<SEC-DOCUMENT>0001104659-13-045781.txt : 20130530
<SEC-HEADER>0001104659-13-045781.hdr.sgml : 20130530
<ACCEPTANCE-DATETIME>20130530162114
ACCESSION NUMBER:		0001104659-13-045781
CONFORMED SUBMISSION TYPE:	13F-HR/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20130331
FILED AS OF DATE:		20130530
DATE AS OF CHANGE:		20130530
EFFECTIVENESS DATE:		20130530

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING GROEP NV
		CENTRAL INDEX KEY:			0001039765
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-13263
		FILM NUMBER:		13881986

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
		BUSINESS PHONE:		01131205639111

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?>
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  <headerData>
    <submissionType>13F-HR/A</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2013</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2013</reportCalendarOrQuarter>
      <isAmendment>true</isAmendment>
      <amendmentNo>1</amendmentNo>
      <amendmentInfo>
        <amendmentType>RESTATEMENT</amendmentType>
        <confDeniedExpired>false</confDeniedExpired>
      </amendmentInfo>
      <filingManager>
        <name>ING Groep NV</name>
        <address>
          <ns1:street1>PO BOX 1800</ns1:street1>
          <ns1:city>AMSTERDAM</ns1:city>
          <ns1:stateOrCountry>P7</ns1:stateOrCountry>
          <ns1:zipCode>1000 BV</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F COMBINATION REPORT</reportType>
      <form13FFileNumber>028-13263</form13FFileNumber>
      <otherManagersInfo>
        <otherManager>
          <form13FFileNumber>028-13194</form13FFileNumber>
          <name>ING Investment Management, Inc.</name>
        </otherManager>
        <otherManager>
          <form13FFileNumber>028-11943</form13FFileNumber>
          <name>ING Investment Management (Europe) B.V.</name>
        </otherManager>
        <otherManager>
          <form13FFileNumber>028-01217</form13FFileNumber>
          <name>ING Investment Management Co.</name>
        </otherManager>
        <otherManager>
          <form13FFileNumber>028-10070</form13FFileNumber>
          <name>ING Investment Trust Company</name>
        </otherManager>
        <otherManager>
          <form13FFileNumber>028-04547</form13FFileNumber>
          <name>ING Investments, LLC</name>
        </otherManager>
        <otherManager>
          <form13FFileNumber>028-07292</form13FFileNumber>
          <name>ING Investment Management LLC</name>
        </otherManager>
      </otherManagersInfo>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Just Emke-Petrelluzzi Bojanic</name>
      <title>Senior Compliance Officer</title>
      <phone>31-20-576 6541</phone>
      <signature>/s/Just Emke-Petrelluzzi Bojanic</signature>
      <city>AMSTERDAM</city>
      <stateOrCountry>P7</stateOrCountry>
      <signatureDate>05-30-2013</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>2</otherIncludedManagersCount>
      <tableEntryTotal>503</tableEntryTotal>
      <tableValueTotal>6873932</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <name>Other wholly owned subsidiary of ING Groep N.V.</name>
          </otherManager>
        </otherManager2>
        <otherManager2>
          <sequenceNumber>2</sequenceNumber>
          <otherManager>
            <name>ING Investment Management Advisors B.V.</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>a13-12419_2informationtable.xml
<DESCRIPTION>INFORMATION TABLE
<TEXT>
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    <nameOfIssuer>3M CO</nameOfIssuer>
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    <cusip>00484M106</cusip>
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    <nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
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    <nameOfIssuer>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
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    <nameOfIssuer>AVIS BUDGET GROUP</nameOfIssuer>
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    <nameOfIssuer>BAIDU INC</nameOfIssuer>
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    <value>812</value>
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    <nameOfIssuer>BANCO SANTANDER CHILE NEW</nameOfIssuer>
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    <nameOfIssuer>BANK OF AMERICA CORPORATION</nameOfIssuer>
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    <cusip>29244T101</cusip>
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    <nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
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    <nameOfIssuer>EV ENERGY PARTNERS LP</nameOfIssuer>
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      <sshPrnamt>33444</sshPrnamt>
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    <nameOfIssuer>EXELON CORP</nameOfIssuer>
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    <nameOfIssuer>EXPRESS SCRIPTS HLDG CO</nameOfIssuer>
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    <cusip>30219G108</cusip>
    <value>481</value>
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      <sshPrnamt>8350</sshPrnamt>
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    <nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
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    <nameOfIssuer>FACEBOOK INC</nameOfIssuer>
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    <cusip>30303M102</cusip>
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    <cusip>344419106</cusip>
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    <value>521</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>18000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>IRONWOOD PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM CL A</titleOfClass>
    <cusip>46333X108</cusip>
    <value>383</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20922</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20922</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI CHILE INVES</titleOfClass>
    <cusip>464286640</cusip>
    <value>10340</value>
    <shrsOrPrnAmt>
