Bond ING Groep N.V. 0% ( NL0011556923 ) in EUR

ING Groep N.V.

100 % ⇌

Netherlands

NL0011556923 ( in EUR )

26/02/2026

Prospectus brochure of the bond ING BANK N.V NL0011556923 en EUR 0%, maturity 26/02/2026

ING Bank N.V. is a multinational banking and financial services corporation headquartered in Amsterdam, Netherlands, offering a wide range of services including retail banking, wholesale banking, and investment banking globally.

The Bond issued by ING Groep N.V. ( Netherlands ) , in EUR, with the ISIN code NL0011556923, pays a coupon of 0% per year.
The coupons are paid 1 time per year and the Bond maturity is 26/02/2026

ING Bank N.V.
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
40,000,000,000
Global Issuance Programme
Base Prospectus for the issuance of Fund Linked Notes and
Warrants
This Base Prospectus for the issuance of Fund Linked Notes and Warrants (this "Base Prospectus") constitutes a base prospectus for the purposes of Article 5.4 of the
Prospectus Directive (Directive 2003/71/EC), as amended, to the extent that such amendments have been implemented in the relevant Member State of the European
Economic Area (the "Prospectus Directive"), and is one of a number of prospectuses which relate to the 40,000,000,000 Global Issuance Programme (the
"Programme").
Under this Base Prospectus, ING Bank N.V. (the "Issuer", which expression shall include, in respect of the issue of notes (the "Notes" as more fully defined herein), any
Substituted Debtor (as defined in Condition 17 of the General Conditions of the Notes), "ING Bank" or the "Bank") may from time to time issue Notes and warrants
(the "Warrants" as more fully defined herein).
This Base Prospectus was approved by the Netherlands Authority for the Financial Markets (the "AFM") for the purposes of the Prospectus Directive on 4 August 2016
in respect of the issue by the Issuer of PD Notes (as defined below) and PD Warrants (as defined below). The AFM has provided the competent authorities in each of
Belgium and Luxembourg with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the Prospectus Directive.
Notes and Warrants to be issued under this Base Prospectus during the period of twelve months from the date of this Base Prospectus, which are:
(a) offered to the public in Belgium or elsewhere in the European Economic Area in circumstances which require the publication of a prospectus under the Prospectus
Directive, whether or not such Notes or Warrants are listed and admitted to trading on any market; or
(b) (i) admitted to the official list of the Luxembourg Stock Exchange (the "Official List"); (ii) admitted to trading on the regulated market of the Luxembourg Stock
Exchange (the "Luxembourg Stock Exchange"); (iii) admitted to trading on Euronext in Brussels, a regulated market of Euronext Brussels NV/SA ("Euronext
Brussels"); (iv) admitted to trading on another regulated market within the European Economic Area; or (v) admitted to trading on an unregulated market as defined
under the Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments, as amended from time to time (the "Markets in
Financial Instruments Directive"),
are hereinafter referred to respectively as "PD Notes" and "PD Warrants".
PD Notes may be issued in any denomination as agreed between the Issuer and the relevant Dealer(s) (as defined herein), and any PD Notes which have a denomination
of less than 100,000 (or its equivalent in any other currency) are referred to hereinafter as "Non-Exempt PD Notes" and any PD Notes which have a denomination of at
least 100,000 (or its equivalent in any other currency at the date of issue of the Notes) are referred to hereinafter as "Exempt PD Notes".
The Issuer may also issue unlisted Notes and Warrants and/or Notes and Warrants not admitted to trading on any regulated market within the European Economic Area
and, where such Notes are, in addition, issued with a minimum denomination of at least 100,000 (or its equivalent in any other currency at the date of issue of the
Notes) or where such Notes and Warrants otherwise fall within an exemption from the requirement to publish a prospectus under the Prospectus Directive, such Notes
and Warrants are hereinafter referred to respectively as "Exempt Notes" and "Exempt Warrants".
The Issuer may from time to time issue PD Notes (which may be Non-Exempt PD Notes or Exempt PD Notes), Exempt Notes, PD Warrants and Exempt Warrants.
The AFM has neither approved nor reviewed information contained in this Base Prospectus in connection with the issue of any Exempt Notes or Exempt Warrants.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" of this Base Prospectus.
This Base Prospectus should be read and construed in conjunction with the Base Prospectus for the issuance of Medium Term Notes and Inflation Linked Notes in
respect of the 40,000,000,000 Global Issuance Programme of ING Bank N.V., ING Bank N.V., Sydney Branch and ING Americas Issuance B.V. dated 27 June
2016, as supplemented from time to time (the "Level 1 Programme Prospectus") and the Registration Document (as defined herein).
Arranger
ING
BASE PROSPECTUS (LEVEL 2)
Dated 4 August 2016

