Thyssenkrupp AG Thyssenkrupp Finance Nederland B.V

Debt Issuance Programme Prospectus 17 January 2007 This document constitutes two base prospectuses (i) the base prospectus of ThyssenKrupp AG in respect of non- equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004 (“Non-Equity Securities”) and (ii) the base prospectus of ThyssenKrupp Finance Nederland B. V. in respect of Non-Equity Securities (together “Debt Issuance Programme Prospectus” or the “Prospectus”).

ThyssenKrupp AG (Duisburg and Essen, Federal Republic of Germany) as Issuer and, in respect of Notes issued by ThyssenKrupp Finance Nederland B. V., as Guarantor

and ThyssenKrupp Finance Nederland B.V. (Krimpen aan den IJssel, The Netherlands, a private company with limited liability incorporated under the laws of The Netherlands) as Issuer € 3,000,000,000 Debt Issuance Programme (the “Programme)

Application has been made to the Luxembourg Stock Exchange to list notes to be issued under the Programme (the “Notes”) on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg” (as defined below). Notes issued under the Programme may also be listed on other or further stock exchanges or may not be listed at all. Each Issuer has requested the Commission de Surveillance du Secteur Financier of the Grand Duchy of Luxembourg (the “ CSSF”) in its capacity as competent authority under the Luxembourg Law relating to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières), which implements the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003 (the “Luxembourg Law”), to approve this Prospectus and to provide the competent authorities in the Federal Republic of Germany, the Netherlands, the Republic of Austria, the Republic of Ireland, the United Kingdom of Great Britain and Northern Ireland with a certificate of approval attesting that the Pro- spectus has been drawn up in accordance with the Luxembourg Law relating to prospectuses for securities (each a “Notification”). Each Issuer may request the CSSF to provide competent authorities in additional host Member States within the European Economic Area with a Notification. Under the Luxembourg Law, prospectuses relating to money market instruments having a maturity at issue of less than 12 months and complying also with the definition of securities are not subject to the approval provisions of Part II of such Law. Arrangers Citigroup Deutsche Bank

Dealers Barclays Capital BNP PARIBAS Citigroup Commerzbank Corporates & Markets Credit Suisse Deutsche Bank Dresdner Kleinwort JPMorgan UBS Investment Bank WestLB AG

This Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Prospectus replaces the Prospectus dated 16 September 2005 pertaining to the Programme. It is valid for a period of twelve month from the date of its publication. RESPONSIBILITY STATEMENT

ThyssenKrupp AG, with its registered office in Düsseldorf, Federal Republic of Germany (“ThyssenKrupp”, the “Com- pany” or the “Guarantor” and, together with all of its affiliated companies within the meaning of the German Stock Corporation Act (Aktiengesetz), the “ThyssenKrupp Group” or “Group”) and ThyssenKrupp Finance Nederland B. V., with its registered office in Krimpen aan den IJssel, The Netherlands (“ThyssenKrupp Finance”) (each an “Issuer” and together the “Issuers”) are solely responsible for the information given in this Prospectus.

Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import.

2 NOTICE

This Prospectus should be read and construed with any supplement hereto and with any other documents incorporated by reference. Full information on the Issuers and any Tranche of Notes (as defined herein) is only available on the basis of the combination of the Prospectus and the final terms (the “Final Terms”) relating to such Tranche.

The Issuers have confirmed to the dealers set forth on the cover page (each a “Dealer” and together the “Dealers”) that this Prospectus contains to the best of their knowledge all information which is material in the context of the Pro- gramme and the issue and offering of Notes thereunder, that the information contained herein is accurate in all material respects and is not misleading, that the opinions and intentions expressed herein are honestly held and that there are no other facts the omission of which would make this Prospectus as a whole or any of such information or the expression of any such opinions or intentions misleading.

To the extent permitted by the laws of any relevant jurisdiction neither the Arrangers nor any Dealer accepts any responsibility for the accuracy and completeness of the information contained in this Prospectus or any supplement hereof, or any other document incorporated by reference nor for the information contained in any Final Terms.

Each Issuer and the Guarantor have undertaken with the Dealers to publish a supplement to this Prospectus or to publish a new Prospectus if and when information herein should become materially inaccurate or incomplete or in the event of any significant new factor, material mistake or inaccuracy relating to the information included in this Prospec- tus which is capable of affecting the assessment of the Notes and, where approval by the CSSF of any such document is required, upon such approval having been given.

No person has been authorized by the Issuers to give any information or to make any representation not contained in or not consistent with this Prospectus or any other document entered into in relation to the Programme or any information supplied by the relevant Issuer or such other information as in the public domain and, if given or made, such information or representation should not be relied upon as having been authorized by the relevant Issuer, the Dealers or any of them.

This Prospectus is valid for 12 months from the date of its publication and it and any supplement hereto as well as any Final Terms reflect the status as of their respective dates of issue. Neither the delivery of this Prospectus nor any Final Terms nor the offering, sale or delivery of any Note shall, in any circumstances, create any implication that the information contained in this Prospectus is accurate and complete subsequent to their respective dates of issue or that there has been no adverse change in the financial situation of the relevant Issuer since such date or that any other information supplied in connection with the Programme is accurate at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document containing the same.

The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of the Notes in certain juris- dictions may be restricted by law. Persons into whose possession the Prospectus or any Final Terms comes are required by the Issuers and the Dealers to inform themselves about and to observe any such restrictions. For a description of certain restrictions applicable in the United States of America, the Economic European Area in general, the United Kingdom of Great Britain and Northern Ireland, The Netherlands and Japan see “Selling Restrictions” on pages 148 to 151 of this Prospectus. In particular, the Notes have not been and will not be registered under the United States Secu- rities Act of 1933, as amended, and are subject to tax law requirements of the United States of America; subject to certain exceptions, Notes may not be offered, sold or delivered within the United States of America or to U. S. persons.

The language of this Prospectus is English. Any part of this Prospectus in the German language constitutes a translation. In respect of the issue of any Tranche of Notes under the Programme, the German text of the Terms and Condi- tions may be controlling and binding if so specified in the Final Terms. In respect of the Guarantee, the German language version is always controlling and binding.

Neither the Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.

Neither this Prospectus nor any Final Terms constitutes an offer or an invitation to subscribe for or to purchase any Notes and should not be considered as a recommendation by the relevant Issuer, the Dealers or any of them that any recipient of this Prospectus or any Final Terms should subscribe for or purchase any Notes.

3 In connection with the issue of any Tranche of Notes, the Dealer or Dealers (if any) named as the stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in the applicable Final Terms may over- allot Notes (provided that, in the case of any Tranche of Notes to be admitted to trading on a regulated market in the European Economic Area, the aggregate principal amount of Notes allotted does not exceed 105 per cent. of the aggregate principal amount of the relevant Tranche of Notes) or effect transactions with a view to supporting the market price of the Notes at a level higher than that which might otherwise prevail. However, there is no assurance that the stabilising manager(s) (or persons acting on behalf of a stabilising manager) will undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the relevant Tranche of Notes is made and, if begun, may be ended at any time, but it must end no later than the earlier of 30 days after the issue date of the relevant Tranche of Notes and 60 days after the date of the allotment of the relevant Tranche of Notes.

4 TABLE OF CONTENTS Page General Description of the Programme ...... 7 General ...... 7 Issue Procedures ...... 7 Summary ...... 10 Summary regarding the Notes ...... 11 Summary regarding Risk Factors...... 14 Risk factors regarding the Issuers ...... 14 Risk factors regarding the Notes ...... 16 Summary regarding ThyssenKrupp ...... 19 Summary regarding ThyssenKrupp Finance ...... 21 German translation of the Summary ...... 22 Risk Factors regarding the Issuers...... 36 Risk Factors regarding the Notes ...... 42 ThyssenKrupp AG as Issuer and Guarantor ...... 47 Persons Responsible ...... 47 Statutory Auditors ...... 47 Selected Financial Information ...... 47 Information about ThyssenKrupp ...... 48 History and development of ThyssenKrupp ...... 48 Investments ...... 49 Business Overview ...... 50 Principal Activities...... 50 Principal Markets ...... 62 Organisational Structure ...... 62 Trend Information...... 63 Significant or Material Adverse Change ...... 63 Outlook ...... 63 Administrative, Management and Supervisory Bodies ...... 66 Board Practices ...... 71 Major Shareholders ...... 72 Financial Information ...... 72 Historical Financial Information of ThyssenKrupp ...... 72 Auditing of Historical Annual Financial Information ...... 78 Legal and Arbitration Proceedings ...... 79 Significant Change in ThyssenKrupp’s Financial or Trading Position ...... 79 Additional Information ...... 79 Capital Stock ...... 79 Memorandum and Articles of Association ...... 79 Material Contracts ...... 80 Documents on Display ...... 80 ThyssenKrupp Finance Nederland B. V. as Issuer...... 81 Persons Responsible ...... 81 Statutory Auditors ...... 81 Selected Financial Information ...... 81 Information about ThyssenKrupp Finance ...... 81 History and development of ThyssenKrupp Finance ...... 81 Investments ...... 82 Business Overview ...... 82 Organisational Structure ...... 82 Trend Information...... 82 Administrative, Management and Supervisory Bodies ...... 82 Board Practices ...... 83 Major Shareholders ...... 83

5 Financial Information ...... 83 Historical Financial Information ThyssenKrupp Finance...... 83 Auditing of Historical Annual Financial Information ...... 86 Legal and Arbitration Proceedings ...... 86 Significant Change in ThyssenKrupp Finance’s Financial or Trading Position ...... 86 Additional Information ...... 86 Capital Stock ...... 86 Memorandum and Articles of Association ...... 86 Material Contracts ...... 87 Documents on Display ...... 87 Terms and Conditions of the Notes ...... 88 Terms and Conditions of the Notes (German Language Version) ...... 106 Form of Guarantee / Muster der Garantie...... 126 Form of Final Terms ...... 132 Taxation ...... 149 General Information ...... 157 Selling Restrictions ...... 157 Authorisation ...... 160 Use of Proceeds ...... 160 Listing and Admission to Trading of the Notes ...... 160 Post-issuance Information ...... 160 Documents incorporated by Reference ...... 161 Documents incorporated by Reference ...... 161 Availability of Documents ...... 162 Names and Addresses ...... 163

6 GENERAL DESCRIPTION OF THE PROGRAMME

General

Under this Programme, ThyssenKrupp and ThyssenKrupp Finance may from time to time issue Notes to one or more of the Dealers.

Citigroup and Deutsche Bank act as arrangers in respect of the Programme (the “Arrangers”).

The maximum aggregate principal amount of the Notes at any time outstanding under the Programme will not exceed € 3,000,000,000 (or its equivalent in any other currency). The Issuers may increase the amount of the Programme from time to time.

Notes issued by ThyssenKrupp Finance will have the benefit of a Guarantee (the “Guarantee”) given by ThyssenKrupp. The Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the Guarantor ranking pari passu with all other unsecured and unsubordinated obligations of the Guarantor.

Notes may be issued on a continuing basis to one or more of the Dealers. Notes may be distributed by way of public or private placements and, in each case, on a syndicated or non-syndicated basis. The method of distribution of each Tranche will be stated in the Final Terms.

Notes will be issued on a continuous basis in Tranches (each a “Tranche”), each Tranche consisting of Notes which are identical in all respects. One or more Tranches, which are expressed to be consolidated and forming a single series and identical in all respects, but having different issue dates, interest commencement dates, issue prices and dates for first interest payments may form a Series (“Series”) of Notes. Further Notes may be issued as part of existing Series. The specific terms of each Tranche (which will be supplemented, where necessary, with supplemental terms and conditions) will be set forth in the Final Terms.

Notes will be issued in such denominations as may be agreed between the relevant Issuer and the relevant Dealer(s) and as indicated in the Final Terms save that the minimum denomination of the Notes will be, if in euro, € 1,000, if in any currency other than euro, in an amount in such other currency equal to or exceeding the equivalent of € 1,000 at the time of the issue of Notes.

Notes may be issued at an issue price which is at par or at a discount to, or premium over, par, as stated in the Final Terms.

Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg” which is a regulated market for the purposes of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. The Programme provides that Notes may be listed on other or further stock exchanges, as may be agreed between the relevant Issuer and the relevant Dealer(s) in relation to each issue. Notes may further be issued under the Programme which will not be listed on any stock exchange.

Notes will be accepted for clearing through one or more Clearing Systems as specified in the Final Terms. These systems will include those operated by Clearstream Banking AG, Clearstream Banking, société anonyme and Euroclear Bank S. A./N. V. as operator of the Euroclear system.

Deutsche Bank Aktiengesellschaft will act as fiscal agent (the “Fiscal Agent”). Deutsche Bank Aktiengesellschaft, Deutsche Bank Luxembourg S. A. and other institutions, all as indicated in the Final Terms, will act as paying agents (the “Paying Agents”). Deutsche Bank Luxembourg S. A. will also act as listing agent (the “Listing Agent”).

Issue Procedures

General

The relevant Issuer and the relevant Dealer(s) will agree on the terms and conditions applicable to each particular Tranche of Notes (the “Conditions”). The Conditions will be constituted by the Terms and Conditions of the Notes set

7 forth below (the “Terms and Conditions”) as completed, modified, supplemented or replaced by the provisions of the Final Terms. The Final Terms relating to each Tranche of Notes will specify: – whether the Conditions are to be Long-Form Conditions or Integrated Conditions (each as described below); and – whether the Conditions will be in the German language or the English language or both (and, if both, whether the German language version or the English language version is binding).

As to whether Long-Form Conditions or Integrated Conditions will apply, the relevant Issuer anticipates that: – Long-Form Conditions will generally be used for Notes sold on a non-syndicated basis and which are sold to professional investors. – Integrated Conditions will generally be used for Notes sold and distributed on a syndicated basis. Integrated Con- ditions will be required where the Notes are to be publicly offered, in whole or in part, or are to be distributed, in whole or in part, to non-professional investors.

As to the binding language of the respective Conditions, the relevant Issuer anticipates that, in general, subject to any stock exchange or legal requirements applicable from time to time, and unless otherwise agreed between the relevant Issuer and the relevant Dealer: – in the case of Notes sold and distributed on a syndicated basis, German will be the binding language. – in the case of Notes publicly offered, in whole or in part, in the Federal Republic of Germany (“Germany”), or distributed, in whole or in part, to non-professional investors in Germany, German will be the binding language. If, in the event of such public offer or distribution to non-professional investors, however, English is chosen as the binding language, a German language translation of the Conditions will be available from the principal offices of the Fiscal Agent and ThyssenKrupp, as specified on the back cover of this Prospectus.

Long-Form Conditions

If the Final Terms specify that Long-Form Conditions are to apply to the Notes, the provisions of the Final Terms and the Terms and Conditions, taken together, shall constitute the Conditions. Such Conditions will be constituted as follows: – the blanks in the provisions of the Terms and Conditions which are applicable to the Notes will be deemed to be completed by the information contained in the Final Terms as if such information was inserted in the blanks of such provisions; – the Terms and Conditions will be modified, supplemented or replaced by the text of any provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of the Terms and Conditions; – alternative or optional provisions of the Terms and Conditions as to which the corresponding provisions of the Final Terms are not completed or are deleted will be deemed to be deleted from the Conditions; and – all instructions and explanatory notes set out in square brackets in the Terms and Conditions and any footnotes and explanatory text in the Final Terms will be deemed to be deleted from the Conditions.

Where Long-Form Conditions apply, each global note representing the Notes of the relevant Series will have the Final Terms and the Terms and Conditions attached.

Integrated Conditions

If the Final Terms specify that Integrated Conditions are to apply to the Notes, the Conditions in respect of such Notes will be constituted as follows: – all of the blanks in all applicable provisions of the Terms and Conditions will be completed according to the information contained in the Final Terms and all non-applicable provisions of the Terms and Conditions (including the instructions and explanatory notes set out in square brackets) will be deleted; and/or – the Terms and Conditions will be otherwise modified, supplemented or replaced, in whole or in part, according to the information set forth in the Final Terms.

8 Where Integrated Conditions apply, the Integrated Conditions alone will constitute the Conditions. The Integrated Conditions will be attached to each global note representing Notes of the relevant Series.

9 SUMMARY

The following constitutes the summary (the “Summary”) of the essential characteristics and risks associated with each Issuer, the Guarantor and the Notes to be issued under the Programme. This Summary should be read as an introduction to the Prospectus. Any decision by an investor to invest in the Notes should be based on consideration of the Prospectus as a whole, including the documents incorporated by reference, any supplements thereto and the Final Terms. Where a claim relating to the information contained in the Prospectus, including the documents incorporated by reference, any supplements thereto and the Final Terms is brought before a court, the plaintiff investor might, under the national legislation of such court, have to bear the costs of translating the Prospectus, any documents incorporated by reference, any supplements thereto and the Final Terms before the legal proceedings are initiated. Civil liability attaches to the Issuers, who have tabled this Summary including any translation thereof and have applied or will apply for its notification, but only if this Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus.

The following Summary does not purport to be complete and is taken from and qualified in its entirety by the remainder of the Prospectus and, in relation to the terms and conditions of any particular Tranche of Notes, the Final Terms.

10 SUMMARY REGARDING THE NOTES

Specified Currencies Subject to any applicable legal or regulatory restrictions and requirements of relevant central banks, Notes may be issued in euro or any other currency agreed by the relevant Issuer and the relevant Dealer(s).

Denominations of Notes Notes will be issued in such denominations as may be agreed between the relevant Issuer and the relevant Dealer(s) and as indicated in the applicable Final Terms save that the minimum denominations of the Notes will be € 1,000 and, if any currency other than euro, an amount in such other currency equal to or exceeding the equivalent of € 1,000 at the time of the issue of the Notes.

Maturities Notes will have such maturities as may be agreed between the relevant Issuer and the relevant Dealer(s) and as indicated in the applicable Final Terms, subject to such minimum or maximum maturities as may be allowed or required from time to time by the relevant central bank (or equivalent body) or any laws or regulations applicable to the relevant Issuer or the relevant specified currency.

Form of Notes Notes will be issued in bearer form only.

Description of Notes Notes may be either interest bearing at fixed or variable rates or non-interest bearing, with principal repayable at a fixed amount or by reference to a formula as may be agreed between the Issuer and the relevant Dealer(s) as specified in the applicable Final Terms.

Fixed Rate Notes Fixed Rate Notes bear a fixed interest income throughout the entire term of the Notes. Fixed interest will be payable on such basis as may be agreed between the relevant Issuer and the relevant Dealer(s), as specified in the applicable Final Terms.

Floating Rate Notes Floating Rate Notes will bear interest at a rate determined (and as adjusted for any applicable margin): – on the same basis as the floating rate under a notional interest rate swap transaction in the relevant specified currency governed by an agreement incorporating the 2000 ISDA Definitions (as published by the International Swap and Derivatives Association, Inc., and as amended and updated as at the date on which the first Tranche of the Notes of the relevant Series is issued), – on the basis of a reference rate appearing on the agreed screen page of a commercial quotation service, or – on such basis as indicated in the applicable Final Terms. The margin (if any) relating to such floating rate will be agreed by the Issuer and the relevant Dealer(s) and indicated in the applicable Final Terms for each Series of Floating Rate Notes. Interest periods for Floating Rate Notes will be one, two, three, six or twelve months or such other period(s) as may be agreed between the relevant Issuer and the relevant Dealer(s), as indicated in the applicable Final Terms.

Fixed to Floating Rate Fixed to Floating Rate Notes bear interest at a rate that the relevant Issuer may elect to con- Notes vert from a fixed rate to a floating rate or from a floating rate to a fixed rate.

Inverse Floating Rate Inverse Floating Rate Notes have an interest rate which is determined as the difference Notes between a fixed interest rate and a floating rate reference rate such as the Euro Interbank Offered Rate (EURIBOR) or the London Interbank Offered Rate (LIBOR).

Structured Floating Rate A Floating Rate Note may include multipliers or other leverage factors, or caps or floors, or Notes any combination of those features or other similar related features.

Zero Coupon Notes Zero Coupon Notes will be offered and sold either at a discount to their principal amount or on an accumulated basis, in each case without periodic payments of interest.

11 Dual Currency Notes Dual Currency Notes are Notes where payment of principal and payment of interest can be made in different currencies. Payments (whether in respect of principal or interest and whether at maturity or otherwise) in respect of Dual Currency Notes will be made in such currencies, and based on such rates of exchange, as the relevant Issuer and the relevant Dealer(s) may agree, as indicated in the applicable Final Terms.

Instalment Notes Instalment Notes are Notes, where payment of principal is made in instalments. Instalment will be made as the relevant Issuer and the relevant Dealer(s) may agree (as indicated in the applicable Final Terms).

Index Linked Notes Index Linked Notes may be issued as Index Linked Interest Notes or Index Linked Redemp- tion Notes or a combination of both.

Index Linked Interest Payments of interest in respect of Index Linked Interest Notes will be made by reference to a Notes single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the relevant Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms).

Index Linked Payments of principal in respect of Index Linked Redemption Notes will be calculated by ref- Redemption Notes erence to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the relevant Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms). Each principal amount of Notes equal to the lowest specified denomination specified in the applicable Final Terms will be redeemed by payment of the redemption amount specified in or as determined pursuant to provisions in the applicable Final Terms.

Other provisions in rela- Floating Rate Notes and Index Linked Interest Notes may also have a maximum interest rate tion to Floating Rate (“Cap”), a minimum interest rate (“Floor”) or both. Notes and Index Linked Interest Notes Interest on Floating Rate Notes and Index Linked Interest Notes in respect of each Interest Period, as selected prior to issue by the relevant Issuer and the relevant Dealer(s), will be payable on such Interest Payment Dates specified in, or determined pursuant to, the applicable Final Terms and will be calculated as indicated in the applicable Final Terms.

Credit Linked Notes Credit linked Notes may be issued relating to one or more reference entities (as specified in the applicable Final Terms). Such Notes may be redeemed prior to their scheduled maturity and at less than their principal amount on the occurrence of a credit event (as specified in the applicable Final Terms) and interest on such Notes may cease to accrue prior to the scheduled maturity of such Notes or may, due to potential principal reductions, be reduced on the occurrence of such credit event. On the occurrence of a credit event and if so indicated in the applicable Final Terms, such Notes may be redeemed by settlement in the form of physical delivery of certain assets.

Other Notes Notes may be of any other type which the relevant Issuer and the relevant Dealer(s) may agree. The terms governing any such Notes will be specified in the applicable Final Terms.

Redemption The applicable Final Terms will indicate either that the Notes cannot be redeemed prior to their stated maturity (except for taxation reasons or upon the occurrence of an event of default) or that such Notes will be redeemable at the option of the relevant Issuer and/or the holders upon giving notice within the notice period (if any) indicated in the applicable Final Terms to the holders or the relevant Issuer, as the case may be, on a date or dates specified prior to such stated maturity and at a price or prices and on such terms as indicated in the applicable Final Terms.

Any Notes, the proceeds of which are to be accepted by the relevant Issuer in the United Kingdom, which must be redeemed before the first anniversary of the date of their issue, shall (a) have a redemption value of not less than £ 100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than Sterling), and (b) provide that no

12 part of any such Note may be transferred unless the redemption value of that part is not less than £ 100,000 (or such an equivalent amount).

Taxation All amounts payable in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes or duties of whatever nature imposed or levied by way of withholding or deduction at source (Quellensteuer) by or on behalf of the Federal Republic of Germany or, in the case of ThyssenKrupp Finance, The Netherlands or by any political subdivision or any authority thereof or therein having power to tax, unless such withholding or deduction is required by law. In such event, subject to certain exemptions, the relevant Issuer or, in the case of Notes issued by ThyssenKrupp Finance, as the case may be, the Guarantor will pay such additional amounts as shall be necessary in order that the net amounts received by the holders after such withholding or deduction shall equal the respective amounts of principal and interest which would otherwise have been receivable in respect of the Notes in the absence of such withholding or deduction.

Early Redemption for Early redemption of the Notes for taxation reasons will be permitted if as a result of any Taxation Reasons change in, or amendment to, the tax laws or regulations (including any change in, or amendment to, an official interpretation or application of such laws or regulations) of the Federal Republic of Germany or, as the case may be, The Netherlands or any political subdivision or taxing authority thereof or therein the relevant Issuer is required to pay additional amounts on the Notes, all as more fully set out in the Terms and Conditions of the Notes.

Status of the Notes The Notes will constitute unsecured and unsubordinated obligations of the relevant Issuer ranking pari passu among themselves and pari passu with all other unsecured and unsubordinated obligations of the relevant Issuer.

Guarantee Notes issued by ThyssenKrupp Finance will have the benefit of the Guarantee given by ThyssenKrupp. The Guarantee constitutes an irrevocable, unsecured and unsubordinated obligation of the Guarantor ranking pari passu with all other unsecured and unsubordinated obligations of the Guarantor.

Negative Pledge The Notes will contain a negative pledge provision.

Events of Default and The Notes will provide for events of default entitling the holders to demand immediate Cross Default redemption of the Notes. The Terms and Conditions of the Notes include a cross default clause.

Method of Issue and Notes will be issued on a continuing basis in Tranches to one or more of the Dealers and any Distribution additional Dealer appointed under the Programme from time to time by the relevant Issuer, which appointment may be for a specific issue or on an ongoing basis. Notes may be distributed by way of public offer or private placements and, in each case, on a syndicated or non- syndicated basis. The method of distribution of each Tranche will be stated in the Final Terms.

Listing Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg”. Notes may further be issued under the Programme which will be listed on other or further stock exchanges or not be listed at all.

Governing Law The Notes will be governed by German law.

Place of Jurisdiction Non-exclusive place of jurisdiction for all legal proceedings arising out of or in connection and Process Agent with the Notes shall be Düsseldorf, Federal Republic of Germany. ThyssenKrupp Finance has appointed ThyssenKrupp AG, August-Thyssen-Strasse 1, D-40211 Düsseldorf, Federal Republic of Germany as its authorised agent for service of process in Germany to act as its agent for service of process in any proceedings arising out of the Notes brought, or to be brought, in any court in the Federal Republic of Germany.

13 SUMMARY REGARDING RISK FACTORS

Risk Factors regarding the Issuers

ThyssenKrupp Finance acts at present solely to facilitate the financing of ThyssenKrupp Group. Its main assets are loans to other companies of ThyssenKrupp Group. ThyssenKrupp Finance’s continued operations depend on the ability of ThyssenKrupp and other members of ThyssenKrupp Group to meet their payment obligations under these loans. All debt securities of ThyssenKrupp Finance (such as the Notes) are wholly and unconditionally guaranteed by Thyssen Krupp in respect of principal and interest payments. This guarantee is enforceable under the laws of the Fed- eral Republic of Germany. For the risk factors regarding ThyssenKrupp, as Guarantor and debtor to ThyssenKrupp Finance, please see the section below.

An investment in the Notes involves certain risks relating to the relevant Issuer, the Guarantor and the relevant Tranche of Notes. While all of these risk factors are contingencies which may or may not occur, potential investors should be aware that the risks involved with investing in the Notes may (i) affect the ability of the relevant Issuer and the Guaran- tor, as the case may be, to fulfil its obligations under Notes issued under the Programme and/or (ii) lead to a volatility and/or decrease in the market value of the relevant Tranche of Notes whereby the market value falls short of the expectations (financial or otherwise) of an investor upon making an investment in such Notes. Prospective investors should consider, among other things, the factors described below which represent certain risks inherent in investing in Notes issued under the Programme. In addition, each prospective investor of Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its (or if it is acquiring the Notes in a fiduciary capacity, the beneficiary’s) financial needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it (whether acquiring the Notes as principal or in a fiduciary capacity) and is a fit, proper and suitable investment for it (or if it is acquiring the Notes in a fiduciary capacity, for the beneficiary), notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.

Financial Risks

ThyssenKrupp faces risks arising from foreign currency transactions, commodity price volatility and interest rate changes. ThyssenKrupp uses derivative financial instruments to counteract these risks. Generally, hedging of translation risks arising from currency conversion for subsidiaries with non-euro accounting does not take place.

Risk of Default

Sale of Real Estate, Companies, etc.

The disposal of real estate, companies or other business activities and restructuring measures may entail certain processing risks.

Information Security

There is a growing threat potential, e. g. due to the extensive integration of IT-supported business processes among subsidiaries and with customers, suppliers and business partners.

Pension and Health Care Measures

The Groups Anglo-American subsidiaries in particular have been unfavourably impacted by the changes in the international stock markets due to the system of fully funded pension plans; this has led to a significant rise in expenses. In addition, expenses for health care measures may increase considerably also for other reasons, e. g. increase of costs and more severe legal requirements.

14 Legal Risk

There are no, nor have there been any court or arbitration proceedings (including any proceedings which are pending or threatened of which the Issuers are aware of) which may have or have had in the twelve months preceding the date of this document a material effect on the financial position of ThyssenKrupp or ThyssenKrupp Finance other than the following case.

On October 11, 2005, the European Commission announced the initiation of administrative fine proceedings against companies of the elevator and escalator industry. This has also affected some European companies of the ThyssenKrupp Group. Previous to the initiation of the administrative fine proceedings, the European Commission had conducted pre- investigations in the beginning of 2004. As part of these pre-investigations, several revisions were carried out at the four major elevator manufacturers in the European Union and at the corresponding associations. Subject of the administrative fine proceedings is that the respective companies are accused of having violated the European antitrust law in connection with the manufacturing and servicing of elevators and escalators as well as the selling of the respective spare parts in certain member states of the European Union. ThyssenKrupp is cooperating with the antitrust authorities. The EU-Commission has not yet declared the amount of any possible administrative fine and therefore ThyssenKrupp is not yet able to estimate the financial consequences of the administrative fine proceedings.

Real Estate and Environmental Protection

ThyssenKrupp faces risks as owner of real estate, e. g. from contaminated sites and mining subsidence and in connection with environmental protection.

Volatility of Steel Prices and Dependency on the Automotive Industry

The volatility of steel prices and the dependency on the economic situation, especially in the automotive industry may have a significant influence on the economic development of the Group.

Segment Risks

Both the Segments Steel and Stainless face financial risks from increased insurer’s premiums and deductibles as well as risks from cyclical trends in the steel business. Risks from loss of production, unplanned production stoppage and increased expenditure for repairs following equipment breakdowns as well as currency exchange risks in connection with sales and procurement.

Further the main risks for the Steel segment include market risks regarding sales and procurement, risks of limited core markets and high competitive intensity in the market for carbon flat steel products. There are also risks of rising raw material prices particularly for coke, ore and scrap.

The Stainless segment is further confronted with risks arising on the one hand from market developments and on the other hand with risks due to expected overcapacity in stainless production, especially in China, with a consequence of market pressure arising therefrom. Other risks include changes in worldwide supply flows through existing or new state regulated access barriers to major markets (e. g. Anti-Dumping, Countervailing Duty). There are also risks arising from the availability and the price development of raw materials, especially for nickel and alloyed scrap. If prices of raw material (especially Nickel) remain on a high level stainless material may be substituted by other products.

Automotive and Technologies: The automotive supply operations of ThyssenKrupp are being realigned. The Automo- tive and Technologies segments were combined effective October 1, 2006. The merger of ThyssenKrupp Automotive AG with ThyssenKrupp Technologies AG will take effect retroactively upon being entered in the commercial register of ThyssenKrupp Technologies AG. As the Automotive operations were still independent in the financial year 2005/2006, they are shown as a separate segment in the annual report for the past financial year and in this description of risk factors to assure comparability.

The Automotive activities are dependent on regional markets and on certain individual customers. The structural market development was characterized by concentration trends on the part of automobile manufacturers and competitors. The increasing complexity of products as well as underlying production processes in some cases carries the risks of higher start-up costs and a strained income situation. Despite the sale of the North American body and chassis business further restructuring cannot be excluded because of the continuing price pressure of the automobile manufactur-

15 ers. Increases of steel and raw material prices may not always be passed on to the customers and particularly not with its full value; by such the earnings situation of the automotive activities may be impacted. Furthermore, sales and earnings are affected by fluctuations of the Euro against the US-Dollar and the Brazilian Real.

The Technologies segment has a differentiated risk structure due to the vast diversity of product ranges. Plant Tech- nology as well as the business unit Marine Systems face risks arising from the processing of long-term and large scale contracts. Further there are additional risks from capacity fluctuations in naval shipbuilding in Marine Systems as well as a fall of demand in the core markets of the business unit Mechanical Engineering.

The operating performance of the Elevator segment’s new installation business is dependent on the situation in the construction business. In this regard, regional weaknesses in the international construction sector are impacting further segment growth. There are also currency risks and risks associated with the integration of new acquisitions as well as the implementation of large scale projects.

The companies of the Services segment are mainly exposed to price and inventory risks and those of uncollectible receivables.

Risk Factors regarding the Notes

Notes may not be a Suitable Investment

A potential investor should not invest in Notes which are complex financial Notes unless the investor has the expertise (either alone or with a financial advisor) to evaluate how the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the impact this investment will have on the potential investor’s overall investment portfolio.

Liquidity Risk

There can be no assurance that a liquid secondary market for the Notes will develop or, if it does develop, that it will continue. In an illiquid market, an investor might not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.

Market Price Risk

The holder of Notes is exposed to the risk of an unfavourable development of market prices of his Notes which materialises if such holder sells the Notes prior to the final maturity of such Notes.

Risk of Early Redemption

If the relevant Issuer has the right to redeem the Notes prior to maturity or if the Notes are redeemed prior to maturity due to the occurrence of an event set out in the Conditions of the Notes, the holder of such Notes is exposed to the risk that due to early redemption his investment will have a lower than expected yield.

Currency Risk/Dual Currency Notes

The holder of a Note denominated in a foreign currency and a holder of a dual currency Note (“Dual Currency Note”) is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes.

Fixed Rate Notes

The holder of a fixed rate Note (“Fixed Rate Note”) is exposed to the risk that the price of such Fixed Rate Note falls as a result of changes in the market interest rate.

16 Floating Rate Notes

The holder of a floating rate Note (“Floating Rate Note”) is exposed to the risk of fluctuating interest rate levels and uncertain interest income. Fluctuating interest rate levels make it impossible to determine the profitability of Floating Rate Notes. Floating Rate Notes may include multipliers or other leverage factors, or caps or floors, or any combination of those features or other similar related features. In addition, Floating Rate Notes may be issued as inverse floating rate Notes (“Inverse Floating Rate Notes”). The market value of such structured floating rate Notes (including Inverse Floating Rate Notes) tends to be more volatile than the market value of conventional Floating Rate Notes.

Fixed to Floating Rate Notes

A fixed to floating rate Note (“Fixed to Floating Rate Note”) bears interest at a rate that the relevant Issuer may elect to convert from a fixed rate to a floating rate or from a floating rate to a fixed rate. If the relevant Issuer converts from a fixed rate to a floating rate, the spread on a Fixed to Floating Rate Note may be less favourable than then prevailing spreads on comparable Floating Rate Note relating to the same reference rate. If the relevant Issuer converts from a floating rate to a fixed rate, the fixed rate may be lower than the then prevailing interest rates payable on its Notes.

Zero Coupon Notes

The holder of a zero coupon Note (“Zero Coupon Note”) is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing Notes with a similar maturity.

Index Linked Notes

The holder of an index linked interest Note (“Index Linked Interest Note”) is exposed to the risk of fluctuating interest rate levels and uncertainty with respect to interest income and may even receive no interest at all. The yield of an Index Linked Interest Note may even be negative. The holder of an index linked redemption Note (“Index Linked Redemp- tion Note”) is exposed to uncertainty with respect to the redemption amount. The yield of an Index Linked Redemption Note may be negative and an investor may lose the value of its entire investment or part of it. Uncertainty with respect to interest and repayment amount makes it impossible to determine the yield of Index Linked Notes in advance. The more volatile the relevant index is, the greater is the uncertainty in respect of interest income and redemption amount.

Structured Notes

An investment in Notes the premium and/or the interest on or principal of which is determined by reference to one or more values of currencies, commodities, interest rates or other indices or formulae, either directly or inversely (“Struc- tured Notes”), may entail significant risks not associated with similar investments in a conventional debt security, including the risks that the resulting interest rate will be less than that payable on a conventional debt security at the same time and/or that an investor could lose all or a substantial portion of the principal of his Structured Notes.

Risks in connection with Caps

The yield of Notes with a cap can be considerably lower than that of similar Structured Notes without a cap.

Risk of Potential Conflicts of Interest

In case of Notes linked to an underlying, the relevant Issuer and/or the Dealer(s) or any of their respective affiliates may from time to time engage in transactions relating to such underlying which could create conflicts of interest and may have a negative impact on the underlying value.

17 Credit Linked Notes

The holder of a credit linked Note (“Credit Linked Note”) is exposed to the credit risk of the relevant Issuer and that of one or more reference entities (as specified in the applicable Final Terms). There is no guarantee that the holder of such Credit Linked Note will receive the full principal amount of such Note and interest thereon and ultimately the obligations of the relevant Issuer to pay principal under such Note may even be reduced to zero.

18 SUMMARY REGARDING THYSSENKRUPP

Information about ThyssenKrupp

ThyssenKrupp was formed as a stock corporation under German law in 1999 from the merger of Thyssen Aktiengesell- schaft and Fried. Krupp AG Hoesch-Krupp in accordance with a Merger Agreement dated 16 October 1998 and the resolutions of the annual stockholders’ meetings of Thyssen Aktiengesellschaft on 3/4 December 1998 and Fried. Krupp AG Hoesch-Krupp on 30 November 1998. ThyssenKrupp is the legal successor of both Thyssen Aktiengesellschaft and Fried. Krupp AG Hoesch-Krupp. The merger was consummated with economic effect at 1 October 1998.

ThyssenKrupp was entered in the Commercial Register of the local court (Amtsgericht) of Düsseldorf under number HRB 37003 on 17 March 1999 and its corporate seat was initially in Düsseldorf.

The annual stockholders’ meeting of ThyssenKrupp on 24 May 2000 resolved to move ThyssenKrupp’s corporate seat from Düsseldorf to Essen and Duisburg. The entry in the Commercial Register of the local court (Amtsgericht) of Essen was made on 10 May 2001 under HRB 15364 and of Duisburg local court (Amtsgericht) on 19 June 2001 under HRB 9092.

ThyssenKrupp’s registered office is August-Thyssen-Strasse 1, D-40211 Düsseldorf. Its telephone number is +49- 211-824-0.

Principal activities

ThyssenKrupp is a global group engaged in the areas of Steel, Capital Goods and Services. Our 188,000 employees in over 70 countries develop and supply innovative products and services for the challenges of the future. In all segments they provide high-quality solutions to people’s needs and customer requirements. Fiscal year 2005/2006 was the most successful in ThyssenKrupp’s short history to date. Order intake rose by 17 % to € 50.8 billion and sales by 10 % to € 47.1 billion. Pre-tax earnings increased to a new record level of € 2.6 billion.

The Group in Figures 2004/2005 2005/2006 Change Continuing operations of the Group Order intake million € 43,509 50,782 7,273 Sales million € 42,927 47,125 4,198 EBITDA million € 3,809 4,700 891 EBIT million € 2,250 3,044 794 Earnings from continuing operations before taxes (EBT) million € 1,677 2,623 946 Employees (September 30) 185,932 187,586 1,654

Group incl. discontinued operations Net income million € 1,079 1,704 625 Earnings per share € 2.08 3.24 1.16 Distribution million € 412** 489* 77 Dividend per share € 0.80** 1.00* 0.20 Operating cash flows million € 2,351 3,467 1,116 Capital expenditures million € 1,903 2,077 174 ROCE % 14.4 17.9 3.5 ThyssenKrupp Value Added (TKVA) million € 997 1,510 513 Net financial liabilities/(receivables) million € 177 (747) (924) Total equity million € 7,944 8,927 983 Gearing % 2.2 (8.4) (10.6) * Proposal to the Annual General Meeting ** incl. special dividend of €0.10

19 Capitalization

The capitalization of the Group as of 30 September 2006 was as follows: 30 Sept . 20061) million EUR Financial liabilities / cash, cash equivalents, securities Bonds ...... 1,995 Notes payable ...... 300 Liabilities to financial institutions ...... 1,223 Liabilities due to sales of receivables not derecognized from the balance sheet ...... 40 Acceptance payables ...... 22 Finance lease obligations ...... 182 Other loans ...... 42 Gross financial liabilities ...... 3,804 minus cash, cash equivalents and securities ...... 4,551 Net financial liabilities ...... (747)

Total equity Capital stock ...... 1,317 Additional paid in capital...... 4,684 Retained earnings ...... 3,358 Cumulative income and expense directly recognized in equity...... (149) Treasury stock ...... (697) Equity attributable to ThyssenKrupp AG’s stockholders ...... 8,513 Minority interest ...... 414 Total equity...... 8,927 Total net financial liabilities and equity ...... 8,180

1) Incl. disposal groups and discontinued operations.

Since 30 September 2006 there has been no material change in the capitalization of the Group.

Capital Stock

At 30 September 2006 the capital stock (which is fully paid up) of ThyssenKrupp amounted to Euro 1,317,091,952.64, divided into 514,489,044 no-par-value bearer shares of common stock, all of which were issued, and 488,764,592 of which were outstanding at the balance sheet date. Each share of common stock had a stated value of Euro 2.56. ThyssenKrupp does not have authorised but unissued capital.

Treasury Stock

At 30 September 2006 ThyssenKrupp held 25,724,452 shares of its own.

20 SUMMARY REGARDING THYSSENKRUPP FINANCE

Information about ThyssenKrupp Finance

ThyssenKrupp Finance Nederland B. V. was formed on 14 October 1988 for an indefinite duration as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law under the name Thyssen Finance Nederland B. V. It is a wholly owned subsidiary of ThyssenKrupp.

It was renamed ThyssenKrupp Finance Nederland B. V. on 22 February 2001. In March 2001, Fried. Krupp Finance B. V., Amsterdam, likewise a wholly owned subsidiary of ThyssenKrupp, was incorporated within ThyssenKrupp Finance Nederland B. V. by merger.

The Issuer has its principal place of business (statutaire zetel) in Krimpen aan den IJssel and is registered in the Com- mercial Register of the Rotterdam Chamber of Industry and Commerce under number 33206400. It’s registered office is Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel, The Netherlands. Its telephone number is +31-180- 516171.

Business Overview

According to its Articles of Incorporation (Art. 2), the objects of ThyssenKrupp Finance Nederland B. V. are to participate in, to be otherwise interested in, to finance and to manage other business enterprises of any nature whatsoever, to take up and to make loans and to provide securities, including securities for debts of others, as well as anything that is connected with the above objects or can be conducive thereto.

Capitalization

The capitalization of ThyssenKrupp Finance was as follows: 30 Sept . 30 Sept . 2005 2006 million EUR Financial liabilities / cash, cash equivalents, securities Bonds ...... 1,307 500 Stockholders’ equity Capital stock ...... 2 2 Retained and undistributed earnings ...... 3 4 Total net financial liabilities and stockholders’ equity ...... 1,312 506

Since 30 September 2006 there has been no material change in the capitalization of ThyssenKrupp Finance.

Capital Stock

The capital stock of ThyssenKrupp Finance amounts to EUR 2,300,000, divided into 230 bearer shares of common stock with a par value of EUR 10,000 each. The capital is fully issued and paid-up. ThyssenKrupp Finance does not have authorised but unissued capital.

21 GERMAN TRANSLATION OF THE SUMMARY

Der folgende Abschnitt stellt die Zusammenfassung der wesentlichen Merkmale und Risiken der Emittentinnen, der Garantin und der Schuldverschreibungen, die unter dem Programm begeben werden, dar. Die Zusammenfassung ist als Einleitung zum Prospekt zu verstehen. Der Anleger sollte jede Entscheidung zur Anlage in die betreffenden Wertpa- piere auf die Prüfung des gesamten Prospekts, einschließlich der durch Verweis einbezogenen Dokumente, etwaige Nachträge und der Endgültigen Bedingungen stützen. Für den Fall, dass vor einem Gericht Ansprüche auf Grund der in einem Prospekt, durch Verweis einbezogenen Dokumenten, etwaigen Nachträgen sowie den in den jeweiligen Endgül- tigen Bedingungen enthaltenen Informationen geltend gemacht werden, könnte der klagende Anleger auf Grund ein- zelstaatlicher Rechtsvorschriften die Kosten für eine Übersetzung des Prospekts, der durch Verweis einbezogenen Dokumente, etwaiger Nachträge und der Endgültigen Bedingungen in die Gerichtssprache vor Prozessbeginn zu tragen haben. Die Emittentinnen, die die Zusammenfassung einschließlich einer Übersetzung davon vorgelegt haben und deren Meldung beantragt haben oder beantragen werden, können haftbar gemacht werden, jedoch nur für den Fall, dass die Zusammenfassung irreführend, unrichtig oder widersprüchlich ist, wenn sie zusammen mit anderen Teilen des Prospekts gelesen wird.

