<SEC-DOCUMENT>0001140361-18-034110.txt : 20180730
<SEC-HEADER>0001140361-18-034110.hdr.sgml : 20180730
<ACCEPTANCE-DATETIME>20180730140805
ACCESSION NUMBER:		0001140361-18-034110
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180630
FILED AS OF DATE:		20180730
DATE AS OF CHANGE:		20180730
EFFECTIVENESS DATE:		20180730

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:		18977133

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRITISH PETROLEUM CO PLC
		DATE OF NAME CHANGE:	19970226
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000313807</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2018</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2018</reportCalendarOrQuarter>
      <filingManager>
        <name>BP PLC</name>
        <address>
          <com:street1>1 ST JAMES'S SQUARE</com:street1>
          <com:city>LONDON</com:city>
          <com:stateOrCountry>X0</com:stateOrCountry>
          <com:zipCode>SW1Y 4PD</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-05353</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Brian Gilvary</name>
      <title>Chief Financial Officer</title>
      <phone>020-7496-5388</phone>
      <signature>/s/ Brian Gilvary</signature>
      <city>London</city>
      <stateOrCountry>X0</stateOrCountry>
      <signatureDate>07-30-2018</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>493</tableEntryTotal>
      <tableValueTotal>3099053</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001105793</cik>
            <form13FFileNumber>028-05357</form13FFileNumber>
            <name>BP INVESTMENT MANAGEMENT LTD</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
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<TEXT>
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<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>13574</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>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>13022</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>18631</value>
			<shrsOrPrnAmt>
				<sshPrnamt>201000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>201000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>12762</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>
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		<infoTable>
			<nameOfIssuer>ACTIVISION BLIZZARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507V109</cusip>
			<value>7174</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>ADOBE SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>15394</value>
			<shrsOrPrnAmt>
				<sshPrnamt>63200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>63200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADVANCE AUTO PARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00751Y106</cusip>
			<value>1289</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADVANCED MICRO DEVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>007903107</cusip>
			<value>1648</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>AES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00130H105</cusip>
			<value>1086</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>
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		<infoTable>
			<nameOfIssuer>AETNA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y108</cusip>
			<value>7495</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AFLAC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001055102</cusip>
			<value>4130</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>96000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>2597</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 PRODUCTS CHEMICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>3893</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>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00971T101</cusip>
			<value>1538</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>
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		<infoTable>
			<nameOfIssuer>ALBEMARLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>012653101</cusip>
			<value>1321</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
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			<votingAuthority>
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				<None>0</None>
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			<nameOfIssuer>ALCOA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>013872106</cusip>
			<value>1033</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015271109</cusip>
			<value>1640</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ALEXION PHARMACEUTICALS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015351109</cusip>
			<value>3228</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 SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>01609W102</cusip>
			<value>35909</value>
			<shrsOrPrnAmt>
				<sshPrnamt>193685</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>193685</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ALIGN TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>016255101</cusip>
			<value>5474</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALKERMES PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G01767105</cusip>
			<value>864</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>
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			<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>7105</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42600</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>ALLIANT ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018802108</cusip>
			<value>1227</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>12776</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>ALNYLAM PHARMACEUTICALS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02043Q107</cusip>
			<value>1182</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>ALPHABET INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K305</cusip>
			<value>42119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>37300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC CL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K107</cusip>
			<value>42280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>37900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>13686</value>
			<shrsOrPrnAmt>
				<sshPrnamt>241000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>241000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>85785</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50500</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>AMBEV SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02319V103</cusip>
			<value>2813</value>
			<shrsOrPrnAmt>
				<sshPrnamt>607460</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>607460</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMDOCS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G02602103</cusip>
			<value>1191</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>AMEREN CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023608102</cusip>
			<value>1947</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>AMERICAN ELECTRIC POWER</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025537101</cusip>
			<value>4363</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>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>8036</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>AMERICAN INTERNATIONAL GR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>2651</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>AMERICAN TOWER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03027X100</cusip>
			<value>7641</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>AMERICAN WATER WORKS CO I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>030420103</cusip>
			<value>1879</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 INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>2378</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>AMERISOURCEBERGEN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E105</cusip>
			<value>1620</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>AMETEK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031100100</cusip>
			<value>1949</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>18457</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>AMPHENOL CORP CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032095101</cusip>
			<value>2963</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>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>5054</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>4508</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>ANDEAVOR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03349M105</cusip>
			<value>2231</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>ANSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03662Q105</cusip>
			<value>1916</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>ANTHEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>036752103</cusip>
			<value>7737</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>32500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V102</cusip>
			<value>4115</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>APACHE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037411105</cusip>
			<value>1870</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>APERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03755L104</cusip>
			<value>376</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>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>115233</value>
			<shrsOrPrnAmt>
				<sshPrnamt>630000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>630000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>038222105</cusip>
			<value>5680</value>
			<shrsOrPrnAmt>
				<sshPrnamt>123000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>123000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APTIV PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G6095L109</cusip>
			<value>8063</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>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>2979</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>ARISTA NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>040413106</cusip>
