Company: ADZCF
Filing Date: 2025-12-03
Form Type: 424B2
Source: 0000950103-25-015661
Chunk: 15

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-03
Form: 424B2
Chunk 15
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 FLOATING RATE PERIOD IS BASED ON A COMPOUNDED SOFR RATE, WHICH IS RELATIVELY NEW IN THE MARKETPLACE — For each Interest             
 Period during the Floating Rate Period, the Interest Rate on the notes is based on Compounded SOFR, which is calculated using the specific     
 formula described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying                      
 prospectus supplement, not the SOFR rate published on or in respect of a particular date during such Interest Period or an arithmetic          
 average of SOFR rates during such period. For this and other reasons, the Interest Rate on the notes during any Interest Period within         
 the Floating Rate Period will not be the same as the interest rate on other SOFR-linked investments that use an alternative basis to determine 
 the applicable interest rate. Further, if the SOFR rate in respect of a particular date during an Interest Period within the Floating          
 Rate Period is negative, its contribution to Compounded SOFR will be less than one, resulting in a reduction to Compounded SOFR used to        
 calculate the interest payable on the notes on the Interest Payment Date for such Interest Period.                                             |

In addition, the method for calculating
an Interest Rate based on SOFR in market precedent varies. Variation in the market based on payment delays, observation periods, lookbacks
and/or lockout/suspension periods could adversely affect the market value of the notes.

| · | SOFR MAY BE MORE VOLATILE                                                                                                                   
 THAN OTHER BENCHMARK OR MARKET RATES — Since the initial publication of SOFR, daily changes in the rate have, on occasion, been             
 more volatile than daily changes in other benchmark or market rates, such as USD LIBOR, during corresponding periods. In addition, although 
 changes in term SOFR and compounded SOFR generally are not expected to be as volatile as changes in SOFR on a daily basis, the return       
 on, value of and market for the SOFR notes may fluctuate more than floating rate debt securities with interest rates based on less volatile 
 rates.                                                                                                                                      |

| · | COMPOUNDED SOFR WITH RESPECT                                                                                                                 
 TO A PARTICULAR INTEREST PERIOD DURING THE FLOATING RATE PERIOD WILL ONLY BE CAPABLE OF BEING DETERMINED AT THE END OF THE RELEVANT INTEREST 
 PERIOD — The level of Compounded SOFR applicable to a particular Interest Period during the Floating Rate Period and, therefore,             
 the amount of interest