Company: ADZCF
Filing Date: 2025-03-21
Form Type: 424B2
Source: 0000950103-25-003697
Chunk: 19

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-21
Form: 424B2
Chunk 19
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, 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 & Wardwell LLP dated April 26, 2024, which has been filed as an exhibit to the Registration Statement referred to above.

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