			<value>1545</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>ARROW ELECTRONICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>042735100</cusip>
			<value>828</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>ASHLAND GLOBAL HOLDINGS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>044186104</cusip>
			<value>625</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ATT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>29375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>914826</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>914826</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTODESK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>052769106</cusip>
			<value>3474</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOLIV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>052800109</cusip>
			<value>1575</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>AUTOMATIC DATA PROCESSING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053015103</cusip>
			<value>7538</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>56200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOZONE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053332102</cusip>
			<value>5368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AVALONBAY COMMUNITIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053484101</cusip>
			<value>3093</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>AVERY DENNISON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053611109</cusip>
			<value>1225</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>10610</value>
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				<sshPrnamt>43660</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BAKER HUGHES A GE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05722G100</cusip>
			<value>1652</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BANCO BRADESCO ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>059460303</cusip>
			<value>4433</value>
			<shrsOrPrnAmt>
				<sshPrnamt>646138</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>646138</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANK OF AMERICA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>33276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1180000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1180000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANK OF NEW YORK MELLON C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064058100</cusip>
			<value>6309</value>
			<shrsOrPrnAmt>
				<sshPrnamt>117000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>117000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BAXTER INTERNATIONAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>071813109</cusip>
			<value>14249</value>
			<shrsOrPrnAmt>
				<sshPrnamt>193000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>193000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BBT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054937107</cusip>
			<value>7970</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>158000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BECTON DICKINSON AND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>17739</value>
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				<sshPrnamt>74000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>74000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BERKSHIRE HATHAWAY INC CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>42936</value>
			<shrsOrPrnAmt>
				<sshPrnamt>230000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>230000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BIOGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>7431</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25600</Sole>
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				<None>0</None>
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			<nameOfIssuer>BIOMARIN PHARMACEUTICAL I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09061G101</cusip>
			<value>2072</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>22000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X101</cusip>
			<value>7141</value>
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				<sshPrnamt>14300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>14300</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BOEING CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>22818</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BOOKING HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09857L108</cusip>
			<value>12164</value>
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				<sshPrnamt>6000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>6000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101121101</cusip>
			<value>2258</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101137107</cusip>
			<value>5624</value>
			<shrsOrPrnAmt>
				<sshPrnamt>172000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>172000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>11457</value>
			<shrsOrPrnAmt>
				<sshPrnamt>207000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>207000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BROADCOM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11135F101</cusip>
			<value>12135</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BROADRIDGE FINANCIAL SOLU</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>11133T103</cusip>
			<value>1612</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>14000</Sole>
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				<None>0</None>
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			<nameOfIssuer>BROWN BROWN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115236101</cusip>
			<value>832</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
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				<None>0</None>
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			<nameOfIssuer>BROWN FORMAN CORP CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115637209</cusip>
			<value>2066</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42143</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42143</Sole>
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				<None>0</None>
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			<nameOfIssuer>BUNGE LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>1324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>19000</Sole>
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				<None>0</None>
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			<nameOfIssuer>CAPITAL ONE FINANCIAL COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>5055</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>55000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14149Y108</cusip>
			<value>1758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CARMAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>143130102</cusip>
			<value>1676</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>23000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CARNIVAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>143658300</cusip>
			<value>2750</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>149123101</cusip>
			<value>5157</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CBOE GLOBAL MARKETS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12503M108</cusip>
			<value>1353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CBRE GROUP INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12504L109</cusip>
			<value>6445</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CDW CORP DE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12514G108</cusip>
			<value>1616</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CELANESE CORP SERIES A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>150870103</cusip>
			<value>1777</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16000</Sole>
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		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>8735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>110000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>110000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CENTENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135B101</cusip>
			<value>6162</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CENTURYLINK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>156700106</cusip>
			<value>2162</value>
			<shrsOrPrnAmt>
				<sshPrnamt>116000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>116000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CF INDUSTRIES HOLDINGS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125269100</cusip>
			<value>2886</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>65000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>CHARTER COMMUNICATIONS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16119P108</cusip>
			<value>6363</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21700</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16411R208</cusip>
			<value>1759</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>30334</value>
			<shrsOrPrnAmt>
				<sshPrnamt>240000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>240000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CHIPOTLE MEXICAN GRILL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>169656105</cusip>
			<value>1337</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>3100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHUBB LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H1467J104</cusip>
			<value>6733</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>53000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHURCH DWIGHT CO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171340102</cusip>
			<value>1701</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>32000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIGNA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125509109</cusip>
			<value>4419</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINCINNATI FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172062101</cusip>
