Obligation Deutsch Bank London 0% ( US25155MDZ14 ) en USD

Deutsch Bank London

100 % ▲

Allemagne

US25155MDZ14 ( en USD )

30/09/2027

Prospectus brochure de l'obligation Deutsche Bank (London Branch) US25155MDZ14 en USD 0%, échéance 30/09/2027

1 000 USD

1 005 000 USD

25155MDZ1

N/A

Deutsche Bank (London Branch) est une succursale de la Deutsche Bank AG, opérant à Londres et fournissant une gamme complète de services bancaires d'investissement et de gestion de fortune à une clientèle internationale.

L'obligation Deutsche Bank (London Branch) (ISIN : US25155MDZ14, CUSIP : 25155MDZ1), émise en Allemagne, d'un montant total de 1 005 000 USD et négociée actuellement à 100 %, offre un taux d'intérêt de 0 %, une maturité fixée au 30 septembre 2027, une taille minimale d'achat de 1 000 USD et une fréquence de paiement semestrielle.

424B2 1 dp81056_424b2-ps2919b.htm FORM 424B2
Pricing Supplement
Pricing Supplement No. 2919B
To underlying supplement No. 1 dated August 17, 2015,
Registration Statement No. 333206013
product supplement B dated July 31, 2015,
Rule 424(b)(2)
prospectus supplement dated July 31, 2015 and
prospectus dated April 27, 2016

De ut sc he Ba nk AG
$ 1 ,0 0 5 ,0 0 0 Ca lla ble Cont inge nt Y ie ld Se c urit ie s Link e d t o t he Le sse r Pe rform ing of t he
Russe ll 2 0 0 0 ® I nde x a nd t he EU RO ST OX X 5 0 ® I nde x due Se pt e m be r 3 0 , 2 0 2 7

Ge ne ra l
·
The Callable Contingent Yield Securities (the "se c urit ie s") are linked to the lesser performing of the Russell 2000® Index
and the EURO STOXX 50® Index (each, an "U nde rlying") and may pay a Contingent Coupon of $20.875 per $1,000
Face Amount of securities on the relevant Coupon Payment Dates, calculated based on a coupon rate of 8.35% per
annum. The Contingent Coupon will be payable on a Coupon Payment Date only if the closing levels of bot h
Underlyings on the applicable Observation Date are greater than or equal to their respective Coupon Barriers, which are
equal to 75.00% of their respective Initial Levels. Otherwise, no Contingent Coupon will be payable with respect to that
Observation Date. The securities may not pay Contingent Coupons on some or all of the Coupon Payment Dates and,
therefore, should not be viewed as conventional debt securities with periodic coupon payments.
·
The Issuer may, in its sole discretion, redeem the securities in whole, but not in part, on any Coupon Payment Date
beginning approximately one year after the Settlement Date but prior to the Maturity Date, which we refer to as the "Ca ll
Se t t le m e nt Da t e ." If the securities are redeemed by the Issuer, you will receive a cash payment per $1,000 Face
Amount of securities on the Call Settlement Date equal to the Face Amount plus any Contingent Coupon that may be due
on such date. The securities will cease to be outstanding following an early redemption and no Contingent Coupon will
accrue or be payable following such early redemption.
·
If the securities are not redeemed by us prior to maturity and the Final Level of the lesser performing Underlying, which we
refer to as the "La gga rd U nde rlying," is greater than or equal to its Trigger Level (equal to 60.00% of its Initial Level),
for each $1,000 Face Amount of securities, investors will receive at maturity a cash payment equal to the Face Amount
plus any Contingent Coupon otherwise due on such date. However, if the securities are not redeemed by us and the Final
Level of the Laggard Underlying is less than its Trigger Level, for each $1,000 Face Amount of securities, investors will
lose 1.00% of the Face Amount for every 1.00% by which the Final Level of the Laggard Underlying is less than its Initial
Level. The securities do not pay any dividends and investors should be willing to lose a significant portion or all of their
investment if the securities are not redeemed by us and the Final Level of the Laggard Underlying is less than its Trigger
Level. Any pa ym e nt on t he se c urit ie s is subje c t t o t he c re dit of t he I ssue r .
·
Senior unsecured obligations of Deutsche Bank AG due September 30, 2027
·
Minimum purchase of $1,000. Minimum denominations of $1,000 (the "Fa c e Am ount ") and integral multiples thereof.
·
The securities priced on September 26, 2017 (the "T ra de Da t e ") and are expected to settle on September 29, 2017 (the
"Se t t le m e nt Da t e ").

K e y T e rm s
Issuer:
Deutsche Bank AG, London Branch
Issue Price:
100% of the Face Amount
Underlyings:
Underlying
Ticker Symbol
Initial Level
Coupon Barrier
Trigger Level

Russell 2000® Index
RTY
1456.863
1,092.647
874.118

EURO STOXX 50® Index
SX5E
3,536.38
2,652.29
2,121.83

(Key Terms continued on next page)

I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Risk Fa c t ors " be ginning on pa ge 7 of t he
a c c om pa nying produc t supple m e nt , pa ge PS5 of t he a c c om pa nying prospe c t us supple m e nt a nd pa ge 1 3 of
t he a c c om pa nying prospe c t us a nd "Se le c t e d Risk Conside ra t ions" be ginning on pa ge PS1 1 of t his pric ing
supple m e nt .

