<SEC-DOCUMENT>0001140361-17-039920.txt : 20171030
<SEC-HEADER>0001140361-17-039920.hdr.sgml : 20171030
<ACCEPTANCE-DATETIME>20171030112940
ACCESSION NUMBER:		0001140361-17-039920
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170930
FILED AS OF DATE:		20171030
DATE AS OF CHANGE:		20171030
EFFECTIVENESS DATE:		20171030

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:		171161197

	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>
<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <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>09-30-2017</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>09-30-2017</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>10-26-2017</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>420</tableEntryTotal>
      <tableValueTotal>2823060</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>
    </summaryPage>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<TEXT>
<XML>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>19511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>11391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>213478</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>213478</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>16435</value>
			<shrsOrPrnAmt>
				<sshPrnamt>185000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>185000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>209</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2354</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>2354</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>10533</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>ACTIVISION BLIZZARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507V109</cusip>
			<value>5094</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>79000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADIENT PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0084W101</cusip>
			<value>666</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7926</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7926</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADOBE SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>8352</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>ADVANCED MICRO DEVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>007903107</cusip>
			<value>5223</value>
			<shrsOrPrnAmt>
				<sshPrnamt>410000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>410000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00130H105</cusip>
			<value>903</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>82000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AETNA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y108</cusip>
			<value>6201</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>AFFILIATED MANAGERS GRP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008252108</cusip>
			<value>1328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AFLAC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001055102</cusip>
			<value>7650</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>AGILENT TECHNOLOGIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>2696</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>AIR PROD CHEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>3779</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>ALBEMARLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>012653101</cusip>
			<value>1908</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALCOA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>013872106</cusip>
			<value>855</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18333</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18333</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXION PHARMACEUTICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015351109</cusip>
			<value>3647</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>ALIBABA GROUP HOLDING</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>01609W102</cusip>
			<value>77990</value>
			<shrsOrPrnAmt>
				<sshPrnamt>451485</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>451485</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLEGION PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0176J109</cusip>
			<value>951</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>7991</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>ALLSTATE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>6708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>73000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>73000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K305</cusip>
			<value>32900</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC CL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K107</cusip>
			<value>31820</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTABA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>021346101</cusip>
			<value>3316</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>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>10144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>49945</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>AMBEV SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02319V103</cusip>
			<value>8868</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1345660</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1345660</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMEREN CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023608102</cusip>
			<value>1620</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>AMERICAN AIRLINES GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02376R102</cusip>
			<value>712</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN ELECTRIC POWER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025537101</cusip>
			<value>4319</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>8138</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>AMERICAN INTL GRP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>4605</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>75000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN TOWER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03027X100</cusip>
			<value>12024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>88000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN WATER WORKS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>030420103</cusip>
			<value>1780</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>AMERIPRISE FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>2970</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>AMERISOURCEBERGEN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E105</cusip>
			<value>1738</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>AMETEK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031100100</cusip>
			<value>1783</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>AMGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>16024</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>86000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMPHENOL CORP CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032095101</cusip>
			<value>3216</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>3371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>69000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANALOG DEVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032654105</cusip>
			<value>3704</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>ANDEAVOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03349M105</cusip>
			<value>1444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANTHEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>036752103</cusip>
			<value>5885</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>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V102</cusip>
			<value>4820</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APACHE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037411105</cusip>
			<value>2015</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>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>93524</value>
			<shrsOrPrnAmt>
				<sshPrnamt>607300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>607300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>038222105</cusip>
			<value>7032</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARCH CAPITAL GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0450A105</cusip>
			<value>1428</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARROW ELECTRONICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>042735100</cusip>
			<value>885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ARTHUR J GALLAGHER  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>363576109</cusip>
			<value>1354</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>ATT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>27868</value>
			<shrsOrPrnAmt>
				<sshPrnamt>712000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>712000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTODESK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>052769106</cusip>
			<value>3142</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>AUTOMATIC DATA PROCESS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053015103</cusip>