			<value>1203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>13324</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>72000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>25990</value>
			<shrsOrPrnAmt>
				<sshPrnamt>604000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>604000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CIT GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125581801</cusip>
			<value>857</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>19546</value>
			<shrsOrPrnAmt>
				<sshPrnamt>292000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>292000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CITIZENS FINANCIAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>174610105</cusip>
			<value>2178</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>56000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CITRIX SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>177376100</cusip>
			<value>1782</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>CLOROX COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>189054109</cusip>
			<value>2299</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CLOUDERA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>18914U100</cusip>
			<value>360</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26449</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26449</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>6556</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA COLA CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>21141</value>
			<shrsOrPrnAmt>
				<sshPrnamt>482000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>482000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COGNIZANT TECH SOLUTIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>5371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>7064</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>109000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMCAST CORP CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>18707</value>
			<shrsOrPrnAmt>
				<sshPrnamt>570000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>570000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMERICA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>200340107</cusip>
			<value>1818</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>CONAGRA BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>205887102</cusip>
			<value>1715</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>CONCHO RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>2573</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>10305</value>
			<shrsOrPrnAmt>
				<sshPrnamt>148000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>148000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>3119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSTELLATION BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21036P108</cusip>
			<value>4599</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONTINENTAL RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>212015101</cusip>
			<value>777</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CORE LABORATORIES N V</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N22717107</cusip>
			<value>757</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>6000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTAR GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160N109</cusip>
			<value>1857</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COSTCO WHOLESALE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160K105</cusip>
			<value>21210</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>101500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COTY INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>222070203</cusip>
			<value>846</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>CREDICORP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>4098</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18209</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18209</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CROWN CASTLE INTL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22822V101</cusip>
			<value>5717</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>CSX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>6951</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>109000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CTRIP COM INTERNATIONAL A</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>22943F100</cusip>
			<value>2353</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49395</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>49395</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>8300</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>DANAHER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>235851102</cusip>
			<value>7598</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>DARDEN RESTAURANTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>237194105</cusip>
			<value>1713</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>DAVITA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23918K108</cusip>
			<value>1250</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>DEERE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>5313</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 CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24703L103</cusip>
			<value>2357</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27865</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27865</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEVON ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>2769</value>
			<shrsOrPrnAmt>
				<sshPrnamt>63000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>63000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIAMONDBACK ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25278X109</cusip>
			<value>1447</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>253868103</cusip>
			<value>2902</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>DISCOVER FINANCIAL SERVIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254709108</cusip>
			<value>2887</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISCOVERY INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470F104</cusip>
			<value>522</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>19000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISCOVERY INC C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470F302</cusip>
			<value>740</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISH NETWORK CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470M109</cusip>
			<value>1008</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOLLAR GENERAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>3254</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>DOLLAR TREE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256746108</cusip>
			<value>2294</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>5590</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>DOMINO S PIZZA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25754A201</cusip>
			<value>1693</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>DOWDUPONT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26078J100</cusip>
			<value>17741</value>
			<shrsOrPrnAmt>
				<sshPrnamt>269000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>269000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DR HORTON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>1763</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>DR PEPPER SNAPPLE GROUP I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26138E109</cusip>
			<value>2684</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>DTE ENERGY COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>233331107</cusip>
			<value>1710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>16500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>7038</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>89000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>264411505</cusip>
			<value>1365</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>DUN BRADSTREET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26483E100</cusip>
			<value>2083</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>DXC TECHNOLOGY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23355L106</cusip>
			<value>2742</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>E TRADE FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>269246401</cusip>
			<value>1957</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>1899</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>3887</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>4315</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>13613</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>97000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EDISON INTERNATIONAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>281020107</cusip>
			<value>2594</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>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28176E108</cusip>
			<value>3931</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>ELECTRONIC ARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>285512109</cusip>
			<value>5359</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>ELI LILLY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>10410</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>EMERSON ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>291011104</cusip>
			<value>5046</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>ENTERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>1697</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>9085</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>EQT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26884L109</cusip>
			<value>1711</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>EQUIFAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>294429105</cusip>
			<value>1877</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>EQUINIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29444U700</cusip>
			<value>4299</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>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29476L107</cusip>