T he I ssue r 's e st im a t e d va lue of t he se c urit ie s on t he T ra de Da t e is $ 8 9 7 .5 0 pe r $ 1 ,0 0 0 Fa c e Am ount of
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se c urit ie s, w hic h is le ss t ha n t he I ssue Pric e . Ple a se se e "I ssue r 's Est im a t e d V a lue of t he Se c urit ie s " on
pa ge PS4 of t his pric ing supple m e nt for a ddit iona l inform a t ion.

By a c quiring t he se c urit ie s, you w ill be bound by a nd de e m e d irre voc a bly t o c onse nt t o t he im posit ion of
a ny Re solut ion M e a sure (a s de fine d be low ) by t he c om pe t e nt re solut ion a ut horit y , w hic h m a y inc lude t he
w rit e dow n of a ll , or a port ion, of a ny pa ym e nt on t he se c urit ie s or t he c onve rsion of t he se c urit ie s int o
ordina ry sha re s or ot he r inst rum e nt s of ow ne rship. I f a ny Re solut ion M e a sure be c om e s a pplic a ble t o us, you
m a y lose som e or a ll of your inve st m e nt in t he se c urit ie s. Ple a se se e "Re solut ion M e a sure s a nd De e m e d
Agre e m e nt " on pa ge PS5 of t his pric ing supple m e nt for m ore inform a t ion.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the
securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement,
product supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense.

Pric e t o Public
Disc ount s a nd Com m issions(1)
Proc e e ds t o U s
Pe r Se c urit y $1,000.00
$40.00
$960.00
T ot a l
$1,005,000.00
$40,200.00
$964,800.00
(1) For more detailed information about discounts and commissions, please see "Supplemental Plan of Distribution (Conflicts of
Interest)" in this pricing supplement. The issue price will be 97.50% of the face amount for certain investors that purchase and
hold the notes in fee-based advisory accounts.
The agent for this offering is our affiliate. For more information, please see "Supplemental Plan of Distribution (Conflicts of Interest)"
in this pricing supplement.
The securities are not deposits or savings accounts and are not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other U.S. or foreign governmental agency or instrumentality.

De ut sc he Ba nk Se c urit ie s

September 26, 2017

(Key Terms continued from previous page)

Contingent Coupon
· If the closing levels of both Underlyings on any Observation Date are greater than or
Feature:
equal to t he ir re spe c t ive Coupon Ba rrie rs , Deutsche Bank AG will pay you the Contingent
Coupon per $1,000 Face Amount of securities applicable to such Observation Date on the related
Coupon Payment Date.

· If the closing level of either Underlying on any Observation Date is less than its
Coupon Ba rrie r , the Contingent Coupon per $1,000 Face Amount of securities applicable to such
Observation Date will not be payable and Deutsche Bank AG will not make any payment to you on
the related Coupon Payment Date.

The Contingent Coupon applicable to each Observation Date will be a fixed amount as set forth in the table
under "Contingent Coupon" below, calculated based on a coupon rate of 8.35% per annum. If the securities
are redeemed by us prior to the Maturity Date, the Contingent Coupon will be paid on the corresponding Call
Settlement Date and no further amounts will be owed to you under the securities.

Coupon Barrier:
For each Underlying, 75.00% of the Initial Level of such Underlying, as set forth in the table under
"Underlyings" above
Observation Dates1: Quarterly on the dates set forth in the table under "Contingent Coupon" below
Coupon Payment
As set forth in the table under "Contingent Coupon" below. For the final Observation Date, the related
Dates1:
Coupon Payment Date will be the Maturity Date.
Contingent Coupon:
The table below sets forth each Observation Date, Coupon Payment Date and the Contingent Coupon
applicable to such Observation Date.
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Cont inge nt Coupon
Obse rva t ion Da t e
Coupon Pa ym e nt Da t e
(per $1,000 Face Amount of Securities)