TABLE OF CONTENTS
Page
SUMMARY RELATING TO NON-EXEMPT PD NOTES AND PD WARRANTS ......................................1
RISK FACTORS..............................................................................................................................................87
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................128
OVERVIEW OF THE PROGRAMME .........................................................................................................130
DESCRIPTION OF THE NOTES AND WARRANTS, KEY FEATURES OF THE NOTES AND
WARRANTS AND AN EXPLANATION OF HOW THE VALUE OF THE NOTES AND
WARRANTS IS AFFECTED BY THE VALUE OF THE REFERENCE ASSET(S) (IN THE CASE
OF THE NOTES) AND THE FUND (IN THE CASE OF THE WARRANTS) ..................................141
CONSENT TO USE OF THIS BASE PROSPECTUS..................................................................................177
NOMINAL AMOUNT OF THE PROGRAMME .........................................................................................183
TERMS AND CONDITIONS OF FUND LINKED NOTES ........................................................................184
FORM OF FINAL TERMS FOR THE FUND LINKED NOTES.................................................................211
TERMS AND CONDITIONS OF THE WARRANTS .................................................................................295
FORM OF FINAL TERMS OF THE WARRANTS .....................................................................................313
TAXATION ...................................................................................................................................................323
ERISA AND CERTAIN OTHER U.S. CONSIDERATIONS.......................................................................353
SUBSCRIPTION AND SALE.......................................................................................................................355
GENERAL INFORMATION ........................................................................................................................363

SUMMARY RELATING TO NON-EXEMPT PD NOTES AND PD WARRANTS
This summary applies only to Non-Exempt PD Notes and PD Warrants issued by ING Bank N.V. (the
"Issuer").
Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A to E (A.1 to E.7). This summary contains all the Elements required to be included in
a summary for the Notes, the Warrants and the Issuer. Because some Elements are not required to be
addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be
required to be inserted in a summary because of the nature of the Notes, the Warrants and the Issuer, it is
possible that no relevant information can be given regarding the Element. In this case, a short description of
the Element should be included in the summary with the mention of "Not Applicable".
Section A Introduction and warnings
Element
A.1
Warning
and This summary must be read as an introduction to the Base Prospectus. Any
introduction
decision to invest in the Notes and Warrants should be based on a
consideration of the Base Prospectus as a whole, including any documents
incorporated by reference. Where a claim relating to the information
contained in the Base Prospectus is brought before a court, the plaintiff
may, under the national legislation of Member States of the European
Economic Area where the claim is brought, be required to bear the costs of
translating the Base Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the summary,
including any translation thereof, but only if the summary is misleading,
inaccurate or inconsistent when read together with the other parts of the
Base Prospectus or it does not provide, when read together with the other
parts of the Base Prospectus, key information in order to aid investors
when considering whether to invest in the Notes and Warrants.
A.2
Consent by the Programme summary
Issuer to the use The Issuer may provide its consent to the use of the Base Prospectus and
of
the
Base the applicable Final Terms for subsequent resale or final placement of
Prospectus
for Notes and/or Warrants by financial intermediaries to whom the Issuer has
subsequent resale given its consent to use the Base Prospectus (an "Authorised Offeror"),
or final placement provided that the subsequent resale or final placement of Notes and/or
by
financial Warrants by such financial intermediaries is made during the Offer Period
intermediaries,
specified in the applicable Final Terms. Such consent may be subject to
during the offer conditions which are relevant for the use of the Base Prospectus.
period indicated, In the context of any Public Offer of Notes and/or Warrants, the Issuer
and the conditions accepts responsibility, in each of the Public Offer Jurisdictions, for the
attached to such content of the Base Prospectus in relation to any person (an "Investor")
consent
who purchases any Notes and/or Warrants in a Public Offer made by a
Dealer or an Authorised Offeror, where that offer is made during the Offer
Period (as specified in the applicable Final Terms).
Consent
The Issuer consents and (in connection with paragraph (D) below) offers
to grant its consent to the use of the Base Prospectus (as supplemented at
the relevant time, if applicable) in connection with any Public Offer of a
1

