Bond Deutsch Bank London 6% ( US25155MKS97 ) in USD

Issuer Deutsch Bank London
Market price 100 %  ⇌ 
Country  Germany
ISIN code  US25155MKS97 ( in USD )
Interest rate 6% per year ( payment 2 times a year)
Maturity 17/10/2019 - Bond has expired



Prospectus brochure of the bond Deutsche Bank (London Branch) US25155MKS97 in USD 6%, expired


Minimal amount 1 000 USD
Total amount 7 107 000 USD
Cusip 25155MKS9
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Deutsche Bank (London Branch) is a subsidiary of Deutsche Bank AG, operating as a significant financial institution in London, offering a wide range of banking and financial services.

The Bond issued by Deutsch Bank London ( Germany ) , in USD, with the ISIN code US25155MKS97, pays a coupon of 6% per year.
The coupons are paid 2 times per year and the Bond maturity is 17/10/2019







424B2 1 dp89593_424b2-ps3073b.htm FORM 424B2
Pric ing Supple m e nt N o. 3 0 7 3 B
Registration Statement No. 333­206013
To underlying supplement No. 1 dated August 17, 2015,
Rule 424(b)(2)
product supplement B dated July 31, 2015,
prospectus supplement dated July 31, 2015 and
prospectus dated April 27, 2016


De ut sc he Ba nk AG
$ 7 ,1 0 7 ,0 0 0 Aut oc a lla ble Se c urit ie s Link e d t o t he Le sse r Pe rform ing of t he S& P 5 0 0 ®
I nde x a nd t he Russe ll 2 0 0 0 ® I nde x due Oc t obe r 1 7 , 2 0 1 9

Ge ne ra l
·
The securities are designed for investors who seek a return at maturity linked to the lesser performing of the S&P 500® Index
and the Russell 2000® Index (each, an "U nde rlying"). In addition, the securities will pay Coupons on a quarterly basis at a
rate of 6.00% per annum.
·
If the closing levels of bot h Underlyings on any semi-annual Observation Date are greater than or equal to their respective
Initial Levels, the securities will be automatically called and you will receive on the applicable Call Settlement Date a cash
payment per $1,000 Face Amount of securities equal to the Face Amount plus the Coupon otherwise due on such date. The
securities will cease to be outstanding following an Automatic Call and no Coupon will accrue or be payable following the Call
Settlement Date.
·
If the securities are not automatically called 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 Buffer Level (equal to 80.00% of its Initial Level), for each $1,000 Face
Amount of securities, investors will receive a cash payment at maturity equal to the Face Amount plus the Coupon otherwise
due on such date. However, if the securities are not automatically called and the Final Level of the Laggard Underlying is less
than its Buffer Level, for each $1,000 Face Amount of securities, while you will still receive the Coupon otherwise due on such
date, you will lose 1.25% of the Face Amount for every 1.00% by which the Final Level of the Laggard Underlying is less than
its Initial Level by an amount greater than the Buffer Amount of 20.00%. The securities do not pay any dividends and investors
should be willing to lose some or all of their investment if the securities are not automatically called and the Final Level of
either Underlying is less than its Buffer Level. Any payment on the securities is subject to the credit of the Issuer.
·
The first Observation Date, and therefore the earliest date on which an Automatic Call may be initiated, is October 12, 2018.
·
Senior unsecured obligations of Deutsche Bank AG due October 17, 2019
·
Minimum purchase of $1,000. Minimum denominations of $1,000 (the "Fa c e Am ount ") and integral multiples thereof.
·
The securities priced on April 12, 2018 (the "T ra de Da t e ") and are expected to settle on April 17, 2018 (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:
U nde rlying
T ic k e r Sym bol
I nit ia l Le ve l
Buffe r Le ve l


S&P 500® Index
SPX
2,642.19
2,113.75


Russell 2000® Index
RTY
1,546.805
1,237.444

Coupon:
The securities will pay Coupons in arrears on the quarterly Coupon Payment Dates in 6 equal
installments based on the Coupon rate of 6.00% per annum. Each installment will equal $15.00 per
$1,000 Face Amount of securities. No Coupon will accrue or be payable following an automatic call.

