industrie-Beteiligungs-Gesellschaft mbH	GERMANY
Suffolk Investments Inc	NEW YORK
Symphony No 1 LLC	CAYMAN ISLANDS
Syscom Instruments S.A.	SWITZERLAND
T.U. Allianz Polska S.A.	POLAND
T.U. Allianz Polska Zycie S.A.	POLAND
Takecare Management Ltd.	UNITED KINGDOM
TFI ALLIANZ POLSKA S.A.	POLAND
TGAF Inc.	CAYMAN ISLANDS
Thames SPC	UNITED KINGDOM
The Ajax Insurance Association Ltd.	UNITED KINGDOM
The American Insurance Company	NEBRASKA
The Export Credit Clearing House Limited	UNITED KINGDOM
The Kleinwort Benson Mezzanine Fund L.P.	NEW YORK
The MI Group Limited	UNITED KINGDOM

Exhibit 8.1 Fiscal year 2004

The MI Property Management Company Limited	UNITED KINGDOM
Thornton Brokerage Ltd	HONG KONG
Thornton Management (C.I.) Ltd	UNITED KINGDOM
Thornton Nominees Ltd	UNITED KINGDOM
Thurlastone Finance Limited	UNITED KINGDOM
Tindall Riley & Co.	UNITED KINGDOM
Top Logistikwerkstatt Assistance GmbH	AUSTRIA
Top Versicherungsservice GmbH	AUSTRIA
Tour Cristal	FRANCE
Towarzystwo Ubezpieczeniowe Euler Hermes S.A.	POLAND
Trade Debtor Insurance Services Limited	UNITED KINGDOM
TRADE INDEMNITY Collections Ltd.	UNITED KINGDOM
Trade Indemnity Credit Corporation Limited	UNITED KINGDOM
Trade Indemnity Factors Limited	UNITED KINGDOM
Trafalgar Insurance Public Limited Company	UNITED KINGDOM
Traktir	FRANCE
Travel Care Inc.	FLORIDA
Turnpike Crossing 1	DELAWARE
Turnpike Crossing 2	NEW JERSEY
TURNPIKE CROSSING 3	CONNETICUT
UAB Euler Hermes Services Baltic	LITHUANIA
UAB Lietuvos draudimo kreditu draudimas (LDKD)	LITHUANIA
Union Centrafricaine D’Assurances et de Reassurances S.A.	CENTRAL AFRICAN REPUBLIC
UNIPENSÃO—Soc. Gestora de Fundos de Pensões	PORTUGAL
Universal Leven N.V.	NETHERLANDS
Unterstützungseinrichtung des Bankhauses Reuschel & Co. GmbH	GERMANY
USAllianz Advisers	MINNESOTA
USAllianz Insurance & Securities Agency	MINNESOTA
USAllianz Insurance & Securities Agency	ALABAMA
USAllianz Insurance & Securities Agency	COLORADO
USAllianz Insurance & Securities Agency	HAWAII
USAllianz Insurance & Securities Agency	KENTUCKY
USAllianz Insurance & Securities Agency	NEVADA
USAllianz Insurance & Securities Agency	NEW MEXICO
USAllianz Insurance & Securities Agency	OHIO
USAllianz Insurance & Securities Agency	TEXAS
USAllianz Insurance & Securities Agency	VERMONT
USAllianz Insurance Agency	MINNESOTA
USAllianz Insurance Agency	NEW YORK
USAllianz Insurance Agency	DELAWARE
USAllianz Investor Services	MINNESOTA
USAllianz Securities	MINNESOTA
Valley Green Business Park Inc.	MINNESOTA
Valley Green Business Park Ltd.	MINNESOTA
Veer Palthe Voûte (Antilles) NV	NETHERLANDS ANTILLES
Veer Palthe Voûte (Suisse) SA	SWITZERLAND
Veer Palthe Voûte N.V.	NETHERLANDS
Vendome Lease SA	UNITED KINGDOM
Vereinte Spezial Krankenversicherung AG	GERMANY
Vereinte Spezial Versicherung AG	GERMANY

Exhibit 8.1 Fiscal year 2004

Verlag Arbeit und Alter GmbH	GERMANY
Vernon	FRANCE
Vestrust Investments Venezuela S.R.L.	VENEZUELA
Vestrust Peru S.R.	PERU
Vierzehnte FraMü Beteiligungs GmbH	GERMANY
Villa La Pagliaia S.r.l.	ITALY
Vintage Insurance Company	CALIFORNIA
visionapp GmbH	GERMANY
W Finance	FRANCE
W Finance Assurances	FRANCE
W9 Atrium SARL	FRANCE
W9 Bercy SARL	FRANCE
Wall Street Technology Managers	NEW YORK
Wall Street Technology Partners L.P.	NEW YORK
Wasserstein Perella & Co.	UNITED KINGDOM
Wasserstein Perella & Co. Deutschland GmbH	FRANCE
Wasserstein Perella & Co. Holdings	DELAWARE
Wasserstein Perella & Co. Inc. (Delaware)	DELAWARE
Wasserstein Perella & Co. Japan Ltd.	JAPAN
Wasserstein Perella & Co. Pacific	DELAWARE
Wasserstein Perella (France) SA	FRANCE
Wasserstein Perella Group Holdings	DELAWARE
WDDC Inc.	DELAWARE
WebTek Software Private Limited	INDIA
Weser_Ems_International_Bond_Funds B	GERMANY
Wessex Holdings Inc	NEW YORK
Westbourne Properties Ltd	UNITED KINGDOM
Wilhelm Reuschel GmbH	GERMANY
Willemsbruggen	NETHERLANDS
Wm. H McGee & Co.	NEW YORK
Wm. H McGee & Co. (Bermuda) Ltd.	BERMUDA
Wm. H McGee & Co. of Puerto Rico Inc.	PUERTO RICO
Wm. H McGee Services	NEW YORK
World Access	VIRGINIA
World Access ASIA (PTE) Ltd.	SINGAPORE
World Access Canada Inc.	CANADA
World Access Europe LTD.	UNITED KINGDOM
World Access Healthcare Services Inc.	FLORIDA
World Access Insurance Broker Ltd.	CANADA
World Access Service Corp.	VIRGINIA
WP Bridge Finance Inc.	DELAWARE
WP Plan Management Partners	DELAWARE
WP Services Inc.	DELAWARE
Yarra Finance Limited	UNITED KINGDOM
YD CHOLLET FINANCE	FRANCE
Zehnte FraMü Beteiligungs GmbH	GERMANY
Zehnte Herakles Beteiligungs-Gesellschaft mbH & Co. KG	GERMANY
Zehnte SIB Beteiligungs-Aktiengesellschaft	GERMANY
Zehnte Sonnenplatz Beteiligungs-Gesellschaft mbH	GERMANY
Zenon Beteiligungs-GmbH	GERMANY

Exhibit 8.1 Fiscal year 2004

Zweite FraMü Beteiligungs GmbH	GERMANY
Zweite Sonnenplatz Beteiligungs-Gesellschaft mbH	GERMANY
Zweiunddreißigste DRESIB Beteiligungs-Gesellschaft mbH	GERMANY
Zwölfte SIB Beteiligungs-Aktiengesellschaft	GERMANY
Zwolsche Algemeene Europa B.V.	NETHERLANDS