Maximum Aggregate Offering Price. HSBC and the Calculation Agent are under no obligation to consider your interests as a holder of the Notes in taking any corporate actions or other actions, that might affect the price of the Reference Asset and the value of the Notes. Redemption Amount Knock-In Event does not occur. The price of your Notes in the secondary market, if any, at any time after issuance will vary based on many factors, including the price of the Reference Asset and changes in market conditions, and cannot be predicted with accuracy. The banking industry is highly competitive and failure to maintain or increase market share may result in lost market share. If the Calculation Agent, in its sole discretion, determines that any of these events prevents us or any of our affiliates from properly hedging our obligations under the Notes or prevents the Calculation Agent from determining the Reference Return or Payment at Maturity in the ordinary manner, the Calculation Agent will determine the Reference Return or Payment at Maturity in good faith and in a commercially reasonable manner, and it is possible that the Final Valuation Date and the Maturity Date will be postponed, which may adversely affect the return on your Notes.

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Preliminary Pricing Supplement No. This information is not intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice. You may revoke your offer to purchase the securities at any time prior to the time at which we accept such offer on fnr date the securities are priced. Price to Public 1. Lowest closing level of the Underlying. Your payment at maturity will be determined before the Observation Date and will not reflect any further Index appreciation after this early determination.

If the securities are redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of risk that yield as much interest as the securities. As a result, the actual and perceived creditworthiness of HSBC may affect the market value of the Notes and, in the event HSBC were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes.


Investment suitability must be determined fny for each investor, and the financial instruments described herein may not be suitable for all investors. The examples are intended to illustrate hypothetical calculations of only the Redemption Amount and do not illustrate the calculation or payment of any individual interest payment. Initial Level of RTY. The Barclays Capital U. Before you invest, you should read the prospectus and other documents []led by Deutsche Bank AG, London Branch for more complete information about the issuer and this offering.

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Dated May 23, The tables and examples assume that i the securities are not redeemed prior to maturity, ii the Applicable Rate is This will be true even if the closing level of the Lowest Performing Underlying was never less than or equal to its Knock-In Level on any trading day for that Underlying during any Observation Period. The return on your investment, which is based on the percentage change in the Underlyings, is not the same as the total return you would cnt based on the purchase of the equity securities fnf comprise the Underlyings.

The Notes may not be suitable for you if: The amount of the stated interest rate on the security that constitutes interest on the Deposit as defined in the accompanying product supplement equals 0. Your investment is linked fnr the Reference Asset, which is an index fund. Each subsequent quarterly Observation Period will be from but excluding an Observation Date to and including the next following Observation Date.


Terms used in this pricing supplement are described or defined herein and in the accompanying ETF Underlying Supplement, prospectus supplement and prospectus.

The liquidity measurement used is a liquidity ratio, defined as dollar value traded over the previous months divided by the float-adjusted market capitalization as of the underlying index rebalancing reference u06. An investment in the Notes involves significant risks.

Supplemental Plan of Distribution Conflicts of Interest.

The determination of the closing level for each Underlying not affected by a market disruption event on an Observation Date other than the Valuation Date or by an Observation Date other than the Valuation Date not being a trading day for such Underlying will occur on such Observation Date. No interest will accrue or be payable following an Early Redemption.

If the Valuation Date for any Underlying is postponed as a result of a market disruption event as described in the accompanying product u06 or because the scheduled Valuation Date is not an underlying business day for any Underlying, then the Maturity Date will be postponed to the fifth business day following the latest Valuation Date for any Underlying.

Underlying Return of the Lowest Performing Underlying. Index history does not re[]ect any transaction costs or expenses. January 28, Maturity Date: The securities will not be listed on any securities exchange.

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Some or all of these factors may influence the price that nft will receive if you choose to sell your securities prior to maturity. We obtained the closing levels below from Bloomberg, without independent verification. The total number of companies in the underlying index should be at least

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