Element
Tranche of Notes and/or Warrants in the Public Offer Jurisdictions
specified in the applicable Final Terms during the Offer Period specified in
the applicable Final Terms by:
Specific consent
(A)
the Dealer or Managers specified in the applicable Final Terms;
(B)
any financial intermediaries specified in the applicable Final
Terms; and
(C)
any other financial intermediary appointed after the date of the
applicable Final Terms and whose name is published on the
Issuer's website (https://www.ingmarkets.com) and identified as
an Authorised Offeror in respect of the relevant Public Offer; and
General consent
(D)
if General Consent is specified in the applicable Final Terms as
applicable, any other financial intermediary which (a) is
authorised to make such offers under the Markets in Financial
Instruments Directive; and (b) accepts such offer by publishing on
its website a statement that it agrees to use the Base Prospectus in
accordance with the Authorised Offeror Terms and subject to the
conditions to such consent.
Common conditions to consent
The conditions to the Issuer's consent are (in addition to the conditions
described in paragraph (D) above if Part B of the Final Terms specifies
"General Consent" as "Applicable") that such consent:
(a) is only valid in respect of the relevant Tranche of Non-Exempt PD
Notes and/or PD Warrants;
(b) is only valid during the Offer Period specified in the applicable Final
Terms; and
(c) only extends to the use of the Base Prospectus to make Public Offers
of the relevant Tranche of Non-Exempt PD Notes and/or PD
Warrants in one or more of the Public Offer Jurisdictions, as
specified in the applicable Final Terms.
Issue specific summary
[Consent: Subject to the conditions set out below, the Issuer consents to
the use of the Base Prospectus in connection with a Public Offer (as
defined below) of [Notes][Warrants] by the [Dealer][Manager][s][Issuer],
[], [and] [each financial intermediary whose name is published on the
Issuer's website (https://www.ingmarkets.com) and identified as an
Authorised Offeror in respect of the relevant Public Offer] [and any
financial intermediary which is authorised to make such offers under the
applicable legislation implementing Directive 2004/39/EC (the "Markets
in Financial Instruments Directive") and publishes on its website the
following statement (with the information in square brackets duly
completed with the relevant information):
2

Element
"We, [specify legal name of financial intermediary], refer to the offer of
[specify
title
of
relevant
[Notes][Warrants]]
(the
["Notes"]["Warrants"]) described in the Final Terms dated [specify
date] (the "Final Terms") published by ING Bank N.V. (the "Issuer").
In consideration of the Issuer offering to grant its consent to our use of
the Base Prospectus (as defined in the Final Terms) in connection with
the offer of the [Notes][Warrants] in [Belgium, Luxembourg and The
Netherlands] during the Offer Period in accordance with the Authorised
Offeror Terms (as specified in the Base Prospectus), we accept the offer
by the Issuer. We confirm that we are authorised under the Markets in
Financial Instruments Directive to make, and are using the Base
Prospectus in connection with, the Public Offer accordingly. Terms used
herein and otherwise not defined shall have the same meaning as given to
such terms in the Base Prospectus."
A "Public Offer" of [Notes][Warrants] is an offer of [Notes][Warrants]
(other than pursuant to Article 3(2) of the Prospectus Directive) in
[Belgium, Luxembourg and The Netherlands] during the Offer Period
specified below. Those persons to whom the Issuer gives its consent in
accordance with the foregoing provisions are the "Authorised Offerors"
for such Public Offer.
Offer Period: The Issuer's consent referred to above is given for Public
Offers of [Notes][Warrants] during the period from [] to [] (the "Offer
Period").
Conditions to consent: The conditions to the Issuer's consents [(in
addition to the conditions referred to above)] are such that consent: (a) is
only valid in respect of the relevant Tranche of [Notes][Warrants]; (b) is
only valid during the Offer Period; [and] (c) only extends to the use of the
Base Prospectus to make Public Offers of the relevant Tranche of
[Notes][Warrants] in [Belgium, Luxembourg and The Netherlands] [; and
(d) []].
An investor intending to acquire or acquiring [Notes][Warrants] in a
Public Offer from an Authorised Offeror other than the Issuer will do so,
and offers and sales of such [Notes][Warrants] to an investor by such
Authorised Offeror will be made, in accordance with any terms and other
arrangements in place between such Authorised Offeror and such
investor, including as to price, allocations, expenses and settlement
arrangements.
Each investor must look to the relevant Authorised Offeror at the
time of any such Public Offer for the provision of information
regarding the terms and conditions of the Public Offer and the
Authorised Offeror will be solely responsible for such information.]
Section B Issuer
Element
Title
3

