Company: ADZCF
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0000950103-25-014779
Chunk: 28

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-14
Form: 424B2
Chunk 28
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 such counsel expresses no opinion as to the effect of
fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is
given as of the date hereof and is limited to the laws of the State of New York. Insofar as this opinion involves matters governed by
German law, Davis Polk & Wardwell LLP has relied, without independent investigation, on the opinion of Group Legal Services of Deutsche
Bank AG, dated April 26, 2024, filed as an exhibit to the opinion of Davis Polk & Wardwell LLP, and this opinion is subject to the
same assumptions, qualifications and limitations with respect to such matters as are contained in such opinion of Group Legal Services
of Deutsche Bank AG. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution
and delivery of the Indenture and the authentication of the master note by the authenticating agent and the validity, binding nature and
enforceability of the Indenture with respect to the trustee, all as stated in the opinion of Davis Polk & Wardwell LLP dated April
26, 2024, which has been filed as an exhibit to the Registration Statement referred to above.

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