			<value>2867</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>ESSEX PROPERTY TRUST INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>297178105</cusip>
			<value>1817</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 CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>3995</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>EVEREST RE GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3223R108</cusip>
			<value>1083</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>5153</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>EXPEDIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30212P303</cusip>
			<value>1923</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>EXPEDITORS INTL WASH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302130109</cusip>
			<value>1535</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>EXPRESS SCRIPTS HOLDING C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>5557</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>EXTRA SPACE STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30225T102</cusip>
			<value>1598</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>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>44060</value>
			<shrsOrPrnAmt>
				<sshPrnamt>532000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>532000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>F5 NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>315616102</cusip>
			<value>1380</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>57999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>298500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>298500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FASTENAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>311900104</cusip>
			<value>1733</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>FEDERAL REALTY INVS TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>313747206</cusip>
			<value>1266</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>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>7040</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>FIDELITY NATIONAL INFO SE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620M106</cusip>
			<value>4453</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>FIFTH THIRD BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>316773100</cusip>
			<value>2526</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>1839</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>2083</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>FISERV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337738108</cusip>
			<value>3704</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>FLEETCOR TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>339041105</cusip>
			<value>2423</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FLUOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>343412102</cusip>
			<value>780</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>FMC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302491303</cusip>
			<value>1427</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>FOMENTO ECONOMICO MEX SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>3495</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39808</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39808</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FOOT LOCKER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>344849104</cusip>
			<value>843</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>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>5037</value>
			<shrsOrPrnAmt>
				<sshPrnamt>455000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>455000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORTIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34959J108</cusip>
			<value>2776</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>GENERAL DYNAMICS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369550108</cusip>
			<value>6037</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>32400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>16536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1215000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1215000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>2965</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>6189</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>GENTEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>371901109</cusip>
			<value>2371</value>
			<shrsOrPrnAmt>
				<sshPrnamt>103000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>103000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>372460105</cusip>
			<value>1653</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>GGP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>36174X101</cusip>
			<value>1634</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>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>11619</value>
			<shrsOrPrnAmt>
				<sshPrnamt>164000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>164000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GLOBAL PAYMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37940X102</cusip>
			<value>2230</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>GOLDMAN SACHS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>8823</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>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>4821</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>HANESBRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>410345102</cusip>
			<value>1013</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>HARRIS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>413875105</cusip>
			<value>2023</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>HASBRO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>418056107</cusip>
			<value>1384</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>HCA HEALTHCARE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40412C101</cusip>
			<value>3693</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>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L109</cusip>
			<value>1549</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>HELMERICH PAYNE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>423452101</cusip>
			<value>765</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>HESS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H107</cusip>
			<value>2274</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>HILTON WORLDWIDE HOLDINGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43300A203</cusip>
			<value>2770</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>HOLLYFRONTIER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436106108</cusip>
			<value>1369</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>HOLOGIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436440101</cusip>
			<value>1431</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>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>39223</value>
			<shrsOrPrnAmt>
				<sshPrnamt>201000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>201000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HONEYWELL INTERNATIONAL I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>12389</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>HORMEL FOODS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>440452100</cusip>
			<value>1302</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>HOSPITALITY PROPERTIES TR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44106M102</cusip>
			<value>658</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>HOST HOTELS RESORTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44107P104</cusip>
			<value>1980</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>HP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40434L105</cusip>
			<value>4515</value>
			<shrsOrPrnAmt>
				<sshPrnamt>199000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>199000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUMANA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>444859102</cusip>
			<value>14586</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>HUNT JB TRANSPRT SVCS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>445658107</cusip>
			<value>1276</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>HUNTINGTON BANCSHARES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>1889</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>HUNTINGTON INGALLS INDUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446413106</cusip>
			<value>1106</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IAC INTERACTIVECORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44919P508</cusip>
			<value>1296</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>IDEXX LABORATORIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45168D104</cusip>
			<value>2288</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>2270</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>ILLINOIS TOOL WORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>5403</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>ILLUMINA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>5111</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INCYTE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45337C102</cusip>
			<value>1541</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>INGERSOLL RAND PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G47791101</cusip>
			<value>2871</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>3639</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>28887</value>
			<shrsOrPrnAmt>
				<sshPrnamt>581000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>581000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTERCONTINENTAL EXCHANGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45866F104</cusip>
			<value>5002</value>
			<shrsOrPrnAmt>
				<sshPrnamt>68000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>68000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>2708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>52000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTERPUBLIC GROUP OF COS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460690100</cusip>
