Company: ADZCF
Filing Date: 2025-12-12
Form Type: 424B2
Source: 0000950103-25-016085
Chunk: 29

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-12-12
Form: 424B2
Chunk 29
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 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) 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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