<SEC-DOCUMENT>0001140361-15-029079.txt : 20150730
<SEC-HEADER>0001140361-15-029079.hdr.sgml : 20150730
<ACCEPTANCE-DATETIME>20150730123908
ACCESSION NUMBER:		0001140361-15-029079
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150730
DATE AS OF CHANGE:		20150730
EFFECTIVENESS DATE:		20150730

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BP PLC
		CENTRAL INDEX KEY:			0000313807
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05353
		FILM NUMBER:		151015271

	BUSINESS ADDRESS:	
		STREET 1:		1 ST JAMES'S SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 4PD
		BUSINESS PHONE:		442074962107

	MAIL ADDRESS:	
		STREET 1:		1 ST JAMES'S SQUARE
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1Y 4PD

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BP AMOCO PLC
		DATE OF NAME CHANGE:	19990104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRITISH PETROLEUM CO PLC
		DATE OF NAME CHANGE:	19970226
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000313807</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2015</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2015</reportCalendarOrQuarter>
      <filingManager>
        <name>BP PLC</name>
        <address>
          <com:street1>1 ST JAMES'S SQUARE</com:street1>
          <com:city>LONDON</com:city>
          <com:stateOrCountry>X0</com:stateOrCountry>
          <com:zipCode>SW1Y 4PD</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-05353</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Brian Gilvary</name>
      <title>Chief Financial Officer</title>
      <phone>020 7496 5388</phone>
      <signature>/s/ Brian Gilvary</signature>
      <city>London</city>
      <stateOrCountry>X0</stateOrCountry>
      <signatureDate>07-29-2015</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>279</tableEntryTotal>
      <tableValueTotal>2661575</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001105793</cik>
            <form13FFileNumber>028-05357</form13FFileNumber>
            <name>BP INVESTMENT MANAGEMENT LTD</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<TEXT>
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<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>8020</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>52000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>9865</value>
			<shrsOrPrnAmt>
				<sshPrnamt>201000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>201000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>14240</value>
			<shrsOrPrnAmt>
				<sshPrnamt>212000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>212000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>8708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACTIVISION BLIZZARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507V109</cusip>
			<value>9321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>385000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>385000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADOBE SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>5104</value>
			<shrsOrPrnAmt>
				<sshPrnamt>63000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>63000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AETNA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y108</cusip>
			<value>6500</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>2082</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>54000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AIR PRODUCTS + CHEMICAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>3831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00971T101</cusip>
			<value>1605</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>23000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXION PHARMACEUTICAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015351109</cusip>
			<value>4878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>30360</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>12706</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>260000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>26042</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMBEV SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02319V103</cusip>
			<value>14890</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2445060</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<votingAuthority>
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				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>AMERICA MOVIL ADR SERIES</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02364W204</cusip>
			<value>8108</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>392997</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>4119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>53000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>AMERICAN INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>12364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERIPRISE FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>3373</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERISOURCEBERGEN COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E105</cusip>
			<value>7125</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>67000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>15196</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>99000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMPHENOL CORP CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032095101</cusip>
			<value>2840</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>49000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETROLEUM CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>5151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>66000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANALOG DEVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032654105</cusip>
			<value>2375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>37000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
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			<nameOfIssuer>ANTERO RESOURCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03674X106</cusip>
			<value>232</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6750</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>6750</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ANTHEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>036752103</cusip>
			<value>6400</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V102</cusip>
			<value>4585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APACHE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037411105</cusip>
			<value>2939</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>100336</value>
			<shrsOrPrnAmt>
				<sshPrnamt>800000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>800000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>038222105</cusip>
			<value>3072</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ARCHER DANIELS MIDLAND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>9835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>204000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>204000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>AT+T INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>23969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>675000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>675000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTODESK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>052769106</cusip>
			<value>1452</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>AUTOMATIC DATA PROCESS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053015103</cusip>
			<value>4973</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOZONE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053332102</cusip>
			<value>3332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>AVAGO TECHNOLOGIES LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y0486S104</cusip>
			<value>4387</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BAIDU INC   SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>9268</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46555</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46555</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>BAKER HUGHES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>057224107</cusip>
			<value>3824</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANCO BRADESCO ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>059460303</cusip>
			<value>17329</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1893934</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1893934</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANCOLOMBIA S.A. SPONS</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>05968L102</cusip>
			<value>2579</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>25768</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1514000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1514000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF NEW YORK MELLO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064058100</cusip>
			<value>7385</value>
			<shrsOrPrnAmt>
				<sshPrnamt>176000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>176000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BAXTER INTERNATIONAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>071813109</cusip>
			<value>5451</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>78000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BB+T CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054937107</cusip>
			<value>8788</value>
			<shrsOrPrnAmt>
				<sshPrnamt>218000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>218000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BEMIS COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>081437105</cusip>
			<value>9006</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>39069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>287000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>287000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>12118</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOMARIN PHARMACEUTICA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09061G101</cusip>
			<value>2871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X101</cusip>
			<value>6572</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>19000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>11788</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>85000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101137107</cusip>