Element
Title
B.1
Legal
and ING Bank N.V. (the "Issuer")
commercial name
of the Issuer
B.2
The domicile and The Issuer is a public limited company (naamloze vennootschap)
legal form of the incorporated under the laws of The Netherlands on 12 November 1927,
Issuer,
the with its corporate seat (statutaire zetel) in Amsterdam, The Netherlands.
legislation under
which the Issuer
operates and its
country
of
incorporation
B.4b
A description of The results of operations of the Issuer are affected by demographics and by
any known trends a variety of market conditions, including economic cycles, banking industry
affecting
the cycles and fluctuations in stock markets, interest and foreign exchange
Issuer and the rates, political developments and client behaviour changes.
industries
in Macroeconomic developments in 2015
which it operates
Several interrelated themes stood out in 2015: the price of oil and other
commodities, the resilience of the Chinese economy, and the timing and
content of monetary policy measures in the US and the Eurozone. The oil
price seemed to have reached a low early in the year and soon started to
climb. But it resumed its slide in the second half of the year. This coincided
with turmoil on Chinese stock markets and worldwide concerns about
Chinese economic growth. These worries spread to other emerging markets.
While several emerging markets did indeed see economic growth
decelerate, a sharp growth slowdown in China did not materialise in 2015,
thanks in part to government stimulus measures.
Meanwhile, the US economy continued to grow at a modest pace in 2015,
despite headwinds from a stronger dollar and reduced investment in the oil
industry because of low oil prices. The labour market in particular did well,
with unemployment falling to levels well below the long-term average. The
question of when the US Federal Reserve would start raising rates was
therefore a dominant theme for financial markets throughout the year.
Expectations began to be tempered at mid-year when the slowdown in
emerging markets sparked fears this would also take a toll on the US
economy. The US economy remained strong enough however for the
Federal Reserve to embark on the first rate hike in more than nine years at
its December meeting.
Eurozone developments
In the Eurozone, 2015 saw a policy of further monetary expansion, helping
to bring about a broadening of the recovery. Exports and low oil prices
supported the Eurozone economy in the first half of the year, although the
global slowdown started to weigh on exports towards the end of the year.
The combination of low inflation and increasing employment boosted
household purchasing power, fuelling consumer confidence and
4