			<value>2951</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>AVERY DENNISON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053611109</cusip>
			<value>1180</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAIDU INC   SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>23845</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96260</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>96260</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANCO BRADESCO ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>059460303</cusip>
			<value>14317</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1293335</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1293335</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK NEW YORK MELLON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064058100</cusip>
			<value>6413</value>
			<shrsOrPrnAmt>
				<sshPrnamt>121000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>121000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>29383</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAXTER INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>071813109</cusip>
			<value>9474</value>
			<shrsOrPrnAmt>
				<sshPrnamt>151000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>151000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BBT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054937107</cusip>
			<value>4364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BECTON DICKINSON AND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>5290</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>BERKSHIRE HATHAWAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>42127</value>
			<shrsOrPrnAmt>
				<sshPrnamt>230000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>230000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>15021</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BIOMARIN PHARMACEUTICAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09061G101</cusip>
			<value>1861</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>BIOVERATIV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09075E100</cusip>
			<value>799</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X101</cusip>
			<value>6837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>17793</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>BORGWARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>099724106</cusip>
			<value>1281</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>BOSTON SCIENTIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101137107</cusip>
			<value>4841</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>166000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRIGHTHOUSE FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>10922N103</cusip>
			<value>558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9181</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9181</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>12169</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>191000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BROADCOM LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y09827109</cusip>
			<value>10911</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>BROWN FORMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115637209</cusip>
			<value>1140</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>CABOT OIL  GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>1471</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>55000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CALPINE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>131347304</cusip>
			<value>1990</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAMPBELL SOUP CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>134429109</cusip>
			<value>1030</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>CARMAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>143130102</cusip>
			<value>1668</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>CARNIVAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>143658300</cusip>
			<value>3099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>149123101</cusip>
			<value>8476</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>CBOE HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12503M108</cusip>
			<value>1399</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>CBRE GROUP INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12504L109</cusip>
			<value>1325</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>CELANESE CORP SERIES A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>150870103</cusip>
			<value>3754</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>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>16328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>112000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>112000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135B101</cusip>
			<value>1935</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>CENTERPOINT ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15189T107</cusip>
			<value>1577</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>CERNER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>156782104</cusip>
			<value>2424</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>CF INDUSTRIES HLDGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125269100</cusip>
			<value>949</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>CHARTER COMMUNICATIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16119P108</cusip>
			<value>8141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHECK POINT SOFTWARE T</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>M22465104</cusip>
			<value>1824</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>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>25606</value>
			<shrsOrPrnAmt>
				<sshPrnamt>218000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>218000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHUBB LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H1467J104</cusip>
			<value>7555</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIGNA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>5979</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>CIMAREX ENERGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171798101</cusip>
			<value>1364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINCINNATI FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172062101</cusip>
			<value>1378</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINTAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172908105</cusip>
			<value>10964</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>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>19533</value>
			<shrsOrPrnAmt>
				<sshPrnamt>581000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>581000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>23267</value>
			<shrsOrPrnAmt>
				<sshPrnamt>320000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>320000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIZENS FINANCIAL GRP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>174610105</cusip>
			<value>2272</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>CITRIX SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>177376100</cusip>
			<value>1690</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>CLOROX COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189054109</cusip>
			<value>2110</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>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>5155</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>8141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125896100</cusip>
			<value>1528</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COACH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189754104</cusip>
			<value>1409</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>COCA COLA CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>20066</value>
			<shrsOrPrnAmt>
				<sshPrnamt>446000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>446000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA COLA EUROPEAN PRT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G25839104</cusip>
			<value>1124</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>COGNIZANT TECH SOLUT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>5294</value>
			<shrsOrPrnAmt>
				<sshPrnamt>73000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>73000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>7136</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>98000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMCAST CORP CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>20999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>546000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>546000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMERICA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>200340107</cusip>
			<value>1601</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>CONAGRA BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>205887102</cusip>
			<value>1821</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>CONCHO RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>2306</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONDUENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>206787103</cusip>
