Bonds exchangeable

Issue size:	€ 295,500,000
Coupon:	2.00% p.a. (act/act) payable annually in arrears
Issue date:	November 8, 2010
Maturity date:	November 8, 2017
Issuer:	Salzgitter Finance B.V.
Guarantor:	Salzgitter Aktiengesellschaft
German Securities Identification Number (WKN):	A1AYDS
ISIN:	DE000A1AYDS2
Principal Amount:	EUR 50,000
Stock market	Frankfurt (OTC)
Exchange Ratio:	1,071.0813 Ordinary Shares per Bond initially1)
Exchange Price:	EUR 46.9019
Underlying shares:	6,300,384 Aurubis AG shares
Status:	senior, unsecured
Exchange right period:	December 28, 2010 to October 29, 2017
Issuer Call:	On or after November 28, 2013, and upon giving not less than 30 nor more than 40 calendar days notice, only possible if the volume adjusted average XETRA-quotation ot the shares of Aurubis AG at least 20 of 30 consecutive trading days exceeds 130% of the then applicable conversion price

On 1 March 2012, the shareholders' meeting of Aurubis AG resolved upon the payment of a cash dividend for the financial year 2010/2011 of EUR 1.20 per no-par value share in Aurubis AG entitled to dividends. Herewith Salzgitter AG announces that the Exchange Ratio under the senior unsecured bonds exchangeable into existing ordinary bearer shares of Aurubis AG, issued by Salzgitter Finance B.V. and guaranteed by Salzgitter AG, due 2017 (the "Bonds") is adjusted following the payment of an Extraordinary Cash Dividend pursuant to § 10 (5) of the Terms and Conditions of the Bonds. Pursuant to § 10 (14) of the Terms and Conditions of the Bonds, the Extraordinary Cash Dividend for the Relevant Financial Year lasting from 1 October 2010 to 30 September 2011 amounts to EUR 1,20. As a consequence, the adjusted Exchange Ratio amounts to EUR 1,071.0813. This Adjustment in accordance with § 10 (11) of the Terms and Conditions of the Bonds became effective on 2 March 2012.
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