December 27, 2017
January 2, 2018*
$20.875

March 26, 2018
March 29, 2018*
$20.875

June 26, 2018
June 29, 2018*
$20.875

September 26, 2018
October 1, 2018
$20.875

December 27, 2018
January 2, 2019
$20.875

March 26, 2019
March 29, 2019
$20.875

June 26, 2019
July 1, 2019
$20.875

September 26, 2019
October 1, 2019
$20.875

December 27, 2019
January 2, 2020
$20.875

March 26, 2020
March 31, 2020
$20.875

June 26, 2020
July 1, 2020
$20.875

September 28, 2020
October 1, 2020
$20.875

December 29, 2020
January 4, 2021
$20.875

March 26, 2021
March 31, 2021
$20.875

June 28, 2021
July 1, 2021
$20.875

September 27, 2021
September 30, 2021
$20.875

December 29, 2021
January 4, 2022
$20.875

March 28, 2022
March 31, 2022
$20.875

June 27, 2022
June 30, 2022
$20.875

September 26, 2022
September 29, 2022
$20.875

December 28, 2022
January 3, 2023
$20.875

March 27, 2023
March 30, 2023
$20.875

June 26, 2023
June 29, 2023
$20.875

September 26, 2023
September 29, 2023
$20.875

December 27, 2023
January 2, 2024
$20.875

March 26, 2024
April 2, 2024
$20.875

June 26, 2024
July 1, 2024
$20.875

September 26, 2024
October 1, 2024
$20.875

December 27, 2024
January 2, 2025
$20.875

March 26, 2025
March 31, 2025
$20.875

June 26, 2025
July 1, 2025
$20.875

September 26, 2025
October 1, 2025
$20.875

December 29, 2025
January 2, 2026
$20.875

March 26, 2026
March 31, 2026
$20.875

June 26, 2026
July 1, 2026
$20.875

September 28, 2026
October 1, 2026
$20.875

December 29, 2026
January 4, 2027
$20.875

March 30, 2027
April 2, 2027
$20.875

June 28, 2027
July 1, 2027
$20.875

September 27, 2027 (Final Valuation September 30, 2027 (Maturity
$20.875
Date)
Date)

* The securities cannot be redeemed by the Issuer until the fourth Coupon Payment Date, which is October
1, 2018.

Early Redemption at The Issuer may, in its sole discretion, redeem the securities in whole, but not in part, on any Coupon
Issuer's Option:
Payment Date beginning approximately one year after the Settlement Date but prior to the Maturity Date,
which we refer to as the "Ca ll Se t t le m e nt Da t e ," upon written notice to the trustee prior to the relevant
Coupon Payment Date. Therefore, the first day the securities can be redeemed by us is the fourth Coupon
Payment Date of October 1, 2018 and the last day the securities can be redeemed by us is the thirty-ninth
Coupon Payment Date of July 1, 2027. Upon an Early Redemption, you will receive a cash payment per
$1,000 Face Amount of securities on the Call Settlement Date equal to the Face Amount plus any Contingent
Coupon that may be due on such date. The securities will cease to be outstanding following an early
redemption and no Contingent Coupon will accrue or be payable following such early redemption.
Payment at Maturity: If the securities are not redeemed by us prior to maturity, the payment you will receive at maturity will
depend solely on the Final Level of the Laggard Underlying on the Final Valuation Date.

· If the Final Level of the Laggard Underlying is greater than or equal to its Trigger
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Le ve l , you will receive a cash payment per $1,000 Face Amount of securities on the Maturity Date
equal to the Face Amount plus any Contingent Coupon otherwise due on such date.

· If the Final Level of the Laggard Underlying is less than its Trigger Level, you will
receive a cash payment per $1,000 Face Amount of securities calculated as follows:

$1,000 + ($1,000 x Underlying Return of the Laggard Underlying)

If the securities are not redeemed by us prior to maturity and the Final Level of the Laggard Underlying is
less than its Trigger

Level, you will be fully exposed to the negative Underlying Return of the Laggard Underlying and, for each
$1,000 Face Amount of securities, you will lose 1.00% of the Face Amount for every 1.00% by which the
Final Level of the Laggard Underlying is less than its Initial Level. In this circumstance, you will lose a
significant portion or all of your initial investment. Any payment at maturity is subject to the credit of the
Issuer.
Trigger Level:
For each Underlying, 60.00% of the Initial Level of such Underlying, as set forth in the table under
"Underlyings" above
Laggard Underlying:
The Underlying with the lower Underlying Return on the Final Valuation Date. If the calculation agent
determines that the two Underlyings have equal Underlying Returns, then the calculation agent will, in its
sole discretion, designate either of the Underlyings as the Laggard Underlying.
Underlying Return:
For each Underlying, the performance of such Underlying from its Initial Level to its Final Level, calculated as
follows:

Final Level Initial Level
Initial Level

The Underlying Return for each Underlying may be positive, zero or negative.
Initial Level:
For each Underlying, the closing level of such Underlying on the Trade Date, as set forth in the table under
"Underlyings" above
Final Level:
For each Underlying, the closing level of such Underlying on the Final Valuation Date
Trade Date:
September 26, 2017
Settlement Date:
September 29, 2017
Final Valuation Date1: September 27, 2027
Maturity Date1:
September 30, 2027
Listing:
The securities will not be listed on any securities exchange.
CUSIP / ISIN:
25155MDZ1 / US25155MDZ14

1
Subject to adjustment as described under "Description of Securities -- Adjustments to Valuation Dates and Payment Dates" in
the accompanying product supplement. If an Observation Date is postponed, the related Coupon Payment Date will be
postponed as described under "Description of Securities -- Adjustments to Valuation Dates and Payment Dates" in the
accompanying product supplement. If a Coupon Payment Date is postponed, the related Call Settlement Date will be the
Coupon Payment Date as postponed.

