Company: ADZCF
Filing Date: 2025-02-11
Form Type: 424B2
Source: 0000950103-25-001876
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-02-11
Form: 424B2
Chunk 19
---
 on any date of determination and may be required to make                    
 other determinations that affect the return on the notes. In making these determinations, the calculation agent may be required to make       
 discretionary judgments, including determining the level of the CPI if not published on its Bloomberg screen page; if the CPI is discontinued 
 or substantially altered, as determined by the calculation agent by reference to the applicable successor index or, if no such substitute     
 index is chosen or the level of the CPI is not available for any other reason, as determined by the calculation agent in its sole discretion, 
 taking into account general market practice at the time.                                                                                      |

<div align='center'>PS-12

THE CONSUMER PRICE INDEX</div>

Determination of the CPI Rate

The “CPI Rate” means, with respect to an Interest
Period, the lagging year-over-year percentage change in the CPI (which may be negative), calculated as follows:

<div align='center'>CPIt-15</div>

where,

| • | the “CPIt-3” is the level of the CPI for the third calendar month prior to the calendar month of the Interest 
 Payment Date relating to that Interest Period; and                                                            |

| • | the “CPIt-15” is the level of the CPI for the fifteenth calendar month prior to the calendar month of Interest 
 Payment Date relating to that Interest Period.                                                                 |

For example, with respect to an Interest Payment
Date in January 2026, the CPIt-3 is the level of the CPI for October 2025 and the CPIt-15 is the level of the CPI for October
2024. We refer to the twelve-month period from CPIt-15 to CPIt-3 as the “year-over-year reference period.”

If the CPI Rate with respect to an Interest Period
is negative and when added to the Spread is less than the Minimum Interest Rate, the Interest Rate for that Interest Period will equal
the Minimum Interest Rate. In no case will the amount payable on any Interest Payment Date be less than the Minimum Interest Rate.

The calculation agent will determine the CPI Rate,
the Interest Rate and the amount of interest payable for each Interest Period on the third Business Day preceding the relevant Interest
Payment Date (the “Interest Determination Date”)

If by 3:00 p.m., New York City time, on any Interest
Determination Date the CPI is not published on Bloomberg screen CPURNSA (or any successor source) for any relevant month