Deutsche Bank AG/Bonus/28/Put/GOLDS

This Reverse Bonus Certificate is linked to Deutsche Bank AG, the underlying instrument, and has a term ending on June 23, 2027. The investor benefits from a negative performance of the underlying. The product features a protection level of EUR 42.00 and a reverse level of EUR 48.00. If the underlying never trades at or above the protection level during the observation period from November 13, 2025 until June 18, 2027, the investor receives a redemption in the amount of the reverse level, less the level of the underlying times the multiplier of 1.00 at the end of the term; at least the bonus amount of EUR 28.00. If the protection level is touched or penetrated, the bonus amount claim will lapse; redemption will be made at the end of the term and amount to the reverse level, less the level of the underlying, adjusted for the multiplier.