      <sshPrnamt>159219</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>159219</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI SPAIN</titleOfClass>
    <cusip>464286764</cusip>
    <value>4490</value>
    <shrsOrPrnAmt>
      <sshPrnamt>158661</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>158661</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI GERMAN</titleOfClass>
    <cusip>464286806</cusip>
    <value>3189</value>
    <shrsOrPrnAmt>
      <sshPrnamt>130445</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>130445</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI FRANCE</titleOfClass>
    <cusip>464286707</cusip>
    <value>3129</value>
    <shrsOrPrnAmt>
      <sshPrnamt>134850</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>134850</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI EMU INDEX</titleOfClass>
    <cusip>464286608</cusip>
    <value>2709</value>
    <shrsOrPrnAmt>
      <sshPrnamt>82880</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>82880</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI HONG KONG</titleOfClass>
    <cusip>464286871</cusip>
    <value>2046</value>
    <shrsOrPrnAmt>
      <sshPrnamt>103000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>103000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI ITALY</titleOfClass>
    <cusip>464286855</cusip>
    <value>1694</value>
    <shrsOrPrnAmt>
      <sshPrnamt>143600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>143600</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286715</cusip>
    <value>1448</value>
    <shrsOrPrnAmt>
      <sshPrnamt>20357</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>20357</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI TAIWAN</titleOfClass>
    <cusip>464286731</cusip>
    <value>1217</value>
    <shrsOrPrnAmt>
      <sshPrnamt>91150</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>91150</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286699</cusip>
    <value>1057</value>
    <shrsOrPrnAmt>
      <sshPrnamt>57800</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>57800</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286673</cusip>
    <value>840</value>
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      <sshPrnamt>60200</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>60200</Sole>
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      <None>0</None>
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    <nameOfIssuer>ISHARES INC</nameOfIssuer>
    <titleOfClass>MSCI THAILAND</titleOfClass>
    <cusip>464286624</cusip>
    <value>748</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8200</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>8200</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286830</cusip>
    <value>604</value>
    <shrsOrPrnAmt>
      <sshPrnamt>40400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>40400</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <value>451</value>
    <shrsOrPrnAmt>
      <sshPrnamt>41723</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>41723</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286103</cusip>
    <value>281</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10400</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10400</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <cusip>464286822</cusip>
    <value>231</value>
    <shrsOrPrnAmt>
      <sshPrnamt>3089</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>3089</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES INC</nameOfIssuer>
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    <value>228</value>
    <shrsOrPrnAmt>
      <sshPrnamt>8000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>8000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES SILVER TRUST</nameOfIssuer>
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    <cusip>46428Q109</cusip>
    <value>302</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>11000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <value>138400</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1250000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>1250000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287234</cusip>
    <value>21535</value>
    <shrsOrPrnAmt>
      <sshPrnamt>503635</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>503635</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>DJ SEL DIV INX</titleOfClass>
    <cusip>464287168</cusip>
    <value>20163</value>
    <shrsOrPrnAmt>
      <sshPrnamt>317720</sshPrnamt>
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      <Sole>317720</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287838</cusip>
    <value>10473</value>
    <shrsOrPrnAmt>
      <sshPrnamt>150000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>150000</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287390</cusip>
    <value>7263</value>
    <shrsOrPrnAmt>
      <sshPrnamt>166391</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>166391</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>FTSE CHINA25 IDX</titleOfClass>
    <cusip>464287184</cusip>
    <value>3966</value>
    <shrsOrPrnAmt>
      <sshPrnamt>107455</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>107455</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>BARCLYS 1-3YR CR</titleOfClass>
    <cusip>464288646</cusip>
    <value>3862</value>
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      <sshPrnamt>36600</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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      <Sole>36600</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>DJ US REAL EST</titleOfClass>
    <cusip>464287739</cusip>
    <value>3775</value>
    <shrsOrPrnAmt>
      <sshPrnamt>54334</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>JPMORGAN USD</titleOfClass>
    <cusip>464288281</cusip>
    <value>2291</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19500</sshPrnamt>
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      <Sole>19500</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
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    <cusip>464287101</cusip>
    <value>1120</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>15900</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>MSCI ACJPN IDX</titleOfClass>
