<SEC-DOCUMENT>0001140361-24-036973.txt : 20240813
<SEC-HEADER>0001140361-24-036973.hdr.sgml : 20240813
<ACCEPTANCE-DATETIME>20240813110749
ACCESSION NUMBER:		0001140361-24-036973
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240630
FILED AS OF DATE:		20240813
DATE AS OF CHANGE:		20240813
EFFECTIVENESS DATE:		20240813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING GROEP NV
		CENTRAL INDEX KEY:			0001039765
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-13263
		FILM NUMBER:		241199535

	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
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2024</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2024</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>ING GROEP NV</name>
        <address>
          <com:street1>PO BOX 1800</com:street1>
          <com:city>AMSTERDAM</com:city>
          <com:stateOrCountry>P7</com:stateOrCountry>
          <com:zipCode>1000 BV</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-13263</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>R. Loof</name>
      <title>Compliance Officer</title>
      <phone>31-6-1398 5805</phone>
      <signature>/s/ R. Loof</signature>
      <city>AMSTERDAM</city>
      <stateOrCountry>P7</stateOrCountry>
      <signatureDate>08-13-2024</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>534</tableEntryTotal>
      <tableValueTotal>16858265331</tableValueTotal>
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        <nameOfIssuer>3M CO</nameOfIssuer>
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        <nameOfIssuer>AFLAC INC</nameOfIssuer>
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        <nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
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        <cusip>00846U101</cusip>
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        <nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
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        <nameOfIssuer>GENERAL AEROSPACE</nameOfIssuer>
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        <nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
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        <nameOfIssuer>GENERAL MLS INC</nameOfIssuer>
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        <nameOfIssuer>HAWAIIAN ELEC INDUSTRIES</nameOfIssuer>
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            <Sole>96907</Sole>
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        <nameOfIssuer>HENRY JACK &amp; ASSOC INC</nameOfIssuer>
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            <sshPrnamt>9017</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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            <Sole>9017</Sole>
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            <sshPrnamt>11909</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
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        <votingAuthority>
            <Sole>310000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PNC FINL SVCS GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>693475105</cusip>
        <value>3516180</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22615</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>22615</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>POOL CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>73278L105</cusip>
        <value>4469500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14543</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14543</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PPG INDS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>693506107</cusip>
        <value>12673472</value>
        <shrsOrPrnAmt>
            <sshPrnamt>100671</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>100671</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PREMIER INC</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>74051N102</cusip>
        <value>235242</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>12600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PRICE T ROWE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74144T108</cusip>
        <value>1916337</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16619</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>16619</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROCTER AND GAMBLE CO</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>742718109</cusip>
        <value>61965392</value>
        <shrsOrPrnAmt>
            <sshPrnamt>375730</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>375730</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROLOGIS INC.</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74340W103</cusip>
        <value>13889265</value>
        <shrsOrPrnAmt>
            <sshPrnamt>123669</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>123669</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROSHARES TR</nameOfIssuer>
        <titleOfClass>S&amp;P 500 DV ARIST</titleOfClass>
        <cusip>74348A467</cusip>
        <value>9382288</value>
        <shrsOrPrnAmt>
            <sshPrnamt>97600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>97600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PRUDENTIAL FINL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>744320102</cusip>
        <value>5138782</value>
        <shrsOrPrnAmt>
            <sshPrnamt>43850</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>43850</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PTC INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>69370C100</cusip>
        <value>1146883</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6313</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>6313</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74460D109</cusip>
        <value>29363600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>102081</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>102081</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PUBLIC SVC ENTERPRISE GRP IN</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>744573106</cusip>
        <value>11926355</value>
        <shrsOrPrnAmt>
            <sshPrnamt>161823</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>161823</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>745867101</cusip>
        <value>6386240</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58004</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>58004</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QORVO INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74736K101</cusip>
        <value>4872752</value>
        <shrsOrPrnAmt>
            <sshPrnamt>41992</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>41992</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>QUALCOMM INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>747525103</cusip>
        <value>162017792</value>
