The actual amount you receive and the resulting return will depend on the actual Starting Value, Threshold Value, Call Level, Observation Levels, and the term of your investment. These examples are based on:. However, it is under no obligation to make a market in the Notes and may discontinue any market-making activities at any time without notice. The estimated initial value of the notes is less than the price you pay to purchase the notes. The following description is meant solely for informational purposes and is not intended to represent any particular Enhanced Return Market-Linked Investment or guarantee any performance. The table below summarizes the types of Index maintenance adjustments and indicates whether or not a Divisor adjustment is required.

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Under one approach, the Mis should be treated as pre-paid executory contracts with respect to the Underlyings. The Estimated Initial Value will reflect our internal funding rate, which is the borrowing rate we pay to issue market-linked securities, as well as the mid-market value of the embedded derivatives in the Notes.

Instead, your return would depend on the Least Performing Underlying.

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These pricing models rely in part on certain forecasts about future events, which may prove to be incorrect. Credit losses resulting from the financial difficulties of borrowers can negatively impact the sector, and are difficult to predict. The following graph shows the monthly historical performance of the Index in the period from January through June Prior to Marchthe Market Value msu a component stock was calculated as the product of the market price per share and the total number of outstanding shares of the component stock.

This pricing supplement, together with the documents listed above, contains the terms of the securities and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours.

Although the Note offering relates only to the Underlyings, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the Underlyings vtd any securities included in the Underlyings or as to the suitability of an investment in the Notes.


We cannot predict the future performance of the Index Fund, of the Index or of the component securities held by the Index Fund.

In performing these duties, the economic interests of the Calculation Agent and other affiliates of HSBC are potentially adverse to your interests as an investor in the Notes. These trademarks have been sublicensed for certain purposes by us.

Stock prices of small-capitalization companies may also be more vulnerable than those of larger companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, making it difficult for the RTY to track them. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would expect the economic terms of the notes to be more favorable to you.

Federal Income Tax Mis. The following graph sets forth the historical performance of the SPX based on the daily historical closing levels from January 1, through April 6, We do not plan to request a ruling from the IRS, and no assurance can be given that the IRS or a court will agree with the tax treatment described in this pricing supplement and the accompanying product supplement. Any sale of the notes prior to maturity could result in a loss to you.

You should make your own investigation into the Underlyings. The price of your notes in the secondary market, if any, at any time after issuance will vary based on many factors, including the value of the Market Measure and changes in market conditions, and cannot be predicted with accuracy.

The Notes may be suitable for you if: Examples of Hypothetical Payments. In addition, if we were to use the rate we use for our conventional fixed or floating rate debt issuances, we would mssi the economic terms of the Notes to be more favorable to you. Calculation of Registration Fee. If you were to sell your Notes in the secondary market, if any, the price you would receive for your Notes may be less than the price you paid for them because secondary market prices will not take into account these costs.

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Because the Notes are our senior unsecured debt obligations, payment of any amount at maturity is subject to our ability to pay our obligations as they become due. Different pricing models and assumptions could provide valuations for the Notes that mai different from our Estimated Initial Value. This internal funding rate is typically lower than the rate we would use when we issue conventional fixed or floating rate debt securities.

This temporary price difference may exist because, in our discretion, we may elect to effectively reimburse to investors a portion of the estimated cost of hedging our obligations under the Notes and other costs in connection with the Notes that we will no longer expect to incur over the term msii the Notes.

The Redemption Amount will be less, and possibly significantly less, than the Original Offering Price. The distribution of the Note Prospectus in connection with nsi offers or sales will be solely for the purpose of providing investors with the description of the terms of the notes that was made available to investors in connection with their initial offering. Alternatively, Deutsche Bank AG, any agent or any dealer participating in this offering will arrange to send you the prospectus, prospectus supplement, product supplement and this pricing supplement if you so request by 8866 toll-free This opinion is given as of the date hereof and is limited to the laws of the State of New York, the Maryland General Corporation Law hvd the statutory provisions, all applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting the foregoing and the federal laws of the United States of America.

Subject to the limitations described therein, and based on certain factual representations received from us, in the opinion of our special U. We obtained this historical data from Bloomberg L. Validity of the Notes.

Deutsche Bank AG, its affiliates and agents may have published research or other opinions that are inconsistent with the.