Company: ADZCF
Filing Date: 2025-12-05
Form Type: 424B2
Source: 0000950103-25-015800
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-05
Form: 424B2
Chunk 12
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-term funding costs of banks), which may, in turn, lessen market acceptance       
 of SOFR. Any failure of SOFR to gain market acceptance could adversely affect the return on the notes and the price at which you can            
 sell such notes.                                                                                                                                |

| · | THE                                                                                                                                            
 COMPOSITION AND CHARACTERISTICS OF SOFR ARE NOT THE SAME AS THOSE OF LIBOR AND NEITHER SOFR NOR COMPOUNDED SOFR IS EXPECTED TO BE A COMPARABLE 
 SUBSTITUTE FOR LIBOR — In June 2017, the New York Federal Reserve’s Alternative Reference Rates Committee (the “ARRC”)                         
 announced SOFR as its recommended alternative to U.S. dollar LIBOR. However, the composition and characteristics of SOFR are not the           
 same as those of LIBOR. SOFR is a broad Treasury repo financing rate that represents overnight secured funding transactions. This means        
 that SOFR is fundamentally different from LIBOR for two key reasons. First, SOFR is a secured rate, while LIBOR is an unsecured rate.          
 Second,                                                                                                                                        |

<div align='center'>PS-8</div>

SOFR is
an overnight rate, while LIBOR represents interbank funding over different maturities. As a result, there can be no assurance that SOFR
will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield
rates in the market, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. For
example, since publication of SOFR began in April 2018, daily changes in SOFR have, on occasion, been more volatile than daily changes
in comparable benchmark or other market rates. For additional information regarding SOFR, see “Description of Notes—Interest
Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying prospectus supplement.

| · | SOFR                                                                                                                                          
 MAY BE MODIFIED OR DISCONTINUED, AND THE NOTES MAY BEAR INTEREST DURING THE FLOATING RATE PERIOD BY REFERENCE TO A RATE OTHER THAN COMPOUNDED 
 SOFR, WHICH COULD ADVERSELY AFFECT THE VALUE OF THE NOTES — The New York Federal Reserve (or a successor), as administrator                   
 of SOFR, may make methodological or other changes that could change the value of SOFR, including changes related to the method by which       
 SOFR is calculated, eligibility criteria applicable to the transactions used to calculate SOFR