Exhibit 99.2

Articles of Association of Deutsche Bank Aktiengesellschaft

In conformity with the resolutions of the Supervisory Board General Meeting on December 12,

2024May 22, 2025

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I.General Provisions

§ 1

The stock corporation bears the name

Deutsche Bank

Aktiengesellschaft

It is domiciled in Frankfurt am Main.

§ 2

(1)The object of the enterprise is the transaction of banking business of every kind, the

provision of financial and other services, and the promotion of international economic

relations. The Company may realize this object itself or through subsidiaries and affiliated

companies.

(2)To the extent permitted by law, the Company is entitled to transact all business and take all

steps which appear likely to promote the object of the Company, in particular to acquire and

dispose of real estate, to establish branches at home and abroad, to acquire, administer and

dispose of participations in other enterprises, and to conclude enterprise agreements.

§ 3

(1)The Company’s notices shall be published in the Federal Gazette [Bundesanzeiger].

(2)Information to the owners of admitted securities may also be communicated by way of

remote data transmission.

II.Share Capital and Shares

§ 4

(1)The share capital is €4,987,527,385.60.

It is divided into 1,948,252,885 no par value shares.

(2)The Company shall not obtain any lien pursuant to its General Business Conditions in

respect of the shares it has issued except by special pledging agreements.

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(3)(deleted)The Management Board is authorized to increase the share capital on or before

April 30, 2030, once or more than once, by up to a total of €1,995,000,000 through the issue

of new shares against cash payments (Authorized Capital 2025/I). Shareholders are to be

granted pre-emptive rights. However, the Management Board is authorized to except broken

amounts from shareholders’ pre-emptive rights and to exclude pre-emptive rights insofar as

is necessary to grant to the holders of option rights, convertible bonds and convertible

participatory rights issued by the company and its affiliated companies pre-emptive rights to

new shares to the extent that they would be entitled to such rights after exercising their

option or conversion rights. The Management Board may make use of the authorizations

above to exclude pre-emptive rights only to the extent that the proportional amount of the

newly issued shares with the exclusion of pre-emptive rights does not exceed 10% of the

share capital. Decisive for calculating the 10% limit is the amount of share capital at the time

this authorization becomes effective. Should the amount of share capital be lower at the time

this authorization is exercised, this amount is decisive. If, during the period of this

authorization until its utilization, use is made of other authorizations to issue company shares

or to issue rights that enable or obligate the subscription of the company’s shares and pre-

emptive rights are excluded in the process, this is to be counted towards the 10% limit

specified above. Management Board resolutions to utilize authorized capital and to exclude

pre-emptive rights require the Supervisory Board’s approval. The new shares may also be

taken up by banks specified by the Management Board with the obligation to offer them to

shareholders (indirect pre-emptive right).

(4)The Management Board is authorized to increase the share capital on or before April 30,

2026, once or more than once, by up to a total of €512,000,000 through the issue of new

shares against cash payments (Authorized Capital 2021/I). Shareholders are to be granted

pre-emptive rights. However, the Management Board is authorized to except broken

amounts from shareholders’ pre-emptive rights and to exclude pre-emptive rights insofar as

is necessary to grant to the holders of option rights, convertible bonds and convertible

participatory rights issued by the company and its affiliated companies pre-emptive rights to

new shares to the extent that they would be entitled to such rights after exercising their

option or conversion rights. The Management Board is also authorized to exclude the pre-

emptive rights in full if the issue price of the new shares is not significantly lower than the

quoted price of the shares already listed at the time of the final determination of the issue

price and the total shares issued since the authorization in accordance with § 186 (3)

sentence 4 Stock Corporation Act do not exceed 10% of the share capital at the time the

authorization becomes effective – or if the value is lower – at the time the authorization is

utilized. Shares that are issued or sold during the validity of this authorization with the

exclusion of preemptive rights, in direct or analogous application of § 186 (3) sentence 4

Stock Corporation Act, are to be included in the maximum limit of 10% of the share capital.