(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 $ 9 8 9 .8 0 pe r $ 1 ,0 0 0 Fa c e Am ount of
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
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


pa ge PS­3 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 PS­4 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
$0.50
$999.50
T ot a l
$7,107,000.00
$3,553.50
$7,103,446.50
(1)For more detailed information about discounts and commissions, please see "Supplemental Plan of Distribution (Conflicts of
Interest)" in this pricing supplement. The securities will be sold with underwriting discounts and commissions in an amount of
$0.50 per $1,000 Face Amount of securities.

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

April 12, 2018


(Key Terms continued from previous page)

Coupon Payment Dates1: Quarterly, on July 17, 2018, October 17, 2018, January 17, 2019, April 17, 2019, July 17, 2019 and
October 17, 2019 (Maturity Date). If the securities are automatically called, the applicable Coupon will
be paid on the corresponding Call Settlement Date and no further amounts will be paid on the
securities.
Automatic Call:
The securities will be automatically called by the Issuer if, on any of the Observation Dates, the closing
levels of bot h Underlyings are greater than or equal to their respective Initial Levels. If the securities
are automatically called, you will receive a cash payment per $1,000 Face Amount of securities on the
related Call Settlement Date equal to the Face Amount plus the Coupon otherwise due on such date.
The securities will cease to be outstanding following an Automatic Call and no Coupon will accrue or be
payable following the Call Settlement Date.
Semi-annually, on the dates set forth in the table under "Call Settlement Date" below
Observation Dates2:
Call Settlement Date2:
As set forth in the table below. For the final Observation Date, the Call Settlement Date will be the
Maturity Date.

Obse rva t ion Da t e
Ca ll Se t t le m e nt Da t e
October 12, 2018
October 17, 2018
April 12, 2019
April 17, 2019
October 14, 2019
October 17, 2019
(Final Valuation Date)
(Maturity Date)
Payment at Maturity:
If the securities are not automatically called, you will receive a cash payment at maturity (excluding any
Coupon payment) that will depend solely on the Final Level of the Laggard Underlying, calculated as
follows:

https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


· If the Final Level of the Laggard Underlying is greater than or equal to its Buffer
Le ve l , you will receive a cash payment at maturity equal to the Face Amount per $1,000 Face
Amount of securities.

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

$1,000 + [$1,000 x (Underlying Return of the Laggard Underlying + Buffer Amount) x Downside
Participation Factor]

If the securities are not automatically called and the Final Level of the Laggard Underlying is less than
its Buffer Level, for each $1,000 Face Amount of securities, you will lose 1.25% of the Face Amount for
every 1.00% by which the Final Level of the Laggard Underlying is less than its Initial Level by an
amount greater than the Buffer Amount. In this circumstance, you will lose some or all of your
investment at maturity. Any payment at maturity is subject to the credit of the Issuer.

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.

Buffer Level:
For each Underlying, 80.00% of the Initial Level of such Underlying, as set forth in the table under
"Underlyings" above
Buffer Amount:
20.00%
Downside Participation
125.00%
Factor:
Initial Level:
For each Underlying, the Closing Level of such Underlying on April 11, 2018, as set forth in the table
under "Underlyings" above. T he I nit ia l Le ve l for e a c h U nde rlying is not t he Closing Le ve l of
suc h U nde rlying on t he T ra de Da t e .
Final Level:
For each Underlying, the Closing Level of such Underlying on the Final Valuation Date
Trade Date:
April 12, 2018
Settlement Date:
April 17, 2018
Final Valuation Date2:
October 14, 2019
Maturity Date2:
October 17, 2019
Listing:
The securities will not be listed on any securities exchange.
CUSIP / ISIN:
25155MKS9 / US25155MKS97

1 Subject to adjustment as described under "Description of Securities -- Periodic and Contingent Coupons" in the accompanying
product supplement.

2 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 Call Settlement Date will be postponed
as described under "Description of Securities -- Adjustments to Valuation Dates and Payment Dates" in the accompanying
product supplement.



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
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


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
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 three 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-3

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
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


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
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

PS-4

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:
https://www.sec.gov/Archives/edgar/data/1159508/000095010315006546/crt_dp58829-424b2.pdf
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]



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

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

·
Prospectus dated April 27, 2016:
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.