I ssue r 's Est im a t e d V a lue of t he Se c urit ie s

The Issuer's estimated value of the securities is equal to the sum of our valuations of the following two components of the
securities: (i) a bond and (ii) an embedded derivative(s). The value of the bond component of the securities is calculated based on
the present value of the stream of cash payments associated with a conventional bond with a principal amount equal to the Face
Amount of securities, discounted at an internal funding rate, which is determined primarily based on our market-based yield curve,
adjusted to account for our funding needs and objectives for the period matching the term of the securities. The internal funding
rate is typically lower than the rate we would pay when we issue conventional debt securities on equivalent terms. This difference
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in funding rate, as well as the agent's commissions, if any, and the estimated cost of hedging our obligations under the securities,
reduces the economic terms of the securities to you and is expected to adversely affect the price at which you may be able to sell
the securities in any secondary market. The value of the embedded derivative(s) is calculated based on our internal pricing models
using relevant parameter inputs such as expected interest and dividend rates and mid-market levels of price and volatility of the
assets underlying the securities or any futures, options or swaps related to such underlying assets. Our internal pricing models are
proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect.

The Issuer's estimated value of the securities on the Trade Date (as disclosed on the cover of this pricing supplement) is less than
the Issue Price of the securities. The difference between the Issue Price and the Issuer's estimated value of the securities on the
Trade Date is due to the inclusion in the Issue Price of the agent's commissions, if any, and the cost of hedging our obligations
under the securities through one or more of our affiliates. Such hedging cost includes our or our affiliates' expected cost of
providing such hedge, as well as the profit we or our affiliates expect to realize in consideration for assuming the risks inherent in
providing such hedge.

The Issuer's estimated value of the securities on the Trade Date does not represent the price at which we or any of our affiliates
would be willing to purchase your securities in the secondary market at any time. Assuming no changes in market conditions or our
creditworthiness and other relevant factors, the price, if any, at which we or our affiliates would be willing to purchase the securities
from you in secondary market transactions, if at all, would generally be lower than both the Issue Price and the Issuer's estimated
value of the securities on the Trade Date. Our purchase price, if any, in secondary market transactions will be based on the
estimated value of the securities determined by reference to (i) the then-prevailing internal funding rate (adjusted by a spread) or
another appropriate measure of our cost of funds and (ii) our pricing models at that time, less a bid spread determined after taking
into account the size of the repurchase, the nature of the assets underlying the securities and then-prevailing market conditions.
The price we report to financial reporting services and to distributors of our securities for use on customer account statements
would generally be determined on the same basis. However, during the period of approximately six months beginning from the
Trade Date, we or our affiliates may, in our sole discretion, increase the purchase price determined as described above by an
amount equal to the declining differential between the Issue Price and the Issuer's estimated value of the securities on the Trade
Date, prorated over such period on a straight-line basis, for transactions that are individually and in the aggregate of the expected
size for ordinary secondary market repurchases.

PS-4

Re solut ion M e a sure s a nd De e m e d Agre e m e nt

On May 15, 2014, the European Parliament and the Council of the European Union adopted a directive establishing a framework
for the recovery and resolution of credit institutions and investment firms (commonly referred to as the "Ba nk Re c ove ry a nd
Re solut ion Dire c t ive "). The Bank Recovery and Resolution Directive required each member state of the European Union to
adopt and publish by December 31, 2014 the laws, regulations and administrative provisions necessary to comply with the Bank
Recovery and Resolution Directive. Germany adopted the Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz, or
the "Re solut ion Ac t "), which became effective on January 1, 2015. The Bank Recovery and Resolution Directive and the
Resolution Act provided national resolution authorities with a set of resolution powers to intervene in the event that a bank is failing
or likely to fail and certain other conditions are met. From January 1, 2016, the power to initiate resolution measures applicable to
significant banking groups (such as Deutsche Bank Group) in the European Banking Union has been transferred to the European
Single Resolution Board which, based on the European Union regulation establishing uniform rules and a uniform procedure for the
resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single
Resolution Fund (the "SRM Re gula t ion"), works in close cooperation with the European Central Bank, the European
Commission and the national resolution authorities. Pursuant to the SRM Regulation, the Resolution Act and other applicable rules
and regulations, the securities may be subject to any Resolution Measure by the competent resolution authority if we become, or
are deemed by the competent supervisory authority to have become, "non-viable" (as defined under the then applicable law) and
are unable to continue our regulated banking activities without a Resolution Measure becoming applicable to us. By acquiring the
securities, you will be bound by and deemed irrevocably to consent to the provisions set forth in the accompanying prospectus,
which we have summarized below.