			<value>1242</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>53000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTL BUSINESS MACHINES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>12994</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>INTUIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>9397</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>INTUITIVE SURGICAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46120E602</cusip>
			<value>6695</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>IQVIA HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46266C105</cusip>
			<value>1995</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>IRON MOUNTAIN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46284V101</cusip>
			<value>1121</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>32000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ITAU UNIBANCO H SPON PRF</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>465562106</cusip>
			<value>5792</value>
			<shrsOrPrnAmt>
				<sshPrnamt>558533</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>558533</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>JACOBS ENGINEERING GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>469814107</cusip>
			<value>889</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>JAZZ PHARMACEUTICALS PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G50871105</cusip>
			<value>1206</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JD COM INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>47215P106</cusip>
			<value>4938</value>
			<shrsOrPrnAmt>
				<sshPrnamt>126840</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>126840</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JM SMUCKER CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>832696405</cusip>
			<value>1397</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>JOHNSON JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>41016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>338000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>338000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>44232</value>
			<shrsOrPrnAmt>
				<sshPrnamt>424000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>424000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485170302</cusip>
			<value>1272</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>KELLOGG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>487836108</cusip>
			<value>1887</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>KEYCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>493267108</cusip>
			<value>2384</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>KEYSIGHT TECHNOLOGIES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49338L103</cusip>
			<value>1299</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>KIMBERLY CLARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>4319</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>KIMCO REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49446R109</cusip>
			<value>934</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>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>4329</value>
			<shrsOrPrnAmt>
				<sshPrnamt>245000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>245000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KLA TENCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>482480100</cusip>
			<value>2850</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KOHLS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500255104</cusip>
			<value>1400</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>19200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KRAFT HEINZ CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500754106</cusip>
			<value>4271</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>KROGER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501044101</cusip>
			<value>3130</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>L BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501797104</cusip>
			<value>1180</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>L3 TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>502413107</cusip>
			<value>1923</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 HL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>2226</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>3457</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 INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>513272104</cusip>
			<value>1232</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>3513</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>LEAR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>521865204</cusip>
			<value>1672</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>LEGGETT PLATT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>524660107</cusip>
			<value>804</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>LENNAR CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>526057104</cusip>
			<value>1260</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>LIBERTY PROPERTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>531172104</cusip>
			<value>887</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>LINCOLN NATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>1618</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>9165</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>LOEWS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>540424108</cusip>
			<value>1593</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>9941</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>LULULEMON ATHLETICA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>550021109</cusip>
			<value>1498</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>LYONDELLBASELL INDU CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>4284</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>2893</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>MACERICH CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>554382101</cusip>
			<value>1023</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>MACY S INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55616P104</cusip>
			<value>1362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>565849106</cusip>
			<value>2253</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>MARATHON PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56585A102</cusip>
			<value>12631</value>
			<shrsOrPrnAmt>
				<sshPrnamt>180000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>180000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARKEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>570535104</cusip>
			<value>1735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARRIOTT INTERNATIONAL  C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571903202</cusip>
			<value>4684</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>4918</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>MARTIN MARIETTA MATERIALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>573284106</cusip>
			<value>1787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARVELL TECHNOLOGY GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5876H105</cusip>
			<value>1008</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>MASTERCARD INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>22898</value>
			<shrsOrPrnAmt>
				<sshPrnamt>116500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>116500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MAXIM INTEGRATED PRODUCTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57772K101</cusip>
			<value>2053</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>14575</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>MCKESSON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>3471</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>MEDTRONIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>13013</value>
			<shrsOrPrnAmt>
				<sshPrnamt>152000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>152000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCADOLIBRE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58733R102</cusip>
			<value>1345</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MERCK CO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>20881</value>
			<shrsOrPrnAmt>
				<sshPrnamt>344000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>344000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>5014</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>METTLER TOLEDO INTERNATIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>592688105</cusip>
			<value>1737</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>MICHAEL KORS HOLDINGS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G60754101</cusip>
			<value>1265</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>MICROCHIP TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595017104</cusip>
			<value>2638</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>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>10278</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>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>93680</value>
			<shrsOrPrnAmt>
				<sshPrnamt>950000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>950000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MID AMERICA APARTMENT COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59522J103</cusip>
			<value>1510</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>MOBILE TELESYSTEMS SP ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>607409109</cusip>
			<value>2155</value>
			<shrsOrPrnAmt>
				<sshPrnamt>244289</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>244289</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOLSON COORS BREWING CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60871R209</cusip>
			<value>1565</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>MONDELEZ INTERNATIONAL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>6973</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>MONGODB INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60937P106</cusip>