Y ou m a y re vok e your offe r t o purc ha se t he se c urit ie s a t a ny t im e prior t o t he t im e a t w hic h w e a c c e pt suc h
offe r by not ifying t he a pplic a ble a ge nt . We re se rve t he right t o c ha nge t he t e rm s of, or re je c t a ny offe r t o
purc ha se , t he se c urit ie s prior t o t he ir issua nc e . We w ill not ify you in t he e ve nt of a ny c ha nge s t o t he t e rm s
of t he se c urit ie s a nd you w ill be a sk e d t o a c c e pt suc h c ha nge s in c onne c t ion w it h your purc ha se of a ny
se c urit ie s. Y ou m a y c hoose t o re je c t suc h c ha nge s, in w hic h c a se w e m a y re je c t your offe r t o purc ha se t he
se c urit ie s.

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 be determined on the relevant Observation Date or on the Final Valuation Date, as applicable. 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 are called:

The following table illustrates the payment due upon an Automatic Call (excluding any Coupon payment) per $1,000 Face Amount
of securities on each of the Observation Dates.

Pa ym e nt upon a n Aut om a t ic Ca ll
Obse rva t ion Da t e
Ca ll Se t t le m e nt Da t e
($) (per $1,000 Face Amount of securities)
October 12, 2018
October 17, 2018
$1,000.00
April 12, 2019
April 17, 2019
$1,000.00
October 14, 2019
October 17, 2019
$1,000.00
(Final Valuation Date)
(Maturity Date)


If the securities are called on an Observation Date, for each $1,000 Face Amount of securities, the investor will receive a cash
payment equal to the Face Amount plus the Coupon otherwise due on such date. No Coupon will accrue or be payable following
the Call Settlement Date.

If the securities are not called:

The following table illustrates the hypothetical Payments at Maturity (excluding Coupon payments) per $1,000 Face Amount of
securities for a hypothetical range of performances of the Laggard Underlying if the securities are not automatically called. Because
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


the securities are not automatically called on the final Observation Date, the Final Level of at least one of the Underlyings will be
less than its Initial Level.

The hypothetical Payments at Maturity set forth in the table below reflect the Buffer Amount of 20.00%, the Buffer Level for each
Underlying equal to 80.00% of its Initial Level and the Downside Participation Factor of 125.00%. The actual Initial Level and Buffer
Level for each Underlying are set forth on the cover of this pricing supplement. 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 .

Hypothetical U nde rlying Re t urn of t he Hypothetical Pa ym e nt a t M a t urit y
Hypothetical Re t urn on t he Se c urit ie s
La gga rd U nde rlying (%)
($) (excluding Coupon payments)
(%) (excluding Coupon payments)
100.00%
N/A
N/A
90.00%
N/A
N/A
80.00%
N/A
N/A
70.00%
N/A
N/A
60.00%
N/A
N/A
50.00%
N/A
N/A
40.00%
N/A
N/A
30.00%
N/A
N/A
20.00%
N/A
N/A
10.00%
N/A
N/A
5.00%
N/A
N/A
0 .0 0 %
N /A
N /A
-5.00%
$1,000.00
0.00%
-10.00%
$1,000.00
0.00%
-2 0 .0 0 %
$ 1 ,0 0 0 .0 0
0 .0 0 %
-21.00%
$987.50
-1.25%
-30.00%
$875.00
-12.50%
-40.00%
$750.00
-25.00%
-50.00%
$625.00
-37.50%
-60.00%
$500.00
-50.00%

PS-7

-70.00%
$375.00
-62.50%
-80.00%
$250.00
-75.00%
-90.00%
$125.00
-87.50%
-100.00%
$0.00
-100.00%

N/A: Not applicable because the securities will be automatically called if the Final Level of the Laggard Underlying is greater than
or equal to its Initial Level.

H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y

The following hypothetical examples illustrate how the payments on the securities set forth in the tables above are calculated and
reflect the Coupon rate of 6.00% per annum.

Ex a m ple 1 : T he c losing le ve ls of both U nde rlyings a re gre a t e r t ha n t he ir re spe c t ive I nit ia l Le ve ls on t he first
Obse rva t ion Da t e . Because the closing levels of both Underlyings on the first Observation Date are greater than their
respective Initial Levels, the securities are automatically called on the first Observation Date and the investor will receive on the
related Call Settlement Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding the Coupon otherwise
due on such date). Taking into account the Coupon payment of $30.00 per $1,000 Face Amount of securities over the
approximately six months the securities are outstanding, the investor will receive a total of $1,030.00 per $1,000 Face Amount of
securities. There are no further payments on the securities.