			<value>401</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>7106</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>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>2904</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>CONSTELLATION BRANDS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21036P108</cusip>
			<value>6781</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>CORNING INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>219350105</cusip>
			<value>3200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>107000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K105</cusip>
			<value>8460</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CR BARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067383109</cusip>
			<value>2884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CREDICORP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>12628</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61587</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61587</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CROWN CASTLE INTL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22822V101</cusip>
			<value>4098</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>5859</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>108000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CTRIP.COM INTERNATIONAL</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>22943F100</cusip>
			<value>13747</value>
			<shrsOrPrnAmt>
				<sshPrnamt>260700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>260700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CUMMINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>3360</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>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>9595</value>
			<shrsOrPrnAmt>
				<sshPrnamt>118000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>118000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DANAHER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>235851102</cusip>
			<value>6175</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>DAVITA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23918K108</cusip>
			<value>1426</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEERE  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>4772</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELL TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24703L103</cusip>
			<value>2151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27865</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27865</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELPHI AUTOMOTIVE PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G27823106</cusip>
			<value>18104</value>
			<shrsOrPrnAmt>
				<sshPrnamt>184000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>184000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DELTA AIR LINES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>247361702</cusip>
			<value>1061</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>DEVON ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>2313</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>DIGITAL REALTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>253868103</cusip>
			<value>4735</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>DISCOVERY COMM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470F104</cusip>
			<value>405</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>DISCOVERY COMM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470F302</cusip>
			<value>587</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>DISH NETWORK CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470M109</cusip>
			<value>1464</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>DOLLAR GENERAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>2432</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>DOLLAR TREE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256746108</cusip>
			<value>2344</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>DOMINION ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>5844</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>DOVER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260003108</cusip>
			<value>1645</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOWDUPONT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26078J100</cusip>
			<value>24230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>350200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>350200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DR HORTON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>1597</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>DR PEPPER SNAPPLE GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26138E109</cusip>
			<value>1858</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>DTE ENERGY COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>233331107</cusip>
			<value>2201</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>7132</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>DXC TECHNOLOGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23355L106</cusip>
			<value>3147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36641</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36641</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>E TRADE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>269246401</cusip>
			<value>1396</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>EASTMAN CHEMICAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>277432100</cusip>
			<value>1719</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>EATON CORP PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>3993</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>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>4576</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>119000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ECOLAB INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>3858</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>EDWARDS LIFESCIENCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28176E108</cusip>
			<value>2732</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>ELECTRONIC ARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>285512109</cusip>
			<value>3895</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELI LILLY  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>9663</value>
			<shrsOrPrnAmt>
				<sshPrnamt>113000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>113000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMERSON ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>291011104</cusip>
			<value>3142</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>ENTERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>1604</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>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>6384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>66000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUINIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29444U700</cusip>
			<value>6246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29476L107</cusip>
			<value>2702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ESSEX PROPERTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>297178105</cusip>
			<value>1930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ESTEE LAUDER COMPANIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>5499</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>EVEREST RE GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3223R108</cusip>
			<value>1256</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30040W108</cusip>
			<value>2417</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>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>7982</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>EXPEDIA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30212P303</cusip>
			<value>2015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXPRESS SCRIPTS HLDG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>4431</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>EXTRA SPACE STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30225T102</cusip>
			<value>1119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>41308</value>
			<shrsOrPrnAmt>
				<sshPrnamt>504000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>504000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>43044</value>
			<shrsOrPrnAmt>
				<sshPrnamt>252000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>252000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>6428</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIDELITY NATL INFO SERV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620M106</cusip>
			<value>3829</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIFTH THIRD BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>316773100</cusip>
			<value>2460</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>88000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIRST REPUBLIC BANK/CA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33616C100</cusip>
			<value>1987</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>FIRSTENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337932107</cusip>