Also to be included are shares that are to be issued to service option and/or conversion

rights from convertible bonds, bonds with warrants, convertible participatory rights or

participatory rights, if these bonds or participatory rights are issued during the validity of this

authorization with the exclusion of pre-emptive rights in corresponding application of § 186

(3) sentence 4 Stock Corporation Act. The Management Board may make use of the

authorizations above to exclude preemptive rights only to the extent that the proportional

amount of the newly issued shares with the exclusion of pre-emptive rights does not exceed

10% of the share capital. Decisive for calculating the 10% limit is the amount of share capital

at the time this authorization becomes effective. Should the amount of share capital be lower

at the time this authorization is exercised, this amount is decisive. If, during the period of this

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authorization until its utilization, use is made of other authorizations to issue company shares

or to issue rights that enable or obligate the subscription of the company’s shares and pre-

emptive rights are excluded in the process, this is to be counted towards the 10% limit

specified above. Management Board resolutions to utilize authorized capital and to exclude

pre-emptive rights require the Supervisory Board’s approval. The new shares may also be

taken up by banks specified by the Management Board with the obligation to offer them to

shareholders (indirect pre-emptive right).The Management Board is authorized to increase

the share capital on or before April 30, 2030, once or more than once, by up to a total of

€498,000,000 through the issue of new shares against cash payments (Authorized Capital

2025/II). Shareholders are to be granted pre-emptive rights. However, the Management

Board is authorized to except broken amounts from shareholders’ pre-emptive rights and to

exclude pre-emptive rights insofar as is necessary to grant to the holders of option rights,

convertible bonds and convertible participatory rights issued by the company and its

affiliated companies pre-emptive rights to new shares to the extent that they would be

entitled to such rights after exercising their option or conversion rights. The Management

Board is also authorized to exclude the pre-emptive rights in full if the issue price of the new

shares is not significantly lower than the quoted price of the shares already listed at the time

of the final determination of the issue price and the total shares issued since the

authorization in accordance with § 186 (3) sentence 4 Stock Corporation Act do not exceed

10% of the share capital at the time the authorization becomes effective or – if the value is

lower – at the time the authorization is utilized. Shares that are issued or sold during the

validity of this authorization with the exclusion of pre-emptive rights, in direct or analogous

application of § 186 (3) sentence 4 Stock Corporation Act, are to be included in the

maximum limit of 10% of the share capital. Also to be included are shares that are to be

issued to service option and/or conversion rights from convertible bonds, bonds with

warrants, convertible participatory rights or participatory rights, if these bonds or participatory

rights are issued during the validity of this authorization with the exclusion of pre-emptive

rights in corresponding application of § 186 (3) sentence 4 Stock Corporation Act. The

Management Board may make use of the authorizations above to exclude pre-emptive rights

only to the extent that the proportional amount of the newly issued shares with the exclusion

of pre-emptive rights does not exceed 10% of the share capital. Decisive for calculating the

10% limit is the amount of share capital at the time this authorization becomes effective.

Should the amount of share capital be lower at the time this authorization is exercised, this

amount is decisive. If, during the period of this authorization until its utilization, use is made

of other authorizations to issue company shares or to issue rights that enable or obligate the

subscription of the company’s shares and pre-emptive rights are excluded in the process,

this is to be counted towards the 10% limit specified above. Management Board resolutions

to utilize authorized capital and to exclude pre-emptive rights require the Supervisory

Board’s approval. The new shares may also be taken up by banks specified by the

Management Board with the obligation to offer them to shareholders (indirect pre-emptive

right).

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(5) The Management Board is authorized to increase the share capital on or before April

30,2026, once or more than once, by up to a total of €2,048,000,000 through the issue of

new shares against cash payments (Authorized Capital 2021/II). Shareholders are to be

DEUTSCHE BANK AKTIENGESELLSCHAFT 6-K