By acquiring the securities, you will be bound by and deemed irrevocably to consent to the imposition of any Resolution Measure
by the competent resolution authority. Under the relevant resolution laws and regulations as applicable to us from time to time, the
securities may be subject to the powers exercised by the competent resolution authority to: (i) write down, including to zero, any
payment (or delivery obligations) on the securities; (ii) convert the securities into ordinary shares of (a) the Issuer, (b) any group
entity or (c) any bridge bank or other instruments of ownership of such entities qualifying as common equity tier 1 capital; and/or
(iii) apply any other resolution measure including, but not limited to, any transfer of the securities to another entity, the amendment,
modification or variation of the terms and conditions of the securities or the cancellation of the securities. We refer to each of these
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measures as a "Re solut ion M e a sure ." A "group entity" refers to an entity that is included in the corporate group subject to a
Resolution Measure. A "bridge bank" refers to a newly chartered German bank that would receive some or all of our assets,
liabilities and material contracts, including those attributable to our branches and subsidiaries, in a resolution proceeding.

Furthermore, by acquiring the securities, you:

·
are deemed irrevocably to have agreed, and you will agree: (i) to be bound by, to acknowledge and to accept any
Resolution Measure and any amendment, modification or variation of the terms and conditions of the securities to give
effect to any Resolution Measure; (ii) that you will have no claim or other right against us arising out of any Resolution
Measure; and (iii) that the imposition of any Resolution Measure will not constitute a default or an event of default under
the securities, under the senior indenture dated November 22, 2006 among us, Law Debenture Trust Company of New
York, as trustee, and Deutsche Bank Trust Company Americas, as issuing agent, paying agent, authenticating agent and
registrar, as amended and supplemented from time to time (the "I nde nt ure "), or for the purposes of, but only to the fullest
extent permitted by, the Trust Indenture Act of 1939, as amended (the "T rust I nde nt ure Ac t ");

·
waive, to the fullest extent permitted by the Trust Indenture Act and applicable law, any and all claims against the trustee
and the paying agent, the issuing agent and the registrar (each, an "inde nt ure a ge nt ") for, agree not to initiate a suit
against the trustee or the indenture agents in respect of, and agree that the trustee and the indenture agents will not be
liable for, any action that the trustee or the indenture agents take, or abstain from taking, in either case in accordance with
the imposition of a Resolution Measure by the competent resolution authority with respect to the securities; and

·
will be deemed irrevocably to have: (i) consented to the imposition of any Resolution Measure as it may be imposed
without any prior notice by the competent resolution authority of its decision to exercise such power with respect to the
securities; (ii) authorized, directed and requested The Depository Trust Company ("DT C") and any direct participant in DTC
or other intermediary through which you hold such securities to take any and all necessary action, if required, to implement
the imposition of any Resolution Measure with respect to the securities as it may be imposed, without any further action or
direction on your part or on the part of the trustee or the indenture agents; and (iii) acknowledged and accepted that the
Resolution Measure provisions described herein and in the "Resolution Measures" section of the accompanying prospectus
are exhaustive on the matters described herein and therein to the exclusion of any other agreements, arrangements or
understandings between you and the Issuer relating to the terms and conditions of the securities.

This is only a summary, for more information please see the accompanying prospectus dated April 27, 2016, including the risk
factors beginning on page 13 of such prospectus.

PS-5

Addit iona l T e rm s Spe c ific t o t he Se c urit ie s

You should read this pricing supplement together with underlying supplement No. 1 dated August 17, 2015, product supplement B
dated July 31, 2015, the prospectus supplement dated July 31, 2015 relating to our Series A global notes of which these securities
are a part and the prospectus dated April 27, 2016. Delaware Trust Company, which acquired the corporate trust business of Law
Debenture Trust Company of New York, is the successor trustee of the securities. When you read the accompanying underlying
supplement, product supplement and prospectus supplement, please note that all references in such supplements to the
prospectus dated July 31, 2015, or to any sections therein, should refer instead to the accompanying prospectus dated April 27,
2016 or to the corresponding sections of such prospectus, as applicable, unless otherwise specified or the context otherwise
requires. You may access these documents on the website of the Securities and Exchange Commission (the "SEC")
at.www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

·
Underlying supplement No. 1 dated August 17, 2015:
http://www.sec.gov/Archives/edgar/data/1159508/000095010315006546/crt_dp58829-424b2.pdf

·
Product supplement B dated July 31, 2015:
http://www.sec.gov/Archives/edgar/data/1159508/000095010315006059/crt_dp58181-424b2.pdf

·
Prospectus supplement dated July 31, 2015:
http://www.sec.gov/Archives/edgar/data/1159508/000095010315006048/crt-dp58161_424b2.pdf

·
Prospectus dated April 27, 2016:
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https://www.sec.gov/Archives/edgar/data/1159508/000119312516559607/d181910d424b21.pdf

Our Central Index Key, or CIK, on the SEC website is 0001159508. As used in this pricing supplement, "w e ," "us" or "our " refers
to Deutsche Bank AG, including, as the context requires, acting through one of its branches.

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.
You should carefully consider, among other things, the matters set forth in this pricing supplement and in "Risk Factors" in the
accompanying product supplement, prospectus supplement and prospectus, as the securities involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before deciding to
invest in the securities.

