Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 22
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 Reset Date to, but excluding the Maturity Date (the “ Floating Rate Period”), the notes will bear interest at a variable rate (referred to herein as the “ Interest Rate” during the Floating Rate Period) equal to the Compounded SOFR plus % (the “ Spread”), payable on a quarterly basis in arrears on March , June , September and December of each year, commencing on March , 2031 and ending on the Maturity Date (each, an “ Interest Payment Date” during the Floating Rate Period) based on an Actual/360 day count convention. In no case will the amount payable on any Interest Payment Date be less than zero.If any scheduled Interest
Payment Date (other than the Maturity Date) during the Floating Rate Period is not a Business Day, it will be postponed to the following
Business Day, except that, if that Business Day would fall in the next calendar month, the Interest Payment Date will be the immediately
preceding Business Day. If the scheduled final Interest Payment Date (i.e., the Maturity Date) falls on a day that is not a Business Day,
the payment of principal and interest will be made on the next succeeding Business Day, but interest on that payment will not accrue from
and after the scheduled final Interest Payment Date.

<div align='center'>PS-14</div>

The “ Compounded SOFR” means, with respect to any Interest Period during the Floating Rate Period, the rate of return of a daily compounded interest investment over the Observation Period corresponding to that Interest Period, calculated in accordance with the specific formula described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement.

The “ Interest Periods” mean:

| · | with respect to the Fixed Rate Period, each period                                                                                           
 from, and including, an Interest Payment Date (or the Settlement Date in the case of the first Interest Period during the Fixed Rate Period) 
 to, but excluding, the following Interest Payment Date (or the Reset Date in the case of the final Interest Period during the Fixed Rate     
 Period); and                                                                                                                                 |

| · | with respect to the Floating Rate Period, each                                                                                            
 period from, and including, an Interest Payment Date (or the Reset Date in the case of the first Interest Period during the Floating Rate 
 Period) to, but excluding, the following Interest Payment Date (or the Maturity Date in the case of the final Interest Period during the  
 Floating Rate Period).                                                                                                                    |

In