Ex a m ple 2 : T he Closing Le ve l of a t le a st one U nde rlying is le ss t ha n it s I nit ia l Le ve l on t he first Obse rva t ion
Da t e a nd t he c losing le ve ls of both U nde rlyings a re gre a t e r t ha n t he ir re spe c t ive I nit ia l Le ve ls on t he
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


se c ond Obse rva t ion Da t e . Because the Closing Level of at least one Underlying is less than its Initial Level on the first
Observation Date, the securities are not automatically called on the first Observation Date. Because the closing levels of both
Underlyings are greater than their respective Initial Levels on the second Observation Date, the securities are automatically called
on the second Observation Date and the investor will receive on the related Call Settlement Date a cash payment of $1,000.00 per
$1,000 Face Amount of securities (excluding the Coupon otherwise due on such date). Taking into account the total Coupon
payments of $60.00 per $1,000 Face Amount of securities over the approximately one-year the securities are outstanding, the
investor will receive a total of $1,060.00 per $1,000 Face Amount of securities. There are no further payments on the securities.

Ex a m ple 3 : T he Closing Le ve l of a t le a st one U nde rlying is le ss t ha n it s I nit ia l Le ve l on e a c h Obse rva t ion
Da t e prior t o t he fina l Obse rva t ion Da t e a nd t he c losing le ve ls of both U nde rlyings a re gre a t e r t ha n t he ir
re spe c t ive I nit ia l Le ve ls on t he fina l Obse rva t ion Da t e . Because the Closing Level of at least one Underlying is less
than its Initial Level on each Observation Date prior to the final Observation Date, the securities are not automatically called prior to
the final Observation Date. Because the closing levels of both Underlyings are greater than their respective Initial Levels on the
final Observation Date, the securities are automatically called on the final Observation Date and the investor will receive on the
related Call Settlement Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding the Coupon otherwise
due on such date). Taking into account the total Coupon payments of $90.00 per $1,000 Face Amount of securities over the term of
the securities, the investor will receive a total of $1,090.00 per $1,000 Face Amount of securities.

Ex a m ple 4 : T he Closing Le ve l of a t le a st one U nde rlying is le ss t ha n it s I nit ia l Le ve l 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 ) a nd 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
Buffe r Le ve l , re sult ing in a n U nde rlying Re t urn of t he La gga rd U nde rlying of -1 0 .0 0 % . Because the Closing Level
of at least one Underlying is less than its Initial Level on each Observation Date (including the final Observation Date), the
securities are not automatically called. Because the Final Level of the Laggard Underlying is greater than its Buffer Level, the
investor will receive on the Maturity Date a cash payment of $1,000.00 per $1,000 Face Amount of securities (excluding the
Coupon otherwise due on such date). Taking into account the total Coupon payments of $90.00 per $1,000 Face Amount of
securities over the term of the securities, the investor will receive a total of $1,090.00 per $1,000 Face Amount of securities.

Ex a m ple 5 : T he Closing Le ve l of a t le a st one U nde rlying is le ss t ha n it s I nit ia l Le ve l 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 ) a nd t he Fina l Le ve l of t he La gga rd U nde rlying is le ss t ha n it s
Buffe r Le ve l (w hile t he Fina l Le ve l of t he ot he r U nde rlying is gre a t e r t ha n it s I nit ia l Le ve l ), re sult ing in a n
U nde rlying Re t urn of t he La gga rd U nde rlying of -5 0 .0 0 % . Because the Closing Level of at least one Underlying is less
than its Initial Level on each Observation Date (including the final Observation Date), the securities are not automatically called.
Because the Final Level of the Laggard Underlying is less than its Buffer Level, despite the Final Level of the other Underlying
being greater than its Initial Level, the investor will receive on the Maturity Date a cash payment of $625.00 per $1,000 Face
Amount of securities (excluding the Coupon otherwise due on such date), calculated as follows:

PS-8

$1,000 + [$1,000 x (Underlying Return of the Laggard Underlying + Buffer Amount) x Downside Participation Factor]
$1,000 + [$1,000 x (-50.00% + 20.00%) x 125.00%] = $625.00

Taking into account the total Coupon payments of $90.00 per $1,000 Face Amount of securities over the term of the securities, the
investor will receive a total of $715.00 per $1,000 Face Amount of securities.