    <cusip>464288182</cusip>
    <value>768</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>13000</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>S&amp;P GLO INFRAS</titleOfClass>
    <cusip>464288372</cusip>
    <value>566</value>
    <shrsOrPrnAmt>
      <sshPrnamt>15252</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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      <Sole>15252</Sole>
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      <None>0</None>
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  <infoTable>
    <nameOfIssuer>ISHARES TR</nameOfIssuer>
    <titleOfClass>INDONE INVS MRKT</titleOfClass>
    <cusip>46429B309</cusip>
    <value>250</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7183</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7183</Sole>
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      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>ITAU UNIBANCO HLDG SA</nameOfIssuer>
    <titleOfClass>SPON ADR REP PFD</titleOfClass>
    <cusip>465562106</cusip>
    <value>6197</value>
    <shrsOrPrnAmt>
      <sshPrnamt>348121</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <votingAuthority>
      <Sole>348121</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
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  <infoTable>
    <nameOfIssuer>JABIL CIRCUIT INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>466313103</cusip>
    <value>9235</value>
    <shrsOrPrnAmt>
      <sshPrnamt>500000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>500000</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON &amp; JOHNSON</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478160104</cusip>
    <value>50437</value>
    <shrsOrPrnAmt>
      <sshPrnamt>619168</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>619168</Sole>
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      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JOHNSON CTLS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>478366107</cusip>
    <value>378</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10780</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10780</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>JPMORGAN CHASE &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>46625H100</cusip>
    <value>24074</value>
    <shrsOrPrnAmt>
      <sshPrnamt>507465</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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    <nameOfIssuer>KEYCORP NEW</nameOfIssuer>
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    <nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
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    <nameOfIssuer>KLA-TENCOR CORP</nameOfIssuer>
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    <value>446</value>
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      <sshPrnamt>8449</sshPrnamt>
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    <nameOfIssuer>KLA-TENCOR CORP</nameOfIssuer>
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    <nameOfIssuer>LATAM AIRLS GROUP S A</nameOfIssuer>
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    <cusip>51817R106</cusip>
    <value>4032</value>
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    <nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
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    <nameOfIssuer>LEXINGTON REALTY TRUST</nameOfIssuer>
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    <cusip>531172104</cusip>
    <value>441</value>
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    <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
    <value>6991</value>
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    <nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>532457108</cusip>
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    <nameOfIssuer>LINCOLN NATL CORP IND</nameOfIssuer>
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    <nameOfIssuer>LORILLARD INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>M &amp; T BK CORP</nameOfIssuer>
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    <cusip>55261F104</cusip>
    <value>516</value>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>MACYS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>55616P104</cusip>
    <value>7820</value>
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    <nameOfIssuer>MAKO SURGICAL CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>560879108</cusip>
    <value>236</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21124</sshPrnamt>
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    <nameOfIssuer>MANNKIND CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>56400P201</cusip>
    <value>720</value>
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    <nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
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    <cusip>565849106</cusip>
    <value>1829</value>
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    <nameOfIssuer>MARKET VECTORS ETF TR</nameOfIssuer>
    <titleOfClass>AGRIBUS ETF</titleOfClass>
    <cusip>57060U605</cusip>
    <value>5829</value>
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    <cusip>57060U506</cusip>
    <value>1618</value>
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    <nameOfIssuer>MARKET VECTORS ETF TR</nameOfIssuer>
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    <cusip>57060U548</cusip>
    <value>1308</value>
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    <nameOfIssuer>MARKETAXESS HLDGS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>57060D108</cusip>
    <value>5368</value>
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    <nameOfIssuer>MARSH &amp; MCLENNAN COS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>571748102</cusip>
    <value>850</value>
    <shrsOrPrnAmt>
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    <nameOfIssuer>MASTERCARD INC</nameOfIssuer>
    <titleOfClass>CL A</titleOfClass>
    <cusip>57636Q104</cusip>
    <value>175158</value>
