Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 32

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 32
---
 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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