Ex a m ple 6 : T he Closing Le ve l of a t le a st one U nde rlying is le ss t ha n it s I nit ia l Le ve l 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 ) a nd t he Fina l Le ve ls of both U nde rlyings a re le ss t ha n t he ir
re spe c t ive I nit ia l Le ve ls , w it h t he Fina l Le ve l of t he La gga rd U nde rlying be ing le ss t ha n it s Buffe r Le ve l ,
re sult ing in a n U nde rlying Re t urn of t he La gga rd U nde rlying of -7 0 .0 0 % . Because the Closing Level of at least one
Underlying is less than its Initial Level on each Observation Date (including the final Observation Date), the securities are not
automatically called. Because the Final Level of the Laggard Underlying is less than its Buffer Level, the investor will receive on the
Maturity Date a cash payment of $375.00 per $1,000 Face Amount of securities (excluding the Coupon otherwise due on such
date), calculated as follows:

$1,000 + [$1,000 x (Underlying Return of the Laggard Underlying + Buffer Amount) x Downside Participation Factor]
$1,000 + [$1,000 x (-70.00% + 20.00%) x 125.00%] = $375.00

Taking into account the total Coupon payments of $90.00 per $1,000 Face Amount of securities over the term of the securities, the
investor will receive a total of $465.00 per $1,000 Face Amount of securities.

https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


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

·
T H E SECU RI T I ES OFFER A H I GH ER COU PON I N EX CH AN GE FOR EX POSU RE T O DOWN SI DE RI SK OF
T H E LAGGARD U N DERLY I N G -- The securities will pay Coupons on a quarterly basis at a rate of 6.00% per annum.
This rate may be higher than the yield on debt securities of comparable maturity issued by us or an issuer with a
comparable credit rating because you are taking downside risk with respect to the Laggard Underlying if it declines below
its Buffer 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 .

·
LI M I T ED PROT ECT I ON AGAI N ST LOSS -- If the securities are not automatically called and the Final Level of the
Laggard Underlying is greater than or equal to its Buffer Level, for each $1,000 Face Amount of securities, you will receive
a cash payment at maturity equal to the Face Amount plus the Coupon otherwise due on such date. However, if the
securities are not automatically called and the Final Level of the Laggard Underlying is less than its Buffer Level, for each
$1,000 Face Amount of securities, while you will still receive the Coupon otherwise due on such date, you will lose 1.25%
of the Face Amount for every 1.00% by which the Final Level of the Laggard Underlying is less than its Initial Level by an
amount greater than the Buffer Amount. I n t his c irc um st a nc e , you w ill lose som e or a ll of your inve st m e nt in
t he se c urit ie s.

·
POT EN T I AL EARLY EX I T WI T H APPRECI AT I ON AS A RESU LT OF T H E AU T OM AT I C CALL FEAT U RE --
While the original term of the securities is approximately eighteen months, the securities will be automatically called if the
closing levels of both Underlyings on any semi-annual Observation Date (including the final Observation Date) are greater
than or equal to their respective Initial Levels, and you will receive a cash payment equal to the Face Amount per $1,000
Face Amount of securities (excluding Coupon payments) on the related Call Settlement Date. No Coupon will accrue or be
payable following the Call Settlement Date.

·
COU PON PAY M EN T S -- Unless the securities are previously called, the securities will pay Coupons quarterly in arrears
on an unadjusted basis on the Coupon Payment Dates in 6 equal installments based on the Coupon rate of 6.00% per
annum. Each installment will equal $15.00 per $1,000 Face Amount of securities.

·
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 S&P 500® Index and the
Russell 2000® Index as described herein. If the securities are not automatically called, the Payment at Maturity you
receive, if any, will be determined by reference to the performance of the Laggard Underlying.

S& P 5 0 0 ® I nde x

The S&P 500® Index is intended to provide a performance benchmark for the U.S. equity markets. The calculation of the
level of the S&P 500® Index is based on the relative value of the aggregate market value of the shares of 500 companies
as of a particular time as compared to the aggregate average market value of the shares of 500 similar companies during
the base period of the years 1941 through 1943. In addition, as of July 31, 2017, the securities of companies with multiple
share class structures are no longer eligible to be added to the S&P 500®

PS-9

Index. This change does not affect securities that were already included in the S&P 500® Index as of July 31, 2017 or any
new public company spun off from such a constituent. This is only a summary of the S&P 500® Index. For more
information on the S&P 500® Index, including information concerning its composition, calculation methodology and
adjustment policy, please see the section entitled "The S&P Dow Jones Indices -- The S&P U.S. Indices -- The S&P
500® Index" in the accompanying underlying supplement No. 1 dated August 17, 2015.