			<value>1541</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>FISERV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337738108</cusip>
			<value>5930</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>FMC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302491303</cusip>
			<value>1429</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>FNF GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620R303</cusip>
			<value>1471</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>FOMENTO ECONOMICO MEX</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>8521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89208</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>89208</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>5274</value>
			<shrsOrPrnAmt>
				<sshPrnamt>441000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>441000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORTIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34959J108</cusip>
			<value>2548</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>FORTUNE BRANDS HOMESEC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34964C106</cusip>
			<value>1210</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FRANKLIN RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>354613101</cusip>
			<value>2048</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>FREEPORT MCMORAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>2245</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369550108</cusip>
			<value>6270</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>14647</value>
			<shrsOrPrnAmt>
				<sshPrnamt>606000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>606000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>3468</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>67000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>6340</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>157000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>18873</value>
			<shrsOrPrnAmt>
				<sshPrnamt>233000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>233000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GLOBAL PAYMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37940X102</cusip>
			<value>1710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>10200</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>HR BLOCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>093671105</cusip>
			<value>662</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>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>4648</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>101000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARRIS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>413875105</cusip>
			<value>2107</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>HARTFORD FINANCIAL SVCS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416515104</cusip>
			<value>2494</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>HASBRO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>418056107</cusip>
			<value>5565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>57000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L109</cusip>
			<value>1586</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>57000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HERSHEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>427866108</cusip>
			<value>1965</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HILTON WORLDWIDE HLDGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43300A203</cusip>
			<value>1690</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24333</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24333</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOLOGIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436440101</cusip>
			<value>1101</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>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>29270</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>HONEYWELL INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>19132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40434L105</cusip>
			<value>4229</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>HUMANA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>444859102</cusip>
			<value>4384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUNTINGTON BANCSHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>1786</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>128000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IDEXX LABORATORIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45168D104</cusip>
			<value>1632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IHS MARKIT LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G47567105</cusip>
			<value>4405</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>ILLINOIS TOOL WORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>6065</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ILLUMINA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>3386</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>INCYTE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45337C102</cusip>
			<value>2451</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>INGERSOLL RAND PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G47791101</cusip>
			<value>2853</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>INGEVITY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45688C107</cusip>
			<value>2812</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>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>20830</value>
			<shrsOrPrnAmt>
				<sshPrnamt>547000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>547000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERCONTINENTAL EXCH</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45866F104</cusip>
			<value>4672</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>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>2952</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>INTL BUSINESS MACHINES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>6960</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>4263</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>INTUITIVE SURGICAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46120E602</cusip>
			<value>4809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INVESCO LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT108</cusip>
			<value>1646</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>IRON MOUNTAIN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46284V101</cusip>
			<value>1244</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>ITAU UNIBANCO H</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>465562106</cusip>
			<value>18122</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1323733</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1323733</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JAZZ PHARMACEUTICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G50871105</cusip>
			<value>3364</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>JD.COM INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>47215P106</cusip>
			<value>13704</value>
			<shrsOrPrnAmt>
				<sshPrnamt>358746</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>358746</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON  JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>40817</value>
			<shrsOrPrnAmt>
				<sshPrnamt>314000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>314000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>39242</value>
			<shrsOrPrnAmt>
				<sshPrnamt>411000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>411000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JUNIPER NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48203R104</cusip>
			<value>1308</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>KANSAS CITY SOUTHERN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485170302</cusip>
			<value>1521</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KELLOGG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>487836108</cusip>
			<value>1871</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>2295</value>
			<shrsOrPrnAmt>
				<sshPrnamt>122000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>122000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>5176</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>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>4507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>235000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>235000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KLA TENCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>482480100</cusip>
			<value>2014</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>KRAFT HEINZ CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500754106</cusip>
			<value>5737</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>74000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501797104</cusip>
			<value>1165</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>L3 TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>502413107</cusip>
			<value>1884</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LABORATORY CRP OF AMER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>1872</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>512807108</cusip>