			<value>738</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14864</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14864</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MOODY S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>4094</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>6968</value>
			<shrsOrPrnAmt>
				<sshPrnamt>147000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>147000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOSAIC CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C103</cusip>
			<value>4488</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>160000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOTOROLA SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>620076307</cusip>
			<value>2444</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MSCI INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55354G100</cusip>
			<value>1854</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11200</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>626717102</cusip>
			<value>743</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MYLAN NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N59465109</cusip>
			<value>1915</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>53000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NASDAQ INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>631103108</cusip>
			<value>7849</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>86000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NATIONAL OILWELL VARCO IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>637071101</cusip>
			<value>10414</value>
			<shrsOrPrnAmt>
				<sshPrnamt>240000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>240000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NETAPP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110D104</cusip>
			<value>6282</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NETEASE INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>64110W102</cusip>
			<value>1940</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7679</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7679</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L106</cusip>
			<value>20231</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>51700</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>NEW ORIENTAL EDUCATIO SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>647581107</cusip>
			<value>5037</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53218</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>53218</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWFIELD EXPLORATION CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651290108</cusip>
			<value>787</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>2640</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>70000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>9020</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>54000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE INC  CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>17293</value>
			<shrsOrPrnAmt>
				<sshPrnamt>217000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>217000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NISOURCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65473P105</cusip>
			<value>1261</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NOBLE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>2152</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORDSTROM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655664100</cusip>
			<value>777</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655844108</cusip>
			<value>5432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHERN TRUST CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>665859104</cusip>
			<value>2572</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<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>6309</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>629377508</cusip>
			<value>1105</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>NUCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670346105</cusip>
			<value>2312</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>37000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVENT ELECTRIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G6700G107</cusip>
			<value>578</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>23000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVIDIA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>17885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>75500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP SEMICONDUCTORS NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>3715</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>O REILLY AUTOMOTIVE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67103H107</cusip>
			<value>2845</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>8033</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>96000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>OLD DOMINION FREIGHT LINE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>679580100</cusip>
			<value>2681</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>OMNICOM GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>681919106</cusip>
			<value>2135</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>ONEOK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682680103</cusip>
			<value>2934</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>42000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>15818</value>
			<shrsOrPrnAmt>
				<sshPrnamt>359000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>359000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>P G E CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69331C108</cusip>
			<value>2597</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>PACKAGING CORP OF AMERICA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>695156109</cusip>
			<value>1342</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>PALO ALTO NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>697435105</cusip>
			<value>2260</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>PARK HOTELS RESORTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>700517105</cusip>
			<value>704</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>PARKER HANNIFIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>701094104</cusip>
			<value>2650</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>PAYCHEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704326107</cusip>
			<value>2802</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>PAYPAL HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70450Y103</cusip>
			<value>10910</value>
			<shrsOrPrnAmt>
				<sshPrnamt>131000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>131000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>19598</value>
			<shrsOrPrnAmt>
				<sshPrnamt>180000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>180000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PERSPECTA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>715347100</cusip>
			<value>520</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25320</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25320</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO SPON</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>4763</value>
			<shrsOrPrnAmt>
				<sshPrnamt>475373</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>475373</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>26963</value>
			<shrsOrPrnAmt>
				<sshPrnamt>743000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>743000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INTERNATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>15744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>195000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>195000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>5503</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>PINNACLE WEST CAPITAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723484101</cusip>
			<value>1128</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 RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>3974</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 GR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475105</cusip>
			<value>7837</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>PPG INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693506107</cusip>
			<value>3112</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>PPL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69351T106</cusip>
			<value>2541</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>89000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRAXAIR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>5220</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>PROCTER GAMBLE CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>24823</value>
			<shrsOrPrnAmt>
				<sshPrnamt>318000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>318000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>743315103</cusip>
			<value>7275</value>
			<shrsOrPrnAmt>
				<sshPrnamt>123000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>123000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W103</cusip>
			<value>3941</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>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744320102</cusip>
			<value>4676</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 ENTERPRISE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744573106</cusip>
			<value>3032</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>PUBLIC STORAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D109</cusip>
			<value>7600</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PVH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693656100</cusip>
			<value>1497</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>QORVO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74736K101</cusip>