Element
Title
accelerating consumption growth.
The Greek crisis has not materially influenced the Eurozone recovery.
Within the Eurozone, Germany in particular was able to take advantage of
the weaker euro by increasing its exports, offsetting deteriorating exports to
emerging markets. Domestic demand in Germany developed favourably as
well, helped by job creation and nominal wage growth. The French
economy on the other hand appeared weaker, bogged down by falling house
prices and rising unemployment. Italian domestic demand finally began to
recover in 2015 albeit cautiously, while Spain was an outperformer on
both gross domestic product (GDP) and jobs growth, thanks in part to
earlier structural reforms. In the Netherlands, the revival of the housing
market was the most important driver behind the pick-up in both
consumption and fixed capital formation.
The weak and fragile nature of the recovery and falling inflation
expectations prompted the European Central Bank (the "ECB") to embark
on quantitative easing early in 2015. This sent Eurozone bond yields to
unprecedented lows in the first half of the year. German government bond
yields with a duration up to nine years turned negative for a short time.
Important money market rates such as three-month Euribor and six-month
Euribor sank below zero. As worries about a global slowdown mounted, the
ECB announced in December that it will extend its quantitative easing until
March 2017, and lowered the deposit rate a further 10 basis points to -0.3%.
Lower interest rates helped shore up Eurozone credit demand. Bank lending
to households accelerated modestly in 2015, while lending to businesses
finally turned positive after three years of deleveraging. Marked differences
between countries remain, with credit growth generally more positive in
northern European countries, while still negative in southern ones.
Low interest rate environment
The current situation with persistent low interest rates may put banks' net
interest income under pressure. On mortgages for instance, the Issuer could
be confronted with higher than expected prepayment rates as the difference
between rates on the existing mortgage portfolio and the prevailing market
rate causes customers to refinance. On savings, the net interest income may
decrease as possibilities for further reduction of client rates on savings
deposits are limited. The Issuer actively manages its interest rate risk
exposure and successfully maintained the net interest margin on its core
lending franchise in 2015. To address the challenge of interest income
erosion, containing costs remains an important goal. The Issuer is also
putting more emphasis on generating fee-based income and is reassessing
its product characteristics.
Progress on regulatory initiatives that are most relevant to the Issuer
November 2014 marked the start of the Single Supervisory Mechanism
("SSM"), with a central role for the ECB in the prudential supervision of
5

Element
Title
Eurozone banks. This was a decisive moment in the creation of the
European Banking Union.
The Issuer has always been a strong supporter of the SSM. As a
predominantly European cross-border universal bank, the Issuer has a clear
interest in the proper functioning of European financial markets and in a
harmonised approach to European supervision. The Issuer believes that it
will contribute to a more efficient use of financial funds across Europe and
as such should help to foster growth prospects of the European economy.
After the first full year of operating under the new supervisory framework,
banks' experiences are generally positive. The SSM aims to create the
institutional conditions for overcoming fragmentation in supervisory
practices. It is important that common methodologies and a shared culture
are created within the SSM. That takes time. Some banks may experience
challenges in the short term as they come to terms with the SSM
supervisory approach. The Issuer expects that the SSM will increase its
transparency as the system gets embedded.
As well as the SSM, 2015 saw preparations for the Single Resolution
Mechanism ("SRM"). The SRM came into force on 1 January 2016. This
aims to ensure an orderly resolution process for failing banks.
With SSM and SRM, two of the three pillars of Banking Union have been
established. Mutualisation of deposit guarantee schemes, the last remaining
pillar, is progressing at a much slower pace. Lack of a common European
deposit guarantee scheme leaves the Eurozone potentially vulnerable to
bank-sovereign interdependency, despite the existence of the SSM. For
national sovereigns remain, explicitly or implicitly, a liquidity provider of
last resort for the deposit insurance scheme. When sovereigns get into
trouble, deposit holders will worry that the national deposit guarantee
scheme will be unable to meet its commitments should domestic banks fail.
Greece's experience in 2015 made this clear. Capital controls had to be
imposed to contain a bank run, and a euro deposited at a Greek bank was no
longer de facto equal to a euro deposited at a bank in another member state.
Payment Services Directive (PSD II)
The second EU Directive on Payment Services ("PSD II") was adopted in
October 2015. This aims to create an EU-wide single market for payments
with a modern and comprehensive set of rules. The goal is to make cross-
border payments as easy, efficient and secure as domestic payments within
a member state. The PSD II also seeks to improve competition by opening
up payment markets to new entrants, thus fostering greater efficiency and
cost reduction. While implementation in national law could take several
years, the Issuer sees the PSD II as an opportunity to develop new ways of
serving its customers.
Regulatory uncertainty
The large number of new regulatory initiatives and consultations
6

