(47) Supervisory Board and Executive Board

One loan of € 150,000 granted to a member of the Executive Board during the financial year 2003, with a term up to June 30, 2006, and an interest rate of 5.5%, was redeemed in full during the financial year.

For the discharge of their duties, the members of the Executive Board received the sum of € 4.2 million (2004: € 3.8 million) in the financial year. Of this total, € 1.4 million (2004: € 1.9 million) was accounted for by performance-related remuneration components.

Provisions for pension obligations to members of the Executive Board amounted to € 5.2 million (2004: € 5.0 million). Former members of the Executive Board and their surviving dependants received a total of € 1.6 million for the financial year (2004: € 1.6 million). Pension provisions totaling € 20.8 million (2004: € 19.6 million) have been set aside to cover obligations to former Executive Board members and their surviving dependants.

Supervisory Board members received a total of € 1.2 million for the financial year (2004: € 0.5 million).

The remuneration of the individual members of the Executive and Supervisory Boards of Salzgitter AG is disclosed in the “Remuneration of the Executive and Supervisory Boards” section in the Annual Report.

Salzgitter, March 8, 2006

The Executive Board