Deutsche Bank AG/OS/Call [23]/MS

This (call) discount warrant is linked to Deutsche Bank AG, the underlying instrument, and has a term ending on March 30, 2027. In contrast to a classic warrant on the same underlying, the investor receives a discount. In return, however, he only participates in the positive performance of the underlying up to a cap of EUR 25.50. If, at the end of the term, the price of the underlying is at or above the strike price of EUR 23.00 and at or below the cap, the redemption amount is calculated as the difference between the price of the underlying and the strike price, adjusted for the multiplier of 1.00. As a result of the cap, the maximum repayment amount is EUR 2.50 (cap less strike price, times the multiplier). If the underlying is traded below the strike price, the product will expire worthless.