Element
Title
concerning banks' capitalisation continued to be a source of uncertainty in
2015. Examples are the ongoing discussions on bail-in-able instruments
(MREL/ TLAC), but also discussions in the Basel Committee about the risk
weighting methodology and the interest rate risk in the banking book. The
main concern of the Issuer is that there is insufficient overview of the
combined impact of all initiatives. Moreover, it is unclear what regulatory
end-state policymakers are aiming for. This regulatory uncertainty
complicates multi-year strategic planning and pushes banks towards
confining themselves to no-regret decisions. Also considering the
competitive pressures and fast market developments outlined below, the
Issuer believes this piecemeal approach to regulation is not in the best
interest of banks and their stakeholders.
In addition to more traditional financial-sector regulation, the Issuer noticed
increasing regulatory interest in environmental and human rights impacts
associated with its business activities. The Dutch Government initiative to
come to a Banking Sector Agreement on international responsible business
conduct, building on the OECD Guidelines for Multinational Enterprises.
There is a call on the part of the public for increased transparency and
continuous debate on the matter in the EU Parliament. Regulators are also
looking at the potential link between sustainability and financial risk. An
example is the Financial Stability Board looking into potential financial
risks of climate change regulation.
Competitive landscape
Technology is removing a number of the barriers to entry that once
insulated the business of the Issuer. The Issuer faces competition from
many different directions, with relatively new players providing more
segmented offers to its customers and clients. Technology giants, payment
specialists, retailers, telecommunication companies, crowd-funding
initiatives and aggregators are all encroaching on traditional banking
services. The clients of the Issuer, in turn, are willing to consider these
offers.
The banking industry is highly regulated. Banks strive to act in the interests
of their customers. Safe banking requires specific knowledge of financial
services and in-depth knowledge of customers as well as rigorous risk-
management systems. As competition from outside the banking sector
continues to increase, the Issuer has to become faster, more agile and more
innovative. The Issuer believes that its long track record as a financial
institution and a strong brand give it a strong platform from which to face
existing and future challenges and become a better company for all its
stakeholders. The Issuer is a leader in digital banking, and it has scale
combined with local market expertise. It is investing in building profitable,
mutually beneficial relationships with its customers, based on the quality of
its service and a differentiating customer experience. An example is the
strategic partnership of the Issuer with Kabbage. Together, they have
launched a pilot project in Spain, offering small and medium-sized
7

Element
Title
enterprises (SMEs) loans up to EUR 100,000. Kabbage's automated loan
application and approval process is both accelerated and simple for
customers. It makes use of full credit scoring and real-time risk monitoring
and allows SMEs with an existing business account to get a loan within ten
minutes, based on real-time business data.
Fluctuations in equity markets
The operations of the Issuer are exposed to fluctuations in equity markets.
The Issuer maintains an internationally diversified and mainly client-related
trading portfolio. Accordingly, market downturns are likely to lead to
declines in securities trading and brokerage activities which it executes for
customers and, therefore, to a decline in related commissions and trading
results. In addition to this, the Issuer also maintains equity investments in
its own non-trading books. Fluctuations in equity markets may affect the
value of these investments.
Fluctuations in interest rates
The operations of the Issuer are exposed to fluctuations in interest rates.
Mismatches in the interest repricing and maturity profile of assets and
liabilities in the balance sheet of the Issuer can affect the future interest
earnings and economic value of the underlying banking operations of the
Issuer. In addition, changing interest rates may impact the (assumed)
behaviour of customers, impacting the interest rate exposure, interest hedge
positions and future interest earnings, the solvency and economic value of
the underlying banking operations of the Issuer. In the current low (and
potentially negative) interest rate environment in the Eurozone, the stability
of future interest earnings and margin also depends on the ability to actively
manage pricing of customer assets and liabilities. Especially, the pricing of
customer savings portfolios in relation to repricing customer assets and
other investments in the balance sheet is a key factor in the management of
the interest earnings of the Issuer.
Fluctuations in exchange rates
The Issuer is exposed to fluctuations in exchange rates. The management by
the Issuer of exchange rate sensitivity affects the results of its operations
through the trading activities for its own account and because it prepares
and publishes its consolidated financial statements in euros. Because a
substantial portion of the income and expenses of the Issuer is denominated
in currencies other than euros, fluctuations in the exchange rates used to
translate foreign currencies into euros will impact its reported results of
operations and cash flows from year to year. This exposure is mitigated by
the fact that realised results in non-euro currencies are translated into euro
by monthly hedging.
B.5
A description of The Issuer is part of ING Groep N.V. ("ING Group"). ING Group is the
the Issuer's group holding company of a broad spectrum of companies (together called
and the Issuer's "ING") offering banking services to meet the needs of a broad customer
8