You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer by notifying the
applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the securities prior to their issuance.
We will notify you in the event of any changes to the terms of the securities and you will be asked to accept such changes in
connection with your purchase of any securities. You may choose to reject such changes, in which case we may reject your offer to
purchase the securities.

PS-6

H ypot he t ic a l Ex a m ple s

The tables and hypothetical examples set forth below are for illustrative purposes only. The actual returns applicable to a
purchaser of the securities will depend on the closing levels of the Underlyings on each Observation Date (including the Final
Valuation Date) and whether the securities are redeemed by us prior to the Maturity Date. The following results are based
solely on the hypothetical examples cited below. You should consider carefully whether the securities are suitable to your
investment goals. The numbers appearing in the tables and hypothetical examples below may have been rounded for ease of
analysis.

If the securities a re redeemed by us prior to maturity:

The Issuer may, in its sole discretion, redeem the securities in whole, but not in part, on any Coupon Payment Date beginning
approximately one year after the Settlement Date but prior to the Maturity Date. Therefore, the first day the securities can be
redeemed by us is the fourth Coupon Payment Date of October 1, 2018 and the last day the securities can be redeemed by us
is the thirty-ninth Coupon Payment Date of July 1, 2027. Furthermore, the term of the securities may be as short as
approximately one year. The following table illustrates the hypothetical payments on the securities (excluding any Contingent
Coupons) per $1,000 Face Amount of securities upon an early redemption.

Hypothetical Pa ym e nt upon a n Ea rly
Potential Ca ll Se t t le m e nt Da t e
Re de m pt ion a t I ssue r 's Opt ion ($ )
(per $1,000 Face Amount of Securities)
October 1, 2018
$1,000.00
January 2, 2019
$1,000.00
March 29, 2019
$1,000.00
July 1, 2019
$1,000.00
October 1, 2019
$1,000.00
January 2, 2020
$1,000.00
March 31, 2020
$1,000.00
July 1, 2020
$1,000.00
October 1, 2020
$1,000.00
January 4, 2021
$1,000.00
March 31, 2021
$1,000.00
July 1, 2021
$1,000.00
September 30, 2021
$1,000.00
January 4, 2022
$1,000.00
March 31, 2022
$1,000.00
June 30, 2022
$1,000.00
September 29, 2022
$1,000.00
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January 3, 2023
$1,000.00
March 30, 2023
$1,000.00
June 29, 2023
$1,000.00
September 29, 2023
$1,000.00
January 2, 2024
$1,000.00
April 2, 2024
$1,000.00
July 1, 2024
$1,000.00
October 1, 2024
$1,000.00
January 2, 2025
$1,000.00
March 31, 2025
$1,000.00
July 1, 2025
$1,000.00
October 1, 2025
$1,000.00
January 2, 2026
$1,000.00
March 31, 2026
$1,000.00
July 1, 2026
$1,000.00
October 1, 2026
$1,000.00
January 4, 2027
$1,000.00
April 2, 2027
$1,000.00
July 1, 2027
$1,000.00

PS-7

If the securities are redeemed by us prior to maturity, you will receive a cash payment per $1,000 Face Amount of securities on the
Call Settlement Date equal to the Face Amount plus any Contingent Coupon that may be due on such date. The securities will
cease to be outstanding following an early redemption and no Contingent Coupon will accrue or be payable following such early
redemption.

The following hypothetical example illustrates how the payment on the securities upon an early redemption is calculated as
well as how the payment of any Contingent Coupons will be determined. The example below reflects the Contingent Coupon of
$20.875 that may be payable on one or more of the Coupon Payment Dates.

Ex a m ple 1 : T he c losing le ve ls of bot h U nde rlyings a re gre a t e r t ha n or e qua l t o t he ir re spe c t ive Coupon
Ba rrie rs on t he se c ond a nd fourt h Obse rva t ion Da t e s , a nd t he I ssue r e le c t s t o re de e m t he se c urit ie s on t he
fourt h Coupon Pa ym e nt Da t e . Because the closing levels of both Underlyings on the second and fourth Observation Dates
are greater than or equal to their respective Coupon Barriers, the investor will receive the Contingent Coupon of $20.875 on each
of the second and fourth Coupon Payment Dates. Because the Issuer has elected to redeem the securities, the investor will receive
a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon) on the Call Settlement
Date. As a result, the investor will receive a total of $1,041.750 per $1,000 Face Amount of securities over the approximately one
year the securities are outstanding, which is equal to the Face Amount plus the Contingent Coupons due on the second and fourth
Coupon Payment Dates. The securities will cease to be outstanding following the early redemption and no Contingent Coupon will
accrue or be payable following such early redemption.