Die nachstehende Zusammenfassung ist keine vollständige Darstellung, sondern gehört zum Prospekt und ist im Zusammenhang mit dem Prospekt insgesamt sowie, in Bezug auf die Emissionsbedingungen einzelner Tranchen von Schuldverschreibungen, mit den maßgeblichen Endgültigen Bedingungen zu lesen.

22 ZUSAMMENFASSUNG DIE SCHULDVERSCHREIBUNGEN BETREFFEND

Festgelegte Währungen Vorbehaltlich der Einhaltung aller anwendbaren gesetzlichen oder behördlichen Beschrän- kungen und Vorschriften der betreffenden Zentralbanken können die Schuldverschreibungen in Euro oder jeder anderen Währung begeben werden, die zwischen der betreffenden Emit- tentin und dem/den jeweiligen Plazeur/Plazeuren vereinbart wird.

Stückelungen der Die Schuldverschreibungen werden in den Stückelungen begeben, die zwischen der betref- Schuldverschrei bungen fenden Emittentin und dem/den jeweiligen Plazeur/Plazeuren vereinbart werden und wie in den maßgeblichen Endgültigen Bedingungen angegeben, mit der Maßgabe, dass die Mindeststückelung der Schuldverschreibungen € 1.000 betragen wird, bzw., falls die Schuld- verschreibungen auf eine andere Währung lauten, einen Betrag in dieser anderen Währung, der zur Zeit der Begebung der Schuldverschreibungen dem Gegenwert von € 1.000 entspricht oder diesen übersteigt.

Laufzeiten Die Laufzeiten der Schuldverschreibungen werden jeweils zwischen der betreffenden Emit- tentin und dem/den jeweiligen Plazeur/Plazeuren vereinbart und in den maßgeblichen End- gültigen Bedingungen angegeben, vorbehaltlich der Mindest- oder Höchstlaufzeiten, die jeweils seitens der betreffenden Zentralbanken (oder entsprechender Behörde) oder gemäß den für die betreffende Emittentin oder die relevante Währung geltenden Gesetzen zulässig oder erforderlich sind.

Form der Schuld- Die Schuldverschreibungen werden ausschließlich als Inhaberpapiere begeben. verschreibungen

Beschreibung der Schuldverschreibungen können entweder verzinslich zu festen oder variablen Zinssätzen Schuldverschrei bungen oder unverzinslich sein, mit Kapitalrückzahlung zu einem festen Betrag oder unter Bezug- nahme einer Formel, wie zwischen der betreffenden Emittentin und dem/den jeweiligen Pla- zeur/Plazeuren vereinbart und in den maßgeblichen Endgültigen Bedingungen angegeben.

Festverzinsliche Festverzinsliche Schuldverschreibungen bringen einen festen Zinsertrag über ihre gesamte Schuldverschrei bungen Laufzeit. Die Basis für die Festzinszahlungen wird zwischen der betreffenden Emittentin und dem/den betreffenden Plazeur/Plazeuren vereinbart wie in den maßgeblichen Endgültigen Bedingungen angegeben.

Variabel verzinsliche Variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz verzinst (angepaßt Schuldverschrei bungen um eine ggf. anwendbare Marge):

– der dem variablen Zinssatz einer angenommenen Zins-Swap-Transaktion in der betreffenden festgelegten Währung entspricht, die durch einen Vertrag geregelt wird, welcher die 2000 ISDA Definitionen einbezieht (die von der International Swaps and Derivatives Association, Inc. veröffentlicht wurden, und zwar in der zum Datum der ersten Tranche der Schuldverschreibungen der betreffenden Serie geltenden ggf. geänderten Fas- sung),

– der auf einem Referenzzinssatz basiert, der auf einer vereinbarten Bildschirmseite eines Kursdienstes angezeigt wird, oder

– auf Grundlage der in den maßgeblichen Endgültigen Bedingungen angegebenen Basis.

Eine etwaige Marge, bezogen auf einen solchen variablen Zinssatz, wird für jede Serie von variabel verzinslichen Schuldverschreibungen zwischen der betreffenden Emittentin und dem/den jeweiligen Plazeur/Plazeuren vereinbart und in den Endgültigen Bedingungen angegeben. Die Zinsperioden für variabel verzinsliche Schuldverschreibungen umfassen einen, zwei, drei, sechs oder zwölf Monat/Monate oder einen solchen anderen Zeitraum, wie zwischen der betreffenden Emittentin und dem/den betreffenden Plazeur/Plazeuren vereinbart und in den maßgeblichen Endgültigen Bedingungen angegeben .

23 Fest- zu variabel Fest- zu variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz verzinst, der verzinsliche Schuldver- von der betreffenden Emittentin nach ihrer Wahl von einem festen zu einem variablen Zins- schreibungen satz bzw. von einem variablen zu einem festen Zinssatz gewandelt werden kann.

Gegenläufig variabel Gegenläufig variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz ver- verzinsliche Schuldver- zinst, welcher aus der Differenz zwischen einem festen Zinssatz und einem variablen Zinssatz schreibungen wie dem „Euro Interbank Offered Rate“ (EURIBOR) oder dem „London Interbank Offered Rate“ (LIBOR) bestimmt wird.

Strukturierte variabel Variabel verzinsliche Schuldverschreibungen können mit Multiplikatoren oder anderen Hebel- verzinsliche Schuldver- faktoren sowie mit Zinsober- und Zinsuntergrenzen, einer Kombination dieser Merkmale oder schreibungen mit ähnlichen Merkmalen ausgestattet sein.

Nullkupon-Schuldver- Nullkupon-Schuldverschreibungen werden mit einem Abschlag auf ihren Kapitalbetrag oder schreibungen auf Basis akkumulierter Zinsen angeboten und verkauft, in jedem Fall ohne periodische Zins- zahlungen.

Doppelwährungs- Doppelwährungs-Schuldverschreibungen sind Schuldverschreibungen, bei denen die Kapi- Schuldverschrei bungen talzahlung und/oder die Zinszahlung in unterschiedlichen Währungen erfolgen kann. Zah- lungen (ob in Bezug auf Kapital oder Zinsen, sei es zum Rückzahlungstag oder zu einem anderen Zeitpunkt) auf Doppelwährungs-Schuldverschreibungen erfolgen in der Währung und auf der Grundlage der Wechselkurse, die zwischen der betreffenden Emittentin und dem/den betreffenden Plazeur/Plazeuren vereinbart und in den anwendbaren maßgeblichen Endgültigen Bedingungen angegeben werden.

Raten-Schuldver- Raten-Schuldverschreibungen sind Schuldverschreibungen, bei denen die Kapitalzahlung in schreibungen Raten erfolgt. Die Zahlung von Raten erfolgt nach Maßgabe einer Vereinbarung zwischen der betreffenden Emittentin und dem/den jeweiligen Plazeur/Plazeuren und wird in den maßgeb- lichen Endgültigen Bedingungen angegeben.

Indexierte Schuld- Indexierte Schuldverschreibungen können in Form von Schuldverschreibungen mit indexab- verschreibungen hängiger Verzinsung oder Schuldverschreibungen mit indexabhängiger Rückzahlung oder als Kombination dieser beiden Formen ausgegeben werden.

Schuldverschrei bungen Zinszahlungen auf Schuldverschreibungen mit indexabhängiger Verzinsung erfolgen auf der mit indexabhängiger Basis eines einzelnen Indizes oder anderer Faktoren (einschließlich Kurs- bzw. Preisände- Verzinsung rungen von Wertpapieren und Waren oder Wechselkursbewegungen) und/oder auf der Basis einer von der betreffenden Emittentin und dem/den jeweiligen Plazeur/Plazeuren festgelegten und in den maßgeblichen Endgültigen Bedingungen angegebenen Formel.

Schuldverschrei bungen Kapitalzahlungen in Bezug auf Schuldverschreibungen mit indexabhängiger Rückzahlung mit indexabhängiger werden auf der Basis eines einzelnen Indizes oder anderer Faktoren (einschließlich Kurs- Rückzahlung bzw. Preisänderungen von Wertpapieren und Waren oder Wechselkursbewegungen) und/ oder auf der Basis einer von der betreffenden Emittentin und dem/den jeweiligen Plazeur/ Plazeuren festgelegten und in den maßgeblichen Endgültigen Bedingungen angegebenen Formel berechnet. Die Rück zahlung jedes Nennbetrages einer Schuldverschreibung in Höhe der niedrigsten, in den maßgeblichen Endgültigen Bedingungen festgelegten Stückelung erfolgt in Höhe des Rückzahlungsbetrages, der in den maßgeblichen Endgültigen Bedin- gungen angegeben oder gemäß den darin enthaltenen Bestimmungen ermittelt wird.

Andere Bestimmungen Für variabel verzinsliche Schuldverschreibungen und Schuldverschreibungen mit indexab- in Bezug auf variabel hängiger Verzinsung kann ein Höchstzinssatz („Cap“), ein Mindestzinssatz („Floor“) oder verzinsliche Schuldver- beides festgelegt werden. schreibungen und Schuldverschreibungen Zinsen auf variabel verzinsliche Schuldverschreibungen und Schuldverschreibungen mit mit indexabhängiger indexabhängiger Verzinsung sind in Bezug auf jede vor Ausgabe der Schuldverschreibungen Verzinsung jeweils zwischen der betreffenden Emittentin und dem/den jeweiligen Plazeur/Plazeuren bestimmten Zinsperiode an den Zinszahlungstagen fällig, die in den maßgeblichen Endgül-

24 tigen Bedingungen angegeben oder gemäß den Endgültigen Bedingungen bestimmt werden und gemäß den maßgeblichen Endgültigen Bedingungen zu berechnen.

Credit Linked Schuldver- Credit Linked Schuldverschreibungen können mit Bezug auf ein oder mehrere, in den maß- schreibungen geblichen Endgültigen Bedingungen genannten Referenzschuldner und in der dort genannten Form begeben werden. Solche Schuldverschreibungen können vor ihrem festgelegten Endfälligkeitstag und bei Eintritt eines Kreditereignisses zu einem geringeren Betrag als ihrem Nennbetrag zurückgezahlt werden (wie in den maßgeblichen Endgültigen Bedingungen angegeben). Bei Eintritt eines Kreditereignisses kann der Zinslauf vor dem festgelegten Endfälligkeitstag solcher Schuldverschreibungen beendet oder auf Grund einer möglichen Herabsetzung des Nennbetrags veringert sein. Bei Eintritt eines Kreditereignisses (und sofern in den maßgeblichen Endgültigen Bedingungen angegeben) können deratige Schuld- verschreibungen im Wege der physischen Lieferung bestimmter Vermögensgegenstände zurückgezahlt werden.

Sonstige Schuldversch- Schuldverschreibungen können in jeder anderen von der betreffenden Emittentin und dem/ reibungen den jeweiligen Plazeur/Plazeuren jeweils festgelegten Wertpapierform begeben werden. Die jeweiligen Bedingungen dieser Schuldverschreibungen werden in den maßgeblichen End- gültigen Bedingungen festgelegt.

Rückzahlung In den Endgültigen Bedingungen wird entweder festgelegt, dass die Schuldverschreibungen vor Ablauf ihrer festgelegten Laufzeit nicht rückzahlbar sind (es sein denn aus steuerlichen Gründen, bzw. nur bei Eintritt eines Kündigungsereignisses), oder dass die Schuldverschrei- bungen nach Wahl der betreffenden Emittentin und/oder der Gläubiger unter Einhaltung einer in den Endgültigen Bedingungen festgelegten Frist gegenüber den Gläubigern bzw. der betreffenden Emittentin kündbar (rückzahlbar) sind, und zwar zu dem Zeitpunkt vor der angegebenen Fälligkeit und zu dem/den Preis/Preisen, die jeweils in den Endgültigen Bedin- gungen angegeben werden.

Schuldverschreibungen, deren Erlöse von der betreffenden Emittentin im Vereinigten König- reich vereinnahmt werden, werden eine Mindeststückelung von £ 100.000 (bzw. einen diesem Wert entsprechenden Betrag) haben, es sei denn, solche Schuldverschreibungen kön- nen nicht for Ablauf eines Jahres zurückgezahlt werden.

Besteuerung Sämtliche auf die Schuldverschreibungen zahlbaren Beträge an Kapital und Zinsen sind auf Ebene der betreffenden Emittentin ohne Einbehalt oder Abzug von oder aufgrund von gegen- wärtigen oder zukünftigen Steuern oder sonstigen Abgaben gleich welcher Art zu leisten, die von der Bundesrepublik Deutschland bzw. im Falle von ThyssenKrupp Finance den Nieder- landen oder für deren Rechnung oder von oder für Rechnung einer dort zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde in Form der Quellenbesteuerung auferlegt oder erhoben werden, es sei denn, daß dieser Einbehalt oder Abzug gesetzlich vorgeschrieben ist. In diesem Fall wird die betreffende Emittentin bzw. im Falle von Schuldverschrei- bungen, die von ThyssenKrupp Finance begeben werden, die Garantin diejenigen zusätz- lichen Beträge zahlen, die erforderlich sind, damit die den Gläubigern der Schuldverschrei- bungen zufließenden Nettobeträge nach Einbehalt oder Abzug dieser Quellensteuern denje- nigen Beträgen an Kapital und Zinsen entsprechen, die die Gläubiger ohne einen solchen Abzug oder Einbehalt erhalten würden; dies gilt vorbehaltlich bestimmter in den Emissions- bedingungen der Schuldverschreibungen genannter Ausnahmen.

Vorzeitige Rückzahlung Die vorzeitige Rückzahlung der Schuldverschreibungen aus steuerlichen Gründen ist zuläs- aus Steuergründen sig, falls die betreffende Emittentin infolge einer Änderung oder Ergänzung der Gesetze (ein- schließlich einer Änderung oder Ergänzung der Anwendung oder der offiziellen Auslegung dieser Gesetze oder Vorschriften) in der Bundesrepublik Deutschland bzw. den Niederlanden oder für deren Rechnung oder von oder für Rechnung einer dort zur Steuererhebung ermäch- tigten Gebietskörperschaft oder Behörde zur Zahlung zusätzlicher Beträge auf die Schuldver- schreibungen verpflichtet ist, wie im Einzelnen in den Emissionsbedingungen der Schuldver- schreibungen dargelegt.

25 Status der Schuldver- Die Schuldverschreibungen stellen ungesicherte, nicht nachrangige Verbindlichkeiten der schreibungen betreffenden Emittentin dar, die untereinander und mit allen anderen ungesicherten und nicht nachrangigen Verbindlichkeiten der betreffenden Emittentin gleichrangig sind.

Garantie Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, werden durch ThyssenKrupp garantiert. Diese Garantie begründet eine unwiderrufliche, nicht nachrangige und nicht besicherte Verpflichtung der Garantin, die mit allen sonstigen nicht nachrangigen und nicht besicherten Verpflichtungen der Garantin wenigstens im gleichen Rang steht.

Negativverpflichtung Die Schuldverschreibungen werden eine Negativverpflichtung vorsehen.

Kündigungsgründe und Die Schuldverschreibungen werden Kündigungsgründe vorsehen, die die Gläubiger berech- Drittverzug tigen, die unverzügliche Rückzahlung der Schuldverschreibungen zu verlangen. Die Emissi- onsbedingungen der Schuldverschreibungen sehen eine Drittverzugsklausel vor.

Ausgabe und Plazie rung Die Schuldverschreibungen werden fortlaufend begeben an einen Plazeur oder mehrere Pla- zeure und zusätzliche Plazeure, die unter dem Programm von Zeit zu Zeit durch die betreffende Emittentin für eine bestimmte Ziehung oder auf fortdauernder Basis ernannt werden. Die Schuldverschreibungen können in Form eines öffentlichen Angebots oder einer Privat- plazierung und jeweils auf syndizierter oder nicht syndizierter Basis plaziert werden. Die Art der Plazierung der betreffenden Tranche wird in den Endgültigen Bedingungen angegeben.

Börsenzulassung Für die Schuldverschreibungen, die unter dem Programm begeben werden, ist ein Antrag auf Börsennotierung auf dem amtlichen Kursblatt der Luxemburger Wertpapierbörse und ein Antrag auf Börsenzulassung im regulierte n Markt „Bourse de Luxembourg“ gestellt worden. Darüber hinaus können Schuldverschreibungen begeben werden, die an anderen oder weiteren Wertpapierbörsen bzw. die an keiner Wertpapierbörse zugelassen sind.

Geltendes Recht Die Schuldverschreibungen unterliegen deutschem Recht.

Gerichtsstand und Nicht ausschließlicher Gerichtsstand für alle gerichtlichen Verfahren im Zusammenhang mit Zustellungs- den Schuldverschreibungen ist Düsseldorf, Bundesrepublik Deutschland. bevollmächtigte ThyssenKrupp Finance hat ThyssenKrupp AG, August-Thyssen-Straße 1, D-40211 Düssel- dorf, Bundesrepublik Deutschland, als Zustellungsbevollmächtigte für etwaige Verfahren vor deutschen Gerichten im Zusammenhang mit den Schuldverschreibungen bestellt.

26 ZUSAMMENFASSUNG DER RISIKOFAKTOREN

Risikofaktoren betreffend die Emittentin

Der Gegenstand der Geschäftstätigkeit von ThyssenKrupp Finance beschränkt sich gegenwärtig ausschließlich auf die Finanzierung des ThyssenKrupp Konzerns. Wichtigster Bestandteil des Vermögens der ThyssenKrupp Finance sind an andere Unternehmen des ThyssenKrupp Konzerns ausgereichte Darlehen. Der wirtschaftliche Bestand von Thyssen Krupp Finance ist davon abhängig, dass ThyssenKrupp und andere Unternehmen des ThyssenKrupp Kon- zerns ihre Verpflichtungen aus diesen Darlehen erfüllen können. Sämtliche Zins- und Kapitalzahlungen auf alle von ThyssenKrupp Finance begebenen Fremdkapitalwertpapiere (also auch die Schuldverschreibungen) sind in voller Höhe und uneingeschränkt durch ThyssenKrupp garantiert. Diese Garantie ist gemäß dem Recht der Bundesrepublik Deutschland vollstreckbar. Hinsichtlich der Risikofaktoren in Bezug auf ThyssenKrupp, als Garantin und Schuldnerin gegenüber ThyssenKrupp Finance, wird auf die Ausführungen des nachstehenden Abschnitts verwiesen.

Jede Investition in die Schuldverschreibungen ist mit bestimmten Risiken in Bezug auf die jeweilige Emittentin, die Garantin sowie die einzelnen Tranchen der Schuldverschreibungen verbunden. Obwohl es sich bei diesen Risikofak- toren lediglich um Eventualitäten handelt, die eintreten oder auch nicht eintreten können, sollten sich potentielle Anle- ger bei ihrer Entscheidung über eine Investition in die Schuldverschreibungen der Tatsache bewusst sein, dass diese Risikofaktoren (i) die Fähigkeit der jeweiligen Emittentin bzw. der Garantin, ihre Verpflichtungen aus den im Rahmen des Programms begebenen Schuldverschreibungen zu erfüllen, beeinflussen können und/oder (ii) zu einer besonderen Volatilität und/oder Wertverlust der im Rahmen des Programms begebenen Schuldverschreibungen führen könnten, mit der Konsequenz, dass (finanzielle oder sonstige) Erwartungen, die Anleger zum Zeitpunkt ihrer Anlageentschei- dung haben mögen, nicht erfüllt werden. Potentielle Anleger sollten u. a. auch die im nachstehenden Abschnitt beschriebenen Risiken berücksichtigen, welche mit einer Anlage in die im Rahmen des Programms begebenen Schuld- verschreibungen verbunden sind. Jeder einzelne Anleger muss auf Grund einer eigenen unabhängigen Prüfung und einer den Umständen angemessenen professionellen Beratung entscheiden, ob eine Anlage in die Schuldverschrei- bungen seinen individuellen finanziellen Bedürfnissen, Zielen und Verhältnissen (bzw. im Falle eines Erwerbs in einer treuhänderischen Eigenschaft den finanziellen Bedürfnissen, Zielen und Verhältnissen des/der jeweiligen Begünstig- ten) sowie den einschlägigen Anlagevorgaben bzw. -beschränkungen uneingeschränkt entspricht und trotz der eindeu- tigen und nicht unerheblichen Risiken, die mit einer Anlage in die bzw. mit dem Besitz der Schuldverschreibungen verbunden sind, eine für ihn (bzw. im Falle eines Erwerbs in treuhänderischer Eigenschaft für die/den jeweilige(n) Begünstigte(n)) geeignete, zulässige und sinnvolle Investition darstellt.

Finanzwirtschaftliche Risiken

ThyssenKrupp ist Risiken aus Fremdwährungsgeschäften und aus Rohstoffpreisschwankungen sowie Zinsänderungen ausgesetzt. Um diesen Risiken entgegenzuwirken setzt ThyssenKrupp derivative Finanzinstrumente ein. Translations- risiken aus der Umrechnung der nicht in Euro bilanzierenden Konzerngesellschaften werden grundsätzlich nicht abge- sichert.

Ausfallrisiko

Der Konzern ist bei Finanzinstrumenten einem Ausfallrisiko ausgesetzt, das aus der möglichen Nichterfüllung einer Vertragspartei resultiert und daher maximal in Höhe des positiven beizulegenden Zeitwerts des betreffenden Finanz- instruments besteht.

Verkauf von Grundstücken, Unternehmen etc.

Aus dem Verkauf von Grundstücken, Unternehmen oder sonstigen Geschäftsaktivitäten sowie Umstrukturierungsmaß- nahmen können Abwicklungsrisiken entstehen.

Informationssicherheit

Es existiert ein wachsendes Bedrohungspotenzial, u. a. auf Grund der teilweise tiefen Integration von IT-gestützten Geschäftsprozessen zwischen den Konzernunternehmen sowie mit Kunden, Lieferanten und Geschäftspartnern.

27 Pensions- und Gesundheitsfürsorgeverpflichtungen

Insbesondere die Tochtergesellschaften der Gruppe im angloamerikanischen Raum können auf Grund der dort vorherr- schenden fondsfinanzierten Pensionsverpflichtungen von Veränderungen der internationalen Aktienmärkte betroffen werden; dies kann zu nennenswerten Mehraufwendungen führen. Ebenso können auch aus sonstigen Gründen, z. B.: Kostensteigerungen und verschärfte gesetzliche Anforderungen, die Aufwendungen für Gesundheitsfürsorgeverpflich- tungen weiter ansteigen.

Rechtsstreitigkeiten

Es gibt und gab keine Gerichts- oder Schiedsverfahren (einschließlich derjenigen Verfahren, die nach Kenntnis der Emittentinnen noch anhängig sind oder eingeleitet werden könnten), die in den letzten zwölf Monaten vor dem Datum dieses Dokumentes bestanden haben oder abgeschlossen wurden, und die sich erheblich auf die Finanzlage von ThyssenKrupp oder ThyssenKrupp Finance auswirken bzw. in jüngster Zeit ausgewirkt haben, mit Ausnahme des nachfolgenden Falles.

Die EU-Kommission hat am 11. Oktober 2005 mitgeteilt, dass sie ein Bußgeldverfahren gegen Unternehmen der Auf- zugs- und Fahrtreppenindustrie eingeleitet hat. Hiervon sind auch einige europäische Gesellschaften des ThyssenKrupp Konzerns betroffen. Der Einleitung des Bußgeldverfahrens waren Vorermittlungen der EU-Kommission vorausgegan- gen, in deren Rahmen sie Anfang 2004 mehrere Nachprüfungen bei den vier größten Aufzugherstellern in der Europä- ischen Union sowie bei den entsprechenden Verbänden durchgeführt hatte. Gegenstand des Bußgeldverfahrens ist der Vorwurf, die betroffenen Unternehmen hätten in einzelnen EU-Mitgliedstaaten gegen das europäische Kartellrecht im Neuanlagen-, Wartungs- und Ersatzteilgeschäft mit Aufzügen und Fahrtreppen verstoßen. ThyssenKrupp kooperiert mit den Kartellbehörden. Die EU-Kommission hat keine Angaben zur Höhe eventueller Bußgelder gemacht, so dass sich für ThyssenKrupp die finanziellen Folgen des Bußgeldverfahrens noch nicht abschätzen lassen.

Grundstücke und Umweltschutz

ThyssenKrupp hat Risiken aus dem Halten von Grundstücken, insbesondere aus Altlasten-, Bergschädenrisiken und in Verbindung mit Umweltschutz.

Volatilität der Stahlpreise und Abhängigkeit von der Automobilindustrie

Die Volatilität der Stahlpreise und die Abhängigkeit von der konjunkturellen Lage insbesondere in der Automobilindus- trie können erheblichen Einfluss auf die wirtschaftliche Entwicklung des Konzerns haben.

Risiken der Segmente

Sowohl das Segment Steel als auch das Segment Stainless haben ein finanzielles Risiko aus einer Erhöhung der Versicherungsprämien und -selbstbehalte, Risiken aus zyklischen Stahlkonjunkturverläufen, Risiken aus Produk tions- ausfällen, ungeplantem Produktionsstillstand und erhöhten Instandsetzungsaufwendungen in Folge von Anlagenaus- fällen sowie Währungsrisiken aus Beschaffungs- und Absatzgeschäften.

Zu den Risiken des Segments Steel zählen darüber hinaus insbesondere Marktrisiken auf der Absatz- und Beschaf- fungsseite, das Risiko begrenzter Stammmärkte sowie hoher Wettbewerbsintensität auf dem Markt für Qualitätsflach- stahlerzeugnisse. Ein weiteres Risiko besteht bei steigenden Rohstoffpreisen, insbesondere bei Koks, Erz und Schrott.

Für das Segment Stainless ergeben sich neben den oben genannten sowie Qualitäts- und Lieferterminrisiken auch Risiken, die einerseits aus der Entwicklung der Märkte und andererseits aus Überkapazitäten bei den Rostfrei- Produzenten , insbesondere in China, und daraus resultierendem Wettbewerbsdruck herrühren. Risiken bestehen ferner bei Veränderungen der weltweiten Lieferströme durch bestehende oder neue staatliche Einfuhrbeschränkungen (z. B. Anti-Dumping, Countervailing Duty) in bedeutenden Märkten außerhalb Europas. Darüber hinaus gibt es Risiken aus Verfügbarkeit und Preisen bei Rohstoffen (Legierungen/Schrott) und Energien (Strom/Gas). Des Weiteren besteht bei anhaltend hohen Rohstoffpreisen (insbesondere Nickel) die Gefahr der Substitution des Edelstahls durch andere Werk- stoffe.

28 Automotive und Technologies: Die Automobilzulieferaktivitäten von ThyssenKrupp wurden neu ausgerichtet. Mit Wir- kung zum 01.10.2006 sind die Segmente Automotive und Technologies zusammengeführt worden. Die Verschmel- zung der ThyssenKrupp Automotive AG auf ThyssenKrupp Technologies AG wird mit Eintragung der Verschmelzung im Handelsregister am Sitz der ThyssenKrupp Technologies AG rückwirkend wirksam. Da die Automotive-Aktivitäten im Geschäftsjahr 2005/2006 noch eigenständig waren, werden sie in der Berichterstattung über das abgelaufene Geschäftsjahr und in dieser Risiko-Beschreibung zur besseren Vergleichbarkeit als Segment separat aufgeführt.

Hinsichtlich der Automotive Aktivitäten besteht eine Abhängigkeit von regionalen Teilmärkten und von bestimmten Kunden. Die strukturelle Marktentwicklung in diesem Bereich ist durch Konzentrationstendenzen auf Seiten der Kfz- Hersteller und der Wettbewerber gekennzeichnet. Die zunehmende Komplexität der Produkte sowie der zu Grunde liegenden Fertigungsprozesse birgt in Einzelfällen das Risiko erhöhter Anlaufkosten und Ergebnisbelastungen. Trotz der Veräußerung des nordamerikanischen Karosserie- und Fahrwerksgeschäfts sind wegen des weiterhin bestehenden Preisdrucks der Automobilproduzenten weitere Restrukturierungen nicht auszuschließen. Auch können Erhöhungen der Stahl- und Rohstoffpreise nicht immer und vor allem regelmäßig nicht in voller Höhe an die Kunden weitergegeben werden; dadurch kann die Ergebnissituation im Zusammenhang mit den Automotive Aktivitäten negativ beeinflusst werden. Umsatz und Ergebnis werden außerdem durch Schwankungen der Wechselkurse beeinflusst, insbesondere des Euro, des US-Dollars und des brasilianischen Reals.

Beim Segment Technologies zeigt sich wegen des weit gefächerten Produktspektrums eine differenzierte Risikostruk- tur. Sowohl bei Plant Technology als auch in der Business Unit Marine Systems bestehen Risiken bei der Abwicklung langfristiger Großaufträge. Ferner gibt es Auslastungsrisiken im Marineschiffbau sowie Risiken aus möglichen Nachfra- gerückgängen in den Stamm-Märkten der Business Unit Mechanical Engineering.

Die operative Entwicklung des Neuanlagengeschäfts des Segments Elevator ist von der konjunkturellen Entwicklung des Bausektors abhängig. Insofern belasten regionale Schwächen der internationalen Baukonjunktur das weitere Wachstum des Segments. Ferner bestehen Materialpreis- und Fremdwährungsrisiken sowie Risiken aus der Integration von akquirierten Gesellschaften und Risiken bei der Umsetzung von Großprojekten.

Die Gesellschaften des Segments Services sind neben allgemeinen Markt- und Konjunkturrisiken hauptsächlich von Preis-, Vorrats- und Forderungsausfallrisiken betroffen.

Risikofaktoren die Schuldverschreibungen betreffend

Schuldverschreibungen als nicht geeignetes Investment

Potentielle Anleger sollten in Schuldverschreibungen, die komplexe Finanzinstrumente sind, nur investieren, wenn sie (selbst oder durch ihre Finanzberater) über die nötige Expertise verfügen, um die Performance der Schuldverschrei- bungen unter den wechselnden Bedingungen, die resultierenden Wertveränderungen der Schuldverschreibungen sowie die Auswirkungen einer solchen Anlage auf ihr Gesamtportfolio einzuschätzen.

Liquiditätsrisiko

Es besteht keine Gewissheit, dass ein liquider Sekundärmarkt für Schuldverschreibungen entstehen wird oder, sofern er entsteht, dass er fortbestehen wird. In einem illiquiden Markt könnte es sein, dass ein Anleger seine Schuldver- schreibungen nicht jederzeit zu angemessenen Marktpreisen veräußern kann. Die Möglichkeit Schuldverschreibungen zu veräußern kann darüber hinaus aus landesspezifischen Gründen eingeschränkt sein.

Marktpreisrisiko

Der Gläubiger von Schuldverschreibungen ist dem Risiko nachteiliger Entwicklungen der Marktpreise seiner Schuldver- schreibungen ausgesetzt, welches sich verwirklichen kann, wenn der Gläubiger seine Schuldverschreibungen vor End- fälligkeit veräußert.

29 Risiko der Vorzeitigen Rückzahlung

Sofern der betreffenden Emittentin das Recht eingeräumt wird, die Schuldverschreibungen vor Fälligkeit zurückzuzah- len oder sofern die Schuldverschreibungen vor Fälligkeit auf Grund des Eintritts eines Ereignisses, welches in den Anleihebedingungen dargelegt ist, zurückgezahlt werden, ist der Gläubiger solcher Schuldverschreibungen dem Risiko ausgesetzt, dass infolge der vorzeitigen Rückzahlung seine Kapitalanlage eine geringere Rendite als erwartet aufwei- sen wird.

Währungsrisiko/Doppelwährungs-Schuldverschreibungen

Der Gläubiger von Schuldverschreibungen, die auf eine fremde Währung lauten und der Gläubiger von Doppelwäh- rungs-Schuldverschreibungen sind dem Risiko von Wechselkursschwankungen ausgesetzt, welche die Rendite solcher Schuldverschreibungen beeinflussen können.

Festverzinsliche Schuldverschreibungen

Der Gläubiger von festverzinslichen Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuldverschreibung infolge von Veränderungen des aktuellen Marktzinssatzes fällt.

Variabel verzinsliche Schuldverschreibungen

Der Gläubiger von variabel verzinslichen Schuldverschreibungen ist dem Risiko eines schwankenden Zinsniveaus und ungewisser Zinserträge ausgesetzt. Ein schwankendes Zinsniveau macht es unmöglich, die Rendite von variabel verzinslichen Schuldverschreibungen im Voraus zu bestimmen. Variabel verzinsliche Schuldverschreibungen können mit Multiplikatoren oder anderen Hebelfaktoren sowie mit Zinsober- und Zinsuntergrenzen oder einer Kombination dieser Merkmale oder mit ähnlichen Merkmalen ausgestattet sein. Zusätzlich können variabel verzinsliche Schuldverschrei- bungen als gegenläufig variabel verzinsliche Schuldverschreibungen begeben werden. Der Kurs solcher strukturierter variabel verzinslicher Schuldverschreibungen (einschließlich gegenläufig variabel verzinslicher Schuldverschreibungen) neigt zu größerer Volatilität als der von herkömmlichen Schuldverschreibungen.

Fest- zu variabel verzinsliche Schuldverschreibungen

Fest- zu variabel verzinsliche Schuldverschreibungen werden mit einem Zinssatz verzinst, der von der betreffenden Emittentin nach ihrer Wahl von einem festen zu einem variablen Zinssatz bzw. von einem variablen zu einem festen Zinssatz gewandelt werden kann. Wechselt die betreffende Emittentin von einem festen zu einem variablen Zinssatz, kann die Rendite der fest- zu variabel verzinslichen Schuldverschreibungen niedriger sein als die vorherrschende Ren- dite vergleichbarer variabel verzinslicher Schuldverschreibungen mit dem selben Referenzzinssatz. Wechselt die betreffende Emittentin von einem variablen zu einem festen Zinssatz, kann der feste Zinssatz niedriger sein als der vorherrschende Zinssatz der Schuldverschreibungen der betreffenden Emittentin.

Nullkupon-Schuldverschreibungen

Der Gläubiger von Nullkupon-Schuldverschreibungen ist dem Risiko ausgesetzt, dass der Kurs einer solchen Schuld- verschreibung infolge von Veränderungen des Marktzinssatzes fällt. Kurse von Nullkupon-Schuldverschreibungen sind volatiler als Kurse von festverzinslichen Schuldverschreibungen und reagieren in höherem Maße auf Veränderungen des Marktzinssatzes als verzinsliche Schuldverschreibungen mit einer ähnlichen Fälligkeit.

Indexierte Schuldverschreibungen

Der Gläubiger einer Schuldverschreibung mit indexabhängiger Verzinsung ist dem Risiko eines schwankenden Zinsni- veaus und Ungewißheit in Bezug auf den Zinsertrag ausgesetzt und wird möglicherweise überhaupt keine Verzinsung erhalten. Die Rendite einer Schuldverschreibung mit indexabhängiger Verzinsung kann sogar negativ sein. Der Gläubi- ger einer Schuldverschreibung mit indexabhängiger Rückzahlung ist Ungewissheit in Bezug auf den Rückzahlungsbe- trag ausgesetzt. Die Rendite einer in Bezug auf den Rückzahlungsbetrag indexierten Schuldverschreibung kann negativ sein und der Anleger kann den Wert seiner Anlage ganz oder teilweise verlieren. Ungewißheit in Bezug auf den Zins- und den Rückzahlungsbetrag macht es unmöglich, die Rendite einer indexierten Schuldverschreibung im Voraus zu

30 bestimmen. Je volatiler der betreffende Index, desto größer die Ungewißheit in Bezug auf Zinsertrag und Rückzahlun- gsbetrag.

Strukturierte Schuldverschreibungen

Eine Kapitalanlage in Schuldverschreibungen, bei denen der Aufschlag und/oder der Zins und/oder der Rückzahlungs- betrag unter Bezugnahme einer oder mehrerer Währungen, Rohstoffe, Zinssätze oder anderer Indizes oder Formeln entweder unmittelbar oder umgekehrt bestimmt wird/werden, kann bedeutsame Risiken mit sich bringen, die nicht mit ähnlichen Kapitalanlagen in einen herkömmlichen Schuldtitel verbunden sind, einschließlich des Risikos, dass der resultierende Zinssatz geringer sein wird als der zur gleichen Zeit auf einen herkömmlichen Schuldtitel zahlbare Zinssatz und/oder dass der Anleger seine Investition ganz oder zu einem erheblichen Teil verliert.

Risiken im Zusammenhang mit Zinsobergrenzen

Die Rendite einer Schuldverschreibung mit einer Zinsobergrenze kann erheblich niedriger sein als bei ähnlich strukturierten Schuldverschreibungen ohne Zinsobergrenze.

Risiko möglicher Interessenkonflikte

Bei indexierten oder anderen strukturierten Schuldverschreibungen können die betreffende Emittentin und/oder der Plazeur/die Plazeure oder mit diesen verbundene Unternehmen Geschäfte mit Bezug auf den diesen Schuldverschrei- bungen zu Grunde liegenden Basiswert abschließen, die Interessenkonflikte auslösen und einen negativen Einfluss auf den den Schuldverschreibungen zugrunde liegenden Basiswert haben können.

Credit Linked Schuldverschreibungen

Der Gläubiger von Credit Linked Schuldverschreibungen ist dem Kreditrisiko der betreffenden Emittentin und dem Kreditrisiko einer oder mehrerer Referenzschuldner (wie in den anwendbaren Endgültigen Bedingungen angegeben) ausgesetzt. Es gibt keine Gewähr dafür, dass der Gläubiger den vollständigen Nennbetrag solcher Schuldverschrei- bungen und die entsprechenden Zinsen erhält; im äußersten Fall könnte die Verpflichtung der betreffenden Emittentin zur Zahlung von Kapital sogar auf Null reduziert sein.

31 ZUSAMMENFASSUNG THYSSENKRUPP BETREFFEND

Informationen über ThyssenKrupp

ThyssenKrupp ist eine Aktiengesellschaft nach deutschem Recht, die 1999 aus dem Zusammenschluss der Thyssen Aktiengesellschaft und der Fried. Krupp AG Hoesch-Krupp hervorgegangen ist. Grundlage dieses Zusammenschlusses waren eine Fusionsvereinbarung vom 16. Oktober 1998 sowie die Beschlüsse der Jahreshauptversammlungen der Thyssen Aktiengesellschaft vom 3./4. Dezember 1998 und der Fried. Krupp AG Hoesch-Krupp vom 30. November 1998. ThyssenKrupp ist die Rechtsnachfolgerin der Thyssen Aktiengesellschaft sowie der Fried. Krupp AG Hoesch- Krupp. Der Zusammenschluss wurde mit wirtschaftlicher Wirkung zum 1. Oktober 1998 vollzogen.

ThyssenKrupp ist am 17. März 1999 unter der Nummer HRB 37003 in das Handelsregister des Amtsgerichts Düssel- dorf eingetragen worden und hatte ihren Gesellschaftssitz zunächst in Düsseldorf.

Die ordentliche Jahreshauptversammlung von ThyssenKrupp vom 24. Mai 2000 hat beschlossen, den Sitz der Gesell- schaft von Düsseldorf nach Essen und Duisburg zu verlegen. Die entsprechenden Eintragungen in die Handelsregister des Amtsgerichts Essen (HRB 15364) und des Amtsgerichts Duisburg (HRB 9092) erfolgten am 10. Mai 2001 bzw. am 19. Juni 2001.

Die Anschrift des Geschäftssitzes von ThyssenKrupp lautet August-Thyssen-Straße 1, D-40211 Düsseldorf. Die Telefon -Nummer lautet +49-211-824-0.

Hauptgeschäftstätigkeit

Stahl, Industriegüter und Dienstleistungen – das sind die Tätigkeitsfelder, in denen ThyssenKrupp als globaler Konzern engagiert ist. In über 70 Ländern entwickeln und produzieren 188.000 Mitarbeiter innovative Produkte und Dienstleistun- gen für die Herausforderungen der Zukunft. Dabei orientieren sie sich in allen Unternehmenssegmenten an den Bedürf- nissen der Menschen und den Wünschen der Kunden, um qualitativ überzeugende Lösungen zu bieten. Das Geschäftsjahr 2005/2006 war das bisher erfolgreichste in der noch jungen Unternehmensgeschichte von ThyssenKrupp. Der Auftragsein- gang stieg um 17 % auf 50,8 Mrd €, der Umsatz um 10 % auf 47,1 Mrd €. Das Ergebnis vor Steuern erreichte mit 2,6 Mrd € einen neuen Spitzenwert.

32 Der Konzern in Zahlen 2004/2005 2005/2006 Veränderung Fortgeführte Aktivitäten des Konzerns Auftragseingang Mio € 43.509 50.782 7.273 Umsatz Mio € 42.927 47.125 4.198 EBITDA Mio € 3.809 4.700 891 EBIT Mio € 2.250 3.044 794 Ergebnis aus fortgeführten Aktivitäten vor Steuern (EBT) Mio € 1.677 2.623 946 Mitarbeiter (30.09.) 185.932 187.586 1.654

Konzern einschließlich nicht fortgeführter Aktivitäten Jahresüberschuss Mio € 1.079 1.704 625 Ergebnis je Aktie € 2,08 3,24 1,16 Ausschüttung Mio € 412** 489* 77 Dividende je Aktie € 0,80** 1,00* 0,20 Operating Cash-Flow Mio € 2.351 3.467 1.116 Investitionen Mio € 1.903 2.077 174 ROCE % 14,4 17,9 3,5 ThyssenKrupp Value Added (TKVA) Mio € 997 1.510 513 Netto-Finanzverbindlichkeiten (+) / -forderungen (-) Mio € + 177 – 747 – 924 Eigenkapital Mio € 7.944 8.927 983 Gearing % 2,2 – 8,4 – 10,6 * Vorschlag an die Hauptversammlung ** einschließlich Sonderausschüttung von 0,10 €

33 Kapitalausstattung

Die Kapitalausstattung des Konzerns zum 30. September 2006 stellt sich wie folgt dar: 30. Sept . 20061) Mio EUR Finanzverbindlichkeiten, Bargeld, flüssige Mittel, Wertpapiere Anleihen (ohne Schuldscheindarlehen) ...... 1.995 Schuldscheindarlehen ...... 300 Verbindlichkeiten gegenüber Finanzinstituten (ohne Schuldscheindarlehen) ...... 1.223 Verbindlichkeiten aus nicht ausgebuchten Forderungen ...... 40 Akzeptverbindlichkeiten ...... 22 Verbindlichkeiten aus Finance Lease ...... 182 Sonstige Darlehen ...... 42 Brutto-Finanzverbindlichkeiten ...... 3.804 abzüglich Bargeld, flüssige Mittel und Wertpapiere...... 4.551 Netto-Finanzverbindlichkeiten ...... – 747 Eigenkapital Gezeichnetes Kapital...... 1.317 Kapitalrücklage ...... 4.684 Gewinnrücklagen ...... 3.358 Kumulierte erfolgsneutrale Eigenkapitalveränderung ...... – 149 Eigene Anteile ...... – 697 Eigenkapital der Aktionäre der ThyssenKrupp AG ...... 8.513 Anteile anderer Gesellschafter...... 414 Eigenkapital ...... 8.927 Summe Netto-Finanzverbindlichkeiten und Eigenkapital...... 8.180

1) Inkl. beabsichtigten Veräußerungen (disposal groups) und nicht fortgeführten Aktivitäten (discontinued operations).

Seit dem 30. September 2006 ist hinsichtlich der Kapitalausstattung des Konzerns keine wesentliche Veränderung eingetreten.

Gezeichnetes Kapital

Per 30. September 2006 belief sich das (voll eingezahlte) Gezeichnete Kapital von ThyssenKrupp auf EUR 1.317.091.952,64, unterteilt in 514.489.044 nennwertlose Inhaber-Stammaktien, die alle ausgegeben worden sind und von denen zum Bilanzstichtag 488.764.592 Stück im Umlauf waren. Rechnerisch entfällt auf jede Aktie ein Anteil am Gezeichneten Kapital i. H. v. EUR 2,56. ThyssenKrupp verfügt über kein genehmigtes, aber nicht ausgegebenes Kapital.

