Company: ADZCF
Filing Date: 2025-04-08
Form Type: 424B2
Source: 0000950103-25-004538
Chunk: 20

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-04-08
Form: 424B2
Chunk 20
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 notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

Validity of the Notes

In the opinion of Davis Polk & Wardwell LLP,
as special United States products counsel to the Issuer, when the notes offered by this pricing supplement have been issued by the Issuer
pursuant to the Indenture, the trustee and/or paying agent has made, in accordance with the instructions from the Issuer, the appropriate
entries or notations in its records relating to the master global note that represents such notes (the “master note”), and
such notes have been delivered against payment as contemplated herein, such notes will be valid and binding obligations of the Issuer,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights
generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good
faith, fair dealing and the lack of bad faith) and possible judicial or regulatory actions or applications giving effect to governmental
actions or foreign laws affecting creditors’ rights, provided that such counsel expresses no opinion as to (i) the effect of fraudulent
conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (ii)

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the validity, legally binding effect or enforceability
of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent
determined to constitute unearned interest. 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