Securities transactions

With effect from July 1, 2002, under the terms of the Fourth Financial Market Development Act [Viertes Finanzmarktförderungsgesetz] a new § 15a was inserted in the German Securities Trading Act [Wertpapierhandelsgesetz]. This new provision requires members of the Supervisory Board and Executive Board of Salzgitter AG to notify the company and the German Federal Financial Services Supervisory Authority [Bundesanstalt für Finanzdienstleistungsaufsicht] forthwith of any transactions involving company securities (so-called directors' dealings). Salzgitter AG is required to publish such reports on the Internet.