Company: ADZCF
Filing Date: 2025-06-30
Form Type: 424B2
Source: 0000950103-25-008070
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-30
Form: 424B2
Chunk 22
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 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 & Wardwell LLP dated April
26, 2024, which has been filed as an exhibit to the Registration Statement referred to above.

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