			<value>3699</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>LAMB WESTON HOLDINGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>513272104</cusip>
			<value>844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>517834107</cusip>
			<value>3080</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LEAR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>521865204</cusip>
			<value>1558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LENNAR CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>526057104</cusip>
			<value>1267</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LINCOLN NATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>1911</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>LOCKHEED MARTIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>539830109</cusip>
			<value>11480</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>
		<infoTable>
			<nameOfIssuer>LOEWS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>540424108</cusip>
			<value>1579</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LOWE S COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>7834</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>98000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LYONDELLBASELL INDU</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>3861</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>M  T BANK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55261F104</cusip>
			<value>2737</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>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>565849106</cusip>
			<value>1355</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>MARATHON PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56585A102</cusip>
			<value>6001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>107000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARRIOTT INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571903202</cusip>
			<value>4079</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>
		<infoTable>
			<nameOfIssuer>MARSH  MCLENNAN COS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571748102</cusip>
			<value>5448</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>574599106</cusip>
			<value>4135</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>106000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MASTERCARD INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>19762</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>MAXIM INTEGRATED PROD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57772K101</cusip>
			<value>1670</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>MCDONALD S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>14863</value>
			<shrsOrPrnAmt>
				<sshPrnamt>95000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>95000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCKESSON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>1536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MEDTRONIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>12283</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>158000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCK  CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>20550</value>
			<shrsOrPrnAmt>
				<sshPrnamt>321000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>321000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>5246</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>101000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METTLER TOLEDO INTL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>592688105</cusip>
			<value>1878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>3000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MGM RESORTS INTL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>552953101</cusip>
			<value>1890</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>58000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROCHIP TECHNOLOGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595017104</cusip>
			<value>2243</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>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>5072</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>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>65061</value>
			<shrsOrPrnAmt>
				<sshPrnamt>874000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>874000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOHAWK INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>608190104</cusip>
			<value>7178</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>MONDELEZ INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>7197</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>MONSANTO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>6467</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>MONSTER BEVERAGE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61174X109</cusip>
			<value>2982</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>MOODY S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>3340</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>617446448</cusip>
			<value>7515</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>MOTOROLA SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>620076307</cusip>
			<value>1782</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>MULESOFT INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>625207105</cusip>
			<value>1723</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85561</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>85561</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MYLAN NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N59465109</cusip>
			<value>1661</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NASDAQ INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>631103108</cusip>
			<value>1086</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NETEASE INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>64110W102</cusip>
			<value>8091</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30668</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30668</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L106</cusip>
			<value>9242</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>NEW ORIENTAL EDUCATIO</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>647581107</cusip>
			<value>12093</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136918</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>136918</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>2437</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>8205</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>NIKE INC  CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>7930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>153000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>153000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NISOURCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65473P105</cusip>
			<value>972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>1644</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>58000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655844108</cusip>
			<value>4628</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>NORTHERN TRUST CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>665859104</cusip>
			<value>2298</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>NORTHROP GRUMMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>6328</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>NORWEGIAN CRUISE LINE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G66721104</cusip>
			<value>1026</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>NVIDIA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>11881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>66500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP SEMICONDUCTORS NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>3844</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>OCCIDENTAL PETROLEUM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>5585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>87000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ONEOK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682680103</cusip>
			<value>2604</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>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>21019</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>4153</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PACCAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693718108</cusip>
			<value>2966</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PALO ALTO NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>697435105</cusip>
			<value>4179</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>PARK HOTELS  RESORTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>700517105</cusip>
			<value>444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16130</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16130</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PARKER HANNIFIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>701094104</cusip>
			<value>2975</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>PAYPAL HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70450Y103</cusip>