If the securities are not redeemed by us prior to maturity:

The following table illustrates the hypothetical Payments at Maturity (excluding any Contingent Coupons) per $1,000 Face
Amount of securities for a hypothetical range of performances of the Laggard Underlying if the securities are not redeemed by
us prior to maturity. We m a k e no re pre se nt a t ion or w a rra nt y a s t o w hic h of t he U nde rlyings w ill be t he
La gga rd U nde rlying for purpose s of c a lc ula t ing t he Pa ym e nt a t M a t urit y . The hypothetical Payments at Maturity
set forth in the table below reflect the Coupon Barrier for each Underlying of 75.00% of its respective Initial Level and Trigger
Level for each Underlying of 60.00% of its respective Initial Level. The actual Initial Level, Coupon Barrier and Trigger Level
for each Underlying are set forth on the cover of this pricing supplement.

Hypothetical U nde rlying
Hypothetical Pa ym e nt a t
Hypothetical Re t urn on t he
Re t urn of t he La gga rd
M a t urit y (excluding any
Se c urit ie s (excluding any Contingent
U nde rlying (% )
Contingent Coupon) ($)
Coupon) (% )
100.00%
$1,000.00
0.00%
90.00%
$1,000.00
0.00%
80.00%
$1,000.00
0.00%
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70.00%
$1,000.00
0.00%
60.00%
$1,000.00
0.00%
50.00%
$1,000.00
0.00%
40.00%
$1,000.00
0.00%
30.00%
$1,000.00
0.00%
20.00%
$1,000.00
0.00%
10.00%
$1,000.00
0.00%
0 .0 0 %
$ 1 ,0 0 0 .0 0
0 .0 0 %
-10.00%
$1,000.00
0.00%
-20.00%
$1,000.00
0.00%
-30.00%
$1,000.00
0.00%
-4 0 .0 0 %
$ 1 ,0 0 0 .0 0
0 .0 0 %
-41.00%
$590.00
-41.00%
-50.00%
$500.00
-50.00%
-60.00%
$400.00
-60.00%
-70.00%
$300.00
-70.00%
-80.00%
$200.00
-80.00%
-90.00%
$100.00
-90.00%
-100.00%
$0.00
-100.00%

The following hypothetical examples illustrate how the payments on the securities set forth in the table above are calculated as
well as how the payment of any Contingent Coupons will be determined. The examples below reflect the Contingent Coupon of
$20.875 that may be payable on one or more of the Coupon Payment Dates.

Ex a m ple 1 : T he c losing le ve ls of bot h U nde rlyings a re gre a t e r t ha n or e qua l t o t he ir re spe c t ive Coupon
Ba rrie rs on t he first a nd t hird Obse rva t ion Da t e s a nd t he fina l Obse rva t ion Da t e , but t he c losing le ve l of
a t

PS-8

le a st one U nde rlying is le ss t ha n it s Coupon Ba rrie r on e a c h of t he ot he r Obse rva t ion Da t e s . T he Fina l
Le ve l of t he La gga rd U nde rlying is gre a t e r t ha n it s T rigge r Le ve l . Because the Final Level of the Laggard
Underlying is greater than its Trigger Level (60.00% of its Initial Level), the investor will receive on the Maturity Date a cash
payment of $1,000.00 per $1,000 Face Amount of securities (excluding any Contingent Coupon).

Because the closing levels of both Underlyings on the first and third Observation Dates and the final Observation Date are
greater than or equal to their respective Coupon Barriers, but the closing level of at least one Underlying is less than its
Coupon Barrier on each of the other Observation Dates, the investor will receive the Contingent Coupon of $20.875 on the first
and third Coupon Payment Dates and the Maturity Date, but not on the other Coupon Payment Dates. As a result, the
investor will receive a total of $1,062.625 per $1,000 Face Amount of securities over the term of the securities.

Ex a m ple 2 : T he c losing le ve ls of bot h U nde rlyings a re gre a t e r t ha n or e qua l t o t he ir re spe c t ive Coupon
Ba rrie rs on t he t e nt h Obse rva t ion Da t e , but t he c losing le ve l of a t le a st one U nde rlying is le ss t ha n it s
Coupon Ba rrie r on e a c h of t he ot he r Obse rva t ion Da t e s . T he Fina l Le ve l of t he La gga rd U nde rlying is
gre a t e r t ha n it s T rigge r Le ve l , re sult ing in a n U nde rlying Re t urn for t he La gga rd U nde rlying of -3 0 .0 0 % .
Because the Final Level of the Laggard Underlying is greater than its Trigger Level, the investor will receive on the Maturity
Date a cash payment of $1,000 per $1,000 Face Amount of securities (excluding any Contingent Coupon).

Because the closing levels of both Underlyings on the tenth Observation Date are greater than or equal to their respective
Coupon Barriers, but the closing level of at least one Underlying is less than its Coupon Barrier on each of the other
Observation Dates (including the final Observation Date), the investor will receive the Contingent Coupon of $20.875 on the
tenth Coupon Payment Date, but not on the other Coupon Payment Dates (including the Maturity Date). As a result, the
investor will receive a total of $1,020.875 per $1,000 Face Amount of securities over the term of the securities.