Russe ll 2 0 0 0 ® I nde x

The Russell 2000® Index is designed to track the performance of the small capitalization segment of the U.S. equity
market. The Russell 2000® Index measures the composite price performance of stocks of approximately 2,000 companies
domiciled in the U.S. and its territories and consists of the smallest 2,000 companies included in the Russell 3000® Index.
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


The Russell 2000® Index represents approximately 10% of the total market capitalization of the Russell 3000® Index. This
is only a summary of the Russell 2000® Index. For more information on the Russell 2000® Index, including information
concerning its composition, calculation methodology and adjustment policy, please see the section entitled "The Russell
Indices -- The Russell 2000® Index" in the accompanying underlying supplement No. 1 dated August 17, 2015.

·
T AX CON SEQU EN CES -- Due to the lack of direct legal authority, there is substantial uncertainty regarding the U.S.
federal income tax consequences of an investment in the securities. Our special tax counsel, Davis Polk & Wardwell LLP,
believes that it is reasonable to treat a security for U.S. federal income tax purposes as a put option (the "Put Opt ion")
written by you to us with respect to the Laggard Underlying, secured by a cash deposit equal to the Issue Price of the
security (the "De posit "), which will have an annual yield based on our cost of borrowing, as shown below. Our special tax
counsel has advised, however, that it is unable to conclude that it is more likely than not that this treatment will be upheld,
and that alternative treatments are possible that could materially and adversely affect the timing and character of income or
loss on your securities. Generally, if this treatment is respected, only a portion of each Coupon payment will be attributable
to interest on the Deposit; the remainder will represent premium attributable to your grant of the Put Option ("Put
Pre m ium "). Interest on the Deposit will be taxed as ordinary interest income, while the Put Premium will not be taken into
account prior to the taxable disposition of the securities (including pursuant to an automatic call or at maturity).

In 2007, the U.S. Treasury Department and the Internal Revenue Service (the "I RS") released a notice requesting
comments on various issues regarding the U.S. federal income tax treatment of "prepaid forward contracts" and similar
instruments. While it is not clear whether the securities would be viewed as similar to the typical prepaid forward contract
described in the notice, any Treasury regulations or other guidance promulgated after consideration of these issues could
materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect.

As discussed in the section of the accompanying product supplement entitled "U.S. Federal Income Tax Consequences --
`FATCA' Legislation," it would be prudent to assume that an applicable withholding agent will treat payments in respect of
the securities and gross proceeds from any taxable disposition of a security (including retirement) as subject to withholding
under FATCA. However, under a recent IRS notice, withholding under FATCA will not apply to payments of gross
proceeds (other than any amount treated as interest) from the taxable disposition of a security occurring before January 1,
2019. You should consult your tax adviser regarding the potential application of FATCA to the securities.

The discussions above and in the accompanying product supplement do not address the consequences to taxpayers
subject to special tax accounting rules under Section 451(b).

Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Se c t ion 8 7 1 (m )") generally impose a
30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to non-U.S. holders
with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m)
provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that
meet requirements set forth in the applicable Treasury regulations (such an index, a "Qua lifie d I nde x "). Additionally, a
recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2019 that do not have
a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax
purposes (each an "U nde rlying Se c urit y "). Based on certain determinations made by us, our special tax counsel is of
the opinion that Section 871(m) should not apply to the securities with regard to non-U.S. holders. Our determination is not
binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may
depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying
Security. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities.

PS-10

You should review carefully the section of the accompanying product supplement entitled "U.S. Federal Income Tax
Consequences." The preceding discussion, when read in combination with that section, constitutes the full opinion of our
special tax counsel regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Under current law, the United Kingdom will not impose withholding tax on payments made with respect to the securities.

For a discussion of certain German tax considerations relating to the securities, you should refer to the section in the
accompanying prospectus supplement entitled "Taxation by Germany of Non-Resident Holders."

Y ou should c onsult your t a x a dvise r re ga rding t he U .S . fe de ra l t a x c onse que nc e s of a n inve st m e nt in
https://www.sec.gov/Archives/edgar/data/1159508/000095010318004792/dp89593_424b2-ps3073b.htm[4/16/2018 11:44:37 AM]


Document Outline