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    <nameOfIssuer>MATTEL INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>577081102</cusip>
    <value>711</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16239</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
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      <Sole>16239</Sole>
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    <nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>580135101</cusip>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <titleOfClass>COM</titleOfClass>
    <cusip>580645109</cusip>
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      <sshPrnamt>11500</sshPrnamt>
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    <investmentDiscretion>DFND</investmentDiscretion>
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    <nameOfIssuer>PPL CORP</nameOfIssuer>
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    <nameOfIssuer>PRICE T ROWE GROUP INC</nameOfIssuer>
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    <nameOfIssuer>PRINCIPAL FINL GROUP INC</nameOfIssuer>
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    <cusip>74347W650</cusip>
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    <cusip>744320102</cusip>
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    <value>534</value>
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    <value>2015</value>
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    <nameOfIssuer>PVR PARTNERS L P</nameOfIssuer>
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    <value>674</value>
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    <nameOfIssuer>RED LION HOTELS CORP</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
    <cusip>7591EP100</cusip>
    <value>471</value>
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    <nameOfIssuer>REGIONS FINL CORP NEW</nameOfIssuer>
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    <titleOfClass>COM</titleOfClass>
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    <value>473</value>
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    <titleOfClass>COM</titleOfClass>
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    <cusip>780097689</cusip>
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    <nameOfIssuer>RYMAN HOSPITALITY PPTYS INC</nameOfIssuer>
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    <cusip>78377T107</cusip>
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    <cusip>808513105</cusip>
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    <titleOfClass>COM</titleOfClass>
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    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
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    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
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      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>TECHNOLOGY</titleOfClass>
    <cusip>81369Y803</cusip>
    <value>1350</value>
    <shrsOrPrnAmt>
      <sshPrnamt>44598</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>44598</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
    <titleOfClass>SBI HEALTHCARE</titleOfClass>
    <cusip>81369Y209</cusip>
    <value>869</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>18900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SILVER STD RES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>82823L106</cusip>
    <value>635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>60283</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>60283</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>828806109</cusip>
    <value>3470</value>
    <shrsOrPrnAmt>
      <sshPrnamt>21874</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>21874</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78440X101</cusip>
    <value>633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7348</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SLM CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>78442P106</cusip>
    <value>379</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>18500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOCIEDAD QUIMICA MINERA DE C</nameOfIssuer>
    <titleOfClass>SPON ADR SER B</titleOfClass>
    <cusip>833635105</cusip>
    <value>2160</value>
    <shrsOrPrnAmt>
      <sshPrnamt>38977</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>38977</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SONY CORP</nameOfIssuer>
    <titleOfClass>ADR NEW</titleOfClass>
    <cusip>835699307</cusip>
    <value>1890</value>
    <shrsOrPrnAmt>
      <sshPrnamt>108625</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>108625</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>842587107</cusip>
    <value>4891</value>
    <shrsOrPrnAmt>
      <sshPrnamt>104273</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>104273</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>290</value>
    <shrsOrPrnAmt>
      <sshPrnamt>7730</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>7730</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHERN COPPER CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84265V105</cusip>
    <value>3489</value>
    <shrsOrPrnAmt>
      <sshPrnamt>92863</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>92863</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SOUTHWESTERN ENERGY CO</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>845467109</cusip>
    <value>349</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9379</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>9379</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
    <titleOfClass>GOLD SHS</titleOfClass>
    <cusip>78463V107</cusip>
    <value>2022</value>
    <shrsOrPrnAmt>
      <sshPrnamt>13092</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>13092</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR INDEX SHS FDS</nameOfIssuer>
    <titleOfClass>S&amp;P BRIC 40ETF</titleOfClass>
    <cusip>78463X798</cusip>
    <value>1617</value>
    <shrsOrPrnAmt>
      <sshPrnamt>70000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>70000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR S&amp;P 500 ETF TR</nameOfIssuer>