			<value>6015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>340000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>340000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>14231</value>
			<shrsOrPrnAmt>
				<sshPrnamt>214000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>214000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROADCOM CORP CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>111320107</cusip>
			<value>4015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>78000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROWN FORMAN CORP CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115637209</cusip>
			<value>9217</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>92000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BUNGE LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>4390</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMERON INTERNATIONAL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13342B105</cusip>
			<value>3929</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>75000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CAPITAL ONE FINANCIAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>1759</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14149Y108</cusip>
			<value>7611</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>91000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CBS CORP CLASS B NON V</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124857202</cusip>
			<value>3328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>11573</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CEMEX SAB SPONS ADR PA</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>151290889</cusip>
			<value>5749</value>
			<shrsOrPrnAmt>
				<sshPrnamt>628333</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>628333</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>23821</value>
			<shrsOrPrnAmt>
				<sshPrnamt>247000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>247000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHURCH + DWIGHT CO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171340102</cusip>
			<value>1785</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIA SIDERURGICA NACL SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>20440W105</cusip>
			<value>100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60762</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>60762</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIGNA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>6314</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CINTAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172908105</cusip>
			<value>7359</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>87000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>24431</value>
			<shrsOrPrnAmt>
				<sshPrnamt>890000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>890000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>36997</value>
			<shrsOrPrnAmt>
				<sshPrnamt>670000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>670000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CLOROX COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189054109</cusip>
			<value>1872</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CLOVIS ONCOLOGY INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189464100</cusip>
			<value>368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4183</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>4183</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>4744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>5584</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COACH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189754104</cusip>
			<value>1384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COCA COLA CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>20389</value>
			<shrsOrPrnAmt>
				<sshPrnamt>520000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>520000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COGNIZANT TECH SOLUTION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>5315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>87000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>7780</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>119000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>COMCAST CORP CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>20030</value>
			<shrsOrPrnAmt>
				<sshPrnamt>333000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>333000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>9885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>161000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>161000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>2315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CONSTELLATION BRANDS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21036P108</cusip>
			<value>15547</value>
			<shrsOrPrnAmt>
				<sshPrnamt>134000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>134000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K105</cusip>
			<value>21069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>156000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>156000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CREDICORP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>9692</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69758</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>69758</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>4742</value>
			<shrsOrPrnAmt>
				<sshPrnamt>145000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>145000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>19083</value>
			<shrsOrPrnAmt>
				<sshPrnamt>182000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>182000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DANAHER CORP W/D</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>235851102</cusip>
			<value>6758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>79000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DAVITA HEALTHCARE PART</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23918K108</cusip>
			<value>2304</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEERE + CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>4076</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELPHI AUTOMOTIVE PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G27823106</cusip>
			<value>3318</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>2379</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIRECTV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25490A309</cusip>
			<value>5196</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>56000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOLLAR GENERAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>3497</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOLLAR TREE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256746108</cusip>
			<value>2528</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>32000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOMINION RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>5215</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>78000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOW CHEMICAL CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260543103</cusip>
			<value>15345</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>300000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DR PEPPER SNAPPLE GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26138E109</cusip>
			<value>1895</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>6353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EATON CORP PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>5128</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>76000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>8613</value>
			<shrsOrPrnAmt>
				<sshPrnamt>143000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>143000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ECOLAB INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>16057</value>
			<shrsOrPrnAmt>
				<sshPrnamt>142000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>142000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EDGEWELL PERSONAL CARE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28035Q102</cusip>
			<value>9340</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>71000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EGAIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28225C806</cusip>
			<value>1462</value>
			<shrsOrPrnAmt>
				<sshPrnamt>291828</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>291828</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>285512109</cusip>
			<value>15888</value>
			<shrsOrPrnAmt>
				<sshPrnamt>239284</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>239284</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELI LILLY + CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>11182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>134000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>134000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMC CORP/MA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>268648102</cusip>
			<value>6598</value>
			<shrsOrPrnAmt>
				<sshPrnamt>250000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>250000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ENTERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>1974</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>6914</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>79000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ESTEE LAUDER COMPANIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>2600</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>4272</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>136000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>EXPRESS SCRIPTS HOLDING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>10228</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>115000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>48233</value>
			<shrsOrPrnAmt>
				<sshPrnamt>580000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>580000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>22126</value>
			<shrsOrPrnAmt>
