Company: ADZCF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012432
Chunk: 22

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-29
Form: 424B2
Chunk 22
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 on the conclusions expressed
above and (ii) 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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