    <titleOfClass>TR UNIT</titleOfClass>
    <cusip>78462F103</cusip>
    <value>234138</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1495515</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1495515</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P OILGAS EXP</titleOfClass>
    <cusip>78464A730</cusip>
    <value>36294</value>
    <shrsOrPrnAmt>
      <sshPrnamt>600000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>600000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P METALS MNG</titleOfClass>
    <cusip>78464A755</cusip>
    <value>904</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22393</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22393</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P HOMEBUILD</titleOfClass>
    <cusip>78464A888</cusip>
    <value>325</value>
    <shrsOrPrnAmt>
      <sshPrnamt>10806</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>10806</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
    <titleOfClass>S&amp;P BIOTECH</titleOfClass>
    <cusip>78464A870</cusip>
    <value>635</value>
    <shrsOrPrnAmt>
      <sshPrnamt>6355</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>6355</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>847560109</cusip>
    <value>818</value>
    <shrsOrPrnAmt>
      <sshPrnamt>26614</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>26614</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRA ENERGY CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>847560109</cusip>
    <value>10922</value>
    <shrsOrPrnAmt>
      <sshPrnamt>355171</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>355171</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SPECTRUM PHARMACEUTICALS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>84763A108</cusip>
    <value>439</value>
    <shrsOrPrnAmt>
      <sshPrnamt>58828</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>58828</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ST JUDE MED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>790849103</cusip>
    <value>776</value>
    <shrsOrPrnAmt>
      <sshPrnamt>19206</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>19206</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>ST JUDE MED INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>790849103</cusip>
    <value>10088</value>
    <shrsOrPrnAmt>
      <sshPrnamt>249452</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>249452</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>854502101</cusip>
    <value>149640</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1849010</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>1849010</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STAPLES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855030102</cusip>
    <value>312</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23234</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>23234</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STAPLES INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>855030102</cusip>
    <value>5218</value>
    <shrsOrPrnAmt>
      <sshPrnamt>388500</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>388500</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STARWOOD HOTELS&amp;RESORTS WRLD</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>85590A401</cusip>
    <value>610</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9579</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>9579</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATE STR CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>857477103</cusip>
    <value>1105</value>
    <shrsOrPrnAmt>
      <sshPrnamt>18700</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>18700</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>STATOIL ASA</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>85771P102</cusip>
    <value>590</value>
    <shrsOrPrnAmt>
      <sshPrnamt>23978</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>23978</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNCOR ENERGY INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>867224107</cusip>
    <value>507</value>
    <shrsOrPrnAmt>
      <sshPrnamt>16900</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>16900</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNSTONE HOTEL INVS INC NEW</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>867892101</cusip>
    <value>144</value>
    <shrsOrPrnAmt>
      <sshPrnamt>11710</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>11710</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>SUNTRUST BKS INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>867914103</cusip>
    <value>633</value>
    <shrsOrPrnAmt>
      <sshPrnamt>22000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>22000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value>866</value>
    <shrsOrPrnAmt>
      <sshPrnamt>50348</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>50348</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
    <titleOfClass>SPONSORED ADR</titleOfClass>
    <cusip>874039100</cusip>
    <value>11563</value>
    <shrsOrPrnAmt>
      <sshPrnamt>672663</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>672663</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAL INTL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874083108</cusip>
    <value>421</value>
    <shrsOrPrnAmt>
      <sshPrnamt>9292</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>1</otherManager>
    <votingAuthority>
      <Sole>9292</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TAL INTL GROUP INC</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>874083108</cusip>
    <value>5500</value>
    <shrsOrPrnAmt>
      <sshPrnamt>121380</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>DFND</investmentDiscretion>
    <otherManager>2</otherManager>
    <votingAuthority>
      <Sole>121380</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>TARGET CORP</nameOfIssuer>
    <titleOfClass>COM</titleOfClass>
    <cusip>87612E106</cusip>
    <value>54983</value>
    <shrsOrPrnAmt>
      <sshPrnamt>803251</sshPrnamt>
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