			<value>12548</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>PENTAIR PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7S00T104</cusip>
			<value>1563</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>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>18491</value>
			<shrsOrPrnAmt>
				<sshPrnamt>166000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>166000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PERRIGO CO PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G97822103</cusip>
			<value>1397</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>14087</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1405854</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1405854</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>24798</value>
			<shrsOrPrnAmt>
				<sshPrnamt>695000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>695000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INTL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>20093</value>
			<shrsOrPrnAmt>
				<sshPrnamt>181000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>181000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>5953</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PINNACLE WEST CAPITAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723484101</cusip>
			<value>1183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIONEER NATURAL RESOURC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>3099</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>PNC FINANCIAL SERVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475105</cusip>
			<value>7814</value>
			<shrsOrPrnAmt>
				<sshPrnamt>58000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>58000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>POLARIS INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>731068102</cusip>
			<value>3348</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>PPG INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693506107</cusip>
			<value>3585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69351T106</cusip>
			<value>3147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>83000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRAXAIR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>4890</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>PRICELINE GROUP INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741503403</cusip>
			<value>10979</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>6000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRINCIPAL FINANCIAL GRP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74251V102</cusip>
			<value>1995</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>PROCTER  GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>26748</value>
			<shrsOrPrnAmt>
				<sshPrnamt>294000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>294000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>743315103</cusip>
			<value>3243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>67000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W103</cusip>
			<value>4124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRUDENTIAL FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744320102</cusip>
			<value>5316</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>PUBLIC SERVICE ENTERPR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744573106</cusip>
			<value>2868</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D109</cusip>
			<value>3744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PULTEGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>745867101</cusip>
			<value>983</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>QORVO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74736K101</cusip>
			<value>1060</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>8811</value>
			<shrsOrPrnAmt>
				<sshPrnamt>170000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>170000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>1685</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUINTILES IMS HOLDINGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74876Y101</cusip>
			<value>1045</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYMOND JAMES FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>754730109</cusip>
			<value>1265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYTHEON COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>12499</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>67000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>2328</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>REGENERON PHARMA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F107</cusip>
			<value>4470</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REGIONS FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>7591EP100</cusip>
			<value>2161</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>REPUBLIC SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>760759100</cusip>
			<value>7266</value>
			<shrsOrPrnAmt>
				<sshPrnamt>110000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>110000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RESMED INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761152107</cusip>
			<value>1308</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>ROCKWELL AUTOMATION INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>3741</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>ROCKWELL COLLINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>774341101</cusip>
			<value>8090</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROPER TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>776696106</cusip>
			<value>3042</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROSS STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>778296103</cusip>
			<value>2905</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>SP GLOBAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78409V104</cusip>
			<value>6094</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>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>12141</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>SBA COMMUNICATIONS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78410G104</cusip>
			<value>3311</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>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>11158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHWAB (CHARLES) CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>5904</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEI INVESTMENTS COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>784117103</cusip>
			<value>977</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>SEMPRA ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>816851109</cusip>
			<value>3540</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>SERVICENOW INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81762P102</cusip>
			<value>2351</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>SHERWIN WILLIAMS CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>824348106</cusip>
			<value>6049</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SIMON PROPERTY GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>5793</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>SKYWORKS SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088M102</cusip>
			<value>2139</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>SOUTHERN CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>5651</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>115000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SOUTHWEST AIRLINES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>844741108</cusip>
			<value>1007</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPRINT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85207U105</cusip>
			<value>808</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>STANLEY BLACK  DECKER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>854502101</cusip>
			<value>8379</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>55500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>2148</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>STATE STREET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>857477103</cusip>
			<value>4679</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>STRYKER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>863667101</cusip>
			<value>5610</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SUNTRUST BANKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867914103</cusip>
			<value>3705</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYMANTEC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871503108</cusip>
			<value>2624</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>SYSCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
			<value>3507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T MOBILE US INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872590104</cusip>
			<value>3083</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>T ROWE PRICE GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>2538</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>TAKE-TWO INTERACTIVE SF</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>874054109</cusip>