			<value>1203</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>9542</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>1979</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>RALPH LAUREN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>751212101</cusip>
			<value>880</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>RAYMOND JAMES FINANCIAL I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>754730109</cusip>
			<value>1340</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>6956</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>REALTY INCOME CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756109104</cusip>
			<value>1989</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>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>2822</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>REGENCY CENTERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>758849103</cusip>
			<value>1242</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>REGENERON PHARMACEUTICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F107</cusip>
			<value>3105</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>
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		<infoTable>
			<nameOfIssuer>REGIONS FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>7591EP100</cusip>
			<value>2523</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>
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		<infoTable>
			<nameOfIssuer>REPUBLIC SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>760759100</cusip>
			<value>1914</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>RESMED INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761152107</cusip>
			<value>1761</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>770323103</cusip>
			<value>1042</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>ROCKWELL AUTOMATION INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>2493</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>ROCKWELL COLLINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>774341101</cusip>
			<value>2559</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>ROPER TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>776696106</cusip>
			<value>3448</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>3983</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>S P GLOBAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78409V104</cusip>
			<value>6525</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>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>18422</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>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>11598</value>
			<shrsOrPrnAmt>
				<sshPrnamt>173000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>173000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHWAB CHARLES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>6897</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>135000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SEAGATE TECHNOLOGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7945M107</cusip>
			<value>3500</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>SEALED AIR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81211K100</cusip>
			<value>976</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>SERVICENOW INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81762P102</cusip>
			<value>3795</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>SHERWIN WILLIAMS CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>824348106</cusip>
			<value>4280</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>SIMON PROPERTY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>6635</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>SL GREEN REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78440X101</cusip>
			<value>1206</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>SNAP ON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>833034101</cusip>
			<value>1205</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>SOUTHERN CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>5974</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>SPLUNK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>848637104</cusip>
			<value>1784</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>380</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>STANLEY BLACK DECKER IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>854502101</cusip>
			<value>2324</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>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>8109</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>STATE STREET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>857477103</cusip>
			<value>4096</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>STERICYCLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>858912108</cusip>
			<value>783</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>STRYKER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>863667101</cusip>
			<value>7261</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>SUNTRUST BANKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867914103</cusip>
			<value>4093</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>SVB FINANCIAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78486Q101</cusip>
			<value>2021</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>SYNCHRONY FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87165B103</cusip>
			<value>3103</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>SYNOPSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871607107</cusip>
			<value>1455</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>SYSCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
			<value>3756</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>T MOBILE US INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872590104</cusip>
			<value>2031</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>T ROWE PRICE GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>3483</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>TAKE TWO INTERACTIVE SOFT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>874054109</cusip>
			<value>1775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TAPESTRY INC</nameOfIssuer>
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			<value>1682</value>
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				<Sole>36000</Sole>
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			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>5252</value>
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				<sshPrnamt>69000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>69000</Sole>
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			<nameOfIssuer>TD AMERITRADE HOLDING COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87236Y108</cusip>
			<value>1643</value>
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				<sshPrnamt>30000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>30000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TE CONNECTIVITY LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H84989104</cusip>
			<value>3872</value>
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				<sshPrnamt>43000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>43000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TELEFLEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>879369106</cusip>
			<value>1554</value>
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				<sshPrnamt>5800</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>14089</value>
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				<sshPrnamt>127800</sshPrnamt>
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			<nameOfIssuer>TEXTRON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>2241</value>
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				<Sole>34000</Sole>
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			<nameOfIssuer>THERMO FISHER SCIENTIFIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>19267</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>93000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TJX COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>7614</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>80000</Sole>
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			<nameOfIssuer>TORCHMARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891027104</cusip>
			<value>1180</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>14500</Sole>
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			<nameOfIssuer>TOTAL SYSTEM SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891906109</cusip>
			<value>1775</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TRACTOR SUPPLY COMPANY</nameOfIssuer>
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			<cusip>892356106</cusip>
			<value>4283</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>56000</Sole>
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			<nameOfIssuer>TRANSDIGM GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>893641100</cusip>
			<value>2106</value>
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			<nameOfIssuer>TRAVELERS COS INC THE</nameOfIssuer>
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			<cusip>89417E109</cusip>
			<value>3915</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TRIMBLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896239100</cusip>
			<value>986</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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			<nameOfIssuer>TWENTY FIRST CENTURY FOX</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A200</cusip>
			<value>3104</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TWENTY FIRST CENTURY FOX</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90130A101</cusip>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TWITTER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90184L102</cusip>
			<value>4281</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TYSON FOODS INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902494103</cusip>
			<value>2272</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>33000</Sole>
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			<nameOfIssuer>UDR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902653104</cusip>
			<value>1314</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>35000</Sole>
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			<nameOfIssuer>ULTA BEAUTY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90384S303</cusip>
			<value>4669</value>
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			<nameOfIssuer>UNDER ARMOUR INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>904311107</cusip>
			<value>607</value>
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			<nameOfIssuer>UNDER ARMOUR INC CLASS C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>904311206</cusip>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
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			<cusip>907818108</cusip>
			<value>21679</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNITED PARCEL SERVICE CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>9137</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>10878</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>US BANCORP</nameOfIssuer>
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			<value>9852</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>6096</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>VARIAN MEDICAL SYSTEMS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92220P105</cusip>
			<value>1251</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>11000</Sole>
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			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F100</cusip>
			<value>2392</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>42000</Sole>
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			<nameOfIssuer>VEREIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92339V100</cusip>
			<value>969</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>130000</Sole>
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		<infoTable>
			<nameOfIssuer>VERISIGN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343E102</cusip>
			<value>1512</value>
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				<sshPrnamt>11000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>11000</Sole>
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		<infoTable>
			<nameOfIssuer>VERISK ANALYTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92345Y106</cusip>
			<value>3552</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
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		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>26021</value>
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				<sshPrnamt>517000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>517000</Sole>
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		<infoTable>
			<nameOfIssuer>VERTEX PHARMACEUTICALS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532F100</cusip>
			<value>5099</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VF CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>918204108</cusip>
			<value>3181</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VISA INC CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>32106</value>
			<shrsOrPrnAmt>
				<sshPrnamt>242000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>242000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VMWARE INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>928563402</cusip>
			<value>1249</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8500</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8500</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VORNADO REALTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929042109</cusip>
			<value>1627</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>22000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VOYA FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929089100</cusip>
			<value>987</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VULCAN MATERIALS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929160109</cusip>
			<value>2194</value>
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				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>17000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WABTEC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929740108</cusip>
			<value>1183</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WALGREENS BOOTS ALLIANCE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>6421</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>107000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WALMART INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>15504</value>
			<shrsOrPrnAmt>
				<sshPrnamt>181000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>181000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WALT DISNEY CO THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>19616</value>
			<shrsOrPrnAmt>
				<sshPrnamt>187000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>187000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>4474</value>
			<shrsOrPrnAmt>
				<sshPrnamt>55000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>55000</Sole>
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				<None>0</None>
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			<nameOfIssuer>WATERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>941848103</cusip>
			<value>1742</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEC ENERGY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92939U106</cusip>
			<value>2586</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEIBO CORP SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>948596101</cusip>
			<value>2053</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>23140</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEINGARTEN REALTY INVESTO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>948741103</cusip>
			<value>524</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WELLS FARGO CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>30730</value>
			<shrsOrPrnAmt>
				<sshPrnamt>554000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>554000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WELLTOWER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95040Q104</cusip>
			<value>6207</value>
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				<sshPrnamt>99000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>99000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>2632</value>
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				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WESTERN UNION CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>959802109</cusip>
			<value>1220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>60000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WESTLAKE CHEMICAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>960413102</cusip>
			<value>431</value>
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				<sshPrnamt>4000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>3427</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>94000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>2520</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>93000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WILLIS TOWERS WATSON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G96629103</cusip>
			<value>2274</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WORKDAY INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98138H101</cusip>
			<value>2059</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WORLDPAY INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>981558109</cusip>
			<value>3108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WR BERKLEY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084423102</cusip>
			<value>941</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WW GRAINGER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>384802104</cusip>
			<value>2160</value>
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				<sshPrnamt>7000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7000</Sole>
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		<infoTable>
			<nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983134107</cusip>
			<value>1506</value>
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				<sshPrnamt>9000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9000</Sole>
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		<infoTable>
			<nameOfIssuer>XCEL ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98389B100</cusip>
			<value>2604</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>57000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>XEROX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>984121608</cusip>
			<value>648</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XILINX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>1893</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>XL GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G98294104</cusip>
			<value>1623</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XPO LOGISTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983793100</cusip>
			<value>4509</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XYLEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>1482</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>YUM  BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>988498101</cusip>
			<value>3364</value>
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			<titleOfClass>COM</titleOfClass>
			<cusip>989701107</cusip>
			<value>1106</value>
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			<titleOfClass>COM</titleOfClass>
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			<value>11505</value>
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			<cusip>69354V108</cusip>
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			<nameOfIssuer>ICHOR HOLDINGS LTD COMMON</nameOfIssuer>
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			<cusip>G4740B105</cusip>
			<value>258</value>
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			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>9835</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
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</SEC-DOCUMENT>