				<sshPrnamt>258000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>258000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC COMMON ST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>609</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7104</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>7104</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FASTENAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>311900104</cusip>
			<value>1813</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>43000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>5963</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIBRIA CELULOSE SA SPON</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>31573A109</cusip>
			<value>6415</value>
			<shrsOrPrnAmt>
				<sshPrnamt>471698</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>471698</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337932107</cusip>
			<value>2212</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FISERV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337738108</cusip>
			<value>3313</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FOMENTO ECONOMICO MEX</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>9168</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102919</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>102919</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>7505</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>500000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369550108</cusip>
			<value>3542</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>37198</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1400000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1400000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>5069</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>91000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>6335</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>190000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>20491</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>175000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROUP IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>12321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>59000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOOGLE INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P508</cusip>
			<value>23761</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>44000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOOGLE INC CL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38259P706</cusip>
			<value>22963</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44120</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>44120</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GRUPO TELEVISA SA SPON</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>40049J206</cusip>
			<value>9831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>253375</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>253375</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>4220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>98000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HANSEN MEDICAL INC COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>411307101</cusip>
			<value>23</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24851</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>24851</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARLEY DAVIDSON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>412822108</cusip>
			<value>1972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARTFORD FINANCIAL SVCS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416515104</cusip>
			<value>10221</value>
			<shrsOrPrnAmt>
				<sshPrnamt>246000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>246000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HASBRO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>418056107</cusip>
			<value>7478</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40412C101</cusip>
			<value>13604</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>150000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HEWLETT PACKARD CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>428236103</cusip>
			<value>6746</value>
			<shrsOrPrnAmt>
				<sshPrnamt>225000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>225000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>34324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>309000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>309000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOMEAWAY INC COMMON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43739Q100</cusip>
			<value>841</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27028</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>27028</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HONEYWELL INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>18045</value>
			<shrsOrPrnAmt>
				<sshPrnamt>177000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>177000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUMANA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>444859102</cusip>
			<value>3826</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ILLINOIS TOOL WORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>4222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>19097</value>
			<shrsOrPrnAmt>
				<sshPrnamt>628000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>628000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERCONTINENTAL EXCHAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45866F104</cusip>
			<value>3578</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL BUSINESS MACHINES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>20333</value>
			<shrsOrPrnAmt>
				<sshPrnamt>125000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>125000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>3930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IRON MOUNTAIN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46284V101</cusip>
			<value>6198</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ITAU UNIBANCO H SPON PR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>465562106</cusip>
			<value>20411</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1865766</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1865766</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JD.COM INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>47215P106</cusip>
			<value>9216</value>
			<shrsOrPrnAmt>
				<sshPrnamt>270346</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>270346</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON + JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>35457</value>
			<shrsOrPrnAmt>
				<sshPrnamt>364000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>364000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON CONTROLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478366107</cusip>
			<value>6636</value>
			<shrsOrPrnAmt>
				<sshPrnamt>134000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>134000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE + CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>36658</value>
			<shrsOrPrnAmt>
				<sshPrnamt>541000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>541000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JUMEI INTERNATIONAL ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>48138L107</cusip>
			<value>3614</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158287</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>158287</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KELLOGG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>487836108</cusip>
			<value>1880</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KEYCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>493267108</cusip>
			<value>9162</value>
			<shrsOrPrnAmt>
				<sshPrnamt>610000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>610000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>5191</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>49000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B119</cusip>
			<value>479</value>
			<shrsOrPrnAmt>
				<sshPrnamt>180000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>180000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KINDER MORGAN INC W/I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>10478</value>
			<shrsOrPrnAmt>
				<sshPrnamt>273000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>273000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KOHLS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500255104</cusip>
			<value>1940</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>31000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KRAFT FOODS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50076Q106</cusip>
			<value>10984</value>
			<shrsOrPrnAmt>
				<sshPrnamt>129000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>129000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KROGER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501044101</cusip>
			<value>12976</value>
			<shrsOrPrnAmt>
				<sshPrnamt>179000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>179000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501797104</cusip>
			<value>3001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINCOLN NATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>7755</value>
			<shrsOrPrnAmt>
				<sshPrnamt>131000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>131000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINKEDIN CORP   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>53578A108</cusip>
			<value>3513</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>539830109</cusip>
			<value>7806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOWE S COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>8704</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>130000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LYONDELLBASELL INDU CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>13451</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>130000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MACY S INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55616P104</cusip>
			<value>2969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>44000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MANPOWERGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56418H100</cusip>