        <shrsOrPrnAmt>
            <sshPrnamt>813424</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>813424</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74762E102</cusip>
        <value>14152305</value>
        <shrsOrPrnAmt>
            <sshPrnamt>55698</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>55698</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>74834L100</cusip>
        <value>5399505</value>
        <shrsOrPrnAmt>
            <sshPrnamt>39447</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>39447</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RALPH LAUREN CORP</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>751212101</cusip>
        <value>923967</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5278</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5278</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REALTY INCOME CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>756109104</cusip>
        <value>6189078</value>
        <shrsOrPrnAmt>
            <sshPrnamt>117173</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>117173</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>758849103</cusip>
        <value>1376424</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22129</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>22129</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>75886F107</cusip>
        <value>5318212</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5060</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>5060</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>760759100</cusip>
        <value>15458970</value>
        <shrsOrPrnAmt>
            <sshPrnamt>79546</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>79546</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROBLOX CORP</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>771049103</cusip>
        <value>10604850</value>
        <shrsOrPrnAmt>
            <sshPrnamt>285000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>285000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>773903109</cusip>
        <value>2874198</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10441</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>10441</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROKU INC</nameOfIssuer>
        <titleOfClass>COM CL A</titleOfClass>
        <cusip>77543R102</cusip>
        <value>5561504</value>
        <shrsOrPrnAmt>
            <sshPrnamt>92800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>92800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROLLINS INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>775711104</cusip>
        <value>1843872</value>
        <shrsOrPrnAmt>
            <sshPrnamt>37792</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>37792</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ROPER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>776696106</cusip>
        <value>13590406</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24111</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>24111</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ROSS STORES INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>778296103</cusip>
        <value>41274804</value>
        <shrsOrPrnAmt>
            <sshPrnamt>284027</sshPrnamt>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>284027</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ROYALTY PHARMA PLC</nameOfIssuer>
        <titleOfClass>SHS CLASS A</titleOfClass>
        <cusip>G7709Q104</cusip>
        <value>962505</value>
        <shrsOrPrnAmt>
            <sshPrnamt>36500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>36500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RTX CORPORATION</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>75513E101</cusip>
        <value>17959871</value>
        <shrsOrPrnAmt>
            <sshPrnamt>178901</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>178901</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>78409V104</cusip>
        <value>1751888</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3928</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>3928</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SALESFORCE INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>79466L302</cusip>
        <value>219221457</value>
        <shrsOrPrnAmt>
            <sshPrnamt>852670</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>852670</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SBA COMMUNICATIONS CORP NEW</nameOfIssuer>
        <titleOfClass>CL A</titleOfClass>
        <cusip>78410G104</cusip>
        <value>2838105</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14458</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>14458</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
        <titleOfClass>COM STK</titleOfClass>
        <cusip>806857108</cusip>
        <value>26129464</value>
        <shrsOrPrnAmt>
            <sshPrnamt>553825</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>553825</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>808513105</cusip>
        <value>561739</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7623</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>7623</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEADRILL LTD</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>G7997W102</cusip>
        <value>22377420</value>
        <shrsOrPrnAmt>
            <sshPrnamt>434513</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>434513</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SEAGATE TECHNOLOGY HLDNGS PL</nameOfIssuer>
        <titleOfClass>ORD SHS</titleOfClass>
        <cusip>G7997R103</cusip>
        <value>1856795</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17980</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>17980</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>INDL</titleOfClass>
        <cusip>81369Y704</cusip>
        <value>182805000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1500000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
        <titleOfClass>SBI MATERIALS</titleOfClass>
        <cusip>81369Y100</cusip>
        <value>167789000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1900000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>DFND</investmentDiscretion>
        <votingAuthority>
            <Sole>1900000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SERVICENOW INC</nameOfIssuer>
        <titleOfClass>COM</titleOfClass>
        <cusip>81762P102</cusip>
        <value>31927002</value>
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            <sshPrnamt>40585</sshPrnamt>
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        <value>68775802</value>
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        <nameOfIssuer>VORNADO RLTY TR</nameOfIssuer>
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