Company: ADZCF
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0000950103-25-009550
Chunk: 12

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-07-30
Form: 424B2
Chunk 12
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 SOFR. In addition, the administrator may alter, discontinue  
 or suspend calculation or dissemination of SOFR (in which case a fallback method of determining the Interest Rate on the notes as further 
 described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying                         
 prospectus supplement will apply). The administrator has no obligation to consider your interests in calculating, adjusting, converting,  
 revising or discontinuing SOFR.                                                                                                           |

If we or our designee determine that
a Benchmark Transition Event and its related Benchmark Replacement Date have occurred in respect of SOFR, then the Interest Rate on the
notes will no longer be determined by reference to SOFR, but instead will be determined by reference to a different rate, which will be
a different benchmark than SOFR, plus a spread adjustment, which we refer to as a “Benchmark Replacement,” as further
described under “Description of Notes—Interest Rates—Secured Overnight Financing Rate (SOFR)” in the accompanying
prospectus supplement.

If a particular Benchmark Replacement
or Benchmark Replacement Adjustment cannot be determined, then the next-available Benchmark Replacement or Benchmark Replacement Adjustment
will apply. These replacement rates and adjustments may be selected, recommended or formulated by (i) the Relevant Governmental Body (such
as the ARRC), (ii) ISDA or (iii) in certain circumstances, us or our designee. In addition, the terms of the notes expressly authorize
us or our designee to make Benchmark Replacement Conforming Changes with respect to, among other things, changes to the definitions of
“Interest Period” and “Observation Period,” timing and frequency of determining rates and making payments of interest
and other administrative matters. The determination of a Benchmark Replacement, the calculation of the Interest Rate on the notes by reference
to a Benchmark Replacement (including the application of a Benchmark Replacement Adjustment), any implementation of Benchmark Replacement
Conforming Changes and any other determinations, decisions or elections that may be made under the terms of the notes in connection with
a Benchmark Transition Event could adversely affect the value of the notes, the return on the notes and the price at which you can sell
such notes.

Any determination, decision or election
described above will be made in our or our designee’s sole discretion.

In addition, (i) the composition and
characteristics of the Benchmark Replacement will not be the same as those of SOFR, the Benchmark Replacement will not be the economic
equivalent of SOFR