			<value>7240</value>
			<shrsOrPrnAmt>
				<sshPrnamt>81000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>81000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>565849106</cusip>
			<value>2043</value>
			<shrsOrPrnAmt>
				<sshPrnamt>77000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>77000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON PETROLEUM CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56585A102</cusip>
			<value>3975</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>76000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARSH + MCLENNAN COS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571748102</cusip>
			<value>5895</value>
			<shrsOrPrnAmt>
				<sshPrnamt>104000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>104000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>14675</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>157000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>MCDONALD S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>7604</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MCGRAW HILL FINANCIAL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580645109</cusip>
			<value>13059</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>130000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCKESSON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>6744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MEAD JOHNSON NUTRITION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>582839106</cusip>
			<value>2525</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>19853</value>
			<shrsOrPrnAmt>
				<sshPrnamt>268000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>268000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>MERCK + CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>21565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>379000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>379000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>7279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>130000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>2638</value>
			<shrsOrPrnAmt>
				<sshPrnamt>140000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>140000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>41943</value>
			<shrsOrPrnAmt>
				<sshPrnamt>950000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>950000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MONDELEZ INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>8146</value>
			<shrsOrPrnAmt>
				<sshPrnamt>198000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>198000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>7355</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>69000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MOODY S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>3239</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>617446448</cusip>
			<value>7756</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MYLAN NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N59465109</cusip>
			<value>4004</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>59000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEW ORIENTAL EDUCATIO</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>647581107</cusip>
			<value>5566</value>
			<shrsOrPrnAmt>
				<sshPrnamt>227188</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>227188</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>10970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>470000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>470000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWS CORP   CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65249B109</cusip>
			<value>730</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>6666</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE INC  CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>16202</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>150000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>665859104</cusip>
			<value>2294</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>4124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVIDIA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>1408</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>70000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>8008</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>103000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>17531</value>
			<shrsOrPrnAmt>
				<sshPrnamt>435000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>435000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>P G + E CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69331C108</cusip>
			<value>2749</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>56000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAYCHEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704326107</cusip>
			<value>2015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>43000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>18295</value>
			<shrsOrPrnAmt>
				<sshPrnamt>196000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>196000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>40212</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INTERNATIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>16028</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>6443</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PNC FINANCIAL SERVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475105</cusip>
			<value>8991</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>94000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPG INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693506107</cusip>
			<value>3900</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRECISION CASTPARTS COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>740189105</cusip>
			<value>2999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRICELINE GROUP INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>8628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRINCIPAL FINANCIAL GRO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74251V102</cusip>
			<value>6151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>120000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>120000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>PROCTER + GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>19863</value>
			<shrsOrPrnAmt>
				<sshPrnamt>254000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>254000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W103</cusip>
			<value>2633</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>71000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744320102</cusip>
			<value>5950</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC SERVICE ENTERPRIS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744573106</cusip>
			<value>3220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>82000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QIWI PLC SPONSORED ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>74735M108</cusip>
			<value>4156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148160</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>148160</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>5637</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>2900</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYTHEON COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>3731</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>2050</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGENERON PHARMACEUTI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F107</cusip>
			<value>5610</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REYNOLDS AMERICAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761713106</cusip>
			<value>11941</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROCKWELL AUTOMATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>2617</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROPER TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>776696106</cusip>
			<value>2759</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROSS STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>778296103</cusip>
			<value>2722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>56000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>10165</value>
			<shrsOrPrnAmt>
				<sshPrnamt>146000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>146000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>14216</value>
			<shrsOrPrnAmt>
				<sshPrnamt>165000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>165000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHWAB (CHARLES) CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>4565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>140000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>140000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEALED AIR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81211K100</cusip>
			<value>17575</value>
			<shrsOrPrnAmt>
				<sshPrnamt>342000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>342000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>816851109</cusip>
			<value>3561</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SHERWIN WILLIAMS CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>824348106</cusip>
			<value>3576</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIMON PROPERTY GROUP IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>7263</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SINA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G81477104</cusip>
			<value>3141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58659</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>58659</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SKYWORKS SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088M102</cusip>
			<value>4891</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>47000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHERN CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>8378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWESTERN ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>795</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ST JUDE MEDICAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>790849103</cusip>
			<value>2484</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STANLEY BLACK + DECKER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>854502101</cusip>