Eigene Aktien

Am 30. September 2006 hat ThyssenKrupp 25.724.452 eigene Aktien gehalten.

34 ZUSAMMENFASSUNG THYSSENKRUPP FINANCE BETREFFEND

Informationen über ThyssenKrupp Finance

Die ThyssenKrupp Finance Nederland B. V. ist am 14. Oktober 1988 unter der Firma Thyssen Finance Nederland B. V. für unbeschränkte Dauer als private, beschränkt haftende Gesellschaft (besloten vennootschap met beperkte aansprakelijkheid) nach niederländischem Recht gegründet worden. Es handelt sich um eine 100 %ige Tochtergesellschaft von ThyssenKrupp.

Am 22. Februar 2001 wurde ihre Firma in ThyssenKrupp Finance Nederland B. V. geändert. Im März 2001 ist die Fried. Krupp Finance B. V., Amsterdam, ebenfalls eine 100 %ige Tochtergesellschaft von ThyssenKrupp, im Rahmen eines Zusammenschlusses in die ThyssenKrupp Finance Nederland B. V. eingegliedert worden.

Die Emittentin hat ihren Hauptort der Geschäftstätigkeit (statutaire zetel) in Krimpen aan den IJssel und ist unter der Nummer 33206400 in das Handelsregister der Rotterdamer Industrie- und Handelskammer eingetragen. Ihr Geschäfts- sitz befindet sich in Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel, Niederlande. Die Telefon-Nummer lautet +31-180-516171.

Geschäftsüberblick

Gemäß ihrer Satzung (Art. 2) ist es Zweck der ThyssenKrupp Finance Nederland B.V., sich als Gesellschafter oder in anderer Weise an anderen Unternehmen jeder Art zu beteiligen, diese zu finanzieren und die Führung ihrer Geschäfte zu übernehmen, Darlehen aufzunehmen und zu gewähren, Wertpapiere auszugeben, u. a. auch Finanzierungstitel für Verbindlichkeiten anderer, und alle mit diesem Gesellschaftszweck in Zusammenhang stehenden oder für seine Er reichung förderlichen Handlungen vorzunehmen.

Kapitalausstattung

Die Kapitalausstattung der ThyssenKrupp Finance stellt sich wie folgt dar: 30. Sept. 30. Sept. 2005 2006 Mio EUR Finanzverbindlichkeiten, Bargeld, flüssige Mittel, Wertpapiere Anleihen ...... 1 .307 500 Eigenkapital Gezeichnetes Kapital...... 2 2 Gewinnrücklagen und aufgelaufenes Jahresergebnis ...... 3 4 Summe Netto-Finanzverbindlichkeiten und Eigenkapital...... 1 .312 506

Seit dem 30. September 2006 ist hinsichtlich der Kapitalausstattung der ThyssenKrupp Finance keine wesentliche Veränderung eingetreten.

Gezeichnetes Kapital

Das Gezeichnete Kapital der ThyssenKrupp Finance beträgt EUR 2.300.000 und ist aufgeteilt in 230 Inhaber-Stamm- aktien im Nennwert von je EUR 10.000. Das Kapital ist vollständig ausgegeben und eingezahlt. ThyssenKrupp Finance verfügt über kein genehmigtes, aber nicht ausgegebenes Kapital.

35 RISK FACTORS REGARDING THE ISSUERS

An investment in the Notes involves certain risks relating to the relevant Issuer, the Guarantor and the relevant Tranche of Notes. While all of these risk factors are contingencies which may or may not occur, potential investors should be aware that the risks involved with investing in the Notes may (i) affect the ability of the relevant Issuer and the Guaran- tor, as the case may be, to fulfil its obligations under Notes issued under the Programme and/or (ii) lead to a volatility and/or decrease in the market value of the relevant Tranche of Notes whereby the market value falls short of the expectations (financial or otherwise) of an investor upon making an investment in such Notes. Prospective investors should consider, among other things, the factors described below which represent certain risks inherent in investing in Notes issued under the Programme. However, each prospective investor of Notes must determine, based on its own independent review and such professional advice as it deems appropriate under the circumstances, that its acquisition of the Notes is fully consistent with its (or if it is acquiring the Notes in a fiduciary capacity, the beneficiary’s) financial needs, objectives and condition, complies and is fully consistent with all investment policies, guidelines and restrictions applicable to it (whether acquiring the Notes as principal or in a fiduciary capacity) and is a fit, proper and suitable investment for it (or if it is acquiring the Notes in a fiduciary capacity, for the beneficiary), notwithstanding the clear and substantial risks inherent in investing in or holding the Notes.

Risk Policy and Management

The Group’s risk policy is aimed at systematically and continuously increasing corporate value and achieving the mid- term financial key performance targets. The name and reputation of the ThyssenKrupp Group and the “ThyssenKrupp” brand are key priorities for the Group. We accept reasonable and manageable risks the more they are associated with building and utilizing the core competencies of the Group. The opportunities they present must provide an appropriate increase in value. Risks connected with support processes are transferred to other risk carriers, provided this is eco- nomically expedient. Risks not connected with core and/or support processes are not accepted. Overall the aggregate risk volume must not exceed the risk coverage potential available at ThyssenKrupp AG. Apart from this, the Group has a code of conduct which is set out in policies and other directives, compliance with which is supported by training and monitoring measures. Speculative transactions or other measures of speculative character are inadmissible. Our conduct toward suppliers, customers and society is marked by fairness and a sense of responsibility.

Efficient Risk Management System

The Executive Board of ThyssenKrupp AG has installed a systematic and efficient risk management system. Direct responsibility for early identification, control and communication of risks lies with the operating management of the risk holder; responsibility for monitoring lies with the next highest level. Under the risk management system, the occurrence, status and significant changes of major risks are communicated by the Group companies bottom up, in line with tiered threshold values. The segments inform the Executive Board of ThyssenKrupp AG about the current risk situation on a bi-weekly basis. In addition, risks occurring at short notice and urgent risks with an impact on the entire Group are communicated outside the normal reporting channels directly to the responsible offices of ThyssenKrupp AG.

The adherence of the Group companies to the risk management system and their risk control measures were examined by external and internal auditors in Germany and abroad. The findings made serve to further improve early risk identification and control.

Risk Transfer controlled on a Groupwide Basis

The service provider Risk and Insurance Services GmbH controls the transfer of risks to insurers using global insurance programs in coordination with the Executive Board of ThyssenKrupp AG. To counter the risk of excessive deductibles, especially in the area of property insurance, the Group regularly prepares and evaluates risk and damage analyses. Work groups were also formed to develop joint and binding risk prevention standards and monitor adherence to these

36 in regular audits. In association with ThyssenKrupp Risk and Insurance Services, standing work groups were formed in the segments to develop and monitor risk improvement measures and common minimum standards relating to fire protection in the framework of a property insurance risk management system. In addition, internal and external audits are carried out.

Financial Risks

Central responsibilities of ThyssenKrupp AG include resource allocation and securing the financial independence of the Group; in this connection ThyssenKrupp AG is also responsible for optimizing Group financing and containing financial risks.

The procurement of funds in international financial and capital markets is effected in different currencies – predominantly in euros and US-Dollars – and with various maturities. The resulting financial liabilities are partially exposed to risks from changing interest rates. To manage these risks, regular interest rate risk analyses are prepared. The regular communication of the results of the interest rate risk analyses is part of the Group’s risk management system.

To contain the risks of the numerous cash flows in different currencies – in particular in US-Dollars – Groupwide regulations exist for the centrally organized foreign currency management of the ThyssenKrupp Group. All companies of the ThyssenKrupp Group are obliged to hedge foreign currency positions at the time of their inception. Generally, hedging of translation risks arising from currency conversion does not take place.

Among other things, derivative financial instruments are used to hedge the risks. The Group’s centralized foreign currency management, centralized management of interest rate risks as well as hedging against commodity price risks are as follows: – Interest Rate Risks Due to the international focus of the Group’s business activities, the procurement of funds of the ThyssenKrupp Group in international financial and capital markets is effected in different currencies – predominantly in Euro and US Dollar – and with various maturities. The resulting financial liabilities as well as our financial investments are partially exposed to risks from changing interest rates. The goal of the Group’s central interest rate management is to manage and optimize the risk from changing interest rates. For this purpose, interest rate analyses are prepared regularly as part of the interest rate management. To hedge its interest rate risk the Group uses derivative financial instruments from case to case. These instruments are contracted with the objective of minimizing the interest rate volatility and the financing costs of the underlying basic transactions. Interest Rate Analysis Interest rate instruments can result in cash flow risks, opportunity effects as well as interest rate risks affecting balance sheet and earnings. Refinancing as well as instruments with variable interest rates are subject to a cash flow risk which expresses the uncertainty of future interest payments. The cash flow risk is measured with a cash flow sensitivity. Opportunity effects arise from non-derivative financial instruments, as these in contrast to interest rate derivatives are not reported at fair value, but at historical cost. This difference, the so-called opportunity effect, has no effect on either balance sheet or earnings. Interest rate risks affecting equity result from the valuation of interest rate derivatives designated as micro hedge. Interest rate risks that affect earnings arise from the remaining interest rate derivatives. Opportunity effects as well as interest rate risks with an effect on balance sheet and earnings are determined by calculating the sensitivity of the fair values and their changes. An interest rate analysis can be found in the Annual Report 2005/06 on page 177. – Central Foreign Currency Exchange Management The international orientation of the Group’s business activities entails numerous cash flows in different currencies – in particular in US Dollar. Hedging the resulting exchange rate risks is an essential part of our risk management. Group-wide regulations form the basis for the centrally organized foreign currency management of the ThyssenKrupp Group. Principally, all companies of the ThyssenKrupp Group are obliged to hedge foreign currency positions at the time of their inception. All Euro zone subsidiaries are obliged to submit unhedged foreign currency positions from trade activities in the major transaction currencies to the clearing office. The positions offered are, depending on the hedging purpose of the derivatives and the resulting treatment in the balance sheet, hedged under a portfolio- hedge approach or directly hedged with banks on a one-to-one basis. The hedging of financial transactions and the transactions undertaken by the Group’s subsidiaries outside the Euro zone are performed in close cooperation with

37 central Group management. Compliance with the Group’s requirements is regularly examined by our Central Inter- nal Audit Department. – Hedging against Commodity Price Risk Certain Group companies use derivative financial instruments in order to minimize commodity price volatility. Hedg- ing is initiated at the local level, subject to strict guidelines, and compliance is checked regularly by our Central Internal Audit Department. Derivatives are limited to marketable instruments. The instruments used are commodity forward contracts, cash transactions in combination with forward contracts, and the purchase of options. Commod- ity derivatives are reported at their fair value as either other assets or other liabilities. The changes in fair value are in the most cases recognized in sales/cost of sales.

Risk of Default

With its financial instruments the ThyssenKrupp Group is subject to risk of default, which can result from possible failure of a counterparty. Therefore a risk of default exists up to the positive fair value of the respective financial instru- ment. Generally, within the ThyssenKrupp Group financial instruments are only closed with counterparties with very good credit quality, so that the risk of default can be considered low. This risk is taken into account by impairment losses for doubtful accounts. Tables with carrying amounts and fair values of derivative and non-derivative financial instruments can be found in the Annual Report 2005/06 on page 178.

Sale of Real Estate/Companies and Restructurings

The disposal of real estate, companies or other business activities and restructuring measures in the Group may entail certain processing risks.

Information Security

There is a growing threat potential, e. g. due to the extensive integration of IT-supported business processes among subsidiaries and with customers, suppliers and business partners.

To ensure the safe processing of it-assisted business processes, the information technologies in use are continuously evaluated and adjusted. Measures to improve information security, including guidelines, are being developed continuously to eliminate or at least minimize the risks relating to business processes between Group subsidiaries and with customers, suppliers and business partners.

Pension and Healthcare Measures

The fund assets for the financing of pension liabilities are exposed to capital market risks. Pension obligations are subject to risks from increased life expectancies of beneficiaries and from obligations to adjust pension amounts on a regular basis. In addition, cost increases for healthcare commitments in the USA and Canada cannot be ruled out. Furthermore, in some countries there is a risk of significantly higher payments having to be made to finance pension plans due to increased statutory requirements.

Legal Risk

38 spare parts in certain member states of the European Union. ThyssenKrupp is cooperating with the antitrust authorities. The EU-Commission has not yet declared the amount of any possible administrative fine and therefore ThyssenKrupp is not yet able to estimate the financial consequences of the administrative fine proceedings.

Real Estate and Environmental Protection

The former use and continued ownership of real estate gives rise in particular to risks from contaminated sites and mining subsidence. ThyssenKrupp counteracts these risks with appropriate preventive measures and the scheduled fulfillment of remediation obligations. Insofar as the measures cannot be completed within a fiscal year, we recognize accrued liabilities in the requisite volume.

Rising standards in environmental protection and conservation of resources are also causing increased expense in other areas. On the other hand, the use of modern plant and equipment reduces charges and energy costs. In addition, the likelihood of environmental risks being realized is reduced by the growing number of subsidiaries with certified environmental management systems.

Volatility of Steel Prices and Dependency on the Automotive Industry

The volatility of steel prices and the dependency on the economic situation in the automotive industry have a significant influence on the economic development of the Group. However, the broad business portfolio, both productwise and geographically, has a stabilizing effect.

Volatility on the Energy Markets

To counter the risk resulting from the continuous rise in electricity and gas prices since the beginning of 2005, the Group applies a structured procurement system on the electricity market and concludes or renews long-term gas supply contracts.

Personnel Risks

To safeguard and strengthen the competencies and commitment of management personnel within the Group, ThyssenKrupp will continue to position itself as an attractive employer and strive for long-term retention of senior executives in the Group. In particular, the creation of perspectives, target group-oriented mentoring, the early identification and promotion of potential executives and an attractive incentive system for senior executives are elements of systematic management development.

Risks of Future Developments in the Economy

For 2007 we expect continuing growth of the world economy. World GDP is expected to increase by 4.5 %, slightly lower than the year before. For 2008, too, we expect the growth to continue, albeit at a slightly slower rate. This forecast is based on a number of assumptions. It is assumed that the geopolitical and economic situation will remain largely stable, in particular in respect of developments on the capital, foreign currency and raw materials markets and in international trade.

Prices of crude oil and other energy raw materials are not expected to increase significantly in 2007. A marked rise in the price of oil would slow down global economic growth, increase our procurement costs and negatively impact sales prospects on the international markets. We expect supplies of energy and other raw materials to remain secure.

Against the background of the slight slowdown in world economic growth and the limited inflation risks, we expect at most only isolated interest rate increases by the central banks. In particular in the USA the central bank is unlikely to introduce further interest rate rises. As a result we do not expect any major changes in the US Dollar/Euro exchange rate. An interest and exchange rate risk would occur if the capital markets were to significantly change their positive stance toward the financial feasibility of the US trade deficit. This would lead to an increase in the value of the Euro with negative effects on the competitiveness of European businesses.

39 Market Risks in the Segments

In the steel business we counter the risks arising from cyclical trends by optimizing costs, adjusting production in a timely manner and concentrating on exacting market segments. Quality and delivery deadline risks are minimized through continuing optimization of the value chains.

In the Steel segment there are major opportunities as well as risks on the market side regarding the implementation and development of sales prices and volumes. Disproportionate increases in raw materials prices pose risks on the cost side. We therefore keep a constant eye on developments and influential factors. In addition, potential damage events could negatively impact earnings even though organizational and technical measures are implemented on an ongoing basis to prevent such events. Despite our special market position, there remains a risk of surplus capacities arising particularly in China in the coming years which would disturb the balance on the world markets and could lead to inadequate price structures. This poses significant risks for ThyssenKrupp Steel and its competitors. Developments in Asia are therefore being closely monitored.

In addition to the general risks affecting the steel business, the Stainless segment also faces risks mainly from existing or anticipated overcapacities at the stainless producers in Asia, in particular China. Stainless counters these market risks by expanding its business with end customers, providing local customer services, enhancing quality and strengthening its delivery performance. In addition, the segment develops new applications for stainless steels and nickel alloys, innovative products from these materials as well as modern and cost-saving process technologies.

We minimize the risks arising from the availability and prices of raw materials, especially for nickel, chromium and alloyed scrap, by means of adequate contracts and hedging mechanisms. In addition, the Stainless segment prepares for possible substitution risks for stainless flat products due to consistently high alloying element prices by developing alternative material concepts.

Automotive and Technologies: The automotive supply operations of ThyssenKrupp are being realigned. The Automo- tive and Technologies segments were combined effective October 1, 2006. The merger of ThyssenKrupp Automotive AG with ThyssenKrupp Technologies AG will take effect retroactively upon being entered in the commercial register of ThyssenKrupp Technologies AG. As the Automotive operations were still independent in the fiscal year 2005/2006, they are shown as a separate segment in the annual report for the past fiscal year and in this description of risk factors to assure comparability.

Declining demand from the auto industry has led to a sharp reduction in earnings in the Automotive segment. In the future we will therefore focus the automotive activities on the components business and tailored product innovations. These measures could lead to further financial burdens. Increasing steel prices, which experience shows can only be partly passed on to customers on account of the market situation, place a sustained burden on earnings for the automotive activities concerned. To compensate for the increasing cost pressure on the procurement side and the increasing price pressure from automotive manufacturers on the sales side, ambitious segment-wide cost-reduction programs have been implemented and are being further accelerated.

The market for production facilities for the auto industry is currently characterized by a sharp fall in prices, making extensive restructuring measures and capacity cutbacks necessary. In the past fiscal year sales and earnings were also negatively impacted by exchange rate developments in foreign currency transactions, e. g. the US Dollar-based supplies from Brazil to the USA.

Possible risks arising from the discontinuation of currently manufactured automotive products are offset through research and development and by cooperation with partners or acquisition of investments. The increasing complexity of products and underlying production processes in some cases carry the risks of higher start-up costs and earnings charges.

In the Technologies segment, the Plant Technology and Marine Systems business units both continue to curb risks arising from the processing of long-term contracts and technological innovations, e. g. by intensified project controls, increased use of project management measures and the speedy implementation of efficiency enhancement and organization optimization measures. Marine Systems offsets competitive disadvantages vis-à-vis Asian competitors in mer- chant shipbuilding by concentrating on market niches and increasingly initiating performance-enhancing and cost- reducing measures. The Mechanical Engineering business unit aims to swiftly continue the development of new sales markets by establishing/expanding production capacities in growth regions such as India and China to counter risks resulting from declining demand in core markets.

40 In the Transrapid business unit, a concrete follow-up project for the Shanghai line and the government contract for the manufacture and testing of a prototype vehicle under the further development program will further reduce the market risk. The extent to which delays will be caused as a result of the tragic accident on the test track in Lathen operated by third parties cannot yet be assessed with any certainty.

The risk structure within the Elevator segment reflects not only the different business activities but also the wide regional presence. While the service and modernization activities are relatively unaffected by cyclical fluctuations and thus have a stabilizing effect on earnings, the new installation business is dependent upon the cyclical situation in the construction sectors of the various countries. Activity on the American construction market is expected to slow. How- ever, stable growth will continue in Asia and the Eastern European region. Risks also arise from the processing of major projects, and risk management methods are already in operation here. The service activities counter risks relating to the loss of maintenance units by developing and implementing customer retention strategies.

Financial hedges are used to limit dependency on exchange-rate effects. In addition, the billing of sales and costs is largely congruent.

The Services segment focuses on materials trading and services. Services counters the price risks in procurement and sales through the systematic further development of logistics and logistics control systems, in particular the expansion of the centralized warehousing concept to optimize inventories and expand the service business, which does not depend on the price of materials. Risks from the cyclical development on the markets as a whole and in specific sectors are reduced by a worldwide presence, a broad customer base and a high degree of diversification. The resultant wide spread of risks also applies to the risks from potentially uncollectible receivables, which are additionally limited by the use of hedging instruments.

Risks for the Industrial Services unit result from the considerable competition and price pressure. We counter this pressure by continuous capacity adjustments on the one hand and new service offerings and sales initiatives directed at specific sectors and customers on the other. An ongoing project controlling system is in place to manage risks from the final completion of projects.

41 RISK FACTORS REGARDING THE NOTES

The following is a disclosure of the risk factors which are material to the Notes issued under the Programme in order to assess the market risk associated with the Notes. Prospective investors should consider these risk factors before deciding to purchase Notes issued under the Programme.

Prospective investors should consider all information provided in this Prospectus and the relevant Final Terms and consult with their own professional advisers (including their financial, accounting, legal and tax advisers) if they consider it necessary. In addition, investors should be aware that the risks described may combine and thus intensify one another.

Under the circumstances described below and, as the case may be, in the applicable Final Terms, prospective investors may lose the value of their entire investment or part of it. In respect of Notes which require in view of their specific structure a specific description of risk factors, the following statements are not exhaustive; risk factors in addition to or in substitution for those described below will be described in the Final Terms relating to such Notes.

Notes may not be a Suitable Investment for all Investors

Each potential investor in Notes must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should: (i) have sufficient knowledge and experience to make a meaningful evaluation of the relevant Notes, the merits and risks of investing in the relevant Notes and the information contained or incorporated by reference in this Prospec- tus or any applicable supplement to the Prospectus; (ii) have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation and the investment(s) it is considering, an investment in the Notes and the impact the Notes will have on its overall investment portfolio; (iii) have sufficient financial resources and liquidity to bear all of the risks of an investment in the relevant Notes, including where principal or interest is payable in one or more currencies, or where the currency for principal or interest payments is different from the potential investor’s currency; (iv) understand thoroughly the terms of the relevant Notes and be familiar with the behaviour of any relevant indices and financial markets; and (v) be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic, interest rate and other factors that may affect its investment and its ability to bear the applicable risks.

Some Notes are complex financial instruments. Sophisticated institutional investors generally do not purchase complex financial instruments as stand-alone investments. They purchase complex financial instruments as a way to reduce risk or enhance yield with an understood, measured, appropriate addition of risk to their overall portfolio. A potential investor should not invest in Notes which are complex financial instruments unless it has the expertise (either alone or with a financial adviser) to evaluate how the Notes will perform under changing conditions, the resulting effects on the value of the Notes and the impact this investment will have on the potential investor’s overall investment portfolio.

Liquidity Risk

Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg”. In addition, the Programme provides that Notes may be listed on other or further stock exchanges or may not be listed at all. Regardless of whether the Notes are listed or not, there is a risk that no liquid secondary market for the Notes will develop or, if it does develop, that it will not continue. The fact that the Notes may be listed does not necessarily lead to greater liquidity as compared to unlisted Notes. If the Notes are not listed on any stock exchange, pricing information for such Notes may be more difficult to obtain which may affect the liquidity of the Notes adversely. In an illiquid market, an investor is subject to the risk that he will not be able to sell his Notes at any time at fair market prices. The possibility to sell the Notes might additionally be restricted by country specific reasons.

42 Market Price Risk

The development of market prices of the Notes depends on various factors, such as changes of market interest rate levels, the policy of central banks, overall economic developments, inflation rates or the lack of or excess demand for the relevant type of Note. The holder of a Note is therefore exposed to the risk of an unfavourable development of market prices of its Note which materialises if the holders sells the Notes prior to the final maturity of such Notes. If the holder decides to hold the Notes until final maturity the Notes will be redeemed at the amount set out in the relevant Final Terms.

Risk of Early Redemption

The applicable Final Terms will indicate whether the relevant Issuer may have the right to call the Notes prior to maturity (an optional call right) on one or several dates determined beforehand or whether the Notes will be subject to early redemption upon the occurrence of an event specified in the applicable Final Terms (an early redemption event). The relevant Issuer will always have the right to redeem the Notes if the relevant Issuer is required to make additional (gross-up) payments for reasons of taxation. If the relevant Issuer redeems the Notes prior to maturity or the Notes are subject to early redemption due to an early redemption event, a holder is exposed to the risk that due to such early redemption his investment will have a lower than expected yield. The relevant Issuer can be expected to exercise his optional call right if the yield on comparable Notes in the capital market has fallen. In this event an investor may only be able to reinvest the redemption proceeds in comparable Notes with a lower yield. On the other hand, the relevant Issuer can be expected not to exercise his optional call right if the yield on comparable Notes in the capital market has increased. In this event an investor will not be able to reinvest the redemption proceeds in comparable Notes with a higher yield. It should be noted, however, that the relevant Issuer may exercise any optional call right irrespective of the current interest rate on the capital market for issues of the same maturity (“market interest rate”) on a call date.

Currency Risk/Dual Currency Notes

A holder of a Note denominated in a foreign currency (i.e., a currency other than euro) and a holder of Dual Currency Notes is exposed to the risk of changes in currency exchange rates which may affect the yield of such Notes. Changes in currency exchange rates result from various factors such as macro-economic factors, speculative transactions and interventions by central banks and governments.

A change in the value of any foreign currency against the euro, for example, will result in a corresponding change in the euro value of a Note denominated in a currency other than euro and a corresponding change in the euro value of interest and principal payments made in a currency other than in euro in accordance with the terms of such Note. If the underlying exchange rate falls and the value of the euro correspondingly rises, the price of the Note and the value of interest and principal payments made thereunder, expressed in euro, falls.

In addition, government and monetary authorities may impose (as some have done in the past) exchange controls that could adversely affect an applicable currency exchange rate. As a result, investors may receive less interest or principal than expected, or no interest or principal.

Fixed Rate Notes

A holder of a Fixed Rate Note is exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. While the nominal interest rate of a Fixed Rate Note as specified in the applicable Final Terms is fixed during the life of such Note, the market interest rate typically changes on a daily basis. As the market interest rate changes, the price of a Fixed Rate Note also changes, but in the opposite direction. If the market interest rate increases, the price of a Fixed Rate Note typically falls, until the yield of such Note is approximately equal to the market interest rate for comparable issuers. If the market interest rate falls, the price of a Fixed Rate Note typically increases, until the yield of such Note is approximately equal to the market interest rate for comparable issuers. If the holder of a Fixed Rate Note holds such Note until maturity, changes in the market interest rate are without relevance to such holder as the Note will be redeemed at a specified redemption amount, usually the principal amount of such Note.

43 Floating Rate Notes

Floating Rate Notes tend to be volatile investments. A holder of a Floating Rate Note is exposed particularly to the risk of fluctuating interest rate levels und uncertain interest income. Fluctuating interest rate levels make it impossible to determine the yield of Floating Rate Notes in advance.

Floating Rate Notes may have interest structures or include multipliers or other leverage factors, or caps or floors, or any combination of those features or other similar related features. In such case, their market value may be more volatile than the market value for Floating Rate Notes that do not include these features. If the amount of interest payable is determined in conjunction with a multiplier greater than one or by reference to some other leverage factor, the effect of changes in the interest rates on interest payable will be increased. The effect of a cap is that the amount of interest will never rise above and beyond the predetermined cap, so that the holder will not be able to benefit from any actual favourable development beyond the cap. The yield could therefore be considerably lower than that of similar Floating Rate Notes without a cap.

Neither the current nor the historical value of the relevant floating rate should be taken as an indication of the future development of such floating rate during the term of any Notes.

Fixed to Floating Rate Notes

A Fixed to Floating Rate Note bears interest at a rate that the relevant Issuer may elect to convert from a fixed rate to a floating rate, or from a floating rate to a fixed rate. The relevant Issuer’s ability to convert the interest rate will affect the secondary market and the market value of a Fixed to Floating Rate Note since the relevant Issuer may be expected to convert the rate when it is likely to produce a lower overall cost of borrowing. If the relevant Issuer converts from a fixed rate to a floating rate, the spread on the Fixed to Floating Rate Note may be less favourable than then prevailing spreads on a comparable Floating Rate Note relating to the same reference rate. In addition, the new floating rate at any time may be lower than the interest rates payable on other Notes. If the relevant Issuer converts from a floating rate to a fixed rate, the fixed rate may be lower than the then prevailing interest rates payable on its Notes.

Inverse Floating Rate Notes

An Inverse Floating Rate Notes has an interest rate which is determined as the difference between a fixed interest rate and a floating rate reference rate such as the Euro Interbank Offered Rate (EURIBOR) or the London Interbank Offered Rate (LIBOR) which means that interest income on an Inverse Floating Rate Notes falls if the reference interest rate increases. Typically, the market value of an Inverse Floating Rate Note is more volatile than the market value of other more conventional floating rate notes based on the same reference rate (and with otherwise comparable terms). An Inverse Floating Rate Note is more volatile because an increase in the reference rate not only decreases the interest payable on the Inverse Floating Rate Note, but may also reflect an increase in prevailing interest rates, which may further adversely affect the market value of the Inverse Floating Rate Note.

Zero Coupon Notes

Zero Coupon Notes do not pay current interest but are issued typically at a discount from their nominal value. Instead of periodical interest payments, the difference between the redemption price and the issue price constitutes interest income until maturity and reflects the market interest rate. A holder of a Zero Coupon Note is particularly exposed to the risk that the price of such Note falls as a result of changes in the market interest rate. Prices of Zero Coupon Notes are more volatile than prices of Fixed Rate Notes and are likely to respond to a greater degree to market interest rate changes than interest bearing notes with a similar maturity.

Index Linked Notes

Index Linked Notes may either be issued as Index Linked Interest Notes where payments of interest will be made by reference to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the relevant Issuer and the relevant Dealer(s) (as indicated in the applicable Final Terms) or as Index Linked Redemption Notes where payment of principal will be calculated by reference to a single index or other factors (including changes in the price of securities and commodities or movements in exchange rates) and/or such formula as may be specified by the relevant Issuer and the relevant Dealer (as

44 indicated in the applicable Final Terms) or may be issued as a combination of Index Linked Interest Notes and Index Linked Redemption Notes.

If payment of interest is linked to a particular index, a holder of an Index Linked Interest Note is particularly exposed to the risk of fluctuating interest rate levels and uncertain interest income or may even receive no interest at all which may have the effect that the yield of an Index Linked Interest Note is negative. A holder of an Index Linked Redemption Note, if payment of principal is linked to a particular index, is particularly exposed to the risk that the repayment amount is uncertain. Depending on the calculation of the repayment amount, the yield of an Index Linked Redemption Note may be negative and an investor may lose the value of its entire investment or part of it.

Investors should be aware that the market price of Index Linked Notes may be very volatile (depending on the volatility of the relevant index). Neither the current nor the historical value of the relevant index should be taken as an indication of the future performance of such index during the term of any Index Linked Note. The more volatile the relevant index is, the greater is the volatility of the market price of the Index Linked Note and the uncertainty in respect of interest income and repayment amount. This uncertainty makes it impossible to determine the yield of Index Linked Notes in advance.

General Risks in Respect of Structured Notes

An investment in Notes the premium and/or the interest on and/or the principal of which is determined by reference to one or more values of currencies, commodities, interest rates or other indices or formulae, either directly or inversely, may entail significant risks not associated with similar investments in a conventional debt security including the risks that the holer of such Note will receive no interest at all, or that the resulting interest rate will be less than that payable on a conventional debt security at the same time and/or that the holder of such Note could lose all or a substantial portion of the principal of his Notes. In addition, investors should be aware that the market price of such Notes may be very volatile (depending on the volatility of the relevant currency, commodity, interest rate, index or formula). Neither the current nor the historical value of the relevant currencies, commodities, interest rates or other indices or formulae should be taken as an indication of future performance of such currencies, commodities, interest rates or other indices or formulae during the term of any Note.

Risks in Connection with Caps

If interest rate and/or redemption amount of an issue of Notes are not fixed but will be determined according to the structure of Notes as set out in the relevant Final Terms of the Notes, these issues may also be equipped with a cap. The effect of a cap is that the amount of interest and/or the redemption amount will never rise above and beyond the predetermined cap, so that the holder will not be able to benefit from any actual favourable development beyond the cap. The yield could therefore be considerably lower than that of similarly structured Notes without a cap.

Risk of Potential Conflicts of Interest

In case of Notes linked to an underlying (e. g., but not limited to, an index, a currency, a commodity, single shares or a basket), each of the relevant Issuer, the Dealer(s) or any of their respective affiliates may from time to time engage in transactions relating to such underlying for their own accounts or for the accounts of third parties and may issue other financial products in respect of such underlying. Such activities could create conflicts of interest and may have a negative impact on the underlying value.

Certain of the Dealers and their affiliates have engaged, and may in the future engage, in investment banking and/or commercial banking transactions and may perform services for the relevant Issuer and its affiliates in the ordinary course of business.

Credit Linked Notes

An investment in Credit Linked Notes involves a high degree of risk. There is no guarantee that the holders of Notes will receive the full principal amount of the Notes and interest thereon and ultimately the obligations of the relevant Issuer to pay principal under the Notes may even be reduced to zero.

45 In the event of the occurrence of a credit event (as specified in the applicable Final Terms) which may include, amongst other things, bankruptcy, failure to pay, obligations accelerations and repudiation/moratorium in respect of one or more reference entities, the relevant Issuer may redeem the Notes either by delivering to the holders of the Notes such “deliverable obligations” (as specified in the applicable Final Terms) of any such reference entity in respect of which the credit event has occurred, or, if cash settlement is specified in the applicable Final Terms, by the payment of an amount of cash as determined in accordance with the provisions of the applicable Final Terms. In addition, interest bearing Credit Linked Notes may cease to bear interest on or prior to the date of the occurrence of such circumstances.

In case of “physical settlement” (as specified in the applicable Final Terms), the deliverable obligations will be debt obligations of the reference entity, selected by the Issuer, of the type and having the characteristics described in the applicable Final Terms. Thus, the Issuer may deliver any deliverable obligations of a defaulted reference entity meeting the criteria described in the applicable Final Terms, regardless of their market value at the time of delivery, which may be less than the principal amount of the Notes or, in certain circumstances, be equal to zero.

46 THYSSENKRUPP AG AS ISSUER AND GUARANTOR

Persons Responsible

ThyssenKrupp AG, August-Thyssen-Strasse 1, D-40211 Düsseldorf (the “Issuer” or “ThyssenKrupp”) is responsible for the information contained in this Prospectus.

ThyssenKrupp declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and that it contains no omission likely to affect its import.

Statutory Auditors

ThyssenKrupp’s auditor for the fiscal year 2004/05 and 2005/06 is KPMG Deutsche Treuhand-Gesellschaft Aktien- gesellschaft Wirtschaftsprüfungsgesellschaft, Berlin and Frankfurt am Main, Düsseldorf office, Am Bonneshof 35, D-40474 Düsseldorf (a member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer), Berlin).

Select ed Financial Information

The Group in Figures

2004/2005 2005/2006 Change Continuing operations of the Group Order intake million € 43,509 50,782 7,273 Sales million € 42,927 47,125 4,198 EBITDA million € 3,809 4,700 891 EBIT million € 2,250 3,044 794 Earnings from continuing operations before taxes (EBT) million € 1,677 2,623 946 Employees (September 30) 185,932 187,586 1,654

47 Capitalization ThyssenKrupp Group

The capitalization of the Group as of 30 September 2006 was as follows: 30 September 2006 *) million EUR Financial liabilities/cash, cash equivalents, securities Bonds ...... 1,995 Notes payable ...... 300 Liabilities to financial institutions ...... 1,223 Liabilities due to sales of receivables not derecognized from the balance sheet ...... 40 Acceptance payables ...... 22 Finance lease obligations ...... 182 Other loans ...... 42 Gross financial liabilities ...... 3,804 minus cash, cash equivalents and securities ...... 4,551 Net financial liabilities ...... (747) Total Equity Capital stock ...... 1,317 Additional paid in capital...... 4,684 Retained earnings ...... 3,358 Cumulative income and expense directly recognized in equity...... (149) Treasury stock ...... (697) Equity attributable to ThyssenKrupp AG’s stockholders ...... 8,513 Minority interest ...... 414 Total equity...... 8,927 Total net financial liabilities and equity ...... 8,180

*) Incl. disposal groups and discontinued operations.

Since 30 September 2006 there has been no material change in the capitalization of the Group.

Information about ThyssenKrupp

History and development of ThyssenKrupp

The legal name of ThyssenKrupp is ThyssenKrupp AG. The commercial name of ThyssenKrupp is ThyssenKrupp.

ThyssenKrupp was entered in the Commercial Register of the local court (Amtsgericht) of Düsseldorf under number HRB 37003 on 17 March 1999 and its corporate seat was initially in Düsseldorf.

ThyssenKrupp’s registered office is August-Thyssen-Strasse 1, D-40211 Düsseldorf. Its telephone number is +49-211-824-0.

48 Investments

The capital investments of the ThyssenKrupp Group are described in detail in the Annual Report of the fiscal year 2005/06 (Capital Expenditures on page 50 and Course of business in the Segments on pages 55 – 72).

The Group’s investment policy takes account of the specific requirements of the individual segments. It is aimed to expand market positions in areas of business where ThyssenKrupp sees particular growth potential in an effort to achieve a lasting increase in the enterprise value. Optimizing the production facilities and processes is another aim of investments by ThyssenKrupp.

In the Steel segment capital investments of € 4,326 million are to be implemented (without Dofasco) from October 1, 2006 representing 61 % of the volume approved for the entire Group. The single most important project is the establishment of a new steel plant in Brazil with a capacity of about 5 million tons per year. The other investments mainly serve in particular to enhance the performance of existing facilities and to integrate modern technologies.

Over 15 % of the approved investment volume of ThyssenKrupp – € 1,055 million – has been allocated to the Stainless segment. The single most important project is the establishment of the Shanghai Krupp Stainless joint venture to get a direct presence on the fast growing Chinese market and to meet the rising demand for cold-rolled flat products.

The investment volume approved for the Technologies segment amounts to € 1,105 million, representing 15 % of the total investment volume approved. The focus of the investment program is the development of the former “Automotive” segment. The most important project is the upgrading of a factory in China which produces crankshafts. Another focus of “Technologies” are investments concerning “Rothe Erde” and “Marine Systems”.

Investments in the Elevator segment are mainly required to promote the growth with financial investments and for maintaining serviceability.

The segment Services invests mainly in Europe to bring forward its growth strategy. This includes both financial investments and expenditure in tangible fixed assets.

Funding for the current investment projects stems mainly from in-house financing.

The following overview shows the capital investments to be implemented from October 1, 2006:

Capital Expenditure Total volume approved for implementation of which to be from October 1, implemented in 2006 2006/07 € million Steel ...... 4,326 1,495 Stainless ...... 1,055 358 Technologies *)...... 1,105 1,030 Elevator ...... 437 122 Services...... 124 197**) Corporate (including group reserve for projects)...... 99 8 ThyssenKrupp Group Total ...... 7,146 3,210

*) including former “Automotive” segment. **) including scaffolds.

49 Business Overview

Principal Activities

Description of principal activities, products and services

The following description of the activities of the ThyssenKrupp Group is mainly based on ThyssenKrupp’s annual report for the financial year 2005/06. References to “we” or “our” should be read as references to the ThyssenKrupp Group. The Automotive and Technologies segments were combined effective October 1, 2006. The merger of ThyssenKrupp Automotive AG with ThyssenKrupp Technologies AG will take effect retroactively upon being entered in the commercial register of ThyssenKrupp Technologies AG. As the Automotive operations were still independent in the financial year 2005/2006, they are shown as a separate segment in the annual report for the past financial year and in the following description to assure comparability.

Steel

Steel in figures

2004/2005 2005/2006

Order intake million € 9,148 11,057 Sales million € 9,568 10,747 Steelmaking million € 937 1,004 Industry million € 5,230 5,846 Auto million € 2,505 2,947 Processing million € 2,081 2,433 Consolidation million € (1,185) (1,483) Income* million € 1,094 1,417 Employees (September 30) 31,634 30,647

All figures relate to continuing operations. * before taxes

The Steel segment is focused on the production and sale of high-quality carbon steel flat products including associated services. Thanks to the extremely positive market environment business increased significantly in 2005/2006. Order intake rose by 21 % to € 11.1 billion, reflecting not only significantly higher order volumes but also the price increases achieved on the market. Sales were also up, by 12 % to € 10.7 billion, due to both volume and price factors.

Crude steel production was level with the prior year at 13.8 million metric tons. Crude steel volumes were significantly affected by several disruptions at our investee company Hüttenwerke Krupp Mannesmann. Despite increased production in our own steel mills it was not possible to fully offset the losses. To meet high steel demand, slabs from our own inventories and outside purchases were additionally used. Rolled steel production for customers increased by a total of 4 % compared with the prior year. The cold-rolled uncoated and coated flat products benefited primarily from this, whereas volumes of hot-rolled flat products were unchanged from the prior year. Production capacities were fully utilized for the most part.

The Steelmaking business unit combines the metallurgical operations in Duisburg and the logistics activities. Its main role is to supply the three other business units with low-cost, high-quality starting material. The business unit’s sales of pig iron, slabs and energy to external customers were higher than a year earlier due to the passing on of higher raw material costs. The transport companies also recorded higher sales revenues.

The Industry business unit is focused on a broad spectrum of customers in the steel-using sector. Sales were up 12 % from the prior year. With customers continuing to enjoy good workloads, shipments increased significantly, in particular of hot strip, sheet and hot-dip coated material. Not all demand could be met. Given the lively demand, prices for quarterly deals were raised from the second fiscal half. Price reductions had to be accepted on some annual contracts. The European steel service centers and the construction elements business also recorded higher sales than a year earlier.

50 The Auto business unit supplies steel products and services to automotive customers throughout the world. Sales increased by 18 % on account of the substantial price increases agreed at the beginning of the year with the auto industry. Shipments also increased compared with a year earlier. In the case of tailored blanks, the increase in sales against a slight rise in operating volumes was mainly the result of higher material prices being passed on to customers. In addition, the ramp-up of the production sites in China and Sweden had a positive effect. The steel service activities in North America also expanded their sales significantly. Despite the difficult situation on the North American auto market, sales volumes increased considerably.

The Processing business unit combines our tinplate, medium-wide strip and grain-oriented electrical steel activities. Sales increased in total by 17 %. The tinplate business recorded significant growth due to volume and price factors. The platform for the increase in shipments was the successful expansion carried out at the Andernach location. Sales of medium-wide strip at Hoesch Hohenlimburg decreased as a result of the disposal of the special profiles business. Sales of the medium-wide strip business were affected by insufficient supplies of starting material from Hüttenwerke Krupp Mannesmann. By contrast, grain-oriented electrical steel continued to develop very dynamically. The capacity expansion at the plants in Germany and France permitted significant volume increases, in particular for the highervalue grades. Revenues also improved significantly.

Earnings

The Steel segment increased its profits by € 323 million to € 1,417 million. Higher net revenues and shipments more than offset the significant price rises for key raw materials and increased processing costs.

The Steelmaking business unit improved its earnings and returned a profit. This was mainly attributable to an improved revenue structure for pig iron and the systematic realization of cost-cutting potential. The price rises for key raw materials, energy and freights were passed on to the downstream business units as starting material costs.

The Industry business unit once again generated a significant profit but fell short of the prior-year level. Higher volumes and cost-cutting measures were not enough to offset increases in the cost of starting materials and zinc. The European steel service centers also failed to match their high prior year profits as higher volumes were outweighed by negative price effects. In a continuing difficult market environment, the construction elements activity achieved a slightly improved profit.

The Auto business unit significantly expanded its earnings, mainly as a result of higher prices and volumes. Efficiency enhancement programs also had a positive effect. All of this more than offset the higher procurement costs. Tailored blanks achieved higher income on the back of higher volumes and successful rationalization measures. Profits at the North American steel service activities rose as a result of higher volumes. The earnings of the Auto business unit also include insurance recoveries from the fire in the EBA 2 line in the previous year.

The Processing business unit again improved distinctly on its very good prior-year earnings. Profits from the tinplate operations were level with a year earlier; higher volumes and net revenues almost completely offset the significant increase in starting material prices and shipment costs. Despite declining shipments, the medium-wide strip business improved slightly on its good prior-year income. At the electrical steel activity, the positive market environment with significantly higher net revenues combined with earnings-improvement programs to achieve a substantial increase in profits.

Significant Events

Steel continued its active portfolio management in the reporting period and restructured its operations in accordance with the market situation. ThyssenKrupp Tailored Blanks expanded its business, mainly in China and Sweden. Produc- tion was ceased at the Dortmund location and transferred to Duisburg and Wolfsburg.