			<value>2249</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>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>3775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>64000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TD AMERITRADE HLDG CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87236Y108</cusip>
			<value>1463</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>TE CONNECTIVITY LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H84989104</cusip>
			<value>3737</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>TESLA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>4774</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>10398</value>
			<shrsOrPrnAmt>
				<sshPrnamt>116000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>116000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TEXTRON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883203101</cusip>
			<value>1724</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>THERMO FISHER SCIENTIF</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>11539</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>887317303</cusip>
			<value>9218</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>TJX COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>5676</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>TOLL BROTHERS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>889478103</cusip>
			<value>4934</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>119000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TORCHMARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891027104</cusip>
			<value>1161</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRAVELERS COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E109</cusip>
			<value>4041</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWENTY FIRST CENTY FOX</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
			<value>3481</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>132000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWILIO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90138F102</cusip>
			<value>829</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27759</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>27759</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TWITTER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90184L102</cusip>
			<value>1417</value>
			<shrsOrPrnAmt>
				<sshPrnamt>84000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>84000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TYSON FOODS INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902494103</cusip>
			<value>2325</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ULTA BEAUTY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90384S303</cusip>
			<value>1695</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>10781</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERVICE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>9726</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>UNITED TECHNOLOGIES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>10096</value>
			<shrsOrPrnAmt>
				<sshPrnamt>87000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>87000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>25844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>132000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>UNUM GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>1380</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>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>10339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>193000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>193000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>4000</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>VARIAN MED SYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92220P105</cusip>
			<value>1100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F100</cusip>
			<value>2734</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>VERISIGN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343E102</cusip>
			<value>1170</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>23251</value>
			<shrsOrPrnAmt>
				<sshPrnamt>470000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>470000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERSUM MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532W103</cusip>
			<value>543</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERTEX PHARMACEUTICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532F100</cusip>
			<value>4713</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>VF CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>918204108</cusip>
			<value>2479</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>VIACOM INC CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92553P201</cusip>
			<value>974</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>VISA INC CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>26723</value>
			<shrsOrPrnAmt>
				<sshPrnamt>254000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>254000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VMWARE INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>928563402</cusip>
			<value>928</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WAL MART STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>18751</value>
			<shrsOrPrnAmt>
				<sshPrnamt>240000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>240000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALGREENS BOOTS ALLIANC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>7794</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>101000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>18035</value>
			<shrsOrPrnAmt>
				<sshPrnamt>183000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>183000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>4384</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>WATERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>941848103</cusip>
			<value>1795</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEC ENERGY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92939U106</cusip>
			<value>2511</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>WEIBO CORP SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>948596101</cusip>
			<value>5058</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51140</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>28723</value>
			<shrsOrPrnAmt>
				<sshPrnamt>521000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>521000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>2764</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>WESTROCK CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96145D105</cusip>
			<value>1701</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>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>2924</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>86000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WHIRLPOOL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>963320106</cusip>
			<value>1844</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>2790</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WILLIS TOWERS WATSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G96629103</cusip>
			<value>2330</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WORKDAY INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98138H101</cusip>
			<value>4111</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>WYNDHAM WORLDWIDE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98310W108</cusip>
			<value>1370</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>WYNN RESORTS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983134107</cusip>
			<value>4468</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>XCEL ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98389B100</cusip>
			<value>2933</value>
			<shrsOrPrnAmt>
				<sshPrnamt>62000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>62000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XEROX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>984121608</cusip>
			<value>1065</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>XILINX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>2266</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>XL GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G98294104</cusip>
			<value>1223</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>XYLEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>1315</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>YUM  BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>988498101</cusip>
			<value>3386</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>YUM CHINA HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98850P109</cusip>
			<value>1839</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>ZIMMER BIOMET HLDGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98956P102</cusip>
			<value>2809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZIONS BANCORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>989701107</cusip>
			<value>1132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ZOETIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V103</cusip>
			<value>8415</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>132000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