			<value>2315</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>30129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>562000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>562000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STARWOOD HOTELS + RESO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85590A401</cusip>
			<value>4054</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STATE STREET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>857477103</cusip>
			<value>13548</value>
			<shrsOrPrnAmt>
				<sshPrnamt>176000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>176000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STRYKER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>863667101</cusip>
			<value>3344</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNTRUST BANKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867914103</cusip>
			<value>3097</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>72000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYMANTEC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871503108</cusip>
			<value>2324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>100000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYSCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
			<value>2526</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>70000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T ROWE PRICE GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>2564</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>15506</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>190000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>10300</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>200000</Sole>
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				<None>0</None>
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			<nameOfIssuer>THERMO FISHER SCIENTIFIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>7395</value>
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				<sshPrnamt>57000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>57000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TIME WARNER CABLE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88732J207</cusip>
			<value>7816</value>
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				<sshPrnamt>44000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>44000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>887317303</cusip>
			<value>9348</value>
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				<sshPrnamt>107000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TJX COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>14357</value>
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				<sshPrnamt>217000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>217000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TRACTOR SUPPLY COMP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>892356106</cusip>
			<value>4944</value>
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				<sshPrnamt>55000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>55000</Sole>
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			<nameOfIssuer>TRANSDIGM GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>893641100</cusip>
			<value>4490</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E109</cusip>
			<value>3866</value>
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				<sshPrnamt>40000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>40000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TWENTY FIRST CENTURY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
			<value>7029</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>216000</Sole>
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			<nameOfIssuer>TYSON FOODS INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902494103</cusip>
			<value>4177</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>98000</Sole>
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			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>6198</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNITED PARCEL SERVICE CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>9107</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>94000</Sole>
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			<nameOfIssuer>UNITED TECHNOLOGIES COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>15635</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>18413</value>
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				<sshPrnamt>151000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>151000</Sole>
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		<infoTable>
			<nameOfIssuer>UNIVERSAL HEALTH SERV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913903100</cusip>
			<value>1989</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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			<nameOfIssuer>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>12846</value>
			<shrsOrPrnAmt>
				<sshPrnamt>296000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>296000</Sole>
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			<nameOfIssuer>VALE SA SP ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>91912E105</cusip>
			<value>5273</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>5383</value>
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				<sshPrnamt>86000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>86000</Sole>
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			<nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>25175</value>
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				<sshPrnamt>540000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>540000</Sole>
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			<nameOfIssuer>VERTEX PHARMACEUTICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532F100</cusip>
			<value>1235</value>
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				<sshPrnamt>10000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<votingAuthority>
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		<infoTable>
			<nameOfIssuer>VF CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>918204108</cusip>
			<value>3765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<votingAuthority>
				<Sole>54000</Sole>
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		<infoTable>
			<nameOfIssuer>VIACOM INC CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92553P201</cusip>
			<value>3361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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			<nameOfIssuer>VISA INC CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>20673</value>
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				<sshPrnamt>308000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>308000</Sole>
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			<nameOfIssuer>WAL MART STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>19784</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>279000</Sole>
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			<nameOfIssuer>WALGREENS BOOTS ALLIAN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>11231</value>
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				<sshPrnamt>133000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>44495</value>
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				<sshPrnamt>390000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>3382</value>
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				<sshPrnamt>73000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>73000</Sole>
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		<infoTable>
			<nameOfIssuer>WELLS FARGO + CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>42645</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>758000</Sole>
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		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>11084</value>
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				<sshPrnamt>352000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>352000</Sole>
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		<infoTable>
			<nameOfIssuer>WHITEWAVE FOODS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966244105</cusip>
			<value>18086</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>370000</Sole>
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		<infoTable>
			<nameOfIssuer>WHOLE FOODS MARKET INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966837106</cusip>
			<value>1695</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>43000</Sole>
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		<infoTable>
			<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>4304</value>
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				<sshPrnamt>75000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>75000</Sole>
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		<infoTable>
			<nameOfIssuer>WW GRAINGER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>384802104</cusip>
			<value>2367</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<votingAuthority>
				<Sole>10000</Sole>
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		<infoTable>
			<nameOfIssuer>XILINX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>1546</value>
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				<sshPrnamt>35000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>35000</Sole>
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				<None>0</None>
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			<nameOfIssuer>YANDEX NV A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N97284108</cusip>
			<value>2534</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166680</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>166680</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>YUM  BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>988498101</cusip>
			<value>13237</value>
			<shrsOrPrnAmt>
				<sshPrnamt>147000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>147000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZOETIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V103</cusip>
			<value>21686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>450000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>450000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