Ex a m ple 3 : T he c losing le ve l of a t le a st one U nde rlying is le ss t ha n it s Coupon Ba rrie r on e a c h
Obse rva t ion Da t e (inc luding t he fina l Obse rva t ion Da t e ). T he Fina l Le ve l of one U nde rlying is gre a t e r
t ha n it s T rigge r Le ve l , but t he Fina l Le ve l of t he La gga rd U nde rlying is le ss t ha n it s T rigge r Le ve l ,
re sult ing in a n U nde rlying Re t urn for t he La gga rd U nde rlying of -6 0 .0 0 % . Even though the Final Level of one
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Underlying is greater than its Trigger Level, because the Payment at Maturity is determined solely by reference to the Final
Level of the Laggard Underlying and the Final Level of the Laggard Underlying is less than its Trigger Level, the investor will
receive on the Maturity Date a cash payment of $400.00 per $1,000 Face Amount of securities (excluding any Contingent
Coupon), calculated as follows:

$1,000 + ($1,000 x Underlying Return of the Laggard Underlying)
$1,000 + ($1,000 x -60.00%) = $400.00

Because the closing level of at least one Underlying is less than its Coupon Barrier on each Observation Date (including the final
Observation Date), the investor will not receive any Contingent Coupon over the entire term of the securities. As a result, the
investor will receive only $400.00 per $1,000 Face Amount of securities over the ten year term of the securities, resulting in a loss
of 60.00% on the securities.

Se le c t e d Purc ha se Conside ra t ions

·
T H E SECU RI T I ES M AY OFFER A H I GH ER , T H OU GH CON T I N GEN T , COU PON T H AN T H E Y I ELD ON
DEBT SECU RI T I ES OF COM PARABLE M AT U RI T Y I SSU ED BY U S OR BY AN I SSU ER WI T H A
COM PARABLE CREDI T RAT I N G -- The securities will pay Contingent Coupons only if the closing levels of
bot h Underlyings are greater than or equal to their respective Coupon Barriers on the relevant Observation Date.
Payment of a Contingent Coupon may result in a higher yield than that received on debt securities of comparable
maturity issued by us or by an issuer with a comparable credit rating, but is subject to the risk that the closing level of
at least one Underlying will be less than its Coupon Barrier on an Observation Date and the resulting forfeiture of the
Contingent Coupon for the entire period as well as the risk of losing a significant portion or all of your investment if the
securities are not redeemed by us and the Final Level of the Laggard Underlying is less than its Trigger Level. Any
pa ym e nt on t he se c urit ie s is subje c t t o our a bilit y t o sa t isfy our obliga t ions a s t he y be c om e due .

·
POT EN T I AL EARLY EX I T AS A RESU LT OF EARLY REDEM PT I ON AT I SSU ER 'S OPT I ON -- While the
original term of the securities is approximately ten years, the securities may be redeemed by us, in our sole discretion,
in whole, but not in part, on any Coupon Payment Date beginning approximately one year after the Settlement Date
but prior to maturity, and you will receive a cash payment per $1,000 Face Amount of securities on the Call Settlement
Date equal to the Face Amount plus any Contingent Coupon that may be due on such date. Therefore, the term of the
securities could be as short as approximately one year. No Contingent Coupon will accrue or be payable following an
early redemption. For the avoidance of doubt, the

PS-9

discounts and commissions described on the cover of this pricing supplement will not be rebated or subject to
amortization if the securities are redeemed by us.

·
CON T I N GEN T COU PON S -- Unless the securities are previously redeemed by us, Contingent Coupons, if any, will
be paid in arrears on the relevant quarterly Coupon Payment Dates only if the closing levels of bot h Underlyings on
the relevant Observation Date are greater than or equal to their respective Coupon Barriers.

·
LI M I T ED PROT ECT I ON AGAI N ST LOSS -- If the securities are not redeemed by us prior to maturity and the
Final Level of the Laggard Underlying is greater than or equal to its Trigger Level, for each $1,000 Face Amount of
securities, you will receive a cash payment at maturity equal to the Face Amount plus any Contingent Coupon
otherwise due on such date. However, if the securities are not redeemed by us prior to maturity and the Final Level of
the Laggard Underlying is less than its Trigger Level, for each $1,000 Face Amount of securities, you will lose 1.00%
of the Face Amount for every 1.00% by which the Final Level of the Laggard Underlying is less than its Initial Level.
I n t his c irc um st a nc e , you w ill lose a signific a nt port ion or a ll of your inve st m e nt in t he se c urit ie s.

·
RET U RN LI N K ED T O T H E LESSER PERFORM I N G OF T H E T WO U N DERLY I N GS -- The return on the
securities, which may be positive, zero or negative, is linked to the lesser performing of the Russell 2000® Index and
the EURO STOXX 50® Index as described herein. If the securities are not redeemed by us prior to maturity, the
Payment at Maturity you receive, if any, will be determined solely by reference to the performance of the Laggard
Underlying.

Russe ll 2 0 0 0 ® I nde x
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