In the Construction Elements area, further measures were resolved to adapt the structure to market requirements. The Hof and Leipzig plants are to be closed and production concentrated on the Eichen and Oldenburg plants. A new plant is to be set up in Eastern Europe to better tap the growing markets in that region.

A site optimization process has also been initiated in the Steel Service Europe business. The UK operations were sold to a management buyout at the end of the fiscal year. Presence in the expanding Eastern European market is being strengthened with a new steel service center in Poland.

51 ThyssenKrupp Steel disposed of its last remaining long products activity by selling the special profiles division of Hoesch Hohenlimburg.

Stainless

Stainless in figures

2004/2005 2005/2006

Order intake million € 5,573 7,292 Sales million € 5,572 6,437 ThyssenKrupp Nirosta million € 2,554 2,682 ThyssenKrupp Acciai Speciali Terni million € 2,095 2,505 ThyssenKrupp Mexinox million € 472 559 Shanghai Krupp Stainless million € 182 364 ThyssenKrupp Stainless International million € 1,278 1,186 ThyssenKrupp VDM million € 789 998 Consolidation million € (1,798) (1,857) Income* million € 286 423 Employees (September 30) 12,201 12,197

All figures relate to continuing operations. * before taxes

The Stainless segment is a leading supplier of stainless steel, nickel alloys and titanium. The strong market revival, coupled with increasingly effective base price rises in the European market and NAFTA region, the further improvement in the product range – associated with an increase in added value – as well as the passing on of increased raw material costs led to a significant expansion of business. Order intake rose by 31 % to € 7.3 billion, reflecting volume and price factors. Total shipments were 10 % higher than a year earlier, mainly due to increased deliveries of cold-rolled strip.

Stainless expanded its sales by 16 % to € 6.4 billion in the reporting period. The main reasons for this were higher customer deliveries and significantly increased base prices for stainless steel. In addition, alloy surcharges increased as a result of higher raw material costs, particularly for nickel.

The ThyssenKrupp Nirosta and ThyssenKrupp Acciai Speciali Terni business units in particular recorded high order volumes and expanded their sales significantly. Both business units profited from the sharp increase in stainless steel demand in Europe. ThyssenKrupp Acciai Speciali Terni also increased its business with end customers due to the expansion of the finishing line in Terni. Despite a fire in the Krefeld cold rolling mill, ThyssenKrupp Nirosta was able to fill most customer orders thanks to targeted redistribution within the segment.

The order situation also improved significantly at ThyssenKrupp Mexinox and Shanghai Krupp Stainless. Both business units also increased their sales. At ThyssenKrupp Mexinox, high demand in North America coupled with favorable prices had a positive impact. In addition, ThyssenKrupp Mexinox was able to further improve its market position in higher-value stainless steel products. Shanghai Krupp Stainless also achieved higher sales, mainly due to production support given to ThyssenKrupp Nirosta to minimize the fire-related losses. Despite quickening Chinese domestic demand, prices failed to reach a satisfactory level in line with the raw material price trend.

ThyssenKrupp Stainless International benefited in particular from a significant increase in service center business following the restructuring last year of the international service center network and the opening of the distribution center in Guangzhou (China).

Orders at ThyssenKrupp VDM were higher than a year earlier. This was mainly due to a much higher price level; prices increased as a result of higher demand in the aerospace, energy generation and oil and gas sectors as well as higher costs for raw materials. Sales at ThyssenKrupp VDM increased significantly.

Earnings

Profits in the Stainless segment rose by € 137 million to € 423 million. The increase reflected the recovery in demand which took place in almost all market segments from early 2006, accompanied by a continuous increase in base prices. This positive trend was driven by a significant increase in demand from end users and by restocking after the depletion of stocks in the previous year. The temporary and permanent production cutbacks and losses by European producers also contributed to the stabilization of prices. Earnings were impacted by the drastic rise in raw material and energy costs.

52 The German flat stainless steel business improved only slightly on its prior-year income, although higher expense from the fire damage in the Krefeld plant was offset by insurance recoveries. The profits of the Italian operations were significantly higher than a year earlier; the forging and titanium activities made a major contribution to this. In a positive market environment, the Mexican cold rolling activities matched the good earnings of the prior year. The Chinese cold rolling operation once again returned a loss, albeit significantly lower than a year earlier. Although demand is still increasing on the Asian market, and in particular in China, overcapacities are growing as well. As a result, it was not possible to offset the higher costs of raw materials through price increases. In an improving stainless market, the global service center and distribution activities returned significantly higher profits.

The nickel alloy operations achieved a substantial improvement in earnings. Key to this was the continuing strong demand from the plant engineering, aerospace, oil and gas sectors. Cost-cutting and efficiency enhancement programs also contributed to the positive performance.

Significant Events

Due to a technical defect, a major fire occurred in the cold rolling mill of ThyssenKrupp Nirosta in Krefeld on June 22, 2006. Work on replacing the two production lines affected will run into the new fiscal year. In the meantime we are filling customer orders as far as possible from the production capacities of other mills.

Automotive Automotive in figures

2004/2005 2005/2006

Order intake million € 8,128 7,868 Sales million € 7,867 8,045 Body million € 2,866 2,853 Chassis million € 3,459 3,657 Powertrain million € 1,700 1,679 Consolidation million € (158) (144) Income* million € 118 (174) Employees (September 30) 43,537 39,446

All figures relate to continuing operations. * before taxes

As an international partner to the automobile industry, the Automotive segment develops and produces innovative components and systems for the chassis, body and powertrain areas. This market is in a phase of upheaval worldwide. Rising raw material and energy costs cannot be passed on to customers in full if at all in a highly competitive market. In North America, suppliers as well as traditional auto manufacturers are in the middle of a radical restructuring and downsizing process. In Europe, suppliers are under major pressure from manufacturers to further reduce costs. In Brazil, vehicle exports were made more difficult by the significant increase in value of the Brazilian real. Competition also intensified in growing markets such as China. The need to gain market share is increasing pressure on the prices of vehicles and vehicle part suppliers.

This market environment also impacted the performance of Automotive, particularly its earnings. Order intake decreased by 3 % to € 7.9 billion. Sales were slightly higher than the prior year at € 8.0 billion, due to significant growth in the systems business, additional volumes and price-related growth at the North American foundries as well as increased sales from ongoing contracts. In addition, new production lines began operation in a large number of Auto- motive companies.

In the Body business unit, sales in 2005/2006 were almost level with the previous year at € 2.9 billion. The North American foundries of ThyssenKrupp Waupaca benefited from continuing strong demand for trucks. Demand was particularly strong for products for medium and heavy trucks as well as construction and agricultural equipment. ThyssenKrupp Umformtechnik began production of stampings for a new van and a luxury class vehicle. Sales of the Body business units were severely impacted by the collapse in demand for sport utility vehicles, previously very popu- lar in the USA. This resulted in significant volume decreases in the North American stamping plants. Business at ThyssenKrupp Sofedit was impacted by lower demand from French automobile manufacturers. The decrease in sales at ThyssenKrupp Drauz Nothelfer was due to lower market volumes as well as stiffer competition on the European production equipment market.

53 The Chassis business unit increased its sales by 6 % to € 3.7 billion in the reporting period. This pleasing development was due among other things to a significant increase in systems business. As well as the start of production of axle assembly plants in Leipzig and Mexico, the three plants of ThyssenKrupp Budd Systems in London, Columbia and Fowlerville recorded significantly higher orders. At ThyssenKrupp Umformtechnik, ThyssenKrupp Presta SteerTec USA and ThyssenKrupp Bilstein Suspension, new orders from various German auto manufacturers went into production. ThyssenKrupp Tallent Chassis also reported increasing order numbers. Sales of the business unit were adversely impacted by lower orders from US manufacturers in particular. Divestments also had a negative effect on sales.

The Powertrain business unit achieved sales of € 1.7 billion. Favorable factors were the start of production on various crankshaft and camshaft orders, price increases in South America, and exchange rate effects. In the Transmission & Driveline Components business, numerous programs were launched for German, French and American auto manufacturers. Lower truck output and massive competition in the area of 4-cylinder car crankshafts had a negative impact on sales.

Earnings

The Automotive segment returned a loss of € 174 million, compared with a profit of € 118 million a year earlier. The loss was mainly due to restructuring expense and impairment charges on goodwill and property, plant and equipment. The impairment charges resulted primarily from the initiation of the disposal of the North American body and chassis business, but also from the deterioration in the situation in Germany for body lines and tool/die making. Non-recurring expense for restructuring and impairment charges amounted to € 339 million. This was set against disposal gains of € 35 million.

Operating profits in the Body business unit, i. e. disregarding non-recurring expense, fell short of the prior-year level. This was mainly due to declining workloads at the North American and French stamping plants and higher scrap prices at the American foundries.

The Chassis business unit increased its operating income, thanks to improved operating performances at the British stamping plants and in the areas of steering and suspension.

The Powertrain business unit failed to match the high operating earnings of the previous year. Profits were impacted by the development of the exchange rate for the Brazilian real against the US Dollar.

Significant Events

The Automotive segment further optimized its portfolio in 2005/2006. In the USA, the plastics plants and the ThyssenKrupp Stahl Company aluminum foundry were sold. The closure of the Detroit plant of ThyssenKrupp Budd began on September 30, 2006. In addition, the operations of Aluminumfeinguss Soest are no longer part of the portfolio. On the other hand there were various acquisitions. We increased our shareholding in Liaoyang KS Automotive Spring, a manufacturer of coil springs, from 30 % to 60 %. In addition, we purchased the remaining shares in ThyssenKrupp Presta SteerTec held by DaimlerChrysler.

The operations of the Automotive segment are being realigned. The reasons for this are the well known restructuring requirements of the body and chassis business, especially in North America. On October 16, 2006, an agreement was signed to sell the North American body and chassis operations with sales of around € 1 billion and 3,500 employees to the Canadian company Martinrea International, Ontario. The transaction was closed on November 30, 2006.

54 Technologies Technologies in figures

2004/2005 2005/2006

Order intake million € 5,643 7,968 Sales million € 5,765 6,012 Plant Technology million € 2,223 2,266 Marine Systems million € 1,674 1,932 Mechanical Engineering million € 1,865 1,810 Transrapid million € 21 17 Consolidation million € (18) (13) Income* million € 40 357 Employees (September 30) 28,042 27,492

All figures relate to continuing operations. * before taxes

The Technologies segment is a high-tech engineering group which holds leading market positions in the relevant markets worldwide and has innovative system and engineering expertise. Its capabilities are focused on systems, plants and components as well as associated services. The market environment in the reporting period was favorable. Order intake totalled € 8.0 billion, up 41 % from the prior year. Sales increased significantly by 4 % to € 6.0 billion. The order backlog at the end of the reporting period was € 10.7 billion, 19 % higher than a year earlier.

The Plant Technology business unit recorded strong growth in orders, due above all to stable raw material demand worldwide. The foreign markets continued to show high growth. Thanks to the price trend in crude oil and gas, countries in the Middle East were able to push ahead with investments in the industrial sector. The business unit also profited from rising demand for its technologies for oil sands mining projects. Sales at Plant Technology were again at a high level, reflecting above all significant growth in cement plants and materials handling/mining equipment.

Marine Systems also increased its order intake significantly from the prior year. The business unit won several large contracts, including a submarine modernization contract for Singapore as well as orders for two mega yachts and numerous container ships. Sales increased substantially due to the inclusion of the HWD group for the full fiscal year. In addition, sales from existing orders were higher and the volume of repair business also increased.

Order intake at Mechanical Engineering decreased, but only as a result of disposals. Excluding these, orders increased significantly. The business unit benefited from continuing high demand for construction equipment and general engineering components. Business in large-diameter bearings for wind turbines was again at a high level. High raw material costs had a negative effect. Sales were slightly lower than a year earlier due to disposals. Excluding these, however, sales showed a pleasing increase. The positive trend in large-diameter bearings and construction equipment components played a major part in this.

The order situation in the Transrapid business unit improved. Activity focused on the planned extension of the Trans- rapid line in Shanghai and the 37-kilometer Transrapid link from Franz-Josef-Strauß Airport to Munich Central Station. Sales were level with the prior year.

Earnings

The Technologies segment increased its income from continuing activities before taxes by € 317 million to € 357 million. All business units achieved significant improvements in their operating earnings. The disposal of low-profit areas in fiscal years 2004/2005 and 2005/2006 also had a positive effect. The MetalCutting business unit sold in October 2005 is included in discontinued operations; the prior-year comparative figures have been adjusted accordingly.

The Plant Technology business unit generated a nine-figure profit. This significant increase was based on improved earnings from orders, higher sales of cement plants and materials handling equipment and the absence of restructuring expenses which impacted negatively on the previous year. In addition, the fair value recognition of currency hedges had a positive effect. The overall situation for foreign projects in the plant and mechanical engineering activities was very good thanks to strong demand for raw materials, energy and petrochemical feedstocks. All operating groups in the Plant Technology unit benefited from this.

55 Marine Systems also returned significantly higher earnings. Positive effects came from the absence of restructuring expenses, which impacted the prior year, higher sales from orders in hand, increased capacity utilization and a greater volume of repair business.

Mechanical Engineering increased its profit into the three-figure millions and thus provided the biggest contribution to the earnings of the Technologies segment. This was partly due to high capacity utilization as a result of stronger demand, but also to the elimination of loss-making areas and the absence of expenses from the fair value recognition of currency hedges which impacted the prior year.

The Transrapid business significantly reduced its losses to an amount in the single-figure millions, mainly due to lower restructuring expense and lower depreciation.

Significant Events

Technologies acquired 60 % of Atlas Elektronik, which will be run jointly with EADS in the future. As a leading electron- ics and systems company, Atlas Elektronik specializes in equipment and systems for naval forces. The company employs 1,750 people and has a balanced technology base and a product range for submarines and surface ships. It is regarded as one of the market leaders in the development of integrated sonar systems for submarines and is a long- standing supplier to, and systems partner of, ThyssenKrupp Marine Systems.

As well as acquisitions, Technologies also disposed of non-core operations in the reporting period. The Noske-Kaeser group and the steam turbine business of B + V Industrietechnik were sold.

Elevator

Elevator in figures

2004/2005 2005/2006

Order intake million € 4,151 4,690 Sales million € 3,773 4,298 Central/Eastern/Northern Europe million € 1,209 1,282 Southern Europe/Africa/Middle East million € 498 571 Americas million € 1,485 1,804 Asia/Pacific million € 419 453 Escalators/Passenger Boarding Bridges million € 247 306 Accessibility million € 134 167 Consolidation million € (219) (285) Income* million € 355 391 Employees (September 30) 34,151 36,247

All figures relate to continuing operations. * before taxes

The product range of the Elevator segment includes elevators, escalators, moving walks, passenger boarding bridges as well as accessibility products for the elderly and disabled such as stair and platform lifts. The company further expanded its market presence in all areas in the reporting period. Following the large orders in previous years, the focus this time was more on small and medium-sized orders. In sum they resulted in another successful year. Order intake increased significantly by 13 % to € 4.7 billion, while sales increased by 14 % to € 4.3 billion.

This encouraging performance was due among other things to the implementation of our cross-selling strategy. Cross- selling is based on leveraging customer satisfaction to create demand for other products offered by the segment. This strategy has led to positive results in the airport sector in particular where we are strongly represented in several product areas.

The Central/Eastern/Northern Europe business unit again achieved higher order intake and sales. The increase was mainly due to the activities in the United Kingdom, France, the Benelux countries and Eastern Europe. Despite continuing price pressure, the other markets recorded a stable business trend. In Switzerland, the first-time inclusion of Trapo Küng had a positive effect.

The Southern Europe/Africa/Middle East business unit achieved significant growth in sales. Order intake was lower due to the major orders received for Dubai Airport in the previous year. Excluding this effect, order intake increased, particularly as a result of new infrastructure projects in Spain. In the other markets, the volume of business was main-

56 tained or slightly increased, except in Portugal, where the realignment of the new installations business resulted in a decrease.

Strong growth in both order intake and sales was recorded by the Americas business unit. All regions contributed to this, with the new installations business in North America being particularly successful. In addition, the modernization and the service operations were further expanded. Exchange rate factors had a positive impact.

In the Asia/Pacific business unit, order intake and sales were significantly higher than a year earlier. Exchange rate developments also had a positive effect here. In China, the business trend was again upward. The market environment in South Korea remained difficult. Higher service sales were unable to offset weaker sales of new equipment. The operations in Australia, India and Southeast Asia further expanded their business volume, among other things due to the inclusion for the first time of the Indonesian and Taiwanese companies.

The Escalators/Passenger Boarding Bridges business unit showed strong growth in order intake and sales. The escalator business profited in particular from the positive new installations trend, but the volume of business in passenger boarding bridges was also higher than a year earlier as a result of growth in air traffic.

The Accessibility business unit recorded substantial growth in both orders and sales. All of the operations in Europe and North America contributed to this. The effect was reinforced by the first-time inclusion of Ceteco in Italy and the addition of the accessibility operations in Spain and Norway which were previously supported by the elevator organization. The operations in the UK were sold.

Earnings

The Elevator segment achieved a profit of € 391 million, compared with € 355 million a year earlier. Income in the Central/Eastern/Northern Europe business unit decreased slightly due to lower earnings from the new installations business. This was countered by efficiency improvements and higher workloads at all the European production plants. The newly acquired activity in Switzerland also made a positive contribution.

The Southern Europe/Africa/Middle East business unit improved on its prior-year profits. In Spain, the business unit achieved significantly higher earnings, while all other regions matched their good prior-year performance despite increasing price pressure. There were also positive contributions to income from the newly acquired companies in Italy and Egypt, which were included for the first time, and the absence of expense for the valuation of currency derivatives, which impacted the previous year’s figures.

The Americas business unit returned substantially higher profits. Growth in North America was mainly driven by efficiency enhancements, especially in the production area, and the systematic expansion of the service business. The Latin American activities, particularly in Brazil, also achieved significant earnings improvements. The higher average value of the US Dollar also resulted in translation gains.

The Asia/Pacific business unit returned a loss in the reporting period due to developments in South Korea: sharply increased competition in the new installations market resulted in a significant decline in earnings. An extensive restructuring program also impacted income. By contrast, the activities in China, India and Southeast Asia returned higher profits. The newly acquired Taiwanese activities also made a positive earnings contribution.

The Escalators/Passenger Boarding Bridges business unit achieved a higher profit. The escalator activities matched their prior-year performance. Passenger boarding bridge construction benefited from the significant growth in air traffic. The absence of expense for currency hedges, which had a negative impact a year earlier also contributed to the earnings improvement.

The Accessibility business unit achieved a sharp increase in income, with contributions from both the European and the North American activities. Added to this, came positive earnings contributions from a newly acquired Italian company.

Significant Events

Several acquisitions contributed to the growth of the Elevator segment in 2005/2006. In the US state of Florida, our modernization and service operations were expanded with the acquisition of Atlantic Elevator Sales & Service. Thys-

57 senKrupp Elevator now has its own market presence in Taiwan following the acquisition of Sun Rhine Enterprises at the end of 2005.

The growth strategy was also continued in Italy with the acquisition of SIAR, a company specializing in maintenance and service. Our first Serbian subsidiary, ThyssenKrupp Elevatori Serbien, began operation in Belgrade.

The segment strengthened its market position in passenger boarding bridges in South America, Europe and North Africa with the acquisition of the TEAM companies in Italy and the UK and of Trabosa in Spain. The Accessibility business unit set up a subsidiary in Portugal, ThyssenKrupp Acessibilidades, Unipessoal.

Services

Services in figures

2004/2005 2005/2006

Order intake million € 12,655 14,602 Sales million € 12,678 14,204 Materials Services Europe million € 5,773 6,449 Materials Services North America million € 1,779 2,330 Industrial Services million € 1,390 1,716 Special Products million € 3,536 3,650 Discontinued operations/Consolidation million € 200 59 Income* million € 261 482 Employees (September 30) 35,067 40,163

All figures relate to continuing operations. * before taxes

The Services segment is focused on material and process services for the production and manufacturing industries. Successful portfolio optimization, efficiency increases and sales initiatives combined with a much improved raw and industrial material market made fiscal 2005/2006 a record year. Sales were 12 % higher at € 14.2 billion. All the companies and operations established or acquired in the reporting period performed well and contributed to the success.

The Materials Services Europe business unit bettered its strong prior-year figures. Sales increased by 12 %. Thanks to good customer and supplier relationships and a sophisticated warehouse and logistics organization, business in material services was very successful. Levels of capacity utilization in key sectors such as engineering, plant construction and the automotive supply industry were very high. In Germany, integrated supplies of products and services performed very well. The operations in France continued to perform at a high level. In Spain and Portugal, too, we equaled our prior-year figures. Sales in Eastern Europe showed a rising trend, above all in Hungary, Poland and the Czech Republic. There were demand overhangs in almost all product areas. Due to the strong demand delivery times on the procurement side increased drastically and sales prices rose substantially, particularly for stainless steel, nonferrous metals and rolled steel.

The growth in the NAFTA region was even more pronounced than in Europe. The Materials Services North America business unit increased its sales by 31 % through internal and external growth, and further strengthened its position on the market. New performance programs and acquisitions were very successful. Despite the slowing us economy, demand increased in all sectors relevant to the business unit. As in Europe, prices rose sharply for rolled steel, stainless steel and tubular products and especially for nonferrous metals.

The fast growing us materials market was likewise the main reason for the 24 % sales increase in the Industrial Services business unit, which also performed well in the highly fragmented European market. In Scandinavia, capital spending by the petrochemical industry contributed to a significant increase in business. Sales initiatives to win new customers and improve customer penetration had a pleasing effect, as did the first-time inclusion of the new companies ThyssenKrupp Xervon Energy and RIP in Brazil. The operations in Germany also recorded growth. The in-plant logistics and production support operating groups were further expanded. The energy sector was a major customer. By contrast, the construction-related operations suffered from the weak state of the German market and low public spending; however this was offset by the continuing outsourcing trend.

Sales of the Special Products business unit improved 3 % from the high level of the prior year. The raw materials and in particular the engineering operations made significant progress with numerous new projects. Key factors in this were a pleasing level of domestic business, a strong increase in exports and a continuing sharp focus on customer-specific services and integrated solutions. Sales of rolled steel in the Far East were down from the extremely high level of the

58 prior year. On the other hand, tubular products performed very well with numerous new contracts. Sales here were much higher than a year earlier. Technical trading benefited from a very good level of business, including in the off- shore area. The alloy and metal distribution business also performed well. Sales of Chinese blast furnace and foundry coke and of coal were slightly weaker. Prices for imported coke from China as well as freight rates decreased significantly compared with the prior year.

Earnings

The Services segment reported earnings of € 482 million, up € 221 million from a year earlier. In addition to improvements at operating level, the absence of now-sold loss-making areas also had a positive effect.

The Materials Services Europe business unit, which also includes the South American and Asia businesses currently being built up, made the biggest contribution to income, improving significantly on the very good profit of the previous year. Key to this was a substantial recovery on the global materials markets, resulting in a demand overhang in many product areas with drastic price increases. This applied to rolled steel, stainless steel, tubular products and in particular nonferrous metals. The further expansion of business in Eastern Europe and the success of the performance programs initiated in all areas also had a major influence.

The largest increase in profit was achieved by the Materials Services North America business unit. Earnings almost trebled as a result of the product range, with a very high share of non-ferrous metals, the targeted expansion of sales activities and the successful integration of new companies. Higher supplies of titanium and aluminum products to the booming aerospace industry also contributed to the earnings improvement.

The Industrial Services business unit achieved slight income growth. While the service business in North America more than doubled its profits, the unit was impacted by non-recurring charges for restructuring. This affected above all the process industry division in Germany, while the companies working for the metal industry and manufacturing sector achieved higher profits.

The Special Products unit achieved a further significant improvement on its high prior-year earnings. All areas increased their profit contributions, and further gains came from the disposal of business.

Significant Events

Services completed its extensive portfolio streamlining program in the reporting period with the sale of the Hommel group and Krupp Druckereibetriebe. At the same time it added significantly to its activities, especially outside Germany. The main acquisitions centered on the further expansion of the us and Eastern European operations. Activities were also strengthened in South America, Germany and Asia. The aim was to further integrate materials services – for example processing, warehouse and inventory management, logistics, supply chain management – with industrial process services. The technical systems business was also further expanded.

In the area of materials services, the segment acquired 80 % of Jupiter Stomana in Bulgaria. Under the new name ThyssenKrupp Jupiter Stomana the company will rapidly expand its warehouse and service business for rolled steel and tubular products. Stainless steel and nonferrous metals are to be added to the range. Services strengthened its capabilities in the UK with the acquisition of Metalfast. The company offers services in the area of aluminum and has various warehouse and processing sites. In China, the segment established the materials services provider ThyssenKrupp Materials Shanghai together with a local partner.

In Europe and North America, Services acquired the aerospace service business of Alcoa. The transaction was closed on 30 November 2006. The segment is thus expanding its activities in the distribution and warehousing of aluminum materials to include high-quality processing services for aircraft manufacturers. We strengthened our position in cop- per and brass distribution in Canada with the acquisition of the operations of VPK Metals. In addition, the industrial service, warehouse and logistics operations of the Hearn group in the USA and Canada were acquired.

In Brazil, Services acquired majority shareholdings in the industrial service providers RIP Serviços Industriais and RIP Comércio. RIP provides fire-proof coating, insulation, corrosion protection and scaffold services primarily for the chemical, petrochemical, aluminum, paper, energy and mining sectors. In Germany, the industrial services operations were expanded with the acquisition of the German service companies of the Standardkessel group. The companies, now

59 trading under the name ThyssenKrupp Xervon Energy, specialize in energy plant, power plant and incinerator services as well as the refractory lining of boilers.

New Products and/or Activities

The ThyssenKrupp Group attaches great value to innovation, research and development. This is reflected among other things in the staging of an annual Group innovation competition, in innovation prizes won in external contests as well as in specific awards bestowed on ThyssenKrupp by customers for its products and services. The Group’s innovation projects take in material developments, product and manufacturing technologies, new processes, engineering activities and services. Each of the segments makes its own individual contribution to this process.

Development efforts in the Steel segment are characterized by new high-performance carbon steels for applications in the automotive, electrical and chemical industries, state-of-the art technologies for near-net-shape casting of carbon steel flat products, plus an array of innovative coating and joining technologies. Intensive research into applications for carbon steels in close collaboration with customers helps continuously deepen and extend the value chain through new semis and product designs.

An example for such a successful cooperation with customers is the new product TriBond®, a functional steel compos- ite material produced by hot-rolled cladding and if applicable subsequent cold rolling in the form of a coilable strip. Optimizing the choice of layer materials and their order in line with the specific application simplifies processing for customers and provides extended, improved and more flexible properties in the end products.

Using a new coating technology, the DOC Dortmunder OberflächenCentrum has developed a new family of coated sheet products called ZE-Mg (Zinc-Magnesium). Compared with conventional sheets with the same coating thickness and processing properties, these sheets display significantly enhanced corrosion protection. lf the coating thickness is reduced to give the same corrosion properties as conventional sheets, the sheets display significantly better processing properties; in particular, weldability is improved to the extent that zero-gap welding is possible.

The NSB NewSteelBody is a new auto body, developed independently using ultra-modem steels and advanced manufacturing technologies, which weighs 24 % less than a benchmark production vehicle. The NSB represents a costeffec- tive alternative to other lightweighting concepts such as the aluminum space frame. This solution significantly strength- ens ThyssenKrupp’s position as a development and system partner to the auto industry.

The new Solartec roof and facade system, developed by Steel segment subsidiary ThyssenKrupp Bausysteme, suc- cessfully combines color, architecture and high technology: It offers attractive and colorful roof and facade materials, provides heat insulation and generates electricity via integrated solar cells.

The Stainless segment has developed new stainless grades and nickel-base alloys for applications in the electrical and chemical industries.

Engineers and technicians from the Stainless segment in cooperation with the DOC Dortmunder OberflächenCentrum have developed a new UV-cured, transparent coating for stainless steel products, called Silver Ice® UV. The application-oriented composition of the transparent Silver Ice® e UV coating creates a unique anti-fingerprint product for functional and decorative surfaces. Applied in the coil-coating process, Silver Ice® c UV also features a variety of additional benefits. Not only is it scratch-resistant, chemically resistant and formable, but it is also practically invisible, which means it does not impair the elegant finish of the stainless steel.

ThyssenKrupp VDM developed in cooperation with the Research Center Jülich the product Crofer 22 APU. By optimizing the alloy composition and using a vacuum induction furnace, significant improvements were achieved in the corrosion and oxidation resistance of Crofer 22 APU for use in interconnector plates in fuel cells. This development also significantly extended the service life of fuel cells.

Innovation activities in the Automotive segment are closely linked with those of the Steel segment through joint projects and customers. Alongside steel, other materials used in the framework of process optimization include aluminum and magnesium. Electronic and mechatronic components help enhance value to the customer, which is largely defined by calls for weight reduction, safety, comfort and simple recycling. These trends are reflected in the innovative product and manufacturing concepts developed by the Automotive segment in the areas of Body, Chassis and Powertrain, most of them in close collaboration with automobile manufacturers.

60 The modular Presta Delta Valve Control system is a new system for variable valve timing in internal combustion engines. Its advantages include lower fuel consumption, reduced exhaust emissions, lower noise and improved engine dynam- ics. It has great potential for use in the auto industry.

Another innovation of ThyssenKrupp Presta is the assembled camshaft for cars and trucks. Unlike conventional forged or cast camshafts, assembled camshafts are made by joining different components. As the choice of material is largely unrestricted, the individual components can be ideally matched to their function. In addition to weight reductions of 30 %, this method enhances flexibility and shortens response time to customer requirements while keeping costs low.

Engineers and technicians from the Automotive segment have developed a stabilizer bar for sport utility vehicles which makes a major contribution to driving safety. Safe and sporty driving on roads calls for stiff suspension, high damping and stabilizers with high torsional rigidity. For optimum off-road mobility with high ride comfort, exactly the opposite is required, i. e. soft suspension, low damping and stabilizers with very low torsional rigidity. Stabilizers which can be switched hydraulically by the driver to suit conditions represent a solution to this problem.

Technology trends in the Technologies segment are being driven by demands for cost efficiency and environmental friendliness.

Environmental protection, resource conservation and sustainable process technology are key R&D themes in Plant Technology. Recent development efforts include projects to considerably increase the capacity of plants for ammonia production, to utilize waste tires, railroad ties and other waste materials as energy sources in cement plants and the use of catalytic decomposition to drastically reduce emissions of the greenhouse gas N2O (laughing gas) in nitric acid manufacturing plants.

Engineers and technicians from the Technologies segment have also developed innovative mining and materials handling equipment for the oilsand industry in Canada. ThyssenKrupp is an important supplier for large, high capacity, reliable and user friendly equipment to crush, convey and process the oilsand ore which is subsequently upgraded to produce a light sweet crude oil.

One current focus of development work in the Marine area is a new technology for repairing the outer shell of ships hulls which uses three-dimensional CAD software coupled with a measuring camera.

Another important focus in the Marine area is the air-independent propulsion system based on fuel cell technology for submarines. Installed in a modern submarine, this system provides a multiple of the previously attainable submerged time and range, and consequently reduces the probability of detection.

Safety, lightweight design and convincing service concepts for fault diagnosis, maintenance and repair characterize the development process in the Elevator segment. New materials and innovative, architecturally matched concepts are reflected in the design of elevators and escalators.

Greater mobility is the aim of a trend-setting. TWIN is the name of the system, in which two cabs can travel independently of one another in the same shaft. Compared with the conventional solution – one cab per shaft – the new system can transport 40 % more passengers or save 25 % building space, i. e. a complete shaft, based on a group of four elevators. TWIN is suitable for buildings upward of 50 meter travel height and lends itself equally to modernization and new installation projects. The space gained can be used to install additional technical facilities such as air condition- ing.

One more current focus of development work are boarding bridges for airports. Using a new passenger boarding bridge, developed by the Elevator segment, for the upper deck of the new Airbus A380 together with a conventional boarding bridge for the lower deck reduces the boarding time for the greatest passenger-aircraft of the world.

Another new development from Elevator is a variable-speed moving walk, which reaches a top speed in the middle section of 2m/s (or 7 km/h) while holding a speed of 0.65 m/s in the entrance and exit areas. This is the speed of conventional moving walks. A person’s average walking speed is 4 km/h. Adding together walkway speed and walking speed gives a total speed of 11 km/h. This product represents a pathbreaking innovation in the moving walk field.

The Services segment has developed new flood protection systems. These steel sheet piling systems can be further increased in height by various dike-top structures, including transparent designs. Depending on local conditions and

61 flood situation, temporary or permanent systems can be used for dike reinforcement or repair, making dam and dike construction faster, cheaper and safer.

The Services segment has also developed “Supply chain services for industrial materials”, i. e. for the aircraft industry. The service scope of integrated supply management goes well beyond the traditional boundaries of previous service contracts. It provides supply chain management, warehousing, processing, quality assurance and value-adding logistics services for materials. While the customer benefits from the achieved efficiency gains, the rewards for the service provider are a long-term stable income and profitability in a growing market.

Principal Markets

ThyssenKrupp operates worldwide. We generate 34 % or € 15.8 billion of our sales in Germany and 66 % or € 31.3 billion outside Germany. Our main foreign markets are the EU countries (28 % of sales) and the NAFTA region (22 %). ThyssenKrupp companies and products occupy leading positions on many international markets. Around 700 companies with over 2,300 production sites, offices and service bases all over the world make up the ThyssenKrupp Group, two thirds of them located outside Germany. Of the almost 1,200 locations worldwide at which ThyssenKrupp is represented, more than 200 are in Germany. The largest location is Duisburg, with almost 18,000 employees.

As ThyssenKrupp is well represented in the traditional home markets of Europe, the Group is sharpening its strategy in North America, accompanied by significant investments in the steel sector for sustainable growth. Alongside this, future investments will focus on the development of our home markets as well as on growth regions such as Asia/ Pacific and Central and Eastern Europe. Sales in Asia currently account for about 8 % of consolidated sales. Sales in Central and Eastern Europe account for 4.4 % and grew by almost 16 % p. a. during the last five fiscal years. These ratios reflect the efforts of active business development and ThyssenKrupp will systematically develop these markets by establishing its own production and service sites, making acquisitions and entering into alliances with local partners.

Organisational Structure

ThyssenKrupp is the Group’s holding company. In its three main areas of Steel, Capital Goods and Services, the ThyssenKrupp Group has five operating segments: Steel, Stainless, Technologies, Elevator, Services.

One significant change in the organizational structure is the integration of the Automotive business into the Technolo- gies segment effective October 01, 2006, which was resolved by the Supervisory Board of ThyssenKrupp AG on August 11, 2006. The merger of ThyssenKrupp Automotive AG with ThyssenKrupp Technologies AG will take effect retroactively upon being entered in the commercial register of ThyssenKrupp Technologies AG. The merger of the two segments will combine important capital goods competencies and so improve our market positions.

As the Automotive operations were still independent in 2005/2006, they are shown as a segment in the reporting for the past year. In the future the Group will consist of the five segments Steel, Stainless, Technologies, Elevator and Services, plus the Corporate area, mainly comprising the Group’s head office including intercompany services.

62 ThyssenKrupp Group 2005/06

ThyssenKrupp Group 2005/2006

ThyssenKrupp AG Group sales €47.1 billion • EBT €2,623 million • TKVA €1,510 million • Free cash flow €1,771 million

Steel Stainless Automotive Technologies Elevator Services

Sales €10.7 bn Sales €6.4 bn Sales €8.0 bn Sales €6.0 bn Sales €4.3 bn Sales €14.2 bn EBT €1,417 m EBT €423 m EBT €(174) m EBT €357 m EBT €391 m EBT €482 m TKVA €913 m TKVA €199 m TKVA €(331) m TKVA €316 m TKVA €264 m TKVA €294 m FCF €1,185 m FCF €243 m FCF €63 m FCF €316 m FCF €87 m FCF €147 m

• Steelmaking • Nirosta • Body •Plant • 4 regional • Materials Services • Industry • Acciai Speciali • Chassis Technology business units Europe • Auto Terni • Powertrain •Marine • Escalators/ • Materials Services Systems Passenger North America • Processing • Mexinox •Mechanical Boarding • Industrial Services • Shanghai Krupp Bridges Stainless Engineering • Special Products • Accessibility • Stainless Int. •Transrapid Steel • VDM Capital Goods Services Inter-segment sales non-consolidated

Trend Information

Significant or material adverse change

Save as disclosed in this Prospectus, there has been no significant or material adverse change in the financial or trading position or prospects of ThyssenKrupp since 30 September 200 6.

Outlook

Despite the slight weakening of the global economy, the market environment will remain generally favorable. Against this general background, ThyssenKrupp will maintain its positive performance. For 2006/2007 we expect sales in the region of € 47 billion and earnings before taxes in the region of € 2.5 billion.

Focus of the Group in the next two Fiscal Years

ThyssenKrupp will maintain its general focus as a worldwide supplier of steel, capital goods and services. We have leading expertise and profound market knowledge in these areas. Our highly qualified employees and international network of production operations and sales establishments justify our focus on these established business activities. The upward trend of the world economy is expected to promote further growth in our business.

Global Growth slightly weaker

The global economic upswing will continue in 2007, albeit at a slightly slower rate. With a 4.5 % increase in world GDP, growth will be only slightly lower than in 2006 at 5.2 %. Beyond this forecast horizon we expect slightly slower growth of the world economy. In view of the high raw material and oil prices worldwide, the risks to economic growth remain undiminished.

Continuing high growth momentum is expected in the countries of Asia. In China in particular, the economic upswing will continue thanks to strong investment. In India, too, the pace of growth is not expected to slacken in 2007. Above- average growth rates are also forecast for most countries of Latin America and Central and Eastern Europe.

63 In the industrialized countries, economic growth is expected to cool. Higher interest rates and the weakness of the property market are dampening growth prospects in the USA. Weaker growth is forecast for Japan, too, due to slowing investment and exports. A similar pattern is expected in the Euro zone. In Germany in particular, economic growth is likely to weaken at least temporarily, slowed above all by a tight fiscal policy and stagnating private consumption.

Predominantly positive Trend on Key Customer Markets

We expect a predominantly favorable trend on the customer markets of importance to ThyssenKrupp. The prospects for the world steel market in particular remain generally positive. World demand for rolled steel will grow by around 5 % in 2007, driven mainly by the emerging countries of Asia and Latin America and the CIS states. In Europe and the NAFTA region demand is expected to remain steady or fall slightly due to the somewhat subdued economic outlook and the expected reduction of stocks. However, steel consumption is expected to increase further. Output will rise primarily in the emerging countries – especially China, India and Brazil – as major new capacities go into operation. The situation on the raw material and energy markets will remain tight on the whole, keeping steel production costs at a high level or pushing them even higher.

We expect demand for stainless steel and the high-performance materials nickel alloys and titanium to continue to rise in 2007, both in Europe and North America and also in Asia, in particular China. While in China most producers have been operating below capacity due to strong capacity growth in recent years, producers in Europe and the USA are barely able to keep up with demand.

We expect the automotive market to remain a growth market overall. For 2007 we expect worldwide production to grow by 2 % to 70.5 million vehicles. However, the new production capacities are increasingly being installed in the emerging Asian countries and in Central and Eastern Europe. These countries could once again significantly expand their vehicle production in 2007. In the NAFTA region, Western Europe and Japan, volumes will decrease slightly. As a result of weaker domestic demand, German auto production is expected to fall to 5.7 million cars and trucks.

Due to the slightly reduced pace of global expansion, growth in the mechanical engineering sector in 2007 is not expected to be as strong as the year before. There are signs of cooling in the USA and Western Europe in particular. In China, continuing high investment will continue to ensure strong growth.

The international construction market will remain characterized by large regional differences in 2007. In the Euro zone growth will be weaker, and in Germany a slight rise in construction output is expected. However, a significant downturn in construction activity is likely in the USA. Growth will remain focused on the countries of Eastern Europe as well as India and China.

Opportunities through Innovation and Internationalization

Under a systematic forward strategy, ThyssenKrupp sees significant growth opportunities for the coming years. We aim to further increase the innovativeness and competitiveness of our products and services. Innovative processes and products open up opportunities to secure and build on our top positions on numerous markets. This applies not only to our range of materials but also to our complete system solutions, for example in plant technology and marine systems. We also see good prospects in the industrial services business. Its unique profile with innovative service offerings can make an even greater contribution to the Company’s success in the future.

In the area of opportunity management, further internationalizing the activities of all segments is a key priority. Above all, we intend to step up our involvement in the up-and-coming countries of Asia, Latin America and Eastern Europe and participate in their growth. To this end we are building our own local production plants. However, we also see diverse opportunities for strategic acquisitions.

In the Steel segment, the new steel mill in the Brazilian state of Rio de Janeiro will open up new opportunities. The low- cost, high-quality slabs supplied from Brazil will allow us to exploit growth opportunities in our core market of Europe and in the NAFTA region. The planned strengthening of our presence in North America with the establishment of our own rolling capacities for both carbon and stainless steel flat products will enhance our credentials on this key market as a flexible materials manufacturer with a local presence capable of responding quickly to the requirements of customers.

64 Earnings Situation expected to remain positive

If the economic forecasts prove accurate, we anticipate a continued positive performance in 2006/2007 and 2007/2008.

Sales: We currently expect sales in 2006/2007 to be in the region of € 47 billion. – Steel is aiming for an increase in sales of flat-rolled carbon steel, with prices rising slightly for structural reasons. – Stainless forecasts moderate sales growth mainly as a result of volume and structural improvements in stainless steel flat products and higher base prices. – Technologies anticipates an increase in sales for the segment’s previous activities, with a strong order backlog in the project business and order intake expected to be high. Excluding the disposals (mainly the North American body and chassis business, ThyssenKrupp Plastics, ThyssenKrupp Stahl Company), sales at the Automotive activities are expected to be unchanged from the prior year. – Elevator once again expects a significant increase in sales in the coming fiscal year, secured by a high level of orders in hand. All regions are expected to contribute to this improvement. – Services anticipates slightly lower sales due to the expected decline in prices. Improvements are forecast in the service activities and in the Eastern European market.

Based on a continued positive performance, we expect the Group’s sales to remain strong in 2007/2008. We continue to intensively pursue our sales target of € 50 billion.

Earnings and Dividend: Our long-term target for pre-tax earnings over the economic cycles is € 2.5 billion. Having achieved this target in 2005/2006, we are confident we can repeat our performance in 2006/2007. We aim to achieve earnings of a similar magnitude in 2007/2008. We will continue to pay a dividend based on our earnings performance.

Employees: We plan to have around 191,000 employees at September 30, 2007, an increase of 2 %. In 2007/2008 the headcount is expected to increase by a further 2 %. Despite the anticipated increases, the workforce in Germany is likely to decrease because for market- and cost-related reasons the growth in employment will take place almost exclusively outside Germany. Training young people will remain a high priority in the future and for this reason we will continue to provide apprentice training beyond our own requirements. In view of the shortage of apprenticeship places on the market, we aim to give as many young people as possible a sound start to their working lives. The Group’s total personnel expense in 2006/2007 is expected to be around € 9.5 billion; in the subsequent year it could increase further.

Procurement: In the next two fiscal years, materials expense is again expected to amount to significantly more than 50 % of sales due to persistently high raw material prices and the increasing proportion of purchased products and services. In view of our long-term, international supplier relationships, we do not anticipate any bottlenecks in the procurement of raw materials, components, operating materials or services in 2006/2007 or 2007/2008.

In fiscal year 2006/2007 we will continue our successful purchasing initiative, which will not only further reduce overall costs but in the medium term also strengthen the quality of purchasing. One aspect of this will be the expansion of our strategic supplier management system, under which we identify the best suppliers worldwide so that we can focus on them more strongly and build long-term partnerships with them. In this way we can limit or in some cases even reduce purchasing prices.

Research and Development: In the current fiscal year we plan to spend over € 800 million on the development of new products and processes including quality assurance. This represents an increase of over € 50 million. A further increase is planned in the following fiscal year. One key area is the development of new carbon and stainless steel materials which can be easily processed by our customers, e. g. in the auto industry, while at the same time displaying high strength. In the marine systems business we aim to optimize the building of naval ships and the integration of the various electronic control systems. Our plant technology business will further develop several of its production processes with the aim of reducing energy consumption. For the planned increase in development activities, our research centers will recruit more employees; in addition, cooperation with external universities will be intensified. Individual projects may be carried out under international research contracts to shorten development times. The Group’s development centers will work on a cross-segment basis as far as possible in order to pool resources and enhance efficiency.

65 Environmental Protection: Spending on ongoing environmental protection programs is expected to total over € 400 million in both fiscal 2006/2007 and fiscal 2007/2008. Most of this will go towards reducing air and water pollution. In the Steel and Stainless segments, significant investments in pollution control equipment may be incurred for the construction projects in Brazil and the USA. We will expand our recycling activities in all segments to make better use of materials and conserve natural resources. Efforts aimed at saving energy in our operations will also be continued.

Expected Financial Situation

At € 7 billion, the volume of investment approved by the Supervisory Board is significantly higher than the previous year due to the investments in Brazil. In 2006/2007 – excluding any influences from the Dofasco project – we plan to invest € 3.2 billion in tangible, intangible and financial assets, € 1.7 billion above depreciation. The Group has adequate funds to finance the planned capital expenditures in 2006/2007, and our ambitious investment program for the following fiscal year is also on a solid financial basis.

Administrative, Management, and Supervisory Bodies

Supervisory Board ThyssenKrupp AG

As of 01 December 2006 the members of the Supervisory Board were:

Prof. Dr. h. c. mult. Berthold Beitz, Essen Honorary Chairman Chairman of the Board of Trustees of the Alfried Krupp von Bohlen und Halbach Foundation

Prof. Dr. Günter Vogelsang, Düsseldorf Honorary Chairman

Dr. Gerhard Cromme, Essen Chairman Former Chairman of the Executive Board of ThyssenKrupp AG other mandates (*): – Allianz SE – Axel Springer AG – Deutsche Lufthansa AG – E.ON AG – Siemens AG – BNP Paribas S. A., France – Compagnie de Saint-Gobain, France – Suez S. A., France

Bertin Eichler, Frankfurt/Main Vice Chairman Member of the Executive Committee of the German Metal Workers’ Union (IG Metall) other mandates (*): – BGAG Beteiligungsgesellschaft der Gewerkschaften GmbH (Chair) – BMW AG

Markus Bistram, Dinslaken Trade Union secretary at the Düsseldorf branch office of IG Metall other mandates (*): – Georgsmarienhütte Holding GmbH

Within the Group: – ThyssenKrupp Automotive AG

66 Heinrich Hentschel, Emden Technical clerk/Hydrostatics Member of the Works Council of Nordseewerke GmbH

Prof. Jürgen Hubbert, Sindelfingen Former member of the Executive Board of DaimlerChrysler AG other mandates (*): – Häussler Group (Advisory Board Chair) – Österreichische Industrieholding AG, Austria (Vice Chairman) – TÜV Süddeutschland Holding AG (Member of Stockholder Committee)

Klaus Ix, Siek Fitter Chairman of the Works Council of ThyssenKrupp Fahrtreppen GmbH

Within the Group: – ThyssenKrupp Elevator AG – ThyssenKrupp Fahrtreppen GmbH (Vice Chairman)

Hüseyin Kavvesoglu, Maxdorf Foreman Chairman of the Works Council Union ThyssenKrupp Services

Within the Group: – ThyssenKrupp Industrieservice GmbH – ThyssenKrupp Services AG

Dr. Martin Kohlhaussen, Bad Homburg Chairman of the Supervisory Board of Commerzbank AG other mandates (*): – Bayer AG – Commerzbank AG (Chair) – Hochtief AG (Chair)

Dr. Heinz Kriwet, Düsseldorf Former Chairman of the Executive Board of Thyssen AG other mandates (*): – Dresdner Bank AG

Dr.-Ing. Klaus T. Müller, Dortmund Team coordinator, quality management and process technology at ThyssenKrupp Steel AG

Prof. Dr. Bernhard Pellens, Bochum Professor of Business Studies and International Accounting, Ruhr University Bochum

Dr. Heinrich v . Pierer, Erlangen Chairman of the Supervisory Board of Siemens AG other mandates (*): – Deutsche Bank AG – Hochtief AG – Münchener Rückversicherungs-Gesellschaft AG – Siemens AG (Chair) – Volkswagen AG

67 Dr. Kersten v. Schenck, Bad Homburg Attorney and notary public

other mandates (*): – Praktiker Bau- und Heimwerkermärkte AG (Chair) – Praktiker Bau- und Heimwerkermärkte Holding AG (Chair)

Peter Scherrer, Brussels General Secretary of the European Metalworkers’ Federation other mandates (*): – Adam Opel GmbH – Opel Powertrain GmbH

Thomas Schlenz, Duisburg Shift foreman Chairman of the Group Works Council of ThyssenKrupp AG other mandates(*): – PEAG Personalentwicklungs- und Arbeitsmarktagentur GmbH

Within the Group: – ThyssenKrupp Services AG

Dr. Henning Schulte-Noelle, Munich Chairman of the Supervisory Board of Allianz SE other mandates (*): – Allianz SE (Chairman) – E.ON AG – Siemens AG

Wilhelm Segerath, Duisburg Automotive bodymaker Chairman of the General Works Council of ThyssenKrupp Steel AG and Chairman of the Works Council Union of ThyssenKrupp Steel

Christian Streiff, Neuilly sur Seine Former President and Chief Executive Officer of Airbus SAS other mandates(*): – Ecole Nationale Supérieure des Mines de Paris, France

Gerold Vogel, Hagen (since January 03, 2006) Fitter Chairman of the European Works Council of ThyssenKrupp AG

Within the Group: – ThyssenKrupp Automotive AG

Prof. Dr. Gang Wan , Shanghai, PR China Professor of Automotive Engineering, President of Tongji University

(*) Mandates in supervisory boards and comparable boards with supervisory function as of 01 December 2006 .

68 Executive Board ThyssenKrupp AG

As of 01 December 2006 the members of the Executive Board were:

Dr. -Ing. Ekkehard D. Schulz, Chairman other mandates (*): – AXA Konzern AG – Bayer AG – MAN AG (Chair) – RAG AG (Vice Chair) – RWE AG – RAG Beteiligungs-GmbH (Vice Chair)

Within the Group: – ThyssenKrupp Automotive AG (Chair) – ThyssenKrupp Elevator AG (Chair) – ThyssenKrupp Services AG (Chair) – ThyssenKrupp Technologies AG (Chair)

Dr. Ulrich Middelmann, Vice Chairman other mandates (*): – Commerzbank AG – E.ON Ruhrgas AG – LANXESS AG – LANXESS Deutschland GmbH – RAG AG – Hoberg & Driesch GmbH (Chair) – RAG Beteiligungs-GmbH

Within the Group: – ThyssenKrupp Elevator AG – ThyssenKrupp Reinsurance AG (Chair) – ThyssenKrupp Stainless AG (Chair) – ThyssenKrupp Steel AG (Chair) – ThyssenKrupp Acciai Speciali Terni S. p. A., Italy – ThyssenKrupp (China) Ltd., PR China – ThyssenKrupp Risk and Insurance Services GmbH (Chair)

Dr. Olaf Berlien

Within the Group: – ThyssenKrupp Automotive AG – ThyssenKrupp Marine Systems AG (Chair) – ThyssenKrupp Services AG – Berco S. p. A., Italy (President) – ThyssenKrupp (China) Ltd., PR China (Chairman)

Edwin Eichler

Within the Group: – ThyssenKrupp (China) Ltd., PR China

Jürgen H. Fechter

Within the Group: – ThyssenKrupp Nirosta GmbH (Chair) – ThyssenKrupp Technologies AG – ThyssenKrupp VDM GmbH (Chair)

69 – Grupo ThyssenKrupp S. A., Spain – Shanghai Krupp Stainless Co., Ltd., PR China (Vice Chairman) – ThyssenKrupp Acciai Speciali Terni S. p. A., Italy (President) – ThyssenKrupp (China) Ltd., PR China – ThyssenKrupp Mexinox S. A. de C. V., Mexico (Chairman)

Dr.-Ing. Karl-Ulrich Köhler other mandates (*): – BASF Coatings AG – Hüttenwerke Krupp Mannesmann GmbH (Vice Chair) – ANSC-TKS Galvanizing Co., Ltd., PR China (Vice Chairman) – Steel 24-7 N. V., Belgium

Within the Group: – Eisen- und Hüttenwerke AG (Chair) – Hoesch Hohenlimburg GmbH (Chair) – Rasselstein GmbH (Chair) – ThyssenKrupp Automotive AG – ThyssenKrupp Stainless AG – ThyssenKrupp CSA Companhia Siderúrgica, Brazil

Ralph Labonte other mandates (*): – Zoo Duisburg AG – PEAG Personalentwicklungs- und Arbeitsmarktagentur GmbH (Chair)

Within the Group: – Polysius AG – Rothe Erde GmbH – ThyssenKrupp Automotive AG – ThyssenKrupp Bilstein Suspension GmbH – ThyssenKrupp Dra uz Nothelfer GmbH – ThyssenKrupp Marine Systems AG – ThyssenKrupp Präzisionsschmiede GmbH – ThyssenKrupp Steel AG – Berco S. p. A., Italy

Dr.-Ing. Wolfram Mörsdorf other mandates (*): – GETRAG Getriebe- und Zahnradfabrik Hermann Hagenmeyer GmbH & Cie. KG – INPRO Innovationsgesellschaft für fortgeschrittene Produktionssysteme in der Fahrzeugindustrie mbH

Within the Group: – ThyssenKrupp Gerlach GmbH (Chair) – ThyssenKrupp Präzisionsschmiede GmbH (Chair) – ThyssenKrupp Services AG – ThyssenKrupp Umformtechnik GmbH – ThyssenKrupp Budd Company, USA (Chairman) – ThyssenKrupp (China) Ltd., PR China – ThyssenKrupp Presta AG, Liechtenstein – ThyssenKrupp Waupaca, Inc., USA

The current members of the Executive Board and the Supervisory Board of the Issuer can be contacted at the address of the registered office of the Issuer.

(*) Mandates in supervisory boards and comparable boards with supervisory function as of 01 December 2006.

70 Conflicts of interest

As at date of this Prospectus, the above-mentioned members of the Corporate bodies of ThyssenKrupp do not have potential conflicts of interest between any duties to ThyssenKrupp and their private interests or other duties.

Board Practices

Audit committee

As at date of this Prospectus, the audit committee consists of the following members: Dr. Martin Kohlhaussen, Chairman Dr. Gerhard Cromme Klaus Ix Hüseyin Kavvesoglu Prof. Dr. Bernhard Pellens Thomas Schlenz

The Audit Committee shall prepare the negotiations and resolutions of the Supervisory Board on the adoption of the parent-company annual financial statements and the approval of the consolidated financial statements.

To this end, the Audit Committee shall conduct an advance audit of the parent-company annual financial statements and the consolidated financial statements, the parent-company management report and the Group management report as well as the proposal for the appropriation of the profit. The Audit Committee shall discuss the audit reports with the financial statement auditor.

The Audit Committee shall deal conclusively with the following subjects on behalf of the Supervisory Board: • Accounting issues, in particular general issues such as the application of new accounting standards. • The (quarterly) interim reports. • Risk management issues, in particular the auditing of the risk monitoring system. • The required independence of the financial statement auditor. In preparation for the submission of a proposal for the election of the financial statement auditor, the Audit Commit- tee shall obtain a declaration from the intended auditor as to whether there are any professional, financial or other relationships between the audit company, its bodies and senior auditors on the one hand and the Company and the members of its bodies on the other which could raise doubts as to the independence of the auditor, and if so which. The declaration shall extend to stating the scope of other services, in particular consulting services, provided for the Company in the preceding fiscal year or which have been contractually agreed for the following year. In this context, in particular the costs of the financial statement audit and the costs of non-audit services shall be stated separately for the past fiscal year. • The resolution on the award of the audit assignment for the parent-company and consolidated financial statements to the auditor. The audit assignment shall set out details of the annual audit plan, the focus of the audit and the compensation of the auditor as well as the auditor’s disclosure duties. The Audit Committee can restrict consultancy activities by the financial statement auditor for the Company and its associated entities in the audit assignment. Assignments for permissible, non-audit services require the prior approval of the Audit Committee. As part of the audit assignment, the Audit Committee shall agree with the financial statement auditor that the chairman of the Audit Committee is to be informed immediately of any possible grounds for exclusion or bias occurring during the audit, insofar as they are not immediately eliminated. The audit assignment shall be signed by the Supervisory Board chairman and the chairman of the Audit Commit- tee.

71 Corporate Governance

ThyssenKrupp AG is a stock corporation under German law. Accordingly, it is governed by an Executive Board and Supervisory Board. Good corporate governance is a high priority for ThyssenKrupp. The Executive Board and Supervi- sory Board work closely together for the good of the Company. An intensive, continuous dialogue between the two boards is the basis for efficient corporate management. We have enhanced and intensified this dialogue step by step and in accordance with national and international standards.

ThyssenKrupp welcomes the German Corporate Governance Code, as published by the Government CSSF, under the chairmanship of Dr. Gerhard Cromme, on February 26, 2002 and amended most recently on June 12, 2006. The Code is a recognized catalogue for evaluating good Corporate Governance at German exchange-listed companies. The Exec- utive Board and Supervisory Board of ThyssenKrupp AG recently issued an unconditional declaration of conformity in accordance with Art. 161 AktG on October 1, 2006.

Major Shareholders

The largest stockholder is the Alfried Krupp von Bohlen und Halbach Foundation, Essen, which holds 25.10 % of the capital stock of ThyssenKrupp AG. The free float, which is generally taken into account in the weighting of ThyssenKrupp stock in the indices, is 74.90 % of the capital stock.

ThyssenKrupp AG holds 25,724,452 shares of treasury stock or about 5 % of the capital stock. The shares were purchased under a share buyback program in July/August 2006. No rights accrue to the Company from these repur- chased shares.

Financial Information

Historical Financial Information of ThyssenKrupp

The Notes as mentioned on pages 133 –195 in the Annual Report 2005/2006 dated 30 September 2006 are incorporated by reference into this Prospectus.

72 Consolidated Statements of Income million €, earnings per share in €

Year ended Year ended Sept. 30, 2005 Sept. 30, 2006

Net sales 42,927 47,125 Cost of sales (35,695) (39,142) Gross margin 7,232 7,983

Selling expenses (2,645) (2,723) General and administrative expenses (2,255) (2,389) Other operating income 276 709 Other operating expenses (452) (586) Gain/(loss) on the disposal of subsidiaries, net 16 40 Income from operations* 2,172 3,034

Income from companies accounted for using the equity method 37 28 Interest income 168 284 Interest expense (741) (705) Other financial income/(expense), net 41 (18) Financial income/(expense), net* (495) (411)

Income from continuing operations before income taxes* 1,677 2,623

Non-recurring losses related to RAG investment (474) — Income tax expense (737) (919) Income from continuing operations 466 1,704

Discontinued operations (net of tax) 613 — Net income 1,079 1,704

Thereof: ThyssenKrupp AG's stockholders 1,038 1,643 Minority interest 41 61 Net income 1,079 1,704

Basic and diluted earnings per share Income from continuing operations (attributable to ThyssenKrupp AG's stockholders) 0.85 3.24 Net income (attributable to ThyssenKrupp AG's stockholders) 2.08 3.24

* does not include non-recurring losses relating to the RAG investment (see Note 8)

73 Consolidated Balance Sheets

Assets million €

Sept. 30, 2005 Sept. 30, 2006

Intangible assets, net 4,589 4,703 Property, plant and equipment, net 8,743 8,397 Investment property 557 501 Investments accounted for using the equity method 337 445 Financial assets 181 178 Deferred tax assets 745 695 Total non-current assets 15,152 14,919 Inventories, net 6,862 7,337 Trade accounts receivable, net 6,668 7,105 Other receivables 1,133 1,444 Current income tax assets 270 93 Cash and cash equivalents 4,625 4,446 Assets held for sale 591 386 Total current assets 20,149 20,811 Total assets 35,301 35,730

Equity and Liabilities million €

Sept. 30, 2005 Sept. 30, 2006

Capital stock 1,317 1,317 Additional paid in capital 4,684 4,684 Retained earnings 2,237 3,358 Cumulative income and expense directly recognized in equity (315) (149) thereof relating to disposal groups (Sept. 30, 2005: (1); Sept. 30, 2006: (34)) Treasury stock (368) (697) Equity attributable to ThyssenKrupp AG's stockholders 7,555 8,513 Minority interest 389 414 Total equity 7,944 8,927 Accrued pension and similar obligations 8,892 8,018 Other provisions 605 652 Deferred tax liabilities 374 818 Financial liabilities 3,085 2,946 Other liabilities 207 50 Total non-current liabilities 13,163 12,484 Other provisions 1,518 1,598 Current income tax liabilities 465 560 Financial liabilities 1,773 842 Trade accounts payable 3,976 4,571 Other liabilities 5,832 6,449 Liabilities associated with assets held for sale 630 299 Total current liabilities 14,194 14,319 Total liabilities 27,357 26,803 Total equity and liabilities 35,301 35,730

See accompanying notes to consolidated financial statements

74 Consolidated Statements of Cash Flows million €

Year ended Year ended Sept. 30, 2005 Sept. 30, 2006 Operating: Net income 1,079 1,704 Adjustments to reconcile net income to operating cash flows: Deferred income taxes (net) 371 320 Depreciation, amortization and impairment of non-current assets 2,107 1,655 Reversals of impairment losses of non-current assets 0 (7) (Earnings)/losses from companies accounted for using the equity method, net of dividends received (30) (21) (Gain)/loss on disposal of assets (2) (35) (Gain)/loss on disposal of discontinued operations (877) 0 Changes in assets and liabilities, net of effects of acquisitions and divestitures: - inventories (1,314) (595) - trade accounts receivable (219) (603) - accrued pensions and similar obligations (2) (17) - other accrued liabilities 156 130 - trade accounts payable 397 717 - other assets/liabilities not related to investing or financing activities 685 219 Operating cash flows 2,351 3,467

Investing: Purchase of investments accounted for using the equity method and financial assets (42) (214) Expenditures for acquisitions of consolidated companies (294) (242) Cash acquired from acquisitions 344 37 Capital expenditures for property, plant and equipment and investment property (1,463) (1,473) Capital expenditures for intangible assets (104) (148) Proceeds from disposals of investments accounted for using the equity method and financial assets 106 59 Proceeds from disposals of previously consolidated companies 2,229 119 Cash of disposed businesses (11) (27) Proceeds from disposals of property, plant and equipment and investment property 147 172 Proceeds from disposals of intangible assets 9 21 Cash flows from investing activities 921 (1,696)

Financing: Proceeds from issuance of bonds 754 0 Repayment of bonds (9) (810) Proceeds from liabilities to financial institutions 692 697 Repayments of liabilties to financial institutions (885) (963) Repayments on notes payable and other loans (19) (2) Increase/(decrease) in bills of exchange (24) 3 Decrease of liabilities due to sales of receivables not derecognized from the balance sheet (126) (90) Decrease/(increase) in current securities (61) 5 Proceeds from treasury shares sold 12 268 Payments to repurchase shares 0 (697) Payment of ThyssenKrupp AG dividend from the preceding year (299) (412) Profit distributions to entities outside the Group (36) (27) Other financing activities (2) 16 Cash flows from financing activities (3) (2,012)

Effect of exchange rate changes on cash and cash equivalents 51 (27) Net increase/(decrease) in cash and cash equivalents 3,320 (268)

Cash and cash equivalents at beginning of year 1,395 4,715 Cash and cash equivalents at end of year 4,715 4,447 [thereof cash and cash equivalents within the disposal groups/discontinued operations] [90] [1]

75 Consolidated Statement of Recognized Income and Expense million €

Year ended Year ended Sept. 30, 2005 Sept. 30, 2006 Foreign currency translation adjustment: Change in unrealized gains/(losses), net 162 (92) Net realized (gains)/losses 0 2 Net unrealized gains/(losses) 162 (90)

Unrealized gains/(losses) from available-for-sale securities: Change in unrealized holding gains/(losses), net 1 5 Net realized (gains)/losses 0 0 Net unrealized holding gains/(losses) 1 5

Actuarial gains/(losses) from pensions and similar obligations (760) 385

Change in actuarial (gains)/losses from pensions and similar obligations due to plan settlements and disposals 0 15

Not recognized as an asset due to asset ceiling 0 2

Unrealized gains/(losses) on derivative financial instruments: Change in unrealized gains/(losses), net 80 (21) Net realized (gains)/losses (18) (11) Net unrealized gains/(losses) 62 (32)

Tax effect 255 (126) Income and expense directly recognized in equity (net of tax) (280) 159 Net income 1,079 1,704 Total recognized income and expense for the period 799 1,863

Thereof: ThyssenKrupp AG's stockholders 733 1,809 Minority interest 66 54

Cumulative actuarial gains/(losses) from pensions and similar obligations as of year-end (760) (342)

76 Auditors’ Report 200 4/0 5

The audit of the consolidated financial statements of ThyssenKrupp AG for the year ended September 30, 2005, which have been prepared based on the basis of generally accepted accounting principles in the United States (US-GAAP) (the “US-GAAP Consolidated financial statements), and which are incorporated herein by reference also extended to the respective group management report (Konzernlagebericht). The management report has not been reproduced or incorporated herein. Regarding the complete set of the consolidated financial statements including the management report the independent auditor has issued the following Auditors’ report:

“We have audited the consolidated financial statements, comprising the balance sheet, the statement of income, the statement of stockholders’ equity and the statement of cash flows as well as the Notes to the financial statements prepared by ThyssenKrupp AG, Duisburg and Essen, for the business year from October 1, 2004 to September 30, 2005. The preparation and the content of the consolidated financial statements in accordance with Accounting Princi- ples Generally Accepted in the United States of America (US GAAP) are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audit of the consolidated financial statements in accordance with German auditing regulations and German generally accepted standards for the audit of financial statements promulgated by the Institute of Auditors (Institut der Wirtschaftsprüfer – IDW). Those standards require that we plan and perform the audit such that it can be assessed with reasonable assurance whether the consolidated financial statements are free of material misstatements. The evidence supporting the amounts and disclosures in the consolidated financial statements is examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by the Company’s management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements give a true and fair view of the net assets, financial position, results of operations and cash flows of the Group for the business year in accordance with Accounting Principles Gen- erally Accepted in the United States of America.

Our audit, which also extends to the Group management report prepared by the Company’s management for the business year from October 1, 2004 to September 30, 2005, has not led to any reservations. In our opinion on the whole the Group management report provides a suitable understanding of the Group’s position and suitably presents the risks of future development.

In addition, we confirm that the consolidated financial statements and the Group management report for the business year from October 1, 2004 to September 30, 2005 satisfy the conditions required for the Group’s exemption from its duty to prepare consolidated financial statements and the Group management report in accordance with German law.

D uesseldorf, November 14, 200 5

KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Reinke Nunnenkamp Wirtschaftsprüfer Wirtschaftsprüfer (German public auditor) (German public auditor)”

77 Auditors’ Report 200 5/0 6

The audit of the consolidated financial statements of ThyssenKrupp AG for the year ended September 30, 2006, which have been prepared based on the basis of International Financial Reporting Standards (IFRS) (the “IFRS Consolidated financial statements), and which are incorporated herein by reference also extended to the respective group management report (Konzernlagebericht). The management report has not been reproduced or incorporated herein. Regarding the complete set of the consolidated financial statements including the management report the independent auditor has issued the following Auditors’ report:

“We have audited the consolidated financial statements prepared by the ThyssenKrupp AG comprising the balance sheet, the income statement, statement of recognised income and expense, cash flow statement and the notes to the consolidated financial statements, together with the group management report for the business year from October 1, 2005 to September 30, 2006. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315a paragraph 1 HGB are the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. In addition we have been instructed to express an opinion as to whether the consolidated financial statements comply with full IFRS.

We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institute of Public Auditors in Germany (Institut der Wirtschaftsprüfer – IDW) and in accordance with International Standards on Auditing (ISA). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs as adopted by the EU, the additional requirements of German commercial law pursuant to § 315a paragraph 1 HGB and full IFRS and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The Group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

D üsseldorf, November 1 3, 200 6

KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Reinke Nunnenkamp Wirtschaftsprüfer Wirtschaftsprüfer (German public auditor) (German public auditor)”

Auditing of Historical Annual Financial Information

ThyssenKrupp’s auditor for the fiscal year 200 5/0 6 and the two preceding years is KPMG Deutsche Treuhand-Gesell- schaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft, Berlin and Frankfurt am Main, Düsseldorf office, Am Bon- neshof 35, D-40474 Düsseldorf (a member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer),

78 Berlin). The auditor examined the financial statements of ThyssenKrupp and the respective consolidated financial statements and passed an unqualified opinion for the two preceding years.

Legal and Arbitration Proceedings

There are no, nor have there been any court or arbitration proceedings (including any proceedings which are pending or threatened of which the Issuer is aware of) which may have or have had in the twelve months preceding the date of this document a material effect on the financial position of ThyssenKrupp other than the following case.

Significant change in ThyssenKrupp’s financial or trading position

There is no significant change in ThyssenKrupp’s financial or trading position which has occurred since the date of its last published reviewed financial statements.

Additional information

Capital Stock

Treasury Stock

At 30 September 2006 ThyssenKrupp held 25,724,452 shares of its own.

Memorandum and Articles of Association

ThyssenKrupp is registered in the Commercial Register of the local court (Amtsgericht) of Essen under HRB 15364 and of Duisburg local court (Amtsgericht) under HRB 9092.

Art. 2 of ThyssenKrupp’s articles of association, which sets forth the object of ThyssenKrupp, reads in English translation as follows:

“Art. 2 Object of the Company

(1) The Company manages a group of enterprises whose fields of business include (without being limited thereto) (a) production, processing, sale, recycling and disposal of carbon and stainless steel, other steel and other materials, as well as recovery and extraction of raw materials; (b) development, design, manufacture and sale of machinery, mechanical plant, components, systems and equipment; (c) development, design, manufacture and sale of parts, components and systems for the vehicle industry;

79 (d) development, design, construction and operation of industrial plants and facilities of all types; (e) trading, logistics, transport and other services in particular in the aforesaid fields of business and in the area of communications; (f) acquisition, sale, development and management of real estate.

The management includes the allocation of segment headquarters and subsidiaries, the establishment, acquisition and sale of other enterprises, groups of enterprises and investments, and the acquisition of equity interest in other enterprises.

(2) The Company is entitled to take any measures and actions connected with the object of the Company or conducive to serving its purposes. It may also directly engage in the fields of business stated in paragraph (1). In the case of certain majority-held subsidiaries, the Company may confine its activities to the administration of its investments.”

Material Contracts

There are no contracts of which ThyssenKrupp is aware to the best of its knowledge which had in the recent past (at least during the twelve months preceding the date of this documentation) or may have in the future a material effect on the financial position of ThyssenKrupp.

Documents on display

During the validity period of this Prospectus the following documents (or copies thereof) may be inspected at the registered office of ThyssenKrupp at August-Thyssen-Strasse 1, D-40211 Düsseldorf: a) the memorandum and articles of association of ThyssenKrupp; b) all reports, letters and other documents, historical financial information, valuations and statements prepared by experts at the request of ThyssenKrupp any part of which is included or referred to in this Prospectus; and c) the historical financial information of ThyssenKrupp for each of the financial years 2004 /05 and 2005/06.

80 THYSSENKRUPP FINANCE NEDERLAND B. V. AS ISSUER

Persons Responsible

ThyssenKrupp Finance Nederland B. V. (“ThyssenKrupp Finance” or the “Issuer”), Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel, is responsible for the information contained in this Prospectus.

ThyssenKrupp Finance declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Prospectus is, to the best of its knowledge, in accordance with the facts and that it contains no omission likely to affect its import.

Statutory Auditors

KPMG Accountants N. V., Beemdstraat 1, NL-5653 MA Eindhoven (member of the Royal Dutch Institute of Chartered Accounts (Koninklijk Nederlands Instituut voor Registeraccountants – NIVRA)), was appointed as the Issuer’s auditor for fiscal year 2004/05 and 2005/06.

Selected Financial Information

Capitalization ThyssenKrupp Finance

The capitalization of ThyssenKrupp Finance was as follows: 30 September 30 September 2005 2006 million EUR Financial liabilities / cash, cash equivalents, securities Bonds ...... 1,307 500 Stockholders’ equity Capital stock ...... 2 2 Retained and undistributed earnings ...... 3 4 Total net financial liabilities and stockholders’ equity ...... 1,312 506

Since 30 September 2006 there has been no material change in the capitalization of ThyssenKrupp Finance.

Information about ThyssenKrupp Finance

History and development of ThyssenKrupp Finance

ThyssenKrupp Finance legal and commercial names are ThyssenKrupp Finance Nederland B. V. and ThyssenKrupp Finance, respectively.

ThyssenKrupp Finance was formed on 14 October 1988 for an indefinite duration as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under Dutch law under the name Thyssen Finance Nederland B. V. It is a wholly owned subsidiary of ThyssenKrupp.

ThyssenKrupp Finance is registered in the Commercial Register of the Rotterdam Chamber of Industry and Commerce under number 33206400. Its registered office is Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel, The Neth- erlands. Its telephone number is +31-180-516171.

81 Investments

ThyssenKrupp Finance has neither substantial investments as of 30 September 2006, nor are any investments planned in the future.

Business Overview

ThyssenKrupp Finance participates in, is otherwise interested in, finances and manages other business enterprises of any nature whatsoever, takes up and makes loans and provides securities, including securities for debts of others, as well as anything that is connected with the above activities or can be conductive thereto.

Organisational Structure

ThyssenKrupp Finance is a wholly owned subsidiary of ThyssenKrupp.

Trend Information

Save as disclosed in this Prospectus, there has been no significant or material adverse change in the financial or trading position or prospects of ThyssenKrupp Finance since 30 September 200 6. Uncertainties regarding the operating result for the financial year 2006/07 could arise from unexpected market conditions.

Administrative, Management and Supervisory Bodies

Managing Board

Maarten Roderick Hoogeweegen, Managing Director of ThyssenKrupp Finance and Employee of Deutsche International Trust Company N.V.

Thomas Stefan Empelmann, Director of the Finance Department of ThyssenKrupp and Managing Director of ThyssenKrupp Finance

Ronald Ton, Managing Director of ThyssenKrupp Finance and Employee of Deutsche International Trust Company N.V.

Supervisory Board

ThyssenKrupp Finance has no Supervisory Board.

The current members of the Managing Board of the Issuer can be contacted at the address of the registered office of the Issuer.

Conflicts of Interest

As at date of this Prospectus, the above-mentioned members of the Managing Board of ThyssenKrupp Finance do not have potential conflicts of interest between any duties to ThyssenKrupp Finance and their private interests or other duties.

82 Board Practices

Audit Committee

ThyssenKrupp Finance does not itself have an audit committee. However, ThyssenKrupp Finance is part of the ThyssenKrupp Group which has an audit committee that reviews the annual consolidated financial statements of the ThyssenKrupp Group.

Corporate Governance

According to the Decree of 23 December 2004, pursuant to section 391 paragraph 4 of book 2 of the Dutch Civil Code, the code of conduct (“Nederlandse corporate governance code”) only applies to listed companies. As ThyssenKrupp Finance is not listed the code does not apply.

Major Shareholders

ThyssenKrupp Finance is a wholly owned subsidiary of ThyssenKrupp.

Financial Information

Historical financial information ThyssenKrupp Finance

The Notes as mentioned on pages 6 –10 of the Financial Statements of ThyssenKrupp Finance Nederland B. V. dated 30 September 2006 are incorporated by reference into this Prospectus.

Balance sheet as at 30 September 200 6 (before appropriation of profit) 30 September 30 September 2005 2006 (in Euro) Assets Fixed assets Loan facilities to group companies ...... 494,645,000 504,645,000 Deferred discount on Bonds ...... 1,661,523 1,182,237 Capitalised issue costs ...... 2,081,019 704,763 498,387,542 506,532,000 Current assets Loan facilities to group companies ...... 790,483,000 – Deferred discount on Bonds ...... 32,711 – Receivables ...... 40,286,855 19,698,432 Cash and cash equivalents ...... 19,334,271 15,091 850,136,837 19,713,523 1,348,524,379 526,245,523 Liabilities Capital and reserves Issued and paid-up capital ...... 2,300,000 2,300,000 Retained Earnings ...... 1,337,655 2,697,758 Result for the year ...... 1,360,103 1,027,672 4,997,758 6,025,430 Long-term liabilities Long-term loans payable ...... 500,000,000 500,000,000 Current liabilities ...... 843,526,621 20,220,093 1,348,524,379 526,245,523

83 Profit and loss account for the financial year 200 5/200 6 2004/2005 2005/2006 (in Euro) Financial income Interest income ...... 83,850,570 65,207,939 Interest charges ...... – 79,441,311 – 62,017,227 4,409,259 3,190,712 Expenses Amortisation issue costs loans and discount on bonds ...... 2,381,473 1,888,253 General expenses...... 77,130 85,294 2,458,603 1,973,547 1,950,656 1,217,165 Dividend ...... – – Profit before taxation ...... 1,950,656 1,217,165 Corporation tax...... 590,553 189,493 Result for the year ...... 1,360,103 1,027,672

Cash Flow Statement for the financial year 2005/2006

Cashflow from Operating activities

Interest received on loans granted...... 86,204,531 Loans granted ...... – 10,000,000 Redemption on loans granted ...... 790,483,000 Loans taken ...... 30,000,000 Redemption on loans taken...... – 836,775,129 Corporation tax...... – 616,575 Expenses paid ...... – 79,354 Interest paid on loans taken ...... – 79,949,500 Increase/decrease ...... – 20,733,027

Cash Flow Statement for the financial year 2004/2005

Cashflow from Operating activities

Interest received on loans granted...... 83,841,715 Redemption on loans granted ...... 12,271,005 Loans taken ...... 32,000,000 Redemption on loans taken...... – 32,000,000 Corporation tax...... – 699,492 Expenses paid ...... – 83,179 Interest paid on loans taken ...... – 79,932,918 Increase/decrease ...... 15,397,131

Auditor’s Report 2004/05 ThyssenKrupp Finance Nederland B. V.

The audit of the financial statements of ThyssenKrupp Finance Nederland B.V. for the year ended September 30, 2005, which are incorporated herein by reference also extended to the respective management report. The manage-

84 ment report has not been reproduced or incorporated herein. Regarding the complete set of the financial statements including the management report the independent auditor has issued the following Auditors’ report:

“Introduction

We have audited the accompanying financial statements for the year ended 30 September 2005 of ThyssenKrupp Finance Nederland B. V., Amsterdam. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

Scope

We conducted our audit in accordance with auditing standards generally accepted in the Netherlands. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the company as at 30 Sep- tember 200 5 and of the result for the financial year then ended in accordance with accounting principles generally accepted in the Netherlands and comply with the financial reporting requirements included in Part 9, Book 2, of the Netherlands Civil Code.

Eindhoven, 2 November 2005

Ref.: P. Silvis”

Auditor’s Report 2005/06 ThyssenKrupp Finance Nederland B. V.

The audit of the financial statements of ThyssenKrupp Finance Nederland B.V. for the year ended September 30, 2006, which are incorporated herein by reference also extended to the respective management report. The management report has not been reproduced or incorporated herein. Regarding the complete set of the financial statements including the management report the independent auditor has issued the following Auditors‘ report:

“Introduction

We have audited the accompanying financial statements for the year ended 30 September 2006 of ThyssenKrupp Finance Nederland B. V., Amsterdam. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

Scope

85 Opinion

In our opinion, the financial statements give a true and fair view of the financial position of the company as at 30 Sep- tember 200 6 and of the result for the financial year then ended in accordance with accounting principles generally accepted in the Netherlands and comply with the financial reporting requirements included in Part 9, Book 2, of the Netherlands Civil Code.

Furthermore we have established to the extent of our competence that the management report is consistent with the company financial statements.

Eindhoven, 31 o ktober 2006

KPMG ACCOUNTANTS N. V.

P. Silvis RA”

Auditing of Historical Annual Financial Information

KPMG Accountants N. V., Beemdstraat 1, NL-5653 MA Eindhoven (member of the Royal Dutch Institute of Chartered Accounts (Koninklijk Nederlands Instituut voor Registeraccountants – NIVRA)), was appointed as ThyssenKrupp Finance’s auditor for fiscal year 200 5/06 and the preceding two years.

The financial statements of ThyssenKrupp Finance have been prepared in accordance with accounting principles generally accepted in the Netherlands and are in compliance with the provisions of the Netherlands Civil Code, Book 2, Title 9.

Legal and Arbitration Proceedings

Significant Change in ThyssenKrupp Finance’s Financial or Trading Position

There is no significant change in ThyssenKrupp Finance’s financial or trading position which has occurred since the date of its last published reviewed financial statements.

Additional Information

Capital Stock

The capital stock of ThyssenKrupp Finance amounts to EUR 2,300,000, divided into 230 bearer shares of common stock with a par value of EUR 10,000 each, which are all held by ThyssenKrupp. The capital is fully issued and paid-up. ThyssenKrupp Finance does not have authorised but unissued capital.

Memorandum and Articles of Association

The objects of ThyssenKrupp Finance, as stated in Art. 2 of its Articles of Incorporation, are to participate in, to be otherwise interested in, to finance and to manage other business enterprises of any nature whatsoever, to take up and to make loans and to provide securities, including securities for debts of others, as well as anything that is connected with the above objects or can be conducive thereto.

The Issuer is registered in the Commercial Register of the Rotterdam Chamber of Industry and Commerce under number 33206400.

86 Material Contracts

There are no contracts of which ThyssenKrupp Finance is aware to the best of its knowledge which had in the recent past (at least during the twelve months preceeding the date of this documentation) or may have in the future a material effect on the financial position of ThyssenKrupp Finance.

Documents on display

During the validity period of this Prospectus the following documents (or copies thereof) may be inspected at the registered office of ThyssenKrupp Finance at Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel: a) the memorandum and articles of association of ThyssenKrupp Finance; b) all reports, letters and other documents, historical financial information, valuations and statements prepared by experts at the request of ThyssenKrupp Finance any part of which is included or referred to in this Prospectus; and c) the historical financial information of ThyssenKrupp and ThyssenKrupp Finance for each of the financial years 2004 /05 and 2005/06.

87 TERMS AND CONDITIONS OF THE NOTES ENGLISH LANGUAGE VERSION

This Series of Notes is issued pursuant to an Amended and Restated Fiscal Agency Agreement dated as of 17 January 2007 (the “Agency Agreement”) between ThyssenKrupp AG (“ThyssenKrupp”), ThyssenKrupp Finance Nederland B. V. (“ThyssenKrupp Finance”) (each an “Issuer” and together the “Issuers”) and Deutsche Bank Aktiengesellschaft as fiscal agent (the “Fiscal Agent”, which expression shall include any successor fiscal agent thereunder) and the other parties named therein. Copies of the Agency Agreement may be obtained free of charge at the specified office of the Fiscal Agent, at the specified office of any Paying Agent and at the principal office of each Issuer. [In the case of Notes issued by ThyssenKrupp Finance insert: The Notes have the benefit of an unconditional and irrevocable guarantee by ThyssenKrupp AG (the “Guarantor”).]

In the case of [The provisions of these Terms and Conditions apply to the Notes as completed, modified, supple- Long-Form Condi- tions insert: mented or replaced, in whole or in part, by the terms of the final terms which is attached hereto (the “Final Terms”). The blanks in the provisions of these Terms and Conditions which are applicable to the Notes shall be deemed to be completed by the information contained in the Final Terms as if such information were inserted in the blanks of such provisions; any provisions of the Final Terms modifying, supplementing or replacing, in whole or in part, the provisions of these Terms and Conditions shall be deemed to so modify, supplement or replace the provisions of these Terms and Conditions; alternative or optional provisions of these Terms and Conditions as to which the corresponding provisions of the Final Terms are not completed or are deleted shall be deemed to be deleted from these Terms and Conditions; and all provisions of these Terms and Conditions which are inapplicable to the Notes (including instructions, explanatory notes and text set out in square brackets) shall be deemed to be deleted from these Terms and Conditions, as required to give effect to the terms of the Final Terms. Copies of the Final Terms may be obtained free of charge at the specified office of the Fiscal Agent and at the specified office of any Paying Agent and at the principal office of the Issuer provided that, in the case of Notes which are not listed on any stock exchange, copies of the relevant Final Terms will only be available to holders of such Notes.]

§ 1 CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS

(1) Currency; Denomination. This Series of Notes (the “Notes”) of [ThyssenKrupp AG] [ThyssenKrupp Finance Nederland B. V.] (the “Issuer”) is being issued in [insert Specified Cur- rency] (the “Specified Currency”) in the aggregate principal amount of [insert aggregate principal amount] (in words: [insert aggregate principal amount in words]) in the denomination of [insert Specified Denomination](1) (the “Specified Denomination”).

(2) Form. The Notes are being issued in bearer form.

In the case of [(3) Permanent Global Note. The Notes are represented by a permanent global note (the “Perma- Notes which are represented by a nent Global Note”) without coupons. The Permanent Global Note shall be signed manually by two Permanent Global Note insert: authorised signatories of the Issuer and shall be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be issued.]

In the case of [(3) Temporary Global Note – Exchange. Notes which are initially represented by a Tem- a) The Notes are initially represented by a temporary global note (the “Temporary Global Note”) porary Global Note without coupons. The Temporary Global Note will be exchangeable for Notes in Specified insert: Denominations represented by a permanent global note (the “Permanent

(1) The minimum denomination of the Notes will be, if in euro, € 1,000 and, if in any currency other than euro, in an amount in such other currency equal to or exceeding the equivalent of € 1,000 at the time of the issue of the Notes.

88 Global Note”) without coupons. The Temporary Global Note and the Permanent Global Note shall each be signed manually by two authorised signatories of the Issuer and shall each be authenticated by or on behalf of the Fiscal Agent. Definitive Notes and interest coupons will not be issued. (b) The Temporary Global Note shall be exchanged for the Permanent Global Note on a date (the “Exchange Date”) not later than 180 days after the date of issue of the Notes. The Exchange Date will not be earlier than 40 days after the date of issue. Such exchange shall only be made upon delivery of certifications to the effect that the beneficial owner or owners of the Notes is not a U. S. person (other than certain financial institutions or certain persons holding Notes through such financial institutions). Payment of interest on Notes represented by a Temporary Global Note will be made only after delivery of such certifications. A separate certification shall be required in respect of each such payment of interest. Any such certification received on or after the 40th day after the date of issue of the Notes will be treated as a request to exchange the Temporary Global Note pursuant to subparagraph (b) of this § 1(3). Any Notes delivered in exchange for the Temporary Global Note shall be delivered only outside of the United States (as defined in § 4 (4)).]

(4) Clearing System. The Permanent Global Note will be kept in custody by or on behalf of the Clearing System until all obligations of the Issuer under the Notes have been satisfied. “Clearing System” means [if more than one Clearing System insert: each of] the following: [Clearstream Banking AG, Frankfurt am Main,] [Clearstream Banking, société anonyme Luxembourg] [Euroclear Bank S. A./N. V. Brussels as operator of the Euroclear System (“Euroclear”)] [,] [and] [specify other Clearing System] and any successor in such capacity.

(5) Holder of Notes. “Holder” means any holder of a proportionate co-ownership or other beneficial interest or right in the Notes.

§ 2 STATUS, NEGATIVE PLEDGE [in the case of Notes issued by ThyssenKrupp Finance insert: AND GUARANTEE]

(1) Status. The Notes are direct, unconditional and unsecured obligations of the Issuer and rank pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer, save as otherwise determined by mandatory provisions of law.

(2) Negative Pledge. [(a)] The Issuer undertakes for the entire life of the Notes, but not beyond the day on which payment of the final amounts being due for interest, principal and any additional amounts has been made to the Fiscal Agent, not to secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefore, by pledging, assigning, transferring, mortgaging, or in any other way creating any security interest over, any of its present or future assets under the laws of any country, without at the same time rateably and equally extending such security to the Holders or granting them any other, in the opinion of an independent reputable accounting firm not less favourable, security, unless such granting of security is prescribed by mandatory provisions of law or by governmental authority, either in individual cases or generally.

In the case of [(b) For the entire life of the Notes, but not beyond the day on which payment of the final amounts Notes issued by ThyssenKrupp being due for interest, principal and any additional amounts has been made to the Fiscal Agent, insert: the Issuer further undertakes to ensure that its Material Subsidiaries (as defined below) will not secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefor, by pledging, assigning, transferring, or mortgaging any of their respective assets or in any other way creating any security interest over, any of their present or future assets under the laws of any other country, without at the same time equally and rateably extending such security to the Holders or granting them any other, in the opinion of an independent reputable accounting firm not less favourable, security, unless such security is prescribed by mandatory provisions of law or by governmental authority, either in individual cases or generally.]

89 In the case of [(3) Guarantee and Negative Pledge of the Guarantor. Notes issued by ThyssenKrupp Finance insert: (a) ThyssenKrupp AG (the “Guarantor”) has given an unconditional and irrevocable guarantee (the “Guarantee”) for the due payment of interest and principal and additional amounts, if any, payable pursuant to § 7 of these Terms and Conditions of the Notes. The Guarantee constitutes a contract in favour of the respective Holders as third-party beneficiaries according to § 328 German Civil Code (BGB) ( 2) giving rise to the right of each Holder to enforce performance under the Guarantee directly against the Guarantor. (b) In addition, the Guarantor has undertaken in the Guarantee, for the entire life of the Notes, but not beyond the day on which payment of the final amounts being due for interest, principal and any additional amounts has been made to the Fiscal Agent, (i) not to secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefor, by pledging, assigning, transferring, mortgaging, or in any other way creating any security interest over, any of its present or future assets, (ii) to ensure that its Material Subsidiaries (as defined below) will not secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefor, by pledging, assigning, transferring, or mortgaging any of their respective assets or in any other way creating any security interest over, any of their present or future assets under the laws of any other country, without at the same time equally and rateably extending such security to the Holders or granting them any other, in the opinion of an independent reputable accounting firm not less favourable, security, unless such security is prescribed by mandatory provisions of law or by governmental authority, either in individual cases or generally.]

(4) Definitions. For the purposes2of [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantee and] the Terms and Conditions of the Notes: (i) “Material Subsidiary” shall mean: ThyssenKrupp Steel AG, Duisburg ThyssenKrupp Services AG, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Acciai Speciali Terni S.p.A., Terni, Italy ThyssenKrupp Materials Inc., Southfield/Michigan, USA ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach ThyssenKrupp Elevator Corp., Horn Lake/Mississippi, USA ThyssenKrupp Waupaca, Inc., Waupaca/Wisconsin, USA ThyssenKrupp Mannex GmbH, Düsseldorf or their legal successors, and any other company whose sales, as shown in its most recent audited annual accounts, amount to at least one billion Euro, provided in each case that the interest directly or indirectly held by ThyssenKrupp amounts to more than 50 %. (ii) For the purposes of this § 2, “Bond Issue” shall mean any issue of Bonds or similar securities which are being, or intended to be, or may be, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or similar securities market.

Any security to be granted in accordance with this § 2 may also be provided to a person acting as trustee for the Holders.

(2) In English language translation, § 328 (1) German Civil Code (BGB) reads as follows: “A contract may stipulate performa nce for the benefit of a third party, to the effect that the third party acquires the right directly to demand performance.”

90 § 3 INTEREST

In the case of [(1) Rate of Interest and Interest Payment Dates. The Notes shall bear interest on their principal Fixed Rate Notes insert: amount at the rate of [insert Rate of Interest] per cent. per annum from (and including) [insert Interest Commencement Date] to (but excluding) the Maturity Date (as defined in § 5(1)). Interest shall be payable in arrear on [insert Fixed Interest Date or Dates] in each year (each such date, an “Interest Payment Date”). The first payment of interest shall be made on [insert First Interest Payment Date[ [if First Interest Payment Date is not first anniversary of Interest Commence- ment Date insert: and will amount to [insert Initial Broken Amounts per Specified Denomina- tion].] [If Maturity Date is not a Fixed Interest Date insert: Interest in respect of the period from (and including) [insert last Fixed Interest Date preceding the Maturity Date] to (but excluding) the Maturity Date will amount to [insert Final Broken Amounts per Specified Denomination].]

(2) Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes from (and including) the due date to (but excluding) such date as principal and interest on or in connection with the Notes has been placed at the disposal of the Clearing System at the default rate of interest established by law. (3)

(3) Calculation of Interest for Partial Periods. If interest is required to be calculated for a period of less than a full year, such interest shall be calculated on the basis of the Day Count Fraction (as defined below).]

In the case of [(1) Interest Payment Dates. Floating Rate Notes insert: (a) The Notes bear interest on their principal amount from (and including) [insert Interest Com- mencement Date] (the “Interest Commencement Date”) to but excluding the first Interest Payment Date and thereafter from (and including) each Interest Payment Date to but excluding the next following Interest Payment Date. Interest on the Notes shall be payable on each Inter- est Payment Date. (b “Interest Payment Date” means [in the case of Specified Interest Payment Dates insert: each [insert Specified Interest Payment Dates].] [in the case of Specified Interest Periods insert: each date which (except as otherwise provided in these Terms and Conditions) falls [insert number] [weeks] [months] [insert other specified periods] after the preceding Interest Payment Date or, in the case of the first Interest Payment Date, after the Interest Commencement Date.] (c) If any Interest Payment Date would otherwise fall on a day which is not a Business Day (as defined below), it shall be: [if Modified Following Business Day Convention insert: postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event the Interest Payment Date shall be the immediately preceding Business Day.] [if FRN Convention insert: postponed to the next day which is a Business Day unless it would thereby fall into the next calendar month, in which event (i) the Interest Payment Date shall be the immediately preceding Business Day and (ii) each subsequent Interest Payment Date shall be the last Business Day in the month which falls [[insert number] months] [insert other specified periods] after the preceding applicable Interest Payment Date.] [if Following Business Day Convention insert: postponed to the next day which is a Busi- ness Day.] [if Preceding Business Day Convention insert: the immediately preceding Business Day.]

91 (d) In this § 3 “Business Day” means [if the Specified Currency is not Euro insert: a day which is a day (other than a Saturday or a Sunday) on which commercial banks are generally open for business in, and foreign exchange markets settle payments in [insert all relevant financial centres]] [if the Specified Currency is Euro insert: a day on which the Clearing System as well as all relevant parts of the Trans-European Automated Real-time Gross Settlement Express Transfer System (“TARGET”) are operational to effect the relevant payment].

(2) Rate of Interest. [if Screen Rate Determination insert: The rate of interest (the “Rate of Inter- est”) for each Interest Period (as defined below) will, except as provided below, be the offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency for that Interest Period which appears on the Screen Page as of 11:00 a. m. ([London] [Brussels] time) on the Interest Determination Date (as defined below) [if Margin insert: [plus] [minus] the Margin (as defined below)], all as determined by the Calculation Agent (as defined below).

“Interest Period” means each period from (and including) the Interest Commencement Date to (but excluding) the first Interest Payment Date and from each Interest Payment Date to the following Interest Payment Date.

“Interest Determination Date” means the [if same-day fixing applies, insert: first [London] [TAR- GET] [insert other relevant location] Business Day] [[if same-day fixing does not apply, insert: [second] [insert other applicable number of days] [London] [TARGET] [insert other relevant location] Business Day prior to the commencement] of the relevant Interest Period. [“[London] [insert other relevant location] Business Day means a day which is a day (other than a Saturday or Sunday) on which commercial banks are open for business (including dealings in foreign exchange and foreign currency) in [London] [insert other relevant location].] [”TARGET Busi- ness Day“ means a day on which TARGET (Trans-European Automated Real-time Gross Settle- ment Express Transfer System) is open.]

[If Margin insert: “Margin” means [ ] per cent. per annum.]

“Screen Page” means [insert relevant Screen Page] or any successor page.

[If another basis for determining any reference rate is agreed upon, full details thereof will be set forth in the Final Terms.]

If the Screen Page is not available or if no such quotation appears, in each case as at such time, the Calculation Agent shall request each of the Reference Banks (as defined below) to provide the Calculation Agent with its offered quotation (expressed as a percentage rate per annum) for deposits in the Specified Currency for the relevant Interest Period to leading banks in the [London] interbank market [in the euro-zone] at approximately 11.00 a. m. (]Brussels] [London] time) on the Interest Determination Date. If two or more of the Reference Banks provide the Calculation Agent with such offered quotations, the Rate of Interest for such Interest Period shall be the arithmetic mean (rounded if necessary to the nearest one [if the Reference Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of such offered quotations [if Margin insert: [plus] [minus] the Margin], all as determined by the Calculation Agent.

If on any Interest Determination Date only one or none of the Reference Banks provides the Calcu- lation Agent with such offered quotations as provided in the preceding paragraph, the Rate of Interest for the relevant Interest Period shall be the rate per annum which the Calculation Agent determines as being the arithmetic mean (rounded if necessary to the nearest one [if the Refer- ence Rate is EURIBOR insert: thousandth of a percentage point, with 0.0005] [if the Reference Rate is not EURIBOR insert: hundred-thousandth of a percentage point, with 0.000005] being rounded upwards) of the rates, as communicated to (and at the request of) the Calculation Agent by the Reference Banks or any two or more of them, at which such banks were offered, as at 11.00 a. m. ( [London] [Brussels] time) on the relevant Interest Determination Date, deposits in the Spec- ified Currency for the relevant Interest Period by leading banks in the [London] interbank market

92 [in the Euro-Zone] [if Margin insert: ]plus] [minus] the Margin] or, if fewer than two of the Refer- ence Banks provide the Calculation Agent with such offered rates, the Rate of Interest for such Interest Period shall be the offered rate for deposits in the Specified Currency for the relevant Inter- est Period, or the arithmetic mean (rounded as provided above) of the offered rates for deposits in the Specified Currency for the relevant Interest Period, at which, on the relevant Interest Determi- nation Date, any one or more banks (which bank or banks is or are in the opinion of the Calculation Agent and the Issuer suitable for such purpose) inform(s) the Calculation Agent it is or they are quoting to leading banks in the [London] interbank market [in the Euro-Zone] (or, as the case may be, the quotations of such bank or banks to the Calculation Agent) [if Margin insert: ]plus] [minus] the Margin].

If the Rate of Interest cannot be determined in accordance with the foregoing provisions of this paragraph, the Rate of Interest shall be the offered quotation or the arithmetic mean of the offered quotations on the Screen Page, as described above, on the last day preceding the Interest Deter- mination Date on which such quotations were offered [if Margin insert: ]plus] [minus] the Margin] (though substituting, where a different Margin is to be applied to the relevant Interest Period from that which applied to the last preceding Interest Period, the Margin relating to the relevant Interest Period in place of the Margin relating to that last preceding Interest Period)].

As used herein, “Reference Banks” means [if no other Reference Banks are specified in the Final Terms, insert:, those offices of four of such banks whose offered rates were used to determine such quotation when such quotation last appeared on the Screen Page] [if other Reference Banks are specified in the Final Terms, insert names here].

[In the case of the interbank market in the Euro-Zone insert: “Euro-Zone” means the region comprised of those member states of the European Union that have adopted, or will have adopted from time to time, the single currency in accordance with the Treaty establishing the European Community (signed in Rome on March 25, 1957), as amended.]

[If Reference Rate is other than EURIBOR or LIBOR, insert relevant details in lieu of the provisions of this paragraph (2)]

[If ISDA Determination applies insert the relevant provisions and attach the 2000 ISDA Def- initions published by the International Swap and Derivatives Association (“ISDA”)]

[If other method of determination/indexation applies, insert relevant details in lieu of the provisions of this paragraph (2)]

[If Minimum and/or Maximum Rate of Interest applies insert:

(3) [Minimum] [and] [Maximum] Rate of Interest.

[If Minimum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period determined in accordance with the above provisions is less than [insert Minimum Rate of Interest], the Rate of Interest for such Interest Period shall be [insert Minimum Rate of Inter- est].]

[If Maximum Rate of Interest applies insert: If the Rate of Interest in respect of any Interest Period determined in accordance with the above provisions is greater than [insert Maximum Rate of Interest], the Rate of Interest for such Interest Period shall be [insert Maximum Rate of Inter- est].]

[(4)] Interest Amount. The Calculation Agent will, on or as soon as practicable after each time at which the Rate of Interest is to be determined, calculate the amount of interest (the “Interest Amount”) payable on the Notes in respect of each Specified Denomination for the relevant Interest Period. Each Interest Amount shall be calculated by applying the Rate of Interest and the Day Count Fraction (as defined below) to each Specified Denomination and rounding the resultant figure to the nearest unit of the Specified Currency, with 0.5 of such unit being rounded upwards.

93 [(5)] Notification of Rate of Interest and Interest Amount. The Calculation Agent will cause the Rate of Interest, each Interest Amount for each Interest Period, each Interest Period and the relevant Interest Payment Date to be notified to the Issuer and to the Holders in accordance with § 12 as soon as possible after their determination, but in no event later than the fourth [London] [TARGET] [insert other relevant reference] Business Day (as defined in § 3(2)) thereafter and if required by the rules of any stock exchange on which the Notes are from time to time listed, to such stock exchange as soon as possible after their determination, but in no event later than the first day of the relevant Interest Period. Each Interest Amount and Interest Payment Date so notified may subsequently be amended (or appropriate alternative arrangements made by way of adjustment) without notice in the event of an extension or shortening of the Interest Period. Any such amendment will be promptly notified to any stock exchange on which the Notes are then listed and to the Holders in accordance with § 12.

[(6)] Determinations Binding. All certificates, communications, opinions, determinations, calcula- tions, quotations and decisions given, expressed, made or obtained for the purposes of the provisions of this § 3 by the Calculation Agent shall (in the absence of manifest error) be binding on the Issuer, the Fiscal Agent, the Paying Agents and the Holders.

[(7)] Accrual of Interest. If the Issuer shall fail to redeem the Notes when due, interest shall continue to accrue on the outstanding principal amount of the Notes from (and including) the due date to (but excluding) such date as principal and interest on or in connection with the Notes has been placed at the disposal of the Clearing System at the default rate of interest established by law. (4)] 3 In the case of dis- [(1) No Periodic Payments of Interest. There will not be any periodic payments of interest on the counted Zero Cou- pon Notes insert: Notes during their term.

[In the case of Index Linked Notes, Dual Currency Notes, Instalment Notes or Credit Linked Notes relating to interest, insert full details herein and in the Final Terms.]

[[•]] Day Count Fraction. “Day Count Fraction” means with regard to the calculation of the amount of interest for any period of time (the “Calculation Period”):

[[in the case of Fixed Rate Notes if Actual/Actual (ICMA Rule 251) is applicable and if the Calculation Period is equal to or shorter than the Interest Period during which it falls (including in the case of short coupons) insert: the number of days in the Calculation Period divided by [in the case of Interest Periods of less than one year insert: the product of (1)] the number of days in the Interest Period in which the Calculation Period falls [in the case of Interest Periods of less than one year insert: and (2) the number of Interest Periods normally ending in any year].

[ln the case of Fixed Rate Notes if Actual/Actual (ICMA Rule 251) is applicable and if the Calculation Period is longer than one Interest Period (long coupon) insert: the sum of: (A) the number of days in such Calculation Period falling in the Interest Period in which it begins divided by [in the case of Interest Periods of less than one year insert: the product of (1)] the number of days in such Interest Period [in the case of Interest Periods of less than one year insert: and (2) the number of Interest Payment Dates that occur in one calendar year or that would occur in one calendar year if interest were payable in respect of the whole of such year; and (B) the number of days in such Calculation Period falling in the next Interest Period divided by [in the case of Interest Periods of less than one year insert: the product of (1)] the number of days in such Interest Period [in the case of Interest Periods of less than one year insert:

(3) The default rate of interest established by law is five percentage points above the basic rate of interest published by Deutsche Bundesbank from time to time, §§ 288(1), 247(1) German Civil Code (BGB).

94 and (2) the number of Interest Payment Dates that occur in one calendar year or that would occur in one calender year if interest were payable in respect of the whole of such year.]

“Interest Period” means the period from (and including) the Interest Commencement Date to, but excluding, the first Interest Payment Date or from (and including) each Interest Payment Date to, but excluding the next Interest Payment Date. [In the case of a short first or last Calculation Period insert: For the purposes of determining the relevant Interest Period only, [insert deemed Interest Payment Date] shall be deemed to be an Interest Payment Date.] [In the case of a long first or last Calculation Period insert: For the purposes of determining the relevant Interest Period onty, [insert deemed Interest Payment Dates] shall each be deemed to be an Interest Payment Date].]

[if Actual/365 or Actual/Actual (ISDA) is applicable insert: the actual number of days in the Calculation Period divided by 365 (or, if any portion of that Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of days in that portion of the Calculation Period falling in a non-leap year divided by 365).]

[if Actual/365 (Fixed) insert: the actual number of days in the Calculation Period divided by 365.]

[if Actual/360 insert: the actual number of days in the Calculation Period divided by 360.]

[if 30/360, 360/360 or Note Basis insert: the number of days in the Calculation Period divided by 360, the number of days to be calculated on the basis of a year of 360 days with twelve 30-day months (unless (A) the last day of the Calculation Period is the 31st day of a month but the first day of the Calculation Period is a day other than the 30th or 31st day of a month, in which case the month that includes that last day shall not be considered to be shortened to a 30-day month, or (B) the last day of the Calculation Period is the last day of the month of February in which case the month of February shall not be considered to be lengthened to a 30-day month).]

[if 30E/360 or Eurobond Basis: the number of days in the Calculation Period divided by 360 (the number of days to be calculated on the basis of a year of 360 days with twelve 30-day months, without regard to the date of the first day or last day of the Calculation Period unless, in the case of the Final Calculation Period, the Maturity Date is the last day of the month of February, in which case the month of February shall not be considered to be lengthened to a 30-day month).]

§ 4 PAYMENTS

(1) [(a)] Payment of Principal. Payment of principal in respect of Notes shall be made, subject to subparagraph (2) below, to the Clearing System or to its order for credit to the accounts of the relevant account holders of the Clearing System upon presentation and surrender of the Global Note at the specified office of any Paying Agent outside the United States.

In the case of [(b) Payment of Interest. Payment of interest on Notes shall be made, subject to subparagraph (2), Notes other than Zero Coupon to the Clearing System or to its order for credit to the accounts of the relevant account holders Notes insert: of the Clearing System upon presentation of the Global Note at the specified office of any Pay- ing Agent outside the United States. [In the case of interest payable on a Temporary Global Note insert: Payment of interest on Notes represented by the Temporary Global Note shall be made, subject to subparagraph (2), to the Clearing System or to its order for credit to the accounts of the relevant account holders of the Clearing System, upon due certification as provided in § 1(3)(b).]]

(2) Manner of Payment. Subject to applicable fiscal and other laws and regulations, payments of amounts due in respect of the Notes shall be made in [insert Specified Currency] [in the case of Dual Currency Notes insert relevant currencies/exchange rate formulas].

95 (3) Discharge. The Issuer shall be discharged by payment to, or to the order of, the Clearing Sys- tem.

(4) United States. For the purposes of these Terms and Conditions “United States” means the United States of America (including the States thereof and the District of Columbia) and its possessions (including Puerto Rico, the U. S. Virgin Islands, Guam, American Samoa, Wake Island and Northern Mariana Islands).

(5) Payment Business Day. If the date for payment of any amount in respect of any Note is not a Payment Business Day then the Holder shall not be entitled to payment until the next such day in the relevant place and shall not be entitled to further interest or other payment in respect of such delay.

For these purposes, “Payment Business Day” means any day which is [in the case of Notes not denominated in Euro insert: a day (other than a Saturday or a Sunday) on which commercial banks and foreign exchange markets settle payments in [insert all relevant financial centres]] [in the case of Notes denominated in Euro insert: a day (other than a Saturday or a Sunday) on which the Clearing System as well as all relevant parts of the Trans-European Automated Real- time Gross Settlement Express Transfer System (“TARGET”) are operational to forward the relevant payment].

(6) References to Principal and Interest. References in these Terms and Conditions to principal in respect of the Notes shall be deemed to include, as applicable: the Final Redemption Amount of the Notes; the Early Redemption Amount of the Notes; [if redeemable at the option of the Issuer for other than tax reasons insert: the Call Redemption Amount of the Notes;] [if redeemable at the option of the Holder insert: the Put Redemption Amount of the Notes;] and any premium and any other amounts which may be payable under or in respect of the Notes. References in these Terms and Conditions to interest in respect of the Notes shall be deemed to include, as applicable, any Additional Amounts which may be payable under § 7.

(7) Deposit of Principal and Interest. The Issuer may deposit with the local court (Amtsgericht) in Frankfurt am Main principal or interest not claimed by Holders within twelve months after the Matu- rity Date, even though such Holders may not be in default of acceptance of payment. If and to the extent that the deposit is effected and the right of withdrawal is waived, the respective claims of such Holders against the Issuer shall cease.

§ 5 REDEMPTION

(1) Final Redemption. Unless previously redeemed in whole or in part or purchased and cancelled, the Notes shall be redeemed at their Final Redemption Amount on [in the case of a specified Maturity Date insert such Maturity Date] [in the case of a Redemption Month insert: the Inter- est Payment Date falling in [insert Redemption Month and year]] (the “Maturity Date”). The Final Redemption Amount in respect of each Note shall be [if the Notes are redeemed at their principal amount insert: its principal amount] [otherwise insert Final Redemption Amount per denomination/index and/or formula by reference to which the Final Redemption Amount is to be calculated].

(2) Early Redemption for Reasons of Taxation. If, as a result of a change in or amendment of legal provisions, or any amendment to or change in the application or official interpretation of such legal provisions, which change is effective on or after the date on which the last tranche of this series of Notes was issued, the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] becomes obliged to pay additional amounts referred to in § 7(1) [in the case of Notes other than Zero Coupon Notes insert: on the next succeeding Interest Payment Date (as defined in § 3(1))] [in the case of Zero Coupon Notes insert: at maturity or upon the sale or exchange of any Note], and this obligation cannot be avoided by the use of measures available to the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] which are, in the judgement of the Issuer [In the case of Notes issued by ThyssenKrupp Finance

96 insert: or the Guarantor], reasonable, the Issuer shall be entitled, upon not less than 30 and not more than 60 days’ notice, to redeem prior to maturity on the first day of each calendar month during the life of the Notes all, but not part only, of the outstanding Notes at their Early Redemption Amount (as defined below), together with the interest accrued to the date fixed for redemption. No redemption pursuant to this § 7(2) shall occur more than one month prior to the date at which such change in, or amendment of, legal provisions becomes applicable to the Notes for the first time. [In the case of Floating Rate Notes insert: The date fixed for redemption must be an Interest Payment Date.]

A redemption by the Issuer pursuant to this § 5(2) shall be effected by irrevocable notice to the Holders in accordance with § 12 and must state the date of redemption as well as a summary of the facts which constitute the call right. Such notice can only be given after the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] provided the Fiscal Agent with a statement, signed by as many authorised signatories as legally prescribed, to the effect that the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] cannot, in its judgement, avoid the obligation by the use of measures available to the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] according to this paragraph (2). In addition, before giving such notice, the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] must provide the Paying Agent with a legal opinion, issued by a law firm of good standing, which states that the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] is obliged to pay additional amounts according to paragraph 7(1) as a result of a change in or amendment of legal provisions, or any amendment to or change in the application or official interpretation of such legal provisions.

If the Notes are [[(3)] Early Redemption at the Option of the Issuer. subject to Early Redemption at the Option of the (a) The Issuer may, upon notice given in accordance with clause (b), redeem all or some only of Issuer insert: the Notes on the Call Redemption Date(s) at the Call Redemption Amount(s) set forth below together with accrued interest, if any, to (but excluding) the Call Redemption Date. [if Mini- mum Redemption Amount or Higher Redemption Amount applies insert: Any such redemption must be of a principal amount equal to [at least [insert Minimum Redemption Amount]] [insert Higher Redemption Amount]. Call Redemption Date(s) Call Redemption Amount(s) [insert Call Redemption Dates(s)] [insert Call Redemption Amount(s)] [______] [______] [______] [______] [If Notes are subject to Early Redemption at the Option of the Holder insert: The Issuer may not exercise such option in respect of any Note which is the subject of the prior exercise by the Holder thereof of its option to require the redemption of such Note under subparagraph (4) of this § 5.] (b) Notice of redemption shall be given by the Issuer to the Holders in accordance with § 12. Such notice shall specify: (i) the Series of Notes subject to redemption; (ii) whether such Series is to be redeemed in whole or in part only and, if in part only, the aggregate principal amount of the Notes which are to be redeemed; (iii) the Call Redemption Date, which shall be not less than [insert Minimum Notice to Hold- ers] nor more than [insert Maximum Notice to Holders] days after the date on which notice is given by the Issuer to the Holders; and (iv) the Call Redemption Amount at which such Notes are to be redeemed. (c) In the case of a partial redemption of Notes, Notes to be redeemed shall be selected in accordance with the rules of the relevant Clearing System.]

97 If the Notes are [[(4)] Early Redemption at the Option of a Holder. subject to Early Redemption at the Option of the (a) The Issuer shall, at the option of the Holder, redeem such Note on the Put Redemption Date(s) Holder insert: at the Put Redemption Amount(s) set forth below together with accrued interest, if any, to (but excluding) the Put Redemption Date. Put Redemption Date(s) Put Redemption Amount(s) [insert Put Redemption Dates(s)] [insert Put Redemption Amount(s)] [______] [______] [______] [______]

The Holder may not exercise such option in respect of any Note which is the subject of the prior exercise by the Issuer of any of its options to redeem such Note under this § 5.

(b) In order to exercise such option, the Holder must, not less than [insert Minimum Notice to Issuer] nor more than [insert Maximum Notice to Issuer] days before the Put Redemption Date on which such redemption is required to be made as specified in the Put Notice (as defined below), submit during normal business hours at the specified office of the Fiscal Agent a duly completed early redemption notice (“Put Notice”) in the form available from the specified offices of the Fiscal Agent and the Paying Agents. The Put Notice must specify (i) the principal amount of the Notes in respect of which such option is exercised, and (ii) the securities identification number of such Notes, if any. No option so exercised may be revoked or withdrawn. The Issuer shall only be required to redeem Notes in respect of which such option is exercised against delivery of such Notes to the Issuer or to its order.]

In the case of [[(5)] Early Redemption Amount. Notes other than Zero Coupon Notes insert: For purposes of subparagraph (2) of this § 5 and § 9, the Early Redemption Amount of a Note shall be its Final Redemption Amount.]

In the case of Zero [[(5)] Early Redemption Amount. Coupon Notes insert: For purposes of subparagraph (2) of this § 5 and § 9, the Early Redemption Amount of a Note shall be calculated as follows: (a) The Early Redemption Amount of a Note shall be an amount equal to the sum of: (i) [insert Reference Price] (the “Reference Price”), and (ii) the product of [insert Amortisation Yield in per cent.] (the “Amortisation Yield”) and the Reference Price from (and including) [insert Issue Date] to (but excluding) the date fixed for redemption or (as the case may be) the date upon which the Notes become due and payable, whereby the Amortisation Yield shall be compounded annually.

Where such calculation is to be made for a period which is not a whole number of years, the calculation in respect of the period of less than a full year (the “Calculation Period”) shall be made on the basis of the Day Count Fraction (as defined in § 3).

(b) If the Issuer fails to pay the Early Redemption Amount when due, such amount shall be calculated as provided herein, except that references in subparagraph (a)(ii) above to the date fixed for redemption or the date on which such Note becomes due and repayable shall refer to the date on which payment is made.]

[In the case of Index Linked Notes, Dual Currency Notes, Instalment Notes or Credit Linked Notes relating to principal, insert full details herein and in the Final Terms.]

98 § 6 THE FISCAL AGENT [,] [AND] THE PAYING AGENT[S] [AND THE CALCULATION AGENT]

(1) Appointment; Specified Office. The initial Fiscal Agent [,] [and] the initial Paying Agent[s] [and the initial Calculation Agent] and [its] [their] initial specified office[s] shall be:

Fiscal Agent: Deutsche Bank Aktiengesellschaft Trust & Securities Services Grosse Gallusstrasse 10–14 D-60272 Frankfurt am Main

Paying Agent[s]: Deutsche Bank Aktiengesellschaft Trust & Securities Services Grosse Gallusstrasse 10–14 D-60272 Frankfurt am Main

Deutsche Bank Luxembourg SA 2 Boulevard Konrad Adenauer L-1115 Luxembourg

[If the Fiscal Agent is to be appointed as Calculation Agent insert: The Fiscal Agent shall also act as Calculation Agent.]

[If a Calculation Agent other than the Fiscal Agent is to be appointed insert: The Calculation Agent and its initial specified office shall be:

[Calculation Agent:] [insert name and specified office]

The Fiscal Agent [,] [and] the Paying Agent[s] [and the Calculation Agent] reserve[s] the right at any time to change [its] [their] specified office[s] to some other specified office in the same city.

(2) Variation or Termination of Appointment. The Issuer reserves the right at any time to vary or terminate the appointment of the Fiscal Agent or any Paying Agent [or the Calculation Agent] and to appoint another Fiscal Agent or additional or other Paying Agents [or another Calculation Agent]. The Issuer shall at all times maintain (i) a Fiscal Agent, (ii) a Paying Agent (which may be the Fiscal Agent) with a specified office in [in the case of Notes issued by ThyssenKrupp insert: Ger- many] [in the case of Notes listed on a stock exchange insert: [,] [and] (iii) so long as the Notes are listed on the [name of Stock Exchange], a Paying Agent (which may be the Fiscal Agent) with a specified office in [location of Stock Exchange] and/or in such other place as may be required by the rules of such stock exchange] [in the case of payments in U. S. dollars insert: [,] [and] [(i v)] if payments at or through the offices of all Paying Agents outside the United States (as defined below) become illegal or are effectively precluded because of the imposition of exchange controls or similar restrictions on the full payment or receipt of such amounts in United States dollars, a Paying Agent with a specified office in New York City] [if any Calculation Agent is to be appointed insert: [,] [and] [( v)] a Calculation Agent [if Calculation Agent is required to maintain a Specified Office in a Required Location insert: with a specified office located in [insert Required Location]]]. Any variation, termination, appointment or change shall only take effect (other than in the case of insolvency, when it shall be of immediate effect) after not less than 30 nor more than 45 days’ prior notice thereof shall have been given to the Holders in accordance with § 12.

(3) Agent of the Issuer. The Fiscal Agent [,] [and] the Paying Agent[s] [and the Calculation Agent] act[s] solely as the agent[s] of the Issuer and [does] [do] not assume any obligations towards or relationship of agency or trust for any Holder.

99 § 7 TAXATION

(1) Withholding Taxes. All payments of principal and interest will be made without any withholding at source or deduction at source of any present or future taxes, duties, assessments or governmental charges of whatever kind which are imposed, levied or collected by or in or on behalf of the Federal Republic of Germany [In the case of Notes issued by ThyssenKrupp Finance insert: or The Netherlands] or by or on behalf of a regional or local authority empowered to impose taxes therein (“Withholding Taxes”) unless this is required by law. In that event, the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or, as the case may be, the Guarantor] will pay such additional amounts as may be necessary to ensure the payment to the Holders of the full nominal amount of principal and interest. The tax on interest which has been in effect in the Fed- eral Republic of Germany since January 1, 1993 (Zinsabschlagsteuer) and the solidarity surcharge which has been in effect since January 1, 1995 do not constitute such Withholding Tax as described above.

The Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] shall, however, not be obliged to pay any additional amounts on account of such Withholding Taxes: (a) which are payable on payments of principal and interest otherwise than by deduction or withholding at source; or (b) to which the Holder is subject for any reason other than the mere fact of his being a holder of Notes or receiving principal or interest in respect thereof, in particular if the Holder is subject to such taxes, duties or governmental charges because of a personal unrestricted or restricted tax liability or if the Holder for the purposes of the relevant tax laws is regarded as an individual or corporate resident in another member state of the European Union; or (c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Federal Republic of Germany [in the case of Notes issued by ThyssenKrupp Finance, insert: or The Netherlands] or the European Union is a party, or (iii) any provision of law implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding.

(2) Issuer’s Corporate Seat. If the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] moves its corporate seat to another country or territory or jurisdiction, each reference in these Conditions to the Federal Republic of Germany [In the case of Notes issued by ThyssenKrupp Finance insert: and The Netherlands] shall be deemed to refer to such other country or territory or jurisdiction.

§ 8 PRESENTATION PERIOD

The presentation period provided in § 801 paragraph 1, sentence 1 BGB (German Civil Code) is reduced to ten years for the Notes.

§ 9 EVENTS OF DEFAULT

(1) Events of default. Each Holder is entitled to declare his Notes due and to demand immediate redemption at the Early Redemption Amount (as described in § 5), together with the interest accrued up to (but excluding) the day of actual redemption, if: (a) the Issuer is in default for more than 30 days in the payment of interest, principal or any additional amounts payable pursuant to § 7(1) on the Notes; or (b) the Issuer fails to duly perform any other obligation arising from the Notes [In the case of Notes issued by ThyssenKrupp Finance insert:, or the Guarantor fails to comply with its

100 undertaking under the Guarantee described in § 2(3)], and such failure continues for more than 45 days after the Fiscal Agent has received written notice thereof from a Holder; or (c) the Issuer, [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] or any Material Subsidiary, as the case may be, fails to fulfil one or more payment obligations in an amount of not less than Euro 50,000,000 arising from any other Note issue, any loan or other kind of borrowing (hereinafter referred to as “Financing”) or from any guarantee or indemnity given in respect of any Financing and such default continues for more than 30 days after notice thereof is given to the Fiscal Agent by a Holder, or any such payment obligation becomes due prematurely by reason of any default of the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] or any Material Subsidiary, as the case may be, or a security granted for any such payment obligation is enforced; or (d) a distress, execution or seizure before judgement in an amount of not less than EURO 50,000,000 is levied or enforced upon or sued out against any part of the assets of the Issuer, [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] or any Material Subsidiary, as the case may be, which is not discharged within a period of 60 days; or (e) an encumbrancer takes possession of or a receiver is appointed over the whole or a material part of the assets or undertakings of the Issuer, [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] or any Material Subsidiary, as the case may be; or (f) the Issuer, [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] or any Material Subsidiary, as the case may be, stops payments or announces that it is not in a position to meet its financial obligations; or (g) bankruptcy, composition or any insolvency proceedings are instituted against the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor, respectively,] which shall not have been dismissed or stayed within 60 days after institution, or the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] applies for institution of such proceedings or offers or makes an arrangement for the benefit of its creditors generally, due to financial difficulties [In the case of Notes issued by ThyssenKrupp Finance insert:, or the Issuer applies for a surseance van betaling according to Dutch bankruptcy statutes or becomes subject to the imposition of special measures (“byzondere voorzieningen”) within the meaning of Chapter X of the 1992 Act on the Supervisory of the Credit System (Wet bezicht kredietwezen)]; or (h) the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guaran- tor, respectively,] ceases or through an official action of the Board of Directors of the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor, respectively,] threatens to cease to carry on business, in any case otherwise than in connection with a Reorganisation (as defined hereinafter); “Reorganisation” means for the purposes of these Terms and Conditions of the Notes a consolidation, amalgamation, merger or reorganisation of the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor] with another company, and (i) the terms of the Reorganisation provide that: (x) the obligations of the Issuer under the Notes [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor under the Guarantee, as the case may be,] ([each a] [the] “Predecessor”) are assumed by a successor company of the Predecessor which succeeds to the rights and assets of the Predecessor substantially proportionate to the liabilities of the Predecessor, and (y) such successor company does not have or assume any other substantial obligations or liabilities unless other rights and assets are transferred to it in approximately the same proportion as described above, and (ii) the Reorganisation does not have any material adverse effect on the Holders or a major part of them; or

101 (i) the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guaran- tor, as the case may be,] goes into liquidation, unless in connection with a Reorganisation (as defined in (h) above); or (j) a resolution is passed or an order of a court of competent jurisdiction is made that the Issuer [In the case of Notes issued by ThyssenKrupp Finance insert: or the Guarantor, as the case may be,] be wound up or dissolved, unless in connection with a Reorganisation (as defined in (h) above); or (k) [In the case of Notes issued by ThyssenKrupp insert: the Issuer] [in the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] resolves or announces publicly to transfer all or a substantial part of its rights and assets in one or more steps to one or more other entities without such entities together with [In the case of Notes issued by ThyssenKrupp insert: the Issuer] [in the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] under joint and several liability issuing an unconditional and irrevocable guarantee as well as a negative pledge in form and substance substantially equal to the [In the case of Notes issued by ThyssenKrupp insert: the Guarantee and Negative Pledge by the Issuer in its Debt Issuance Programme] [in the case of Notes issued by ThyssenKrupp Finance insert: the Guarantee and Negative Pledge described in § 2 hereof, in which case all references in these Terms and Conditions of the Notes to the Guarantor or the Guarantee shall be deemed to include each such additional guarantor or guarantee] [.] [; or]

[in the case of Notes issued by ThyssenKrupp Finance insert: (l) the Guarantee ceases, for whatever reason, to be in full force and effect.]

The right to declare Notes due shall terminate if all events of default provided for herein have been cured before such notice has been received by the Fiscal Agent.

(2) Notice. A Holder shall exercise the right to declare his Notes due by delivering or sending by registered mail to the Fiscal Agent evidence of ownership satisfying the reasonable requirements of the Fiscal Agent and a written notice in which there shall be stated the nominal amount of the Notes declared due.

(3) Quorum. In the events specified in subparagraphs (1) (c), (h) or (k), any notice declaring Notes due shall, unless at the time such notice is received any of the other events specified in subparagraphs (1) (a), (b), (d) to (g), (i), (j) or (l) entitling Holders to declare their Notes due has occurred, become effective only if the Fiscal Agent has received such notices from holders of at least one- tenth in the nominal amount or if at that time a smaller amount than the nominal amount of the Notes is outstanding in the then outstanding principal amount of the Notes.

§ 10 SUBSTITUTION

(1) Substitution. The Issuer shall be entitled at any time, without the consent of the Holders, if no payment of principal of or interest on any of the Notes is in default, to substitute for the Issuer any company as principal debtor in respect to all obligations arising from or in connection with the Notes (the “Substitute Debtor”), provided that: (a) the Substitute Debtor is in a position to fulfil all payment obligations arising from or in connection with the Notes without the necessity of any taxes or duties being withheld at source and to transfer all amounts which are required therefor to the Fiscal Agent without any restrictions; (b) the Substitute Debtor assumes all obligations of the Issuer arising from or in connection with the Notes; (c) it is guaranteed that the obligations of the [in the case of Notes issued by ThyssenKrupp insert: Issuer] [in the case of Notes issued by ThyssenKrupp Finance insert: Guarantor] under the Guarantee of the Debt Issuance Programme of the Issuer apply also to the Notes of the Substitute Debtor; and

102 (d) there shall have been delivered to the Fiscal Agent one opinion for each jurisdiction affected of lawyers of recognised standing to the effect that subparagraphs (a), (b), (c) and (d) above have been satisfied.

(2) Notice. Notice of any such substitution shall be published in accordance with § 12.

(3) Change of References. In the event of any such substitution, any reference in these Terms and Conditions to the Issuer shall from then on be deemed to refer to the Substitute Debtor and any reference to the country in which the Issuer is domiciled or resident for taxation purposes shall from then on be deemed to refer to the country of domicile or residence for taxation purposes of the Substitute Debtor. Furthermore, in the event of such substitution the following shall apply: In the case of [(a) in § 7 and § 5(2) an alternative reference to the Federal Republic of Germany shall be deemed Notes issued by ThyssenKrupp to have been included in addition to the reference according to the preceding sentence to the insert: country of domicile or residence for taxation purposes of the Substitute Debtor; (b) in § 9(1)(c) to (k) an alternative reference to the Issuer in its capacity as guarantor shall be deemed to have been included in addition to the reference to the Substitute Debtor.]

In the case of [In § 7 and § 5(2) an alternative reference to The Netherlands shall be deemed to have been Notes issued by ThyssenKrupp included in addition to the reference according to the preceding sentence to the country of domicile Finance insert: or residence for taxation purposes of the Substitute Debtor.]

In the event of any such substitution, the Substitute Debtor shall succeed to, and be substitute for, and may exercise every right and power of, the Issuer under the Notes with the same effect as if the Substitute Debtor had been named as the Issuer herein, and the Issuer (or any corporation which shall have previously assumed the obligations of the Issuer) shall be released from its liability as obligor under the Notes.

§ 11 FURTHER ISSUES, PURCHASES AND CANCELLATION

(1) Further Issues. The Issuer may from time to time, without the consent of the Holders, issue further Notes having the same terms and conditions as the Notes in all respects (or in all respects except for the settlement date, interest commencement date and/or issue price) so as to form a single Series with the Notes.

(2) Purchases. The Issuer may at any time purchase Notes in the open market or otherwise and at any price. Notes purchased by the Issuer may, at the option of the Issuer, be held, resold or sur- rendered to the Fiscal Agent for cancellation. If purchases are made by tender, tenders for such Notes must be made available to all Holders of such Notes alike.

(3) Cancellation. All Notes redeemed in full shall be cancelled forthwith and may not be reissued or resold. The Issuer will inform such stock exchange(s), if any, on which the cancelled Notes are listed of any such cancellation.

§ 12 NOTICES

In the case of [(1) Publication. [In the case of Notes listed on a Stock Exchange insert: All notices concerning Notes issued by ThyssenKrupp the Notes shall be published in the electronic Federal Gazette (elektronischer Bundesanzeiger) and, insert: to the extent legally required, in one newspaper authorised by the stock exchanges in Germany (Börsenpflichtblatt). This newspaper is expected to be the [Börsen-Zeitung]. If publication in this newspaper is no longer possible, the notices shall be published in another newspaper authorised by the stock exchanges in Germany (Börsenpflichtblatt). Any notice so given will be deemed to have been validly given on the third calendar day following the date of such publication (or, if published more than once, on the third calendar day following the date of the first such publication).

103 (2) Notification to Clearing System. The Issuer may, in addition to publication set forth in subparagraph (1) above, deliver the relevant notice to the Clearing System, for communication by the Clearing System to the Holders [in the case of Notes listed on a Stock Exchange insert: , provided that the rules of the stock exchange on which the Notes are listed permit such form of notice]. Any such notice shall be deemed to have been given to the Holders on the seventh day after the day on which the said notice was given to the Clearing System.]

If notices are to be [(3) Publication in Newspapers. The Issuer may, in addition to publication set forth in subpara- published in additional news- graph (1) above, publish notices concerning the Notes in [a] leading daily newspaper[s] having papers, insert: general circulation in [specify location(s)]. [This] [These] newspaper[s] [is] [are] expected to be [insert applicable newspaper(s) having general circulation]. If publication in [this] [one of these] newspaper[s] is no longer possible, the notices shall be published in another adequate newspaper, which meets the same requirements. Any notice so given will be deemed to have been validly given on the third calendar day following the date of such publication (or, if published more than once, on the third calendar day following the date of the first such publication).]

[In the case applicable rules require additional publication of notices, insert applicable provisions regarding additional publication of notices.]

§ 13 APPLICABLE LAW, PLACE OF JURISDICTION [, PROCESS AGENT] AND ENFORCEMENT

(1) Applicable Law. The Notes, as to form and content, and all rights and obligations of the Holders and the Issuer, shall be governed in every respect by German law.

(2) Submission to Jurisdiction. The District Court (Landgericht) in Düsseldorf shall have non-exclusive jurisdiction for any action or other legal proceedings (“Proceedings”) arising out of or in connection with the Notes.

In the case of [(3) Appointment of Authorised Agent. For any Proceedings before German courts, the Issuer has Notes issued by ThyssenKrupp appointed ThyssenKrupp AG, August-Thyssen-Strasse 1, D-40211 Düsseldorf, Federal Republic Finance insert: of Germany as its authorised agent for service of process in Germany.]

[(4)] Enforcement. Any Holder may in any proceedings against the Issuer, or to which such Holder and the Issuer are parties, protect and enforce in his own name his rights arising under such Notes on the basis of (i) a statement issued by the Custodian with whom such Holder maintains a securities account in respect of the Notes (a) stating the full name and address of the Holder, (b) specify- ing the aggregate principal amount of Notes credited to such securities account on the date of such statement and (c) confirming that the Custodian has given written notice to the Clearing Sys- tem containing the information pursuant to (a) and (b) which has been confirmed by the Clearing System and (ii) a copy of the Note in global form certified as being a true copy by a duly authorised officer of the Clearing System or a depository of the Clearing System, without the need for production in such proceedings of the actual records or the global note representing the Notes. For purposes of the foregoing, “Custodian” means any bank or other financial institution of recognised standing authorised to engage in securities custody business with which the Holder maintains a securities account in respect of the Notes and which maintains an account with the Clearing Sys- tem, and includes the Clearing System. Each Holder may, without prejudice to the foregoing, protect and enforce his rights under these Notes also in any other way which is admitted in proceedings in the country in which such proceedings take place.

§ 14 LANGUAGE

If the Conditions [These Terms and Conditions are written in the German language and provided with an English shall be in the German language language translation. The German text shall be controlling and binding. The English language with an English language transla- translation is provided for convenience only.] tion insert:

104 If the Conditions [These Terms and Conditions are written in the English language and provided with a German shall be in the English language language translation. The English text shall be controlling and binding. The German language with a German language transla- translation is provided for convenience only.] tion insert:

If the Conditions [These Terms and Conditions are written in the German language only.] shall be in the German language only insert:

If the Conditions [These Terms and Conditions are written in the English language only.] shall be in the English language only insert:

In the case of [Eine deutsche Übersetzung der Emissionsbedingungen wird bei der ThyssenKrupp AG, August- Notes that are publicly offered, in Thyssen-Straße 1, D-40211 Düsseldorf, zur kostenlosen Ausgabe bereitgehalten.] whole or in part, in Germany or distributed, in whole or in part, to non- professional investors in Ger- many with English language Condi- tions insert:

105 TERMS AND CONDITIONS OF THE NOTES GERMAN LANGUAGE VERSION (DEUTSCHE FASSUNG DER EMISSIONSBEDINGUNGEN)

Diese Serie von Schuldverschreibungen wird gemäß einem Amended and Restated Fiscal Agency Agreement vom 17. Januar 200 7 (das „Agency Agreement“) zwischen ThyssenKrupp AG („ThyssenKrupp“), ThyssenKrupp Finance Nederland B. V. („ThyssenKrupp Finance“) (einzeln jeweils die „Emittentin“ und zusammen die „Emittentinnen“) und der Deutsche Bank Aktiengesell- schaft als Fiscal Agent (der „Fiscal Agent“, wobei dieser Begriff jeden Nachfolger des Fiscal Agent gemäß dem Agency Agreement einschließt) und den anderen darin genannten Parteien begeben. Kopien des Agency Agreement können kostenlos bei der bezeichneten Geschäftsstelle des Fiscal Agent und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle sowie bei der Hauptge- schäftsstelle einer jeden Emittentin bezogen werden. [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: Die Schuldverschreibungen sind mit einer unbedingten und unwiderruflichen Garantie der ThyssenKrupp AG (die „Garantin“) versehen.]

Im Falle von nicht- [Die Bestimmungen dieser Emissionsbedingungen gelten für diese Schuldverschreibungen so, konsolidierten Emissionsbedin- wie sie durch die Angaben der beigefügten endgültigen Bedingungen (die „Endgültigen Bedin- gungen einfügen: gungen“) vervollständigt, geändert, ergänzt oder ganz oder teilweise ersetzt werden. Die Leerstel- len in den auf die Schuldverschreibungen anwendbaren Bestimmungen dieser Emissionsbedin- gungen gelten als durch die in den Endgültigen Bedingungen enthaltenen Angaben ausgefüllt, als ob die Leerstellen in den betreffenden Bestimmungen durch diese Angaben ausgefüllt wären; sofern die Endgültigen Bedingungen die Änderung, Ergänzung oder (vollständige oder teilweise) Ersetzung bestimmter Emissionsbedingungen vorsieht, gelten die betreffenden Bestimmungen der Emissionsbedingungen als entsprechend geändert, ergänzt oder ersetzt; alternative oder wähl- bare Bestimmungen dieser Emissionsbedingungen, deren Entsprechungen in den Endgültigen Bedingungen nicht ausgefüllt oder die gestrichen sind, gelten als aus diesen Emissionsbedin- gungen gestrichen; sämtliche auf die Schuldverschreibungen nicht anwendbaren Bestimmungen dieser Emissionsbedingungen (einschließlich der Anweisungen, Anmerkungen und der Texte in eckigen Klammern) gelten als aus diesen Emissionsbedingungen gestrichen, so dass die Bestim- mungen der Endgültigen Bedingungen Geltung erhalten. Kopien der Endgültigen Bedingungen sind kostenlos bei der bezeichneten Geschäftsstelle des Fiscal Agent und bei den bezeichneten Geschäftsstellen einer jeden Zahlstelle sowie bei der Hauptgeschäftsstelle der Emittentin erhält- lich; bei nicht an einer Börse notierten Schuldverschreibungen sind Kopien der betreffenden End- gültigen Bedingungen allerdings ausschließlich für die Gläubiger solcher Schuldverschreibungen erhältlich.]

§ 1 WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN

(1) Währung; Stückelung. Diese Serie von Schuldverschreibungen (die „Schuldverschreibungen“) der [ThyssenKrupp AG] [ThyssenKrupp Finance Nederland B. V.] (die „Emittentin“) wird in [festgelegte Währung einfügen] (die „festgelegte Währung“) im Gesamtnennbetrag von [Gesamt- nennbetrag einfügen] (in Worten: [Gesamtnennbetrag in Worten einfügen])1) in einer Stücke- lung von [festgelegte Stückelung einfügen] (die „festgelegte Stückelung“) begeben.

(2) Form. Die Schuldverschreibungen lauten auf den Inhaber.

Im Falle von [(3) Dauerglobalurkunde. Die Schuldverschreibungen sind durch eine Dauerglobalurkunde (die Schuldverschrei- bungen, die von „Dauerglobalurkunde“) ohne Zinsscheine verbrieft. Die Dauerglobalurkunde trägt die eigenhändi- Anfang an durch eine Dauerglobal- gen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und ist von urkunde verbrieft dem Fiscal Agent oder in dessen Namen mit einer Kontrollunterschrift versehen. Einzelurkunden sind, einfügen: und Zinsscheine werden nicht ausgegeben.]

1) Die Mindeststückelung der Schuldverschreibungen beträgt € 1.000, bzw. falls die Schuldverschreibungen in einer anderen Währung als Euro begeben werden, einem Betrag in dieser anderen Währung, der zur Zeit der Begebung der Schuldverschreibungen dem Gegenwert von € 1.000 entspricht oder diesen übersteigt.

106 Im Falle von [(3) Vorläufige Globalurkunde-Austausch. Schuldverschrei- bungen, die anfänglich durch (a) Die Schuldverschreibungen sind anfänglich durch eine vorläufige Globalurkunde (die „vorläu- eine vorläufige fige Globalurkunde“) ohne Zinsscheine verbrieft. Die vorläufige Globalurkunde wird gegen Globalurkunde verbrieft sind, ein- Schuldverschreibungen in den festgelegten Stückelungen, die durch eine Dauerglobalurkunde fügen: (die „Dauerglobalurkunde“) ohne Zinsscheine verbrieft sind, ausgetauscht. Die vorläufige Global urkunde und die Dauerglobalurkunde tragen jeweils die eigenhändigen Unterschriften zweier ordnungsgemäß bevollmächtigter Vertreter der Emittentin und sind jeweils von dem Fiscal Agent oder in dessen Namen mit einer Kontrollunterschrift versehen. Einzelurkunden und Zinsscheine werden nicht ausgegeben. (b) Die vorläufige Globalurkunde wird an einem Tag (der „Austauschtag“) gegen die Dauerglo- balurkunde ausgetauscht, der nicht mehr als 180 Tage nach dem Tag der Begebung der Schuldverschreibungen liegt. Der Austauschtag darf nicht weniger als 40 Tage nach dem Tag der Begebung liegen. Ein solcher Austausch darf nur nach Vorlage von Bescheinigungen erfolgen, wonach der oder die wirtschaftlichen Eigentümer der Schuldverschreibungen keine U. S.- Personen sind (ausgenommen bestimmte Finanzinstitute oder bestimmte Personen, die Schuldverschreibungen über solche Finanzinstitute halten). Solange die Schuldverschrei- bungen durch eine vorläufige Globalurkunde verbrieft sind, werden Zinszahlungen erst nach Vorlage solcher Bescheinigungen vorgenommen. Eine gesonderte Bescheinigung ist für jede solche Zinszahlung erforderlich. Jede Bescheinigung, die am oder nach dem 40. Tag nach dem Tag der Begebung der Schuldverschreibungen eingeht, wird als ein Ersuchen behandelt werden, diese vorläufige Globalurkunde gemäß Absatz (b) dieses § 1 Absatz (3) auszutau- schen. Schuldverschreibungen, die im Austausch für die vorläufige Globalurkunde geliefert werden, dürfen nur außerhalb der Vereinigten Staaten (wie in § 4 Absatz 4 definiert) geliefert werden.]

(4) Clearingsystem. Die Dauerglobalurkunde wird solange von einem oder im Namen eines Clea- ringsystems verwahrt, bis sämtliche Verbindlichkeiten der Emittentin aus den Schuldverschrei- bungen erfüllt sind. „Clearingsystem“ bedeutet [bei mehr als einem Clearingsystem einfügen: jeweils ] folgendes: [Clearstream Banking AG, Frankfurt am Main] [Clearstream Banking, société anonyme, Luxemburg] [Euroclear Bank S. A./N. V. Brüssel, als Betreiberin des Euroclear Systems („Euroclear“)] [,] [und] [anderes Clearingsystem angeben] sowie jeder Funktionsnachfolger.

(5) Gläubiger von Schuldverschreibungen. „Gläubiger“ bedeutet jeder Inhaber eines Miteigentums- anteils oder anderen vergleichbaren Rechts an den Schuldverschreibungen.

§ 2 STATUS, NEGATIVERKLÄRUNG [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: UND GARANTIE]

(1) Status. Die Schuldverschreibungen stellen direkte, unbedingte und nicht dinglich besicherte Verbindlichkeiten der Emittentin dar und stehen im gleichen Rang mit allen anderen gegenwär- tigen und zukünftigen nicht dinglich besicherten und nicht nachrangigen Verbindlichkeiten der Emittentin, soweit zwingende gesetzliche Bestimmungen nichts anderes vorschreiben.

(2) Negativerklärung. [(a)] Die Emittentin verpflichtet sich, während der gesamten Laufzeit der Schuldverschreibungen, jedoch nicht länger als bis zu dem Tag, an dem die Zahlung der letzten Beträge für Zinsen, Kapital und etwaiger Zusatzbeträge an der Fiscal Agent geleistet worden ist, zukünftig keine gegenwärtigen oder zukünftigen Verbindlichkeiten aus Anleiheemissionen (wie nachstehend definiert) einschließlich übernommener Garantien und anderer Gewährleistungen durch Verpfändung, Abtretung, Übertragung, Hypothekenbestellung oder Begründung wirtschaftlich vergleichbarer Belastungen an gegenwärtigen oder zukünftigen Vermögenswerten der Emit- tentin nach dem Recht jedweder Rechtsordnung zu sichern, sofern eine solche Sicherheit nicht gleichzeitig, anteilig und gleichrangig den Gläubigern eingeräumt oder ihnen nicht eine andere, nach Auffassung eines angesehenen, unabhängigen Wirtschaftsprüfers mindestens gleichwertige Sicherheit gewährt wird, es sei denn, dass eine solche Besicherung gesetzlich zwingend oder behördlich im Einzelfall oder generell vorgeschrieben ist.

107 Im Fall von Schuld- [(b) Während der gesamten Laufzeit der Schuldverschreibungen, jedoch nicht länger als bis zu verschreibungen, die von dem Tag, an dem die Zahlung der letzten Beträge für Zinsen, Kapital und etwaiger Zusatzbeträge ThyssenKrupp begeben werden, an den Fiscal Agent geleistet worden ist, verpflichtet sich die Emittentin weiter zu veranlassen, einfügen: dass ihre wesentlichen Tochtergesellschaften (wie nachstehend definiert), zukünftig keine Sicher- heiten an deren jeweiligem Vermögen für gegenwärtige oder zukünftige Verbindlichkeiten aus Anleiheemissionen (wie nachstehend definiert) einschließlich dafür übernommener Garantien und anderer Gewährleistungen durch Verpfändung, Abtretung, Übertragung, Hypothekenbestellung oder Begründung wirtschaftlich vergleichbarer Belastungen an gegenwärtigen oder zukünftigen Vermögenswerten nach dem Recht anderer Rechtsordnungen an deren jeweiligem Vermögen zu gewähren, sofern eine solche Sicherheit nicht gleichzeitig, anteilig und gleichrangig den Gläubi- gern eingeräumt oder ihnen nicht eine andere, nach Auffassung eines angesehenen, unabhän- gigen Wirtschaftsprüfers mindestens gleichwertige Sicherheit gewährt wird, es sei denn, dass eine solche Besicherung gesetzlich zwingend oder behördlich im Einzelfall oder generell vorgeschrieben ist.]

Im Fall von Schuld- [(3) Garantie und Negativerklärung der Garantin. verschreibungen, die von ThyssenKrupp (a) Garantie. ThyssenKrupp AG (die „Garantin“) hat eine unbedingte und unwiderrufliche Garantie Finance begeben (die „Garantie“) für die fristgerechte Zahlung von Zinsen, Kapital und etwaigen gemäß § 7 werden, einfügen: dieser Bedingungen geschuldeten Zusatzbeträgen übernommen. Die Garantie stellt einen Vertrag zugunsten der jeweiligen Gläubiger als begünstigte Dritte gemäß § 328 Absatz 1 BGB dar, der jedem Gläubiger das Recht gibt, die Erfüllung der Garantie unmittelbar gegen die Garantin durchzusetzen. Kopien der Garantie können kostenlos bei der Hauptniederlassung der Garantin und bei der bezeichneten Geschäftsstelle des Fiscal Agent gemäß § 6 bezogen werden. (b) Negativerklärung. Darüber hinaus hat sich die Garantin in der Garantie verpflichtet, während der gesamten Laufzeit der Schuldverschreibungen, jedoch nicht länger als bis zu dem Tag, an dem die Zahlung der letzten Beträge für Zinsen, Kapital und etwaiger Zusatzbeträge an den Fiscal Agent geleistet worden ist, (i) zukünftig keine gegenwärtigen oder zukünftigen Verbindlichkeiten aus Anleiheemissionen (wie nachstehend definiert) einschließlich dafür übernommener Garantien und anderer Gewährleistungen durch Verpfändung, Abtretung, Übertragung, Hypothekenbestellung oder Begründung irgendeiner anderen Belastung an gegenwärtigen oder zukünftigen Ver- mögenswerten der Garantin zu sichern, und (ii) ihre Wesentlichen Tochtergesellschaften (wie nachstehend definiert) zu veranlassen, zukünf- tig keine Sicherheiten an deren jeweiligem Vermögen für gegenwärtige oder zukünftige Ver- bindlichkeiten aus Anleiheemissionen (wie nachstehend definiert) einschließlich dafür über- nommener Garantien und anderer Gewährleistungen durch Verpfändung, Abtretung, Über- tragung, Hypothekenbestellung oder Begründung wirtschaftlich vergleichbarer Belastungen an gegenwärtigen oder zukünftigen Vermögenswerten nach dem Recht anderer Rechtsord- nungen an deren jeweiligem Vermögen zu gewähren, sofern eine solche Sicherheit nicht gleichzeitig, anteilig und gleichrangig den Gläubigern eingeräumt oder ihnen nicht eine andere, nach Auffassung eines angesehenen, unabhängigen Wirtschaftsprüfers mindestens gleichwertige Sicherheit gewährt wird, es sei denn, dass eine solche Besicherung gesetzlich zwingend oder behördlich im Einzelfall oder generell vorgeschrieben ist.]

[(4)] Definitionen. „Anleiheemission“ bedeutet für die Zwecke dieses § 2 jede Emission von Schuld- verschreibungen oder ähnlichen Wertpapieren, die an einer Wertpapierbörse, im Freiverkehr oder einem anderen Wertpapiermarkt notiert, eingeführt oder gehandelt werden oder notiert, eingeführt oder gehandelt werden sollen oder können .

„Wesentliche Tochtergesellschaft“ im Sinne [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantie und] dieser Emissionsbedin- gungen sind:

ThyssenKrupp Steel AG, Duisburg ThyssenKrupp Services AG, Düsseldorf

108 ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Acciai Speciali Terni S. p. A., Terni, Italien ThyssenKrupp Materials Inc., Southfield/Michigan, USA ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach ThyssenKrupp Elevator Corp., Horn Lake/Mississippi, USA ThyssenKrupp Waupaca, Inc., Waupaca/Wisconsin, USA ThyssenKrupp Mannex GmbH, Düsseldorf

oder deren Rechtsnachfolger sowie jede andere Gesellschaft, die jeweils zu ihrem letzten testierten Jahresabschluß einen Umsatz von mindestens 1,0 Mrd. Euro erzielt hat, soweit die ThyssenKrupp jeweils an diesen unmittelbar oder mittelbar mit mehr als 50 % beteiligt ist.

Eine nach diesem § 2 zu leistende Sicherheit kann auch in der Person eines Treuhänders der Anleihe gläubiger bestellt werden.

§ 3 ZINSEN

Im Falle von fest [(1) Zinssatz und Zinszahlungstage. Die Schuldverschreibungen werden bezogen auf ihren Nenn- verzinslichen Schuldverschrei- betrag verzinst, und zwar vom [Verzinsungsbeginn einfügen] (einschließlich) bis zum Fälligkeits- bungen einfügen: tag (wie in § 5 Absatz (1) definiert) (ausschließlich) mit jährlich [Zinssatz einfügen] %. Die Zinsen sind nachträglich am [Festzinstermin(e) einfügen] eines jeden Jahres zahlbar (jeweils ein „Zins- zahlungstag“). Die erste Zinszahlung erfolgt am [ersten Zinszahlungstag einfügen] [sofern der erste Zinszahlungstag nicht der erste Jahrestag des Verzinsungsbeginns ist, einfügen: und beläuft sich auf [die anfänglichen Bruchteilzinsbeträge je festgelegte Stückelung einfügen].] [Sofern der Fälligkeitstag kein Festzinstermin ist, einfügen: Die Zinsen für den Zeitraum vom [den letzten dem Fälligkeitstag vorausgehenden Festzinstermin einfügen] (einschließlich) bis zum Fälligkeitstag (ausschließlich) belaufen sich auf [die abschließenden Bruchteilzinsbeträge je festgelegte Stückelung einfügen].]

(2) Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlö- sen, fallen auf den ausstehenden Nennbetrag der Schuldverschreibungen ab dem Fälligkeitstag (einschließlich) bis zu dem Zeitpunkt, an dem Kapital und Zinsen aus oder im Zusammenhang mit den Schuldverschreibungen dem Clearingsystem zur Verfügung gestellt worden sind (aus- schließlich), Zinsen zum gesetzlich festgelegten Satz für Verzugszinsen an. 2)

(3) Berechnung der Zinsen für Teile von Zeiträumen. Sofern Zinsen für einen Zeitraum von weniger als einem Jahr zu berechnen sind, erfolgt die Berechnung auf der Grundlage des Zinstagequoti- 2 enten (wie nachfolgend definiert).]

Im Falle von varia- [(1) Zinszahlungstage. (a) Die Schuldverschreibungen werden bezogen auf ihren Nennbetrag ab bel verzinslichen Schuldverschrei- dem [Verzinsungsbeginn einfügen] (der „Verzinsungsbeginn“) (einschließlich) bis zum ersten bungen einfügen: Zinszahlungstag (ausschließlich) und danach von jedem Zinszahlungstag (einschließlich) bis zum nächstfolgenden Zinszahlungstag (ausschließlich) verzinst. Zinsen auf die Schuldverschreibungen sind an jedem Zinszahlungstag zahlbar. (b) „Zinszahlungstag“ bedeutet [im Falle von festgelegten Zinszahlungstagen einfügen: jeder [festgelegte Zinszahlungs- tage einfügen].] [im Falle von festgelegten Zinsperioden einfügen: (soweit diese Emissionsbedingungen keine abweichenden Bestimmungen vorsehen) jeweils der Tag, der [Zahl einfügen] [Wochen] [Monate] [andere festgelegte Zeiträume einfügen] nach dem vorhergehenden Zinszahlungs- tag, oder im Fall des ersten Zinszahlungstages, nach dem Verzinsungsbeginn liegt.]

2) Der gesetzlich festgelegte Satz für Verzugszinsen beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit zu Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.

109 (c) Fällt ein Zinszahlungstag auf einen Tag, der kein Geschäftstag (wie nachfolgend definiert) ist, so wird der Zinszahlungstag [bei Anwendung der modifizierten folgender Geschäftstag-Konvention einfügen: auf den nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall wird der Zinszahlungstag auf den unmittelbar vorhergehenden Geschäftstag vorgezogen.] [bei Anwendung der FRN-Konvention einfügen: auf den nächstfolgenden Geschäftstag verschoben, es sei denn, jener würde dadurch in den nächsten Kalendermonat fallen; in diesem Fall (i) wird der Zinszahlungstag auf den unmittelbar vorhergehenden Geschäftstag vorgezogen und (ii) ist jeder nachfolgende Zinszahlungstag der jeweils letzte Geschäftstag des Monats, der [Zahl einfügen] [Monate] [andere festgelegte Zeiträume einfügen] nach dem vorhergehenden anwendbaren Zinszahlungstag liegt.] [bei Anwendung der folgender Geschäftstag-Konvention einfügen: auf den nachfolgenden Geschäftstag verschoben.] [bei Anwendung der vorhergegangener Geschäftstag-Konvention einfügen: auf den unmittelbar vorhergehenden Geschäftstag vorgezogen.] (d) In diesem § 3 bezeichnet „Geschäftstag“ [falls die festgelegte Währung nicht Euro ist, ein- fügen: einen Tag (außer einem Samstag oder Sonntag), an dem Geschäftsbanken allgemein für Geschäfte in [sämtliche relevanten Finanzzentren einfügen] geöffnet sind und Devisen- märkte Zahlungen in [sämtliche relevanten Finanzzentren einfügen] abwickeln] [falls die festgelegte Währung Euro ist, einfügen: einen Tag an dem das Clearingsystem sowie alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“) betriebsbereit sind, um die betreffende Zahlung abzuwi- ckeln].

(2) Zinssatz. [Bei Bildschirmfeststellung einfügen: Der Zinssatz (der „Zinssatz“) für jede Zinspe- riode (wie nachfolgend definiert) ist, sofern nachfolgend nichts Abweichendes bestimmt wird, der Angebotssatz (ausgedrückt als Prozentsatz per annum) für Einlagen in der festgelegten Währung für die jeweilige Zinsperiode, der auf der Bildschirmseite am Zinsfestlegungstag (wie nachfolgend definiert) gegen 11.00 Uhr ([Londoner] [Brüsseler] Ortszeit) angezeigt wird [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wie nachfolgend definiert)], wobei alle Festlegungen durch die Berechnungsstelle (wie nachfolgend definiert) erfolgen.

„Zinsperiode“ bezeichnet jeweils den Zeitraum vom Verzinsungsbeginn (einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) bzw. von jedem Zinszahlungstag (einschließlich) bis zum jeweils darauffolgenden Zinszahlungstag (ausschließlich).

„Zinsfestlegungstag“ bezeichnet den [falls die Festlegung am ersten Tag der Zinsperiode erfolgt, einfügen: [ersten] [Londoner] [TARGET] [zutreffende andere Bezugnahmen einfügen] Geschäftstag] [falls die Festlegung nicht am ersten Tag der Zinsperiode erfolgt, einfügen: [zweiten] [zutreffende andere Zahl von Tagen einfügen] [Londoner] [TARGET] [zutreffende andere Bezugnahmen einfügen] Geschäftstag vor Beginn] der jeweiligen Zinsperiode. [„[Londo- ner] [zutreffenden anderen Ort einfügen] Geschäftstag“ bezeichnet einen Tag (außer einem Samstag oder Sonntag), an dem Geschäftsbanken in [London] [zutreffenden anderen Ort ein- fügen] für Geschäfte (einschließlich Devisen- und Sortengeschäfte) geöffnet sind.] [„TARGET- Geschäftstag“ bezeichnet einen Tag, an dem TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer System) betriebsbereit ist.]

[Im Falle einer Marge einfügen: Die „Marge“ beträgt [ ] % per annum.]

„Bildschirmseite“ bedeutet [Bildschirmseite einfügen] oder jede Nachfolgeseite.

[Falls der Gebrauch einer anderen Basis zur Bestimmung eines Referenzsatzes vereinbart wird, werden vollständige Einzelheiten dieser Basis in den Endgültigen Bedingungen ausge- führt sein.]

110 Sollte zu der genannten Zeit die maßgebliche Bildschirmseite nicht zur Verfügung stehen oder wird kein Angebotssatz angezeigt, wird die Berechnungsstelle von den Referenzbanken (wie nachfolgend definiert) deren jeweilige Angebotssätze (jeweils als Prozentsatz per annum ausgedrückt) für Einlagen in der festgelegten Währung für die betreffende Zinsperiode gegenüber führenden Ban- ken im [Londoner] [zutreffenden anderen Ort einfügen] Interbanken-Markt [in der Euro-Zone] um ca. 11.00 Uhr ([Brüsseler] [Londoner] Ortszeit) am Zinsfestlegungstag anfordern. Falls zwei oder mehr Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, ist der Zinssatz für die betreffende Zinsperiode das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, einfügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) dieser Angebotssätze [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge], wobei alle Festlegungen durch die Berechnungsstelle erfolgen.

Falls an einem Zinsfestlegungstag nur eine oder keine der Referenzbanken der Berechnungsstelle solche im vorstehenden Absatz beschriebenen Angebotssätze nennt, ist der Zinssatz für die betreffende Zinsperiode der Satz per annum, den die Berechnungsstelle als das arithmetische Mittel (falls erforderlich, auf- oder abgerundet auf das nächste ein [falls der Referenzsatz EURIBOR ist, einfügen: Tausendstel Prozent, wobei 0,0005] [falls der Referenzsatz nicht EURIBOR ist, ein- fügen: Hunderttausendstel Prozent, wobei 0,000005] aufgerundet wird) der Angebotssätze ermittelt, die die Referenzbanken bzw. zwei oder mehrere von ihnen der Berechnungsstelle auf deren Anfrage als den jeweiligen Satz nennen, zu dem ihnen um ca. 11.00 Uhr ([Brüsseler] [Londoner] Ortszeit) an dem betreffenden Zinsfestlegungstag Einlagen in der festgelegten Währung für die betreffende Zinsperiode von führenden Banken im [Londoner] Interbanken-Markt [in der Euro- Zone] angeboten werden [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge]; falls weniger als zwei der Referenzbanken der Berechnungsstelle solche Angebotssätze nennen, soll der Zinssatz für die betreffende Zinsperiode der Angebotssatz für Einlagen in der festgelegten Währung für die betreffende Zinsperiode oder das arithmetische Mittel (gerundet wie oben beschrieben) der Angebotssätze für Einlagen in der festgelegten Währung für die betreffende Zins- periode sein, den bzw. die eine oder mehrere Banken (die nach Ansicht der Berechnungsstelle und der Emittentin für diesen Zweck geeignet sind) der Berechnungsstelle als Sätze bekanntgeben, die sie an dem betreffenden Zinsfestlegungstag gegenüber führenden Banken im [Londoner] Inter- banken-Markt [in der Euro-Zone] nennen (bzw. den diese Banken gegenüber der Berechnungs- stelle nennen) [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge].

Für den Fall, dass der Zinssatz nicht gemäß den vorstehenden Bestimmungen dieses Absatzes ermittelt werden kann, ist der Zinssatz der Angebotssatz oder das arithmetische Mittel der Ange- botssätze auf der Bildschirmseite, wie vorstehend beschrieben, an dem letzten Tag vor dem Zins- festlegungstag, an dem diese Angebotssätze angezeigt wurden [im Falle einer Marge einfügen: [zuzüglich] [abzüglich] der Marge (wobei jedoch, falls für die relevante Zinsperiode eine andere Marge als für die unmittelbar vorhergehende Zinsperiode gilt, die relevante Marge an die Stelle der Marge für die vorhergehende Zinsperiode tritt).]

„Referenzbanken“ bezeichnet [falls in den Endgültigen Bedingungen keine anderen Referenz- banken bestimmt werden, einfügen: diejenigen Niederlassungen von vier derjenigen Banken, deren Angebotssätze zur Ermittlung des maßgeblichen An gebotssatzes zu dem Zeitpunkt benutzt wurden, als solch ein Angebot letztmals auf der maßgeblichen Bildschirmseite angezeigt wurde.] [Falls in den Endgültigen Bedingungen andere Referenzbanken bestimmt werden, sind sie hier einzu-fügen].

[Im Fall des Interbankenmarktes in der Euro-Zone einfügen: „Euro-Zone“ bezeichnet das Gebiet derjenigen Mitgliedstaaten der Europäischen Union, die gemäß dem Vertrag über die Grün- dung der Europäischen Gemeinschaft (unterzeichnet in Rom am 25. März 1957), in seiner jeweiligen Fassung.]

[Wenn der Referenzsatz ein anderer als EURIBOR oder LIBOR ist, sind die entsprechenden Einzelheiten anstelle der Bestimmungen dieses Absatzes 2 einzufügen]

111 [Sofern ISDA-Feststellung gelten soll, sind die entsprechenden Bestimmungen einzufügen und die von der International Swap and Derivatives Association, Inc. („ISDA“) veröffentlich- ten 2000 ISDA-Definitionen diesen Emissionsbedingungen als Anlage beizufügen]

[Sofern eine andere Methode der Feststellung/Indexierung anwendbar ist, sind die entsprechenden Einzelheiten anstelle der Bestimmungen dieses Absatzes 2 einzufügen]

[Falls ein Mindest- und/oder Höchstzinssatz gilt, einfügen:

(3) [Mindest-] [und] [Höchst-]Zinssatz.

[Falls ein Mindestzinssatz gilt einfügen: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz niedriger ist als [Mindestzinssatz einfügen], so ist der Zinssatz für diese Zinsperiode [Mindestzinssatz einfügen].]

[Falls ein Höchstzinssatz gilt: Wenn der gemäß den obigen Bestimmungen für eine Zinsperiode ermittelte Zinssatz höher ist als [Höchstzinssatz einfügen], so ist der Zinssatz für diese Zins- periode [Höchstzinssatz einfügen].

[(4)] Zinsbetrag. Die Berechnungsstelle wird zu oder baldmöglichst nach jedem Zeitpunkt, an dem der Zinssatz zu bestimmen ist, den auf die Schuldverschreibungen zahlbaren Zinsbetrag in Bezug auf jede festgelegte Stückelung (der „Zinsbetrag“) für die entsprechende Zinsperiode berechnen. Der Zinsbetrag wird ermittelt, indem der Zinssatz und der Zinstagequotient (wie nachfolgend definiert) auf jede festgelegte Stückelung angewendet werden, wobei der resultierende Betrag auf die kleinste Einheit der festgelegten Währung auf- oder abgerundet wird, wobei 0,5 solcher Einheiten aufgerundet werden.

[(5)] Mitteilung von Zinssatz und Zinsbetrag. Die Berechnungsstelle wird veranlassen, dass der Zinssatz, der Zinsbetrag für die jeweilige Zinsperiode, die jeweilige Zinsperiode und der betreffende Zinszahlungstag der Emittentin sowie den Gläubigern gemäß § 12 baldmöglichst, aber keinesfalls später als am vierten auf die Berechnung jeweils folgenden [Londoner] [TARGET] [zutreffende andere Bezugnahme einfügen] Geschäftstag (wie in § 3 Absatz 2 definiert) sowie jeder Börse, an der die betreffenden Schuldverschreibungen zu diesem Zeitpunkt notiert sind und deren Regeln eine Mitteilung an die Börse verlangen, baldmöglichst nach der Bestimmung, aber keinesfalls spä- ter als am ersten Tag der jeweiligen Zinsperiode mitgeteilt werden. Im Fall einer Verlängerung oder Verkürzung der Zinsperiode können der mitgeteilte Zinsbetrag und Zinszahlungstag ohne Voran- kündigung nachträglich geändert (oder andere geeignete Anpassungsregelungen getroffen) werden. Jede solche Änderung wird umgehend allen Börsen, an denen die Schuldverschreibungen zu diesem Zeitpunkt notiert sind, sowie den Gläubigern gemäß § 12 mitgeteilt.

[(6)] Verbindlichkeit der Festsetzungen. Alle Bescheinigungen, Mitteilungen, Gutachten, Festset- zungen, Berechnungen, Quotierungen und Entscheidungen, die von der Berechnungsstelle für die Zwecke dieses § 3 gemacht, abgegeben, getroffen oder eingeholt werden, sind (sofern nicht ein offensichtlicher Irrtum vorliegt) für die Emittentin, den Fiscal Agent, die Zahlstellen und die Gläubi- ger bindend.

[(7)] Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlö- sen, fallen auf den ausstehenden Nennbetrag der Schuldverschreibungen ab dem Fälligkeitstag (einschließlich) bis zu dem Zeitpunkt, an dem Kapital und Zinsen aus oder im Zusammenhang mit den Schuldverschreibungen dem Clearingsystem zur Verfügung gestellt worden sind (aus- 3 schließlich), Zinsen zum gesetzlich festgelegten Satz für Verzugszinsen an. 3)]

3) Der gesetzlich festgelegte Satz für Verzugszinsen beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit zu Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.

112 Im Falle von [(1) Keine periodischen Zinszahlungen. Es erfolgen während der Laufzeit keine periodischen Zins- abgezinsten Null kupon- zahlungen auf die Schuldverschreibungen. Schuldver- schreibungen einfügen: (2) Auflaufende Zinsen. Sollte die Emittentin die Schuldverschreibungen bei Fälligkeit nicht einlö- sen, fallen auf den ausstehenden Nennbetrag der Schuldverschreibungen ab dem Fälligkeitstag (einschließlich) bis zu dem Zeitpunkt, an dem Kapital und Zinsen aus oder im Zusammenhang mit den Schuldverschreibungen dem Clearingsystem zur Verfügung gestellt worden sind (aus- 4 schließlich) Zinsen zum gesetzlich festgelegten Satz für Verzugszinsen an. 4 )]

[Im Fall von indexierten Schuldverschreibungen, Doppelwährungs-Schuldverschreibungen, Raten-Schuldverschreibungen, or Credit Linked Notes hinsichtlich Zinsen, anwendbare Bestimmungen hier und in in den Endgültigen Bedingungen einfügen.]

[(•)] Zinstagequotient. „Zinstagequotient“ bezeichnet im Hinblick auf die Berechnung von Zinsbe- trägen für einen beliebigen Zeitraum (der „Zinsberechnungszeitraum“):

[[Im Falle von festverzinslichen Schuldverschreibungen, falls Actual/Actual (ICMA Regelung 251) anwendbar ist und wenn der Zinsberechnungszeitraum kürzer ist als die Zinsperiode, in die der Zinsberechnungszeitraum fällt, oder ihr entspricht (einschließlich im Falle eines kurzen Kupons) einfügen: die Anzahl von Tagen in dem Zinsberechnungszeitraum, geteilt durch [im Falle von Zinsperioden, die kürzer sind als ein Jahr einfügen: das Produkt aus (1)] Anzahl der Tage in der Zinsperiode, in die der Zinsberechnungszeitraum fällt [im Falle von Zinsperioden, die kürzer sind als ein Jahr einfügen: und (2) der Anzahl von Zinsperioden, die normalerweise in einem Jahr enden würden].

[lm Falle von festverzinslichen Schuldverschreibungen, falls Actual/Actual (ICMA Regelung 251) anwendbar ist und wenn der Zinsberechnungszeitraum länger ist als eine Zinsperiode (langer Kupon) einfügen: die Summe von:

(A) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die Zinsperiode fallen, in welcher der Zinsberechnungszeitraum beginnt, geteilt durch [im Falle von Zinsperioden, die kürzer sind als ein Jahr einfügen: das Produkt aus (1)] Anzahl der Tage in dieser Zins- periode [im Falle von Zinsperioden, die kürzer sind als ein Jahr einfügen: und

(2) der Anzahl von Zinsperloden, die in ein Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu zahlen wären); und

(B) der Anzahl von Tagen in dem Zinsberechnungszeitraum, die in die darauffolgende Zinsperiode fallen, geteilt durch [im Falle von Zinsperioden, die kürzer sind als ein Jahr einfügen: das Produkt aus (1)] Anzahl der Tage in dieser Zinsperiode [im Falle von Zinsperioden, die kür- zer sind als ein Jahr einfügen: und (2) der Anzahl von Zinsperioden, die in ein Kalenderjahr fallen oder fallen würden, falls Zinsen für das gesamte Jahr zu zahlen wären].

„Zinsperiode“ bezeichnet den Zeitraum ab dem Verzinsungsbeginn (einschließlich) bis zum ersten Zinszahlungstag (ausschließlich) oder von jedem Zinszahlungstag (einschließlich) bis zum nächs- ten Zinszahlungstag (ausschließlich). [Im Falle eines ersten oder letzten kurzen Zinsberech- nungszeitraumes einfügen: Zum Zwecke der Bestimmung der maßgeblichen Zinsperiode gilt der [Fiktiven Zinszahlungstag einfügen] als Zinszahlungstag.] [Im Falle eines ersten oder letzten langen Zinsberechnungszeitraumes einfügen: Zum Zwecke der Bestimmung der maßgeblichen Zinsperiode gelten der [Fiktive Zinszahlungstage einfügen] als Zinszahlungstage].]

[Im Falle von Actual/365 oder Actual/Actual (ISDA) einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeitraum dividiert durch 365 (oder, falls ein Teil dieses Zinsberech- nungszeitraumes in ein Schaltjahr fällt, die Summe aus (A) der tatsächlichen Anzahl der in das Schaltjahr fallenden Tage des Zinsberechnungszeitraumes, dividiert durch 366, und (B) die tat-

4) Der gesetzlich festgelegte Satz für Verzugszinsen beträgt für das Jahr fünf Prozentpunkte über dem von der Deutsche Bundesbank von Zeit zu Zeit veröffentlichten Basiszinssatz, §§ 288 Absatz 1, 247 Absatz 1 BGB.

113 sächliche Anzahl der nicht in das Schaltjahr fallenden Tage des Zinsberechnungszeitraums, dividiert durch 365).]

[im Falle von Actual/365 (Fixed) einfügen: die tatsächliche Anzahl von Tagen im Zinsberech- nungszeitraum, dividiert durch 365.]

[im Falle von Actual/360 einfügen: die tatsächliche Anzahl von Tagen im Zinsberechnungszeit- raum, dividiert durch 360.]

[im Falle von 30/360, 360/360 oder Note Basis einfügen: die Anzahl von Tagen im Zinsberech- nungszeitraum, dividiert durch 360, wobei die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten zu je 30 Tagen zu ermitteln ist (es sei denn, (A) der letzte Tag des Zinsberechnungszeitraums fällt auf den 31. Tag eines Monates, während der erste Tag des Zinsberechnungszeitraumes weder auf den 30. noch auf den 31. Tag eines Monats fällt, in welchem Fall der diesen Tag enthaltende Monat nicht als ein auf 30 Tage gekürzter Monat zu behandeln ist, oder (B) der letzte Tag des Zinsberechnungszeitraumes fällt auf den letzten Tag des Monats Februar, in welchem Fall der Monat Februar nicht als ein auf 30 Tage verlängerter Monat zu behandeln ist).]

[im Falle von 30E/360 oder Eurobond Basis einfügen: die Anzahl der Tage im Zinsberech- nungszeitraum, dividiert durch 360 (dabei ist die Anzahl der Tage auf der Grundlage eines Jahres von 360 Tagen mit zwölf Monaten zu 30 Tagen zu ermitteln, und zwar ohne Berücksichtigung des Datums des ersten oder letzten Tages des Zinsberechnungszeitraumes, es sei denn, dass im Falle einer am Fälligkeitstag endenden Zinsperiode der Fälligkeitstag der letzte Tag des Monats Februar ist, in welchem Fall der Monat Februar als nicht auf einen Monat zu 30 Tagen verlängert gilt).]

§ 4 ZAHLUNGEN

(1) [(a)] Zahlungen auf Kapital. Zahlungen von Kapital auf die Schuldverschreibungen erfolgen nach Maßgabe des nachstehenden Absatzes 2 an das Clearingsystem oder dessen Order zur Gut- schrift auf den Konten der jeweiligen Kontoinhaber des Clearingsystems gegen Vorlage und Einrei- chung der Globalurkunde bei der bezeichneten Geschäftsstelle einer der Zahlstellen außerhalb der Vereinigten Staaten.

Im Falle von [(b) Zahlung von Zinsen. Die Zahlung von Zinsen auf Schuldverschreibungen erfolgt nach Maß- Schuldverschrei- bungen, die keine gabe von Absatz 2 an das Clearingsystem oder dessen Order zur Gutschrift auf den Konten der Nullkupon-Schuld- verschreibungen jeweiligen Kontoinhaber des Clearingsystems gegen Vorlage der Globalurkunde bei der bezeichne- sind, einfügen: ten Geschäftsstelle einer der Zahlstellen außerhalb der Vereinigten Staaten.

[Im Falle von Zinszahlungen auf eine vorläufige Globalurkunde einfügen: Die Zahlung von Zinsen auf Schuldverschreibungen, die durch die vorläufige Globalurkunde verbrieft sind, erfolgt nach Maßgabe von Absatz 2 an das Clearingsystem oder dessen Order zur Gutschrift auf den Konten der jeweiligen Kontoinhaber des Clearingsystems, und zwar nach ordnungsgemäßer Be scheinigung gemäß § 1 Absatz 3(b).]]

(2) Zahlungsweise. Vorbehaltlich geltender steuerlicher und sonstiger gesetzlicher Regelungen und Vorschriften erfolgen zu leistende Zahlungen auf die Schuldverschreibungen in [festgelegte Währung einfügen] [bei Doppelwährungsanleihen entsprechende Währungen/Wechselkurs- formeln einfügen].

(3) Erfüllung. Die Emittentin [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: bzw. die Garantin] wird durch Leistung der Zahlung an das Clearingsystem oder dessen Order von ihrer Zahlungspflicht befreit.

(4) Vereinigte Staaten. Für die Zwecke dieser Emissionsbedingungen bezeichnet „Vereinigte Staa- ten“ die Vereinigten Staaten von Amerika (einschließlich deren Bundesstaaten und des District of

114 Columbia) sowie deren Territorien (einschließlich Puerto Ricos, der U. S. Virgin Islands, Guam, American Samoa, Wake Island und Northern Mariana Islands).

(5) Zahltag. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag, der kein Zahltag ist, dann hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten Zahltag am jeweiligen Geschäftsort. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen auf Grund dieser Verspätung zu verlangen.

Für diese Zwecke bezeichnet „Zahltag“ einen Tag, [bei nicht auf Euro lautenden Schuldver- schreibungen, einfügen: der ein Tag (außer einem Samstag oder Sonntag) ist, an dem Geschäfts- banken und Devisenmärkte Zahlungen in [sämtliche relevanten Finanzzentren angeben] ab wickeln] [bei auf Euro lautenden Schuldverschreibungen, einfügen: der ein Tag (außer einem Samstag oder Sonntag) ist, an dem das Clearingsystem sowie alle betroffenen Bereiche des Trans-European Automated Real-time Gross Settlement Express Transfer System („TARGET“) betriebsbereit sind, um die betreffenden Zahlungen weiterzuleiten.]

(6) Bezugnahmen auf Kapital und Zinsen. Bezugnahmen in diesen Emissionsbedingungen auf Kapital der Schuldverschreibungen schließen, soweit anwendbar, die folgenden Beträge ein: den Rückzahlungsbetrag der Schuldverschreibungen; den vorzeitigen Rückzahlungsbetrag der Schuld- verschreibungen; [falls die Emittentin das Wahlrecht hat, die Schuldverschreibungen aus anderen als steuerlichen Gründen vorzeitig zurückzuzahlen, einfügen: den Wahl-Rückzahlun- gsbetrag (Call) der Schuldverschreibungen;] [falls der Gläubiger ein Wahlrecht hat, die Schuld- verschreibungen vorzeitig zu kündigen, einfügen: den Wahl-Rückzahlungsbetrag (Put) der Schuldverschreibungen;] sowie jeden Aufschlag sowie sonstige auf oder in Bezug auf die Schuld- verschreibungen zahlbaren Beträge. Bezugnahmen in diesen Emissionsbedingungen auf Zinsen auf die Schuldverschreibungen sollen, soweit anwendbar, sämtliche gemäß § 7 zahlbaren zusätz- lichen Beträge einschließen.

(7) Hinterlegung von Kapital und Zinsen. Die Emittentin ist berechtigt, beim Amtsgericht Frankfurt am Main Zins- oder Kapitalbeträge zu hinterlegen, die von den Gläubigern nicht innerhalb von zwölf Monaten nach dem Fälligkeitstag beansprucht worden sind, auch wenn die Gläubiger sich nicht in Annahmeverzug befinden. Soweit eine solche Hinterlegung erfolgt, und auf das Recht der Rücknahme verzichtet wird, erlöschen die diesbezüglichen Ansprüche der Gläubiger gegen die Emittentin.

§ 5 RÜCKZAHLUNG

(1) Rückzahlung bei Endfälligkeit. Soweit nicht zuvor bereits ganz oder teilweise zurückgezahlt oder angekauft und entwertet, werden die Schuldverschreibungen zu ihrem Rückzahlungsbetrag am [im Falle eines festgelegten Fälligkeitstages, Fälligkeitstag einfügen] [im Falle eines Rückzah- lungsmonats einfügen: in den [Rückzahlungsmonat und -jahr einfügen] fallenden Zinszahlungs- tag] (der „Fälligkeitstag“) zurückgezahlt. Der Rückzahlungsbetrag entspricht [falls die Schuldver- schreibungen zu ihrem Nennbetrag zurückgezahlt werden einfügen: dem Nennbetrag der Schuldverschreibungen] [ansonsten den Rückzahlungsbetrag für die jeweilige Stückelung/ den Index und/oder die Formel, auf dessen/deren Grundlage der Rückzahlungsbetrag zu berechnen ist, einfügen].

(2) Vorzeitige Rückzahlung aus steuerlichen Gründen. Sollte die Emittentin [Im Falle von Schuld- verschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] infolge einer Änderung oder Ergänzung von Rechtsvorschriften oder als Folge einer Ergänzung oder Änderung der Anwendung oder der offiziellen Auslegung der Rechts- vorschriften verpflichtet werden (vorausgesetzt, diese Änderung oder Ergänzung wird am oder nach dem Tag, an dem die letzte Tranche dieser Serie von Schuldverschreibungen begeben wird, wirksam), irgendwelche in § 7 (1) genannten zusätzlichen Beträge [im Falle von Schuldverschrei- bungen, die nicht Nullkupon-Schuldverschreibungen sind, einfügen: am nächstfolgenden Zinszahlungstag (wie in § 5 Absatz 1 definiert)] [im Falle von Nullkupon-Schuldverschreibungen einfügen: bei Fälligkeit oder im Fall des Kauf oder Tauschs einer Schuldverschreibung] zu zahlen

115 und diese Verpflichtung nicht durch das Ergreifen von der Emittentin [Im Falle von Schuldver- schreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] zur Verfügung stehenden, im Ermessen der Emittentin [Im Falle von Schuld- verschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] angemessenen Maßnahmen vermieden werden kann, so ist die Emittentin berechtigt, die umlaufenden Schuldverschreibungen insgesamt, aber nicht nur teilweise, mit einer Frist von wenigstens 30 und höchstens 60 Tagen zum 1. Tag eines jeden Kalendermonats wäh- rend der Laufzeit der Anleihe vorzeitig zu kündigen, und zwar zu ihrem vorzeitigen Rückzahlungs- betrag (wie nachfolgend definiert) zuzüglich bis zum Rückzahlungstag aufgelaufener Zinsen. Eine Kündigung gemäß diesem § 5(2) darf jedoch nicht zu einem Termin erfolgen, der dem Tag, an welchem die Änderung oder Ergänzung von Rechtsvorschriften erstmals auf diese Anleihe anwendbar wird, mehr als einen Monat vorangeht. [Bei variabel verzinslichen Schuldverschreibungen einfügen: Der für die Rückzahlung festgelegte Termin muss ein Zinszahlungstag sein.]

Eine Kündigung gemäß diesem § 5(2) erfolgt durch unwiderrufliche Bekanntmachung an die Gläu- biger gemäß § 12 und muß den Rückzahlungstag sowie in zusammengefaßter Form die Tatsachen angeben, die das Kündigungsrecht begründen. Vor einer solchen Bekanntmachung muß die Emit- tentin [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] eine von der gesetzlich erforderlichen Zahl von Unterschriftsberechtigten unterschriebene Bescheinigung darüber, dass es der Emittentin [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, ein- fügen: oder gegebenenfalls die Garantin] nicht durch nach ihrem Ermessen angemessene Maß- nahmen möglich ist, die Verpflichtung gemäß Absatz 1 zu vermeiden, dem Fiscal Agent zuschi- cken. Weiterhin muss die Emittentin [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] dem Fis- cal Agent vor der Bekanntmachung ein Rechtsgutachten einer anerkannten Anwaltskanzlei zusen- den, aus dem sich ergibt, dass die Emittentin [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] infolge einer Änderung oder Ergänzung von Rechtsvorschriften oder als Folge einer Ergänzung oder Ände- rung der Anwendung oder der offiziellen Auslegung der Rechtsvorschriften zur Zahlung zusätz- licher Beträge gemäß § 7 (1) verpflichtet ist.

Falls die Emitten- [(3) Vorzeitige Rückzahlung nach Wahl der Emittentin. tin das Wahlrecht hat, die Schuld- verschreibungen vorzeitig zurück- (a) Die Emittentin kann, nachdem sie gemäß Absatz (b) gekündigt hat, die Schuldverschreibungen zuzahlen, ein- insgesamt oder teilweise am/an den Wahl-Rückzahlungstag(en) (Call) zum/zu den Wahl-Rück- fügen: zahlungsbetrag/beträgen (Call), wie nachfolgend angegeben, nebst etwaigen bis zum Wahl- Rückzahlungstag (Call) (ausschließlich) aufgelaufenen Zinsen zurückzahlen. [Bei Geltung eines Mindestrückzahlungsbetrages oder eines erhöhten Rückzahlungsbetrages ein- fügen: Eine solche Rückzahlung muss in Höhe eines Nennbetrages von [mindestens [Mindest- rückzahlungsbetrag einfügen]] [erhöhter Rückzahlungsbetrag] erfolgen.]

Wahl-Rückzahlungstag(e) (Call) Wahl-Rückzahlungsbetrag/beträge (Call) [Wahl-Rückzahlungstag(e) einfügen] [Wahl-Rückzahlungsbetrag/beträge einfügen] [______] [______] [______] [______]

[Falls der Gläubiger ein Wahlrecht hat, die Schuldverschreibungen vorzeitig zu kündigen, einfügen: Der Emittentin steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung bereits der Gläubiger in Ausübung seines Wahlrechts nach Absatz 4 dieses § 5 verlangt hat.]

(b) Die Kündigung ist den Gläubigern der Schuldverschreibungen durch die Emittentin gemäß § 12 bekannt zu geben. Sie muß die folgenden Angaben enthalten:

(i) die zurückzuzahlende Serie von Schuldverschreibungen;

116 (ii) eine Erklärung, ob diese Serie ganz oder teilweise zurückgezahlt wird und im letzteren Fall den Gesamtnennbetrag der zurückzuzahlenden Schuldverschreibungen;

(iii) den Wahl-Rückzahlungstag (Call), der nicht weniger als [Mindestkündigungsfrist ein- fügen] und nicht mehr als [Höchstkündigungsfrist einfügen] Tage nach dem Tag der Kündigung durch die Emittentin gegenüber den Gläubigern liegen darf; und

(iv) den Wahl-Rückzahlungsbetrag (Call), zu dem die Schuldverschreibungen zurückgezahlt werden.

(c) Wenn die Schuldverschreibungen nur teilweise zurückgezahlt werden, werden die zurückzuzah- lenden Schuldverschreibungen in Übereinstimmung mit den Regeln des betreffenden Clearing- systems ausgewählt.]

Falls der Gläubiger [[(4)] Vorzeitige Rückzahlung nach Wahl des Gläubigers. ein Wahlrecht hat, die Schuldver- schreibungen vorzeitig zu kündi- (a) Die Emittentin hat eine Schuldverschreibung nach Ausübung des entsprechenden Wahlrechts gen, einfügen: durch den Gläubiger am/an den Wahl-Rückzahlungstag(en) (Put) zum/zu den Wahl-Rückzah- lungsbetrag/beträgen (Put), wie nachfolgend angegeben nebst etwaigen bis zum Wahl-Rück- zahlungstag (Put) (ausschließlich) aufgelaufener Zinsen zurückzuzahlen.

Wahl-Rückzahlungstag(e) (Put) Wahl-Rückzahlungsbetrag/beträge (Put) [Wahl-Rückzahlungstag(e) einfügen] [Wahl-Rückzahlungsbetrag/beträge einfügen] [______] [______] [______] [______]

Dem Gläubiger steht dieses Wahlrecht nicht in Bezug auf eine Schuldverschreibung zu, deren Rückzahlung die Emittentin zuvor in Ausübung eines ihrer Wahlrechte nach diesem § 5 verlangt hat.

(b) Um dieses Wahlrecht auszuüben, hat der Gläubiger nicht weniger als [Mindestkündigungs- frist einfügen] und nicht mehr als [Höchstkündigungsfrist einfügen] Tage vor dem Wahl- Rückzahlungstag (Put), an dem die Rückzahlung gemäß der Ausübungserklärung (wie nachfolgend definiert) erfolgen soll, bei der bezeichneten Geschäftsstelle des Fiscal Agent während der normalen Geschäftszeiten eine ordnungsgemäß ausgefüllte Mitteilung zur vorzeitigen Rückzahlung (die „Ausübungserklärung“), wie sie bei den bezeichneten Geschäftsstelle des Fiscal Agent und der Zahlstellen erhältlich ist, zu hinterlegen. Die Ausübungserklärung hat anzugeben: (i) den Nennbetrag der Schuldverschreibungen, für die das Wahlrecht ausgeübt wird und (ii) die Wertpapier-Kenn-Nummer dieser Schuldverschreibungen (soweit vergeben). Die Ausübung des Wahlrechts kann nicht widerrufen werden. Die Rückzahlung der Schuldver- schreibungen, für welche das Wahlrecht ausgeübt worden ist, erfolgt nur gegen Lieferung der Schuldverschreibungen an die Emittentin oder deren Order.]

Im Falle von [[(5)] Vorzeitiger Rückzahlungsbetrag. Schuldversch- reibungen (außer Nullkupon-Schuld- verschreibungen), Für die Zwecke des Absatzes 2 dieses § 5 und des § 9, entspricht der vorzeitige Rückzahlungsbe- einfügen: trag einer Schuldverschreibung dem Rückzahlungsbetrag.]

Im Falle von Null- [[(5)] Vorzeitiger Rückzahlungsbetrag. kupon-Schuldver- schreibungen ein- fügen: Für die Zwecke des Absatzes 2 dieses § 5 und des § 9, berechnet sich der vorzeitige Rückzahlun- gsbetrag einer Schuldverschreibung wie folgt:

(a) Der vorzeitige Rückzahlungsbetrag der Schuldverschreibung entspricht der Summe aus:

(i) [Referenzpreis einfügen] (der „Referenzpreis“), und

117 (ii) dem Produkt aus [Emissionsrendite in Prozent einfügen] (die „Emissionsrendite“) und dem Referenzpreis ab dem [Tag der Begebung einfügen] (einschließlich) bis zu dem vorgesehenen Rückzahlungstag (ausschließlich) oder (je nachdem) dem Tag, an dem die Schuldverschreibungen fällig und rückzahlbar werden, wobei die Emissionsrendite jährlich kapitalisiert wird.

Wenn diese Berechnung für einen Zeitraum, der nicht vollen Jahren entspricht, durchzu- führen ist, hat sie im Fall des nicht vollständigen Jahres (der „Zinsberechnungszeitraum“) auf der Grundlage des Zinstagequotienten (wie vorstehend in § 5 definiert) zu erfolgen.

(b) Falls die Emittentin den vorzeitigen Rückzahlungsbetrag bei Fälligkeit nicht zahlt, wird er wie vorstehend beschrieben berechnet, jedoch mit der Maßgabe, dass die Bezugnahmen in Unterabsatz (a)(ii) auf den für die Rückzahlung vorgesehenen Rückzahlungstag oder den Tag, an dem diese Schuldverschreibungen fällig und rückzahlbar werden, durch den Tag ersetzt werden, an dem die Rückzahlung erfolgt.]

[Im Fall von indexierten Schuldverschreibungen, Doppelwährungs-Schuldverschreibungen, Raten-Schuldverschreibungen or Credit Linked Notes hinsichtlich des Kapitalbetrages, anwendbare Bestimmungen hier und in den Endgültigen Bedingungen einfügen.]

§ 6 DER FISCAL AGENT [, ] [UND] DIE ZAHLSTELLE[N] [UND DIE BERECHNUNGSSTELLE]

(1) Bestellung; bezeichnete Geschäftsstelle. Der anfänglich bestellte Fiscal Agent [und] [,] die anfänglich bestellte[n] Zahlstelle[n] [und die anfänglich bestellte Berechnungsstelle] und [deren] [ihre] bezeichnete[n] Geschäftsstelle[n] laute[t][n] wie folgt:

Fiscal Agent: Deutsche Bank Aktiengesellschaft Trust & Securities Services Große Gallusstraße 10–14 60272 Frankfurt am Main

Zahlstelle[n]: Deutsche Bank Aktiengesellschaft Trust & Securities Services Große Gallusstraße 10–14 60272 Frankfurt am Main

Deutsche Bank Luxembourg S. A. 2 Boulevard Konrad Adenauer L-1115 Luxembourg

[Falls der Fiscal Agent als Berechnungsstelle bestellt werden soll, einfügen: Der Fiscal Agent handelt auch als Berechnungsstelle.]

[Falls eine Berechnungsstelle bestellt werden soll, die nicht der Fiscal Agent ist, einfügen: Die Berechnungsstelle und ihre anfängliche Geschäftsstelle lauten:

Berechnungsstelle: [Namen und bezeichnete Geschäftsstelle einfügen]]

Der Fiscal Agent [,] [und] die Zahlstelle[n] [und die Berechnungsstelle] [behält] [behalten] sich das Recht vor, jederzeit [seine] [ihre] bezeichnete[n] Geschäftsstelle[n] durch eine andere bezeichnete Geschäftsstelle in derselben Stadt zu ersetzen.

(2) Änderung der Bestellung oder Abberufung. Die Emittentin behält sich das Recht vor, jederzeit die Bestellung des Fiscal Agent oder einer Zahlstelle [oder der Berechnungsstelle] zu ändern oder zu beenden und einem anderen Fiscal Agent oder zusätzliche oder andere Zahlstellen [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird zu jedem Zeitpunkt (i) eine n Fiscal Agent unterhalten, (ii) eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäfts-

118 stelle in [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, ein- fügen: Deutschland] [im Fall von Schuldverschreibungen, die an einer Börse notiert sind, einfügen:[,] [und] (ii) solange die Schuldverschreibungen an der [Name der Börse] notiert sind, eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäftsstelle in [Sitz der Börse] und/oder an solchen anderen Orten unterhalten, die die Regeln dieser Börse verlangen] [im Fall von Zahlungen in US-Dollar einfügen:[,] [und] [(iii)] falls Zahlungen bei den oder durch die Geschäftsstellen aller Zahlstellen außerhalb der Vereinigten Staaten (wie unten definiert) auf Grund der Einführung von Devisenbeschränkungen oder ähnlichen Beschränkungen hinsichtlich der voll- ständigen Zahlung oder des Empfangs der entsprechenden Beträge in US-Dollar widerrechtlich oder tatsächlich ausgeschlossen werden, eine Zahlstelle mit bezeichneter Geschäftsstelle in New York City unterhalten] [falls eine Berechnungsstelle bestellt werden soll, einfügen:[,] [und] [(iv)] eine Berechnungsstelle [falls die Berechnungsstelle eine bezeichnete Geschäftsstelle an einem vorgeschriebenen Ort zu unterhalten hat, einfügen: mit bezeichneter Geschäftsstelle in [vorgeschriebenen Ort einfügen]] unterhalten]. Eine Änderung, Abberufung, Bestellung oder ein sonstiger Wechsel wird nur wirksam (außer im Insolvenzfall, in dem eine solche Änderung sofort wirksam wird), sofern die Gläubiger hierüber gemäß § 12 vorab unter Einhaltung einer Frist von mindestens 30 und nicht mehr als 45 Tagen informiert wurden.

(3) Erfüllungsgehilfe(n) der Emittentin. Der Fiscal Agent[,] [und] [die Zahlstelle[n[[ [und die Berechnungs stelle] [handelt] [handeln] ausschließlich als Erfüllungsgehilfe[n] der Emittentin und [übernimmt] [übernehmen] keinerlei Verpflichtungen gegenüber den Gläubigern und es wird kein Auftrags- oder Treuhandverhältnis zwischen [ihm] [ihnen] und den Gläubigern begründet.

§ 7 STEUERN

(1) Quellensteuern. Kapital und Zinsen sind ohne Einbehalt an der Quelle oder Abzug an der Quelle von oder wegen irgendwelchen gegenwärtigen oder zukünftigen Steuern, Abgaben, Veranla- gungen oder regierungsseitigen Gebühren gleich welcher Art, die von oder in der Bundesrepublik Deutschland [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Niederlande] oder für deren Rechnung oder von oder für Rechnung einer dort zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt, erhoben oder eingezogen werden („Quellensteuern“), zu zahlen, es sei denn, dies ist gesetzlich vorgeschrieben. In diesem Fall wird die Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin] diejenigen zusätzlichen Beträge (die „zusätzlichen Beträge“) zahlen, die erforderlich sind, um die Zahlung von Zinsen und Kapital zum jeweiligen vollen Nennbetrag an die Gläubiger sicherzustellen. Die seit dem 1. Januar 1993 in der Bundesrepublik Deutschland geltende Zinsabschlagsteuer und der ab dem 1. Januar 1995 erhobene Solidaritätszuschlag sind keine Quellensteuern im obengenannten Sinne.

Die Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder gegebenenfalls die Garantin] ist jedoch zur Zahlung zusätzlicher Beträge wegen solcher Quellensteuern nicht verpflichtet,

(a) die auf andere Weise als durch Abzug an der Quelle oder Einbehalt an der Quelle aus Zah- lungen von Kapital oder Zinsen zu entrichten sind; oder

(b) denen der Gläubiger aus irgendeinem anderen Grund als allein der bloßen Tatsache, dass er Inhaber von Schuldverschreibungen oder Empfänger von Kapital oder Zinsen aus den Schuld- verschreibungen ist, unterliegt, und zwar insbesondere wenn der Gläubiger auf Grund einer persönlichen unbeschränkten oder beschränkten Steuerpflicht derartigen Steuern, Gebühren oder Abgaben unterliegt, oder wenn der Gläubiger für die Zwecke der betreffenden Steuer- gesetze als gebietsansässige natürliche oder juristische Person in einem anderen Mitglieds- staat der Europäischen Union angesehen wird; oder

119 (c) auf Grund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteue- rung von Zinserträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteue- rung, an der die Bundesrepublik Deutschland [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Niederlande] oder die Europäische Union beteiligt ist, oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind.

(2) Sitzverlegung der Emittentin. Im Falle einer Sitzverlegung der Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin] in ein anderes Land oder Territorium oder Hoheitsgebiet gilt jede in diesen Emissions- bedingungen enthaltene Bezugnahme auf die Bundesrepublik Deutschland [im Falle von Schuld- verschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Nieder- lande] fortan auf dieses andere Land, Teritorium oder Hoheitsgebiet bezogen.

§ 8 VORLEGUNGSFRIST

Die in § 801 Absatz 1 Satz 1 BGB bestimmte Vorlegungsfrist wird für die Schuldverschreibungen auf zehn Jahre verkürzt.

§ 9 KÜNDIGUNG

(1) Kündigungsgründe. Jeder Gläubiger ist berechtigt, seine Schuldverschreibungen fällig zu stellen und deren sofortige Rückzahlung zu ihrem vorzeitigen Rückzahlungsbetrag (wie in § 5 beschrieben) zuzüglich der bis zu (aber ausschließlich) dem Tag der tatsächlichen Rückzahlung aufgelaufenen Zinsen zu verlangen, falls:

(a) die Emittentin mit der Zahlung von Zinsen, Kapital oder etwaigen gemäß § 7(1) zusätzlich geschuldeten Beträgen für die Schuldverschreibungen länger als 30 Tage im Rückstand ist; oder

(b) die Emittentin die ordnungsgemäße Erfüllung irgendeiner anderen Verpflichtung aus den Schuldverschreibungen [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin die Erfüllung ihrer in § 2(3) beschriebenen Verpflichtung unter der Garantie] unterläßt, und diese Unterlassung 45 Tage nach Eingang einer schriftlichen Nachricht eines Gläubigers an der Fiscal Agent fortdauert; oder

(c) die Emittentin, [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: die Garantin] oder eine Wesentliche Tochtergesellschaft eine oder mehrere Zahlungsverpflichtungen in einer Gesamtsumme von mindestens Euro 50.000.000,-, die sich aus einer anderen Anleihe, einem Darlehen oder einer sonstigen Geldaufnahme von Kreditinstituten (nachfolgend eine „Finanzierung“) oder aus einer Garan- tie oder einer Gewährleistung für eine Finanzierung ergibt, nicht erfüllt, und die Nichterfüllung länger als 30 Tage fortdauert, nachdem der Fiscal Agent hierüber von einem Gläubiger eine Benachrichtigung erhalten hat, oder eine solche Zahlungsverpflichtung auf Grund einer Nicht- erfüllung von Verpflichtungen der Emittentin, [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] oder einer Wesent- lichen Tochtergesellschaft vorzeitig fällig wird, oder eine für eine solche Zahlungsverpflich- tung gewährte Sicherheit durchgesetzt wird; oder

(d) eine Beschlagnahme, Vollstreckung oder Pfändung über einen Betrag von nicht weniger als Euro 50.000.000,– vor einem Gerichtsurteil gegen einen Teil der Vermögenswerte der Emit- tentin, [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] oder einer Wesentlichen Tochtergesellschaft betrieben, vollzogen oder eingeklagt wird und nicht innerhalb einer Frist von 60 Tagen aufgehoben wird; oder

120 (e) ein Sicherungsnehmer von der Gesamtheit oder einem wesentlichen Teil des Vermögens oder des Geschäftsbetriebes der Emittentin, [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] oder einer Wesentlichen Tochtergesellschaft Besitz ergreift, oder ein Zwangsverwalter dafür bestellt wird; oder

(f) die Emittentin, [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: die Garantin] oder eine Wesentliche Tochtergesellschaft ihre Zahlungen einstellt oder erklärt, dass sie nicht in der Lage ist, ihren finanziellen Verpflich- tungen nachzukommen; oder

(g) ein Insolvenzverfahren oder ein anderes Konkurs- oder Vergleichsverfahren gegen die Emit- tentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin] eingeleitet wird, welches nicht binnen 60 Tagen nach Einleitung endgültig oder einstweilen eingestellt wird, oder die Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin] auf Grund finanzieller Schwierigkeiten die Eröffnung eines solchen Verfah- rens beantragt oder auf Grund finanzieller Schwierigkeiten eine allgemeine Schuldenregelung zugunsten der Gläubiger der Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin] anbietet oder trifft [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen:, oder die Emittentin eine surseance van betaling im Sinne der niederländischen Konkursstatuten beantragt oder besonderen Maßnahmen („byzondere voorzieningen“) unterliegt im Sinne des Teils X des 1992 Gesetzes über die Aufsicht des Kreditwesens (Wet bezicht Kredietwesen)]; oder

(h) die Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin] ihren Geschäftsbetrieb einstellt oder dies durch offizielle Handlung ihres Vorstandes androht, sofern dieses jeweils nicht im Zusam- menhang mit einer Reorganisation (wie nachstehend definiert) geschieht; für die Zwecke dieser Emissionsbedingungen bedeutet „Reorganisation“ die Zusammenlegung, Verschmel- zung, Konsolidierung, Reorganisation oder Umwandlung der Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin], wobei:

(i) die Reorganisation vorsieht, dass

(x) die Verpflichtungen der Vorgängerin aus den Schuldverschreibungen [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin aus der Garantie] von einer Nachfolgegesell- schaft der Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin] (jeweils die „Vorgängerin“) übernommen werden, auf welche Rechte und Vermögenswerte der Vorgängerin im Wesentlichen anteilig zu den übernommenen Verbindlichkeiten der Vorgängerin übergehen, und

(y) eine solche Nachfolgegesellschaft keine anderen wesentlichen Verpflichtungen oder Verbindlichkeiten übernimmt, ohne dass andere Rechte und Vermögenswerte im annähernd gleichen Verhältnis wie vorstehend beschrieben auf sie übergehen, und

(ii) die Reorganisation auf die Gläubiger oder einen wesentlichen Teil von ihnen keine erheblich nachteiligen Auswirkungen hat; oder

(i) die Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder die Garantin] in Liquidation tritt, sofern dieses nicht im Zusammenhang mit einer Reorganisation (wie vorstehend in Absatz (h) definiert) geschieht; oder

121 (j) ein Beschluss getroffen wird, oder eine Anordnung eines zuständigen Gerichts ergeht, die auf die Auflösung oder Liquidation der Emittentin [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: oder der Garantin] gerichtet sind, sofern dieses nicht im Zusammenhang mit einer Reorganisation (wie vorstehend in Absatz (h) definiert) geschieht; oder

(k) [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, ein- fügen: die Emittentin] [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: die Garantin] beschließt oder öffentlich ankündigt, ihre Rechte und Vermögenswerte ganz oder im wesentlichen in einem oder in mehreren Schritten auf eine oder mehrere andere Gesellschaften zu übertragen, ohne dass diese anderen Gesell- schaften zugleich neben der [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, einfügen: Emittentin] [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: Garantin] gesamtschuldnerisch jeweils eine unwiderrufliche und unbedingte Garantie sowie eine Negativerklärung zugunsten der Gläubiger nach Form und Inhalt entsprechend der [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, einfügen: Garantie und Negativerklärung des Debt Issuance Programms der Emittenten] [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: in § 2 erwähnten Garantievereinba- rung und Negativerklärung] abgeben; [im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: in einem solchen Fall erstrecken sich alle Bezugnahmen in diesen Emissionsbedingungen auf die „Garantin“ bzw. auf die „Garan- tie“ auch auf jede derartige zusätzliche Garantin bzw. Garantie] [.] [; oder]

[im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, ein- fügen:

(l) die Garantie, gleich aus welchem Grund, nicht mehr in vollem Umfang rechtswirksam ist.]

Das Kündigungsrecht erlischt, falls alle hier aufgeführten Kündigungsgründe geheilt sind, bevor dem Fiscal Agent eine solche Benachrichtigung zugegangen ist.

(2) Bekanntmachung. Die Fälligstellung hat in der Weise zu erfolgen, dass der Gläubiger dem Fis- cal Agent einen, den Fiscal Agent bei angemessenen Anforderungen zufriedenstellenden, Eigen- tumsnachweis und eine schriftliche Kündigungserklärung übergibt oder durch eingeschriebenen Brief sendet, in der der Nennbetrag der fällig gestellten Schuldverschreibungen angegeben ist.

(3) Quorum. Für den Fall, dass ein in Unterabschnitt (c), (h) oder (k) des vorstehenden Absatzes (1) beschriebenes Ereignis eintritt, wird jede Erklärung, die Schuldverschreibungen fällig stellt, erst dann wirksam, wenn der Fiscal Agent solche Erklärungen von Gläubigern erhalten hat, die mindestens ein Zehntel des Nennbetrages oder, sofern zu diesem Zeitpunkt ein geringerer Betrag als der Nennbetrag der Schuldverschreibungen aussteht, des dann ausstehenden Kapitalbetrages der Schuldverschreibungen halten, es sei denn, dass zu der Zeit, in der die Erklärung zugeht, irgendein anderes der in Absatz (1) (a), (b), (d) bis (g), (i), (j) oder (l) beschriebenen Ereignisse eingetreten ist, das die Gläubiger zur Fälligstellung berechtigt.

§ 10 ERSETZUNG

(1) Ersetzung. Die Emittentin ist jederzeit berechtigt, sofern sie sich nicht mit einer Zahlung von Kapital oder Zinsen auf die Schuldverschreibungen in Verzug befindet, ohne Zustimmung der Gläu- biger eine andere Gesellschaft als Hauptschuldnerin für alle Verpflichtungen im Zusammenhang mit diesen Schuldverschreibungen (die „Nachfolgeschuldnerin“) einzusetzen, sofern:

(a) die Nachfolgeschuldnerin in der Lage ist, sämtliche sich aus oder in dem Zusammenhang mit diesen Schuldverschreibungen ergebenen Zahlungsverpflichtungen ohne die Notwendigkeit eines Einbehalts von irgendwelchen Steuern oder Abgaben an der Quelle zu erfüllen sowie

122 die hierzu erforderlichen Beträge ohne Beschränkungen an den Fiscal Agent übertragen kön- nen;

(b) die Nachfolgeschuldnerin alle Verpflichtungen der Emittentin aus oder im Zusammenhang mit diesen Schuldverschreibungen übernimmt;

(c) sichergestellt ist, dass sich die Verpflichtungen der [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, einfügen: Emittentin] [im Falle von Schuldver- schreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: Garantin] aus der Garantie auch auf die Schuldverschreibungen der Nachfolgeschuldnerin erstrecken;

(d) ein Rechtsgutachten einer anerkannten Anwaltskanzlei nach dem Recht, dem die Nachfolge- schuldnerin unterliegt, bestätigt, dass die Bestimmungen in den vorstehenden Unterabsätzen (a), (b) und (c) erfüllt wurden.

(2) Bekanntmachung. Jede Ersetzung ist gemäß § 12 bekannt zu machen.

(3) Änderung von Bezugnahmen. Im Fall einer Ersetzung gilt jede Bezugnahme in diesen Emis- sionsbedingungen auf die Emittentin ab dem Zeitpunkt der Ersetzung als Bezugnahme auf die Nachfolgeschuldnerin und jede Bezugnahme auf das Land, in dem die Emittentin ihren Sitz oder Steuersitz hat, gilt ab diesem Zeitpunkt als Bezugnahme auf das Land, in dem die Nachfolge- schuldnerin ihren Sitz oder Steuersitz hat. Des weiteren gilt im Fall einer Ersetzung folgendes:

Im Falle von [(a) in § 7 und § 5 Absatz 2 gilt eine alternative Bezugnahme auf die Bundesrepublik Deutschland Schuldverschrei- bungen, die von als aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes ThyssenKrupp begeben werden, auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat); einfügen: (b) in § 9 Absatz 1(c) bis (g) gilt eine alternative Bezugnahme auf die Emittentin in ihrer Eigen- schaft als Garantin als aufgenommen (zusätzlich zu der Bezugnahme auf die Nachfolgeschuld- nerin).]

Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen:

[In § 7 und § 5 Absatz 2 gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in dem die Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).]

Im Fall einer Ersetzung folgt die Nachfolgeschuldnerin der Emittentin als Rechtsnachfolgerin nach, ersetzt diese und darf alle Rechte und Befugnisse der Emittentin aus den Schuldverschreibungen mit der gleichen Wirkung geltend machen, als wenn die Nachfolgeschuldnerin in diesen Emis- sionsbedingungen als Emittentin genannt worden wäre, und die Emittentin (bzw. die Gesellschaft, die zuvor die Verpflichtungen der Emittentin übernommen hat) wird von ihren Verpflichtungen als Schuldnerin aus den Schuldverschreibungen befreit.

§ 11 BEGEBUNG WEITERER SCHULDVERSCHREIBUNGEN, ANKAUF UND ENTWERTUNG

(1) Begebung weiterer Schuldverschreibungen. Die Emittentin ist berechtigt, jederzeit ohne Zustim- mung der Gläubiger weitere Schuldverschreibungen mit gleicher Ausstattung (gegebenenfalls mit Ausnahme des Tags der Begebung, des Verzinsungsbeginns und/oder des Ausgabepreises) in der Weise zu begeben, dass sie mit diesen Schuldverschreibungen eine einheitliche Serie bilden.

(2) Ankauf. Die Emittentin ist berechtigt, jederzeit Schuldverschreibungen im Markt oder anderwei- tig zu jedem beliebigen Preis zu kaufen. Die von der Emittentin erworbenen Schuldverschreibungen können nach Wahl der Emittentin von ihr gehalten, weiterverkauft oder bei dem Fiscal Agent zwecks Entwertung eingereicht werden. Sofern diese Käufe durch öffentliches Angebot erfolgen, muß dieses Angebot allen Gläubigern gemacht werden.

123 (3) Entwertung. Sämtliche vollständig zurückgezahlten Schuldverschreibungen sind unverzüglich zu entwerten und können nicht wiederbegeben oder wiederverkauft werden. Die Emittentin wird die Börse(n), an der (denen) die entwerteten Schuldverschreibungen notiert sind, über diese Ent- wertung informieren.

§ 12 MITTEILUNGEN

Im Fall von [(1) Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen sind im elektro- Schuldverschrei- bungen, die von nischen Bundesanzeiger und, soweit gesetzlich erforderlich, in einem deutschen Börsenpflicht- ThyssenKrupp begeben werden, blatt, voraussichtlich [der Börsen-Zeitung], zu veröffentlichen. Falls eine Veröffentlichung in diesem einfügen: Börsenpflichtblatt nicht mehr möglich ist, werden die Mitteilungen in einem anderen Börsenpflicht- blatt veröffentlicht. Jede derartige Mitteilung gilt am dritten Kalendertag nach dem Tag der Veröf- fentlichung (oder bei mehreren Veröffentlichungen am dritten Kalendertag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.

(2) Mitteilungen an das Clearing System. Die Emittentin ist berechtigt, zusätzlich zur Veröffent- lichung nach Absatz 1, eine Mitteilung an das Clearing System zur Weiterleitung an die Gläubiger zu übermitteln [im Fall von Schuldverschreibungen, die an einer Börse notiert sind, einfügen: , vorausgesetzt, die Regeln der Börse, an der die Schuldverschreibungen notiert sind, lassen diese Form der Mitteilung zu]. Jede derartige Mitteilung gilt am siebten Tag nach dem Tag der Mitteilung an das Clearing System als den Gläubigern mitgeteilt.]

If notices are to be [(3) Bekanntmachung in Zeitungen. Die Emittentin ist berechtigt, zusätzlich zur Veröffentlichung published in additional newspa- nach Absatz 1, die Schuldverschreibungen betreffende Mitteilungen in [einer] führenden pers, insert: Tageszeitung[en] mit allgemeiner Verbreitung in [Ort(e) einfügen], voraussichtlich [Zeitung mit allgemeiner Verbreitung einfügen], zu veröffentlichen. Falls eine Veröffentlichung in [dieser] [einer dieser] Tageszeitung[en] nicht mehr möglich ist, werden die Mitteilungen in einer anderen Tages- zeitung veröffentlicht, die dieselben Anforderungen erfüllt. Jede derartige Mitteilung gilt am dritten Kalendertag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentlichungen am dritten Kalendertag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]

[Falls anwendbare Vorschriften die Veröffentlichung zusätzlicher Mitteilungen erfordern, anwendbare Regelungen zur zusätzlichen Veröffentlichung von Mitteilungen einfügen.]

§ 13 ANWENDBARES RECHT, GERICHTSSTAND [, ZUSTELLUNGSBEVOLLMÄCHTIGTER] UND GERICHTLICHE GELTENDMACHUNG

(1) Anwendbares Recht. Form und Inhalt der Schuldverschreibungen sowie die Rechte und Pflich- ten der Gläubiger und der Emittentin bestimmen sich in jeder Hinsicht nach deutschem Recht.

(2) Gerichtsstand. Nicht ausschließlich zuständig für sämtliche im Zusammenhang mit den Schuld- verschreibungen entstehenden Klagen oder sonstige Verfahren („Rechtsstreitigkeiten“) ist das Landgericht Düsseldorf.

Im Falle von [(3) Bestellung von Zustellungsbevollmächtigten. Für etwaige Rechtsstreitigkeiten vor deutschen Schuldverschrei- bungen, die von Gerichten hat die Emittentin die ThyssenKrupp AG, August-Thyssen-Straße 1, D-40211 Düssel- ThyssenKrupp Finance begeben dorf, zu ihrer Zustellungsbevollmächtigten in Deutschland bestellt.] werden, einfügen:

[(4)] Gerichtliche Geltendmachung. Jeder Gläubiger von Schuldverschreibungen ist berechtigt, in jedem Rechtsstreit gegen die Emittentin oder in jedem Rechtsstreit, in dem der Gläubiger und die Emittentin Partei sind, seine Rechte aus diesen Schuldverschreibungen im eigenen Namen auf der folgenden Grundlage zu schützen oder geltend zu machen: (i) er bringt eine Bescheinigung der Depotbank bei, bei der er für die Schuldverschreibungen ein Wertpapierdepot unterhält, welche (a) den vollständigen Namen und die vollständige Adresse des Gläubigers enthält, (b) den Gesamt-

124 nennbetrag der Schuldverschreibungen bezeichnet, die unter dem Datum der Bestätigung auf dem Wertpapierdepot verbucht sind und (c) bestätigt, dass die Depotbank gegenüber dem Clea- ringsystem eine schriftliche Erklärung abgegeben hat, die die vorstehend unter (a) und (b) bezeichneten Informationen enthält und einen Bestätigungsvermerk des Clearingsystems trägt; und (ii) er legt eine Kopie der die betreffenden Schuldverschreibungen verbriefenden Globalurkunde vor, deren Übereinstimmung mit dem Original eine vertretungsberechtigte Person des Clearingsystems oder des Verwahrers des Clearingsystems bestätigt hat, ohne dass eine Vorlage der Originalbe- lege oder der die Schuldverschreibungen verbriefenden Globalurkunde in einem solchen Verfahren erforderlich wäre. Für die Zwecke des Vorstehenden bezeichnet „Depotbank“ jede Bank oder ein sonstiges anerkanntes Finanzinstitut, das berechtigt ist, das Wertpapierverwahrungsgeschäft zu betreiben und bei der/dem der Gläubiger ein Wertpapierdepot für die Schuldverschreibungen unterhält und ein Konto beim Clearingsystem unterhält, einschließlich des Clearingsystems. Unbe- schadet des Vorstehenden kann jeder Gläubiger seine Rechte aus den Schuldverschreibungen auch auf jede andere Weise schützen oder geltend machen, die im Land des Rechtsstreits prozes- sual zulässig ist.

§ 14 SPRACHE

Falls die Emis- [Diese Emissionsbedingungen sind in deutscher Sprache abgefasst. Eine Übersetzung in die eng- sionsbedingungen in deutscher lische Sprache ist beigefügt. Der deutsche Text ist bindend und maßgeblich. Die Übersetzung in Sprache mit einer Übersetzung in die die englische Sprache ist unverbindlich.] englische Sprache abgefasst sind, einfügen:

Falls die Emis- [Diese Emissionsbedingungen sind in englischer Sprache abgefasst. Eine Übersetzung in die deut- sionsbedingungen in englischer sche Sprache ist beigefügt. Der englische Text ist bindend und maßgeblich. Die Übersetzung in die Sprache mit einer Übersetzung in die deutsche Sprache ist unverbindlich.] deutsche Sprache abgefasst sind, einfügen:

Falls die Emis- [Diese Emissionsbedingungen sind ausschließlich in deutscher Sprache abgefasst.] sionsbedingungen ausschließlich in deutscher Sprache abgefasst sind, einfügen:

Falls die Emis- [Diese Emissionsbedingungen sind ausschließlich in englischer Sprache abgefasst.] sionsbedingungen ausschließlich in englischer Sprache abgefasst sind, einfügen:

125 FORM OF GUARANTEE (non-binding English translation)

GUARANTEE

of ThyssenKrupp AG, Duisburg and Essen, Federal Republic of Germany, for the benefit of the holders of notes (the “Notes”) issued by ThyssenKrupp Finance Nederland B. V., Krimpen aan den IJssel, The Netherlands, under the Debt IssuanceProgramme (the “Programme”) of ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V.

WHEREAS: (A) ThyssenKrupp AG (“ThyssenKrupp”) and ThyssenKrupp Finance Nederland B. V. (“ThyssenKrupp Finance”) intend to issue Notes under the Programme from time to time, the outstanding aggregate nominal amount of which will not exceed the Programme Amount. (B) The Notes will be issued with Terms and Conditions under German law (as amended, supplemented or modified by the applicable Final Terms, the “Conditions”). (C) ThyssenKrupp AG (the “Guarantor”) wishes to guarantee the due payment of principal and interest and any other amounts payable in respect of any and all Notes that may be issued by ThyssenKrupp Finance under the Pro- gramme.

IT IS AGREED AS FOLLOWS: 1. The Guarantor unconditionally and irrevocably guarantees to the holder of each Note (which expression shall include any Temporary Global Note or Permanent Global Note representing Notes) (each a “Holder”) issued by ThyssenKrupp Finance now or at any time hereafter under the Programme, the due and punctual payment of the principal of, and interest on, the Notes and any other amounts which may be expressed to be payable under any Note, as and when the same shall become due, in accordance with the Conditions. 2. This Guarantee constitutes an irrevocable, unsecured (subject to paragraph (4) hereunder) and unsubordinated obligation of the Guarantor and ranks pari passu with all other present or future unsecured and unsubordinated obligations of the Guarantor outstanding from time to time, subject to any obligations preferred by law. 3. All amounts payable in respect of the Notes shall be made without any withholding at source or deduction at source of any present or future taxes, duties, assessments or governmental charges of whatever kind which are imposed, levied or collected by or in or on behalf of the Federal Republic of Germany or The Netherlands or by or on behalf of a regional or local authority empowered to impose taxes therein (“Withholding Taxes”) unless this is required by law. In that event, the Guarantor will pay such additional amounts as may be necessary to ensure the payment to the Holders of the full nominal amount of principal and interest. The tax on interest which has been in effect in the Federal Republic of Germany since 1 January 1993 and the solidarity surcharge which has been in effect since 1 January 1995 do not constitute such Withholding Tax as described above. The Guarantor shall, however, not be obliged to pay any additional amounts on account of such Withholding Taxes: (a) which are payable on payments of principal and interest otherwise than by deduction or withholding at source; or (b) to which the Holder is subject for any reason other than the mere fact of his being a Holder or receiving principal or interest in respect thereof, in particular if the Holder is subject to such taxes, duties or governmental charges because of a personal unrestricted or restricted tax liability or if the Holder for the purposes of the relevant tax laws is regarded as an individual or corporate resident in another member state of the European Union; or (c) are deducted or withheld pursuant to (i) any European Union Directive or Regulation concerning the taxation of interest income, or (ii) any international treaty or understanding relating to such taxation and to which the Federal Republic of Germany or The Netherlands or the European Union is a party, or (iii) any provision of law

126 implementing, or complying with, or introduced to conform with, such Directive, Regulation, treaty or understanding. 4. The obligations of the Guarantor under this Guarantee (i) shall be separate and independent from the obligations of ThyssenKrupp Finance under the Notes, (ii) shall exist irrespective of the legality, validity and binding effect or enforceability of the Notes, and (iii) shall not be affected by any event, condition or circumstance of whatever nature, whether factual or legal, save the full, definitive and irrevocable satisfaction of any and all payment obligations expressed to be assumed under the Notes. 5. So long as any Note issued by the Guarantor or ThyssenKrupp Finance under the Programme remains outstanding, but not beyond the day on which payment of the final amounts being due for interest, principal and any additional amounts has been made to the Fiscal Agent, the Guarantor has undertaken (i) not to secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefor, by pledging, assigning, transferring, mortgaging, or in any other way creating any security interest over, any of its present or future assets, (ii) to ensure that its Material Subsidiaries (as defined below) will not secure any present or future Bond Issues (as defined below), including any guarantees or indemnities given therefor, by pledging, assigning, transferring, or mortgaging any of their respective assets or in any other way creating any security interest over, any of their present or future assets under the laws of any other country, without at the same time equally and rateably extending such security to the Holders or granting them any other, in the opinion of an independent reputