<SEC-DOCUMENT>0001567619-19-015289.txt : 20190729
<SEC-HEADER>0001567619-19-015289.hdr.sgml : 20190729
<ACCEPTANCE-DATETIME>20190729130320
ACCESSION NUMBER:		0001567619-19-015289
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190729
DATE AS OF CHANGE:		20190729
EFFECTIVENESS DATE:		20190729

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:		19980280

	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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<edgarSubmission xmlns="http://www.sec.gov/edgar/thirteenffiler" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0000313807</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2019</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2019</reportCalendarOrQuarter>
      <filingManager>
        <name>BP PLC</name>
        <address>
          <com:street1>1 ST JAMES'S SQUARE</com:street1>
          <com:city>LONDON</com:city>
          <com:stateOrCountry>X0</com:stateOrCountry>
          <com:zipCode>SW1Y 4PD</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-05353</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Brian Gilvary</name>
      <title>Chief Financial Officer</title>
      <phone>020 7496 5388</phone>
      <signature>/s/ Brian Gilvary</signature>
      <city>London</city>
      <stateOrCountry>X0</stateOrCountry>
      <signatureDate>07-29-2019</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>1</otherIncludedManagersCount>
      <tableEntryTotal>472</tableEntryTotal>
      <tableValueTotal>2702578</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
      <otherManagers2Info>
        <otherManager2>
          <sequenceNumber>1</sequenceNumber>
          <otherManager>
            <cik>0001105793</cik>
            <form13FFileNumber>028-05357</form13FFileNumber>
            <name>BP INVESTMENT MANAGEMENT LTD</name>
          </otherManager>
        </otherManager2>
      </otherManagers2Info>
    </summaryPage>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<TEXT>
<XML>
<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>9705</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>58.COM INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>31680Q104</cusip>
			<value>1082</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBOTT LABORATORIES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>14918</value>
			<shrsOrPrnAmt>
				<sshPrnamt>178000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>178000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ABBVIE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>10979</value>
			<shrsOrPrnAmt>
				<sshPrnamt>151000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>151000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACCENTURE PLC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>12560</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>ACTIVISION BLIZZARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507V109</cusip>
			<value>3634</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>ADOBE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>14732</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>ADVANCE AUTO PARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00751Y106</cusip>
			<value>1079</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>ADVANCED MICRO DEVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>007903107</cusip>
			<value>2946</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>AES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00130H105</cusip>
			<value>2362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>141000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>141000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AFLAC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001055102</cusip>
			<value>7343</value>
			<shrsOrPrnAmt>
				<sshPrnamt>134000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>134000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>2537</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>AIR PRODUCTS CHEMICALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>5658</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>1282</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>ALBEMARLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>012653101</cusip>
			<value>704</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>
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		<infoTable>
			<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015271109</cusip>
			<value>1621</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALEXION PHARMACEUTICALS I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015351109</cusip>
			<value>2882</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>ALIBABA GROUP HOLDING SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>01609W102</cusip>
			<value>45151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>266501</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>266501</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALIGN TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>016255101</cusip>
			<value>2189</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>ALLEGHANY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>017175100</cusip>
			<value>1021</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>1500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLEGION PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0176J109</cusip>
			<value>1216</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALLERGAN PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>5702</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>ALLIANT ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018802108</cusip>
			<value>1276</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>ALLSTATE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>3760</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>ALLY FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02005N100</cusip>
			<value>1300</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>ALPHABET INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K305</cusip>
			<value>31484</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>29100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC CL C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02079K107</cusip>
			<value>32419</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>ALTRIA GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>8998</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>190000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>78425</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>AMEREN CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023608102</cusip>
			<value>2403</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>4751</value>
			<shrsOrPrnAmt>
				<sshPrnamt>54000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>54000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN EXPRESS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025816109</cusip>
			<value>8148</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>66000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN INTERNATIONAL GR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>4953</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>AMERICAN TOWER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03027X100</cusip>
			<value>10829</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>5334</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>AMERIPRISE FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>2178</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>AMERISOURCEBERGEN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03073E105</cusip>
			<value>1364</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>AMETEK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031100100</cusip>
			<value>2179</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>AMGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>11791</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>64000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMPHENOL CORP CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032095101</cusip>
			<value>2877</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>ANADARKO PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>3740</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>ANALOG DEVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032654105</cusip>
			<value>14317</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>127000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ANTHEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>036752103</cusip>
			<value>7614</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>AON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0408V102</cusip>
			<value>5785</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>1216</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>APPLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>94601</value>
			<shrsOrPrnAmt>
				<sshPrnamt>478000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>478000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>APPLIED MATERIALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>038222105</cusip>
			<value>4356</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>ARAMARK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03852U106</cusip>
			<value>937</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>ARCH CAPITAL GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0450A105</cusip>
			<value>1856</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>ARCONIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03965L100</cusip>
			<value>1238</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>ARTHUR J GALLAGHER  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>363576109</cusip>
			<value>2014</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>ASSURANT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04621X108</cusip>
			<value>638</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>ATT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>24381</value>
			<shrsOrPrnAmt>
				<sshPrnamt>728000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>728000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ATLASSIAN CORP PLC CLASS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G06242104</cusip>
			<value>1439</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>ATMOS ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>049560105</cusip>
			<value>1266</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>AUTODESK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>052769106</cusip>
			<value>3746</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>AUTOHOME INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>05278C107</cusip>
			<value>958</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AUTOMATIC DATA PROCESSING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053015103</cusip>
			<value>7605</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>AUTOZONE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053332102</cusip>
			<value>3293</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>AVALONBAY COMMUNITIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053484101</cusip>
			<value>3656</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>AVNET INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>053807103</cusip>
			<value>589</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>AXA EQUITABLE HOLDINGS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054561105</cusip>
			<value>522</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>BAIDU INC   SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>5982</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50960</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50960</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BAKER HUGHES A GE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05722G100</cusip>
			<value>1206</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>BALL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>058498106</cusip>
			<value>2659</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>38000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANCO BRADESCO ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>059460303</cusip>
			<value>9152</value>
			<shrsOrPrnAmt>
				<sshPrnamt>932945</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>932945</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANCO MACRO SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>05961W105</cusip>
			<value>613</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8400</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>25723</value>
			<shrsOrPrnAmt>
				<sshPrnamt>887000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>887000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BANK OF NEW YORK MELLON C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064058100</cusip>
			<value>4015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>91000</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>13836</value>
			<shrsOrPrnAmt>
				<sshPrnamt>169000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>169000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BB T CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>054937107</cusip>
			<value>3879</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>79000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BBVA ARGENTINA SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>07329M100</cusip>
			<value>147</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>BECTON DICKINSON AND CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>6800</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>BERKSHIRE HATHAWAY INC CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>41851</value>
			<shrsOrPrnAmt>
				<sshPrnamt>197000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>197000</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>BIOGEN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09062X103</cusip>
			<value>4677</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>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>BLACKROCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09247X101</cusip>
			<value>6093</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>
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		<infoTable>
			<nameOfIssuer>BOEING CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>14562</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>BOOKING HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09857L108</cusip>
			<value>4871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>2600</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>BOSTON PROPERTIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101121101</cusip>
			<value>2063</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>
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		<infoTable>
			<nameOfIssuer>BOSTON SCIENTIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>101137107</cusip>
			<value>6100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>142000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>142000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>7387</value>
			<shrsOrPrnAmt>
				<sshPrnamt>163000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>163000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>BROADCOM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11135F101</cusip>
			<value>11797</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>
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		<infoTable>
			<nameOfIssuer>BROADRIDGE FINANCIAL SOLU</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>11133T103</cusip>
			<value>1532</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BROWN BROWN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115236101</cusip>
			<value>1004</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>BROWN FORMAN CORP CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>115637209</cusip>
			<value>1776</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>
		<infoTable>
			<nameOfIssuer>BUNGE LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>891</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>BURLINGTON STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>122017106</cusip>
			<value>1190</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>CABOT OIL  GAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127097103</cusip>
			<value>986</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>43000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CADENCE DESIGN SYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>127387108</cusip>
			<value>2479</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>CAMPBELL SOUP CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>134429109</cusip>
			<value>841</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>CAPITAL ONE FINANCIAL COR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14040H105</cusip>
			<value>4292</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>47300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>14149Y108</cusip>
			<value>1412</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>CARMAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>143130102</cusip>
			<value>1510</value>
			<shrsOrPrnAmt>
				<sshPrnamt>17400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>17400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CATERPILLAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>149123101</cusip>
			<value>2999</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>CBOE GLOBAL MARKETS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12503M108</cusip>
			<value>1222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CBRE GROUP INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12504L109</cusip>
			<value>1641</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>CDW CORP/DE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12514G108</cusip>
			<value>2220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CELGENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>7025</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>76000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CENTENE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135B101</cusip>
			<value>2097</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>CENTERPOINT ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15189T107</cusip>
			<value>1373</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>CERNER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>156782104</cusip>
			<value>2343</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>CHARTER COMMUNICATIONS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16119P108</cusip>
			<value>8574</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>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHECK POINT SOFTWARE TECH</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>M22465104</cusip>
			<value>1387</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHENIERE ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>16411R208</cusip>
			<value>1629</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>23800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHEVRON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>23745</value>
			<shrsOrPrnAmt>
				<sshPrnamt>191000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>191000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHIPOTLE MEXICAN GRILL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>169656105</cusip>
			<value>2269</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>6920</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>47000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CHURCH  DWIGHT CO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171340102</cusip>
			<value>1900</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>CIGNA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125523100</cusip>
			<value>5988</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINCINNATI FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172062101</cusip>
			<value>1866</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CINTAS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172908105</cusip>
			<value>6170</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>CISCO SYSTEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>30478</value>
			<shrsOrPrnAmt>
				<sshPrnamt>558000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>558000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CIT GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125581801</cusip>
			<value>575</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>CITIGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>172967424</cusip>
			<value>16597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>237200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>237200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CITIZENS FINANCIAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>174610105</cusip>
			<value>1733</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>49000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>6793</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>CME GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>11647</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>60000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>125896100</cusip>
			<value>1795</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>COCA COLA CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>19851</value>
			<shrsOrPrnAmt>
				<sshPrnamt>390000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>390000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COCA COLA EUROPEAN PARTNE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G25839104</cusip>
			<value>1356</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>COGNIZANT TECH SOLUTIONS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>3739</value>
			<shrsOrPrnAmt>
				<sshPrnamt>59000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>59000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>6446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMCAST CORP CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>20717</value>
			<shrsOrPrnAmt>
				<sshPrnamt>490000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>490000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>COMERICA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>200340107</cusip>
			<value>1234</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>CONAGRA BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>205887102</cusip>
			<value>1325</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>CONCHO RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>1961</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>CONOCOPHILLIPS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>6896</value>
			<shrsOrPrnAmt>
				<sshPrnamt>113000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>113000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>209115104</cusip>
			<value>3068</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>CONSTELLATION BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>21036P108</cusip>
			<value>3153</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>COOPER COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>216648402</cusip>
			<value>2018</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>CORNING INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>219350105</cusip>
			<value>2591</value>
			<shrsOrPrnAmt>
				<sshPrnamt>78000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>78000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CORTEVA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22052L104</cusip>
			<value>1921</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>COSTAR GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22160N109</cusip>
			<value>2495</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>12150</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>CREDICORP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>4877</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21309</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>21309</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>CROWN CASTLE INTL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22822V101</cusip>
			<value>5861</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>6189</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CTRIP.COM INTERNATIONAL A</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>22943F100</cusip>
			<value>2742</value>
			<shrsOrPrnAmt>
				<sshPrnamt>74295</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>74295</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CUMMINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>2569</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>CVS HEALTH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>6758</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>124000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DANAHER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>235851102</cusip>
			<value>9430</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>66000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>DARDEN RESTAURANTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>237194105</cusip>
			<value>1582</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DEERE CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>3977</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>DELL TECHNOLOGIES  C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24703L202</cusip>
			<value>865</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>DENTSPLY SIRONA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>24906P109</cusip>
			<value>1400</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>DEVON ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>1337</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DIGITAL REALTY TRUST INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>253868103</cusip>
			<value>2355</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISCOVER FINANCIAL SERVIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254709108</cusip>
			<value>2638</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DISH NETWORK CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25470M109</cusip>
			<value>922</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>DOLLAR GENERAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>3784</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>DOLLAR TREE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256746108</cusip>
			<value>2792</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>DOMINION ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>5874</value>
			<shrsOrPrnAmt>
				<sshPrnamt>76000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>76000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOMINO S PIZZA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25754A201</cusip>
			<value>1196</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>4300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DOVER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260003108</cusip>
			<value>1402</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>DOW INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>260557103</cusip>
			<value>3200</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>DR HORTON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>1596</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>DROPBOX INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26210C104</cusip>
			<value>1188</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47409</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>47409</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DTE ENERGY COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>233331107</cusip>
			<value>2365</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DUKE ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>6351</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>DUKE REALTY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>264411505</cusip>
			<value>1169</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>DUPONT DE NEMOURS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26614N102</cusip>
			<value>4877</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>EBAY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278642103</cusip>
			<value>6121</value>
			<shrsOrPrnAmt>
				<sshPrnamt>155000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>155000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ECOLAB INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>10823</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>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28176E108</cusip>
			<value>3811</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>20600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELANCO ANIMAL HEALTH INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>28414H103</cusip>
			<value>1217</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>ELASTIC NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N14506104</cusip>
			<value>1002</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13447</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13447</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ELECTRONIC ARTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>285512109</cusip>
			<value>3139</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>ELI LILLY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>532457108</cusip>
			<value>9859</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>EMERSON ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>291011104</cusip>
			<value>2669</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>ENTERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>1955</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>EOG RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>5591</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>EPIZYME INC COMMON STOCK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29428V104</cusip>
			<value>177</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14099</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>14099</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQUIFAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>294429105</cusip>
			<value>1758</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>EQUINIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29444U700</cusip>
			<value>4032</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>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29476L107</cusip>
			<value>3416</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>2040</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>ESTEE LAUDER COMPANIES CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>518439104</cusip>
			<value>4209</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>EVEREST RE GROUP LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G3223R108</cusip>
			<value>1111</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>EVERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30034W106</cusip>
			<value>1805</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>EVERSOURCE ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30040W108</cusip>
			<value>2499</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>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>9924</value>
			<shrsOrPrnAmt>
				<sshPrnamt>207000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>207000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30225T102</cusip>
			<value>1379</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>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>33096</value>
			<shrsOrPrnAmt>
				<sshPrnamt>432000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>432000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FACEBOOK INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>45350</value>
			<shrsOrPrnAmt>
				<sshPrnamt>235000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>235000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FEDERAL REALTY INVS TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>313747206</cusip>
			<value>926</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>7200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FIDELITY NATIONAL FINANCI</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620R303</cusip>
			<value>1166</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>FIDELITY NATIONAL INFO SE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620M106</cusip>
			<value>5150</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>1952</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>FIRSTENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337932107</cusip>
			<value>2569</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>FISERV INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337738108</cusip>
			<value>3737</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>FLOWSERVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34354P105</cusip>
			<value>790</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>FMC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302491303</cusip>
			<value>1162</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>FOMENTO ECONOMICO MEX SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>2311</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23891</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>23891</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORD MOTOR CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>345370860</cusip>
			<value>4211</value>
			<shrsOrPrnAmt>
				<sshPrnamt>412000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>412000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORTINET INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34959E109</cusip>
			<value>1114</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FORTIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34959J108</cusip>
			<value>2528</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>FORTUNE BRANDS HOME  SEC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34964C106</cusip>
			<value>857</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>FOX CORP   CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35137L105</cusip>
			<value>1319</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>FOX CORP  CLASS B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35137L204</cusip>
			<value>621</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>FRANKLIN RESOURCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>354613101</cusip>
			<value>1113</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>FREEPORT MCMORAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>1763</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>GARMIN LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H2906T109</cusip>
			<value>966</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GARTNER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>366651107</cusip>
			<value>1447</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>GDS HOLDINGS LTD   ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>36165L108</cusip>
			<value>421</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369550108</cusip>
			<value>4544</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>9011</value>
			<shrsOrPrnAmt>
				<sshPrnamt>859000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>859000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GENERAL MILLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>8511</value>
			<shrsOrPrnAmt>
				<sshPrnamt>162000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>162000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENERAL MOTORS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>4893</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>127000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENTEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>371901109</cusip>
			<value>655</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>372460105</cusip>
			<value>1449</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>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>8579</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>127000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GLOBAL PAYMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37940X102</cusip>
			<value>2561</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>
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		<infoTable>
			<nameOfIssuer>GLOBANT SA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>L44385109</cusip>
			<value>636</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>6300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>38141G104</cusip>
			<value>7156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>GRUPO FINANCIERO GALICIA</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>399909100</cusip>
			<value>664</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>18700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>HR BLOCK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>093671105</cusip>
			<value>645</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HALLIBURTON CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>828</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>36400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HARTFORD FINANCIAL SVCS G</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416515104</cusip>
			<value>2116</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HASBRO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>418056107</cusip>
			<value>1268</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCA HEALTHCARE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40412C101</cusip>
			<value>3786</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>HCP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>40414L109</cusip>
			<value>1918</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>HENRY SCHEIN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806407102</cusip>
			<value>1328</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>HERSHEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>427866108</cusip>
			<value>2115</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HESS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H107</cusip>
			<value>1716</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>HEWLETT PACKARD ENTERPRIS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42824C109</cusip>
			<value>2094</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>HILTON WORLDWIDE HOLDINGS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>43300A203</cusip>
			<value>2833</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>HOLOGIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>436440101</cusip>
			<value>1439</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HOME DEPOT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>23721</value>
			<shrsOrPrnAmt>
				<sshPrnamt>114000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>114000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HONEYWELL INTERNATIONAL I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>23746</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>136000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HORMEL FOODS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>440452100</cusip>
			<value>1054</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>HUMANA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>444859102</cusip>
			<value>3582</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HUNTINGTON BANCSHARES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>1588</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>IAC/INTERACTIVECORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>44919P508</cusip>
			<value>1740</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>IDEXX LABORATORIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45168D104</cusip>
			<value>2477</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>IHS MARKIT LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G47567105</cusip>
			<value>2549</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>ILLINOIS TOOL WORKS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452308109</cusip>
			<value>5126</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>ILLUMINA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>5375</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INCYTE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45337C102</cusip>
			<value>1529</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>INGERSOLL RAND PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G47791101</cusip>
			<value>3293</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>INTEL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>21589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>451000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>451000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTERCONTINENTAL EXCHANGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45866F104</cusip>
			<value>4971</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>
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		<infoTable>
			<nameOfIssuer>INTERNATIONAL PAPER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460146103</cusip>
			<value>1734</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INTERPUBLIC GROUP OF COS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>460690100</cusip>
			<value>834</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>INTL BUSINESS MACHINES CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>12827</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTL FLAVORS  FRAGRANCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459506101</cusip>
			<value>1451</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>6533</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>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>INTUITIVE SURGICAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46120E602</cusip>
			<value>5976</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11400</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>INVESCO LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT108</cusip>
			<value>859</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>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>INVITATION HOMES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46187W107</cusip>
			<value>1202</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IQVIA HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46266C105</cusip>
			<value>3376</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>
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		<infoTable>
			<nameOfIssuer>ITAU UNIBANCO H SPON PRF</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>465562106</cusip>
			<value>7572</value>
			<shrsOrPrnAmt>
				<sshPrnamt>803810</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>803810</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>JACOBS ENGINEERING GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>469814107</cusip>
			<value>1181</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>JD.COM INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>47215P106</cusip>
			<value>1850</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>61100</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>JM SMUCKER CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>832696405</cusip>
			<value>1498</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON  JOHNSON</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>38661</value>
			<shrsOrPrnAmt>
				<sshPrnamt>278000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>278000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JOHNSON CONTROLS INTERNAT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G51502105</cusip>
			<value>3762</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>91100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMORGAN CHASE  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>37219</value>
			<shrsOrPrnAmt>
				<sshPrnamt>333000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>333000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KANSAS CITY SOUTHERN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485170302</cusip>
			<value>1230</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KELLOGG CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>487836108</cusip>
			<value>1339</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>KEURIG DR PEPPER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49271V100</cusip>
			<value>636</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>KEYCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>493267108</cusip>
			<value>1809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>102000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KEYSIGHT TECHNOLOGIES IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49338L103</cusip>
			<value>1796</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>KIMBERLY CLARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>494368103</cusip>
			<value>5466</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>2123</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>KINDER MORGAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>10326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>495000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>495000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KLA TENCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>482480100</cusip>
			<value>2009</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>KROGER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501044101</cusip>
			<value>1714</value>
			<shrsOrPrnAmt>
				<sshPrnamt>79000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>79000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>L3 TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>502413107</cusip>
			<value>2090</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>LABORATORY CRP OF AMER HL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>1694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAM RESEARCH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>512807108</cusip>
			<value>2930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LAMB WESTON HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>513272104</cusip>
			<value>887</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>LAS VEGAS SANDS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>517834107</cusip>
			<value>2129</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>LENNAR CORP A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>526057104</cusip>
			<value>1453</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>LIBERTY PROPERTY TRUST</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>531172104</cusip>
			<value>800</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>LINCOLN NATIONAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>1546</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>LINDE PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5494J103</cusip>
			<value>21285</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>106000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LIVE NATION ENTERTAINMENT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>538034109</cusip>
			<value>864</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>LOCKHEED MARTIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>539830109</cusip>
			<value>9086</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>LOEWS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>540424108</cusip>
			<value>1585</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>LOWE S COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>548661107</cusip>
			<value>8273</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>LULULEMON ATHLETICA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>550021109</cusip>
			<value>1802</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>LYONDELLBASELL INDU CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>2585</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>M T BANK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55261F104</cusip>
			<value>2380</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>MANPOWERGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56418H100</cusip>
			<value>676</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>MARATHON OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>565849106</cusip>
			<value>1179</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>83000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARATHON PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56585A102</cusip>
			<value>3800</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>MARRIOTT INTERNATIONAL  C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571903202</cusip>
			<value>4068</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>MARSH  MCLENNAN COS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>571748102</cusip>
			<value>5481</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>MARTIN MARIETTA MATERIALS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>573284106</cusip>
			<value>1496</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>6500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MARVELL TECHNOLOGY GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5876H105</cusip>
			<value>1433</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>MASCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>574599106</cusip>
			<value>1295</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>MASTERCARD INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>25519</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>96500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MAXIM INTEGRATED PRODUCTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57772K101</cusip>
			<value>1495</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>MCCORMICK  CO NON VTG SH</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>579780206</cusip>
			<value>2092</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCDONALD S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>17477</value>
			<shrsOrPrnAmt>
				<sshPrnamt>84200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>84200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MCKESSON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>2687</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>MEDTRONIC PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>13148</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>MERCK  CO. INC.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>22139</value>
			<shrsOrPrnAmt>
				<sshPrnamt>264000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>264000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>4469</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>METTLER TOLEDO INTERNATIO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>592688105</cusip>
			<value>2265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>2700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROCHIP TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595017104</cusip>
			<value>2080</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>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>4052</value>
			<shrsOrPrnAmt>
				<sshPrnamt>105000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>105000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>102583</value>
			<shrsOrPrnAmt>
				<sshPrnamt>766000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>766000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MID AMERICA APARTMENT COM</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59522J103</cusip>
			<value>1766</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>837</value>
			<shrsOrPrnAmt>
				<sshPrnamt>89968</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>89968</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOMO INC SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>60879B107</cusip>
			<value>945</value>
			<shrsOrPrnAmt>
				<sshPrnamt>26400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>26400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONDELEZ INTERNATIONAL IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>10724</value>
			<shrsOrPrnAmt>
				<sshPrnamt>199000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>199000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONGODB INC COMMON STOCK</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>60937P106</cusip>
			<value>583</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3831</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>3831</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MONSTER BEVERAGE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61174X109</cusip>
			<value>2649</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MOODY S CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>3339</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>MOTOROLA SOLUTIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>620076307</cusip>
			<value>13498</value>
			<shrsOrPrnAmt>
				<sshPrnamt>81000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>81000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>MSCI INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55354G100</cusip>
			<value>2172</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>626717102</cusip>
			<value>394</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>NASDAQ INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>631103108</cusip>
			<value>1154</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NATIONAL OILWELL VARCO IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>637071101</cusip>
			<value>822</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>NETEASE INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>64110W102</cusip>
			<value>3325</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L106</cusip>
			<value>7721</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>
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		<infoTable>
			<nameOfIssuer>NEW ORIENTAL EDUCATIO SP</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>647581107</cusip>
			<value>4517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46798</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46798</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NEWMONT GOLDCORP CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>17033</value>
			<shrsOrPrnAmt>
				<sshPrnamt>443000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>443000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>9934</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>48500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>NIKE INC  CL B</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>10564</value>
			<shrsOrPrnAmt>
				<sshPrnamt>126000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>126000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NISOURCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65473P105</cusip>
			<value>1094</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>38000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655844108</cusip>
			<value>5376</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>NORTHERN TRUST CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>665859104</cusip>
			<value>1890</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>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>5168</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>NORWEGIAN CRUISE LINE HOL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G66721104</cusip>
			<value>1175</value>
			<shrsOrPrnAmt>
				<sshPrnamt>22000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>22000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>629377508</cusip>
			<value>983</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>NVIDIA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67066G104</cusip>
			<value>9357</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>57000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NVR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62944T105</cusip>
			<value>1173</value>
			<shrsOrPrnAmt>
				<sshPrnamt>350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP SEMICONDUCTORS NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>3395</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>O REILLY AUTOMOTIVE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>67103H107</cusip>
			<value>2770</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>OCCIDENTAL PETROLEUM CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>3769</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>75000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>OLD REPUBLIC INTL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>680223104</cusip>
			<value>716</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>OMNICOM GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>681919106</cusip>
			<value>1885</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>ONEOK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682680103</cusip>
			<value>2889</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>ORACLE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>11084</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>PACCAR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693718108</cusip>
			<value>2508</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>PALO ALTO NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>697435105</cusip>
			<value>1832</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>9000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAMPA ENERGIA SA SPON ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>697660207</cusip>
			<value>399</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PARK HOTELS  RESORTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>700517105</cusip>
			<value>523</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>PARKER HANNIFIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>701094104</cusip>
			<value>2159</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PAYCHEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>704326107</cusip>
			<value>3374</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>13618</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>119000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PEPSICO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>19525</value>
			<shrsOrPrnAmt>
				<sshPrnamt>149000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>149000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PETROLEO BRASILEIRO SPON</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>11058</value>
			<shrsOrPrnAmt>
				<sshPrnamt>710642</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>710642</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PFIZER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>24958</value>
			<shrsOrPrnAmt>
				<sshPrnamt>576000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>576000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILIP MORRIS INTERNATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>12326</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>157000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>3833</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>
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		<infoTable>
			<nameOfIssuer>PINNACLE WEST CAPITAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723484101</cusip>
			<value>1129</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PIONEER NATURAL RESOURCES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>723787107</cusip>
			<value>2614</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>PNC FINANCIAL SERVICES GR</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693475105</cusip>
			<value>6332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>46200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>46200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PPDAI GROUP INC ADR USD 0</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69354V108</cusip>
			<value>222</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50951</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<votingAuthority>
				<Sole>50951</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>PPG INDUSTRIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693506107</cusip>
			<value>2916</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>PRINCIPAL FINANCIAL GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74251V102</cusip>
			<value>1621</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROCTER  GAMBLE CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>32619</value>
			<shrsOrPrnAmt>
				<sshPrnamt>298000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>298000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROGRESSIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>743315103</cusip>
			<value>11190</value>
			<shrsOrPrnAmt>
				<sshPrnamt>140000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>140000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PROLOGIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74340W103</cusip>
			<value>5364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>67000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PRUDENTIAL FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744320102</cusip>
			<value>4220</value>
			<shrsOrPrnAmt>
				<sshPrnamt>41800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>41800</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC SERVICE ENTERPRISE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744573106</cusip>
			<value>3057</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>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D109</cusip>
			<value>3810</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>PULTEGROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>745867101</cusip>
			<value>949</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>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>9202</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>QUEST DIAGNOSTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>4133</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>40600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RAYTHEON COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>4956</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>28500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REALTY INCOME CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756109104</cusip>
			<value>2095</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>30400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>3566</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>REGENCY CENTERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>758849103</cusip>
			<value>1335</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>2503</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>REGIONS FINANCIAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>7591EP100</cusip>
			<value>1522</value>
			<shrsOrPrnAmt>
				<sshPrnamt>102000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>102000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RENAISSANCERE HOLDINGS LT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G7496G103</cusip>
			<value>890</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>REPUBLIC SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>760759100</cusip>
			<value>2425</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>RESIDEO TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76118Y104</cusip>
			<value>335</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15366</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15366</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ROCKWELL AUTOMATION INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>1965</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>ROPER TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>776696106</cusip>
			<value>4031</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>ROSS STORES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>778296103</cusip>
			<value>3667</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>ROYAL CARIBBEAN CRUISES L</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>V7780T103</cusip>
			<value>2060</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>SP GLOBAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78409V104</cusip>
			<value>5810</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SALESFORCE.COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>10910</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>SBA COMMUNICATIONS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78410G104</cusip>
			<value>2810</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>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>5522</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>139000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SCHWAB (CHARLES) CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>4945</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>SEALED AIR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81211K100</cusip>
			<value>770</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>
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		<infoTable>
			<nameOfIssuer>SEMPRA ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>816851109</cusip>
			<value>3710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>27000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SERVICENOW INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81762P102</cusip>
			<value>4961</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>
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		<infoTable>
			<nameOfIssuer>SHERWIN WILLIAMS CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>824348106</cusip>
			<value>3662</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SIMON PROPERTY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828806109</cusip>
			<value>4953</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>31000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SLACK TECHNOLOGIES INC  C</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088V102</cusip>
			<value>3382</value>
			<shrsOrPrnAmt>
				<sshPrnamt>90529</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>90529</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SOUTHERN CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>11328</value>
			<shrsOrPrnAmt>
				<sshPrnamt>205000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>205000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SPLUNK INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>848637104</cusip>
			<value>1886</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>
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		<infoTable>
			<nameOfIssuer>SPRINT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85207U105</cusip>
			<value>558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>85000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>85000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>SQUARE INC   A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>852234103</cusip>
			<value>2102</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>
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		<infoTable>
			<nameOfIssuer>SSC TECHNOLOGIES HOLDING</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78467J100</cusip>
			<value>1325</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>
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		<infoTable>
			<nameOfIssuer>STANLEY BLACK  DECKER IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>854502101</cusip>
			<value>2313</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>
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		<infoTable>
			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855244109</cusip>
			<value>8969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>107000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>107000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>STRYKER CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>863667101</cusip>
			<value>7604</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>SUNTRUST BANKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867914103</cusip>
			<value>2888</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNCHRONY FINANCIAL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87165B103</cusip>
			<value>3221</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>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SYNOPSYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871607107</cusip>
			<value>2061</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>SYSCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
			<value>3530</value>
			<shrsOrPrnAmt>
				<sshPrnamt>50000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>50000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T MOBILE US INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872590104</cusip>
			<value>2518</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>34000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T ROWE PRICE GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>2633</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>TAKE TWO INTERACTIVE SOFT</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>874054109</cusip>
			<value>1306</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>11500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TAL EDUCATION GROUP  ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>874080104</cusip>
			<value>2454</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>64400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>4674</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>TE CONNECTIVITY LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H84989104</cusip>
			<value>3352</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELECOM ARGENTINA SA SP A</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>879273209</cusip>
			<value>280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>15900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELEFLEX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>879369106</cusip>
			<value>1556</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>TESLA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>2904</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>TEXAS INSTRUMENTS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>11227</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>98000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>THERMO FISHER SCIENTIFIC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>15413</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>52500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TJX COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>6606</value>
			<shrsOrPrnAmt>
				<sshPrnamt>125000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>125000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SYSTEM SERVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891906109</cusip>
			<value>2698</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>TRACTOR SUPPLY COMPANY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>892356106</cusip>
			<value>1414</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>TRANSDIGM GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>893641100</cusip>
			<value>2419</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRANSPORTADOR GAS SUR SP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>893870204</cusip>
			<value>204</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>14100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TRANSUNION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89400J107</cusip>
			<value>1469</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>TRAVELERS COS INC/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E109</cusip>
			<value>4336</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<votingAuthority>
				<Sole>29000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TRIMBLE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896239100</cusip>
			<value>1083</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TWITTER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90184L102</cusip>
			<value>2582</value>
			<shrsOrPrnAmt>
				<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>TYSON FOODS INC CL A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902494103</cusip>
			<value>2420</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>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>UDR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902653104</cusip>
			<value>1571</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ULTA BEAUTY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90384S303</cusip>
			<value>2081</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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		<infoTable>
			<nameOfIssuer>UNION PACIFIC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>12345</value>
			<shrsOrPrnAmt>
				<sshPrnamt>73000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>73000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERVICE CL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>7124</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>69000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>10669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>82000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>23735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>97300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>97300</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNIVERSAL HEALTH SERVICES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913903100</cusip>
			<value>1042</value>
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				<sshPrnamt>8000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNUM GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>670</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
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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>US BANCORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>7957</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>152000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VALERO ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>3682</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>43000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>VARIAN MEDICAL SYSTEMS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92220P105</cusip>
			<value>1361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F100</cusip>
			<value>2392</value>
			<shrsOrPrnAmt>
				<sshPrnamt>35000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>35000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VEREIT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92339V100</cusip>
			<value>990</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>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERISIGN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343E102</cusip>
			<value>2739</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>13100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VERISK ANALYTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92345Y106</cusip>
			<value>4831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>VERIZON COMMUNICATIONS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>23876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>418000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>418000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>VERTEX PHARMACEUTICALS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532F100</cusip>
			<value>4693</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>25600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VF CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>918204108</cusip>
			<value>2885</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VISA INC CLASS A SHARES</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>32287</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>
		<infoTable>
			<nameOfIssuer>VMWARE INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>928563402</cusip>
			<value>1338</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>8000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>VOYA FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929089100</cusip>
			<value>939</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>
		<infoTable>
			<nameOfIssuer>VULCAN MATERIALS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929160109</cusip>
			<value>2059</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>
		<infoTable>
			<nameOfIssuer>WALGREENS BOOTS ALLIANCE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>4536</value>
			<shrsOrPrnAmt>
				<sshPrnamt>83000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>83000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>WALMART INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>16565</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>150000</Sole>
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				<None>0</None>
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		</infoTable>
		<infoTable>
			<nameOfIssuer>WALT DISNEY CO/THE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>35909</value>
			<shrsOrPrnAmt>
				<sshPrnamt>257100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>257100</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WASTE MANAGEMENT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>6346</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>
		<infoTable>
			<nameOfIssuer>WEC ENERGY GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92939U106</cusip>
			<value>2751</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>33000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLCARE HEALTH PLANS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94946T106</cusip>
			<value>1568</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>5500</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLS FARGO  CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>19582</value>
			<shrsOrPrnAmt>
				<sshPrnamt>414000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>414000</Sole>
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				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WELLTOWER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95040Q104</cusip>
			<value>3669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>45000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WESTERN UNION CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>959802109</cusip>
			<value>934</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>47000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>1974</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>75000</Sole>
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			<nameOfIssuer>WHIRLPOOL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>963320106</cusip>
			<value>996</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>7000</Sole>
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				<None>0</None>
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			<nameOfIssuer>WILLIAMS COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>3362</value>
			<shrsOrPrnAmt>
				<sshPrnamt>120000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>120000</Sole>
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				<None>0</None>
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			<nameOfIssuer>WILLIS TOWERS WATSON PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G96629103</cusip>
			<value>2680</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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			<nameOfIssuer>WORKDAY INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98138H101</cusip>
			<value>3084</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>
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			<nameOfIssuer>WORLDPAY INC CLASS A</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>981558109</cusip>
			<value>3847</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>31000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>WP CAREY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92936U109</cusip>
			<value>1299</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>16000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>WR BERKLEY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084423102</cusip>
			<value>1285</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>19500</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>WYNDHAM HOTELS  RESORTS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98311A105</cusip>
			<value>558</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>WYNN RESORTS LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983134107</cusip>
			<value>1364</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>11000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>XCEL ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98389B100</cusip>
			<value>3391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>57000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>XEROX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>984121608</cusip>
			<value>708</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>
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			<nameOfIssuer>XILINX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>2948</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>
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			<nameOfIssuer>XYLEM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>1588</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>
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			<nameOfIssuer>YPF S.A. SPONSORED ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>984245100</cusip>
			<value>583</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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			<nameOfIssuer>YUM  BRANDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>988498101</cusip>
			<value>4752</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>43000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>YUM CHINA HOLDINGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98850P109</cusip>
			<value>4671</value>
			<shrsOrPrnAmt>
				<sshPrnamt>101200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
				<Sole>101200</Sole>
				<Shared>0</Shared>
				<None>0</None>
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			<nameOfIssuer>YY INC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>98426T106</cusip>
			<value>641</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
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				<Sole>9200</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ZIMMER BIOMET HOLDINGS IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98956P102</cusip>
			<value>2353</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>
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			<nameOfIssuer>ZOETIS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V103</cusip>
			<value>5892</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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			<nameOfIssuer>ZTO EXPRESS CAYMAN INC AD</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>98980A105</cusip>
			<value>1101</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<otherManager>01</otherManager>
			<votingAuthority>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
