Term Sheet To product supplement 8 deter/fitly34 2015, prospectus supplement dated My 31, 2015 and prospectus datectluhe 31, 2015 Term Sheet No. 25478 Registration Statement No. 333-206oly Dated September g. 2015; Rule 433 Deutsche Bank Structured Investments Deutsche Bank AG S Phoenix Autocaltable Securities Linked to the Common Stock of Apple Inc. due September 28, 2016 General • The Phoenix Autocallable Securities (the "securities") are linked to the performance of the common stock of Apple Inc. (the "Underlying") and may pay a Contingent Coupon on a quarterly basis at a rate of 21.75% per annum. The Contingent Coupon will be payable on a Coupon Payment Date only if the Stock Price of the Underlying on the applicable Observation Date is greater than or equal to the Coupon Barrier, which is equal to 80.00% of the Initial Price. The Stock Price refers to (i) the Closing Price of the Underlying in the case of any Observation Date other than the final Observation Date and (ii) the Final Price (calculated in reference to the Averaging Dates as set forth below) in the case of the final Observation Date. • The securities will be automatically called if the Stock Price of the Underlying on any Observation Date is greater than or equal to the Initial Price. If the securities are automatically called, investors will receive a cash payment per $1,000 Face Amount of securities on the applicable Call Settlement Date equal to the Face Amount plusthe Contingent Coupon otherwise due on such date. The securities will cease to be outstanding following an Automatic Call and no Contingent Coupon will accrue or be payable following the Call Settlement Date. If the securities are not automatically called and the Final Price is greater than or equal to the Trigger Price (80.00% of the Initial Price), investors will receive a cash payment per $i,000 Face Amount of securities at maturity equal to the Face Amount plus the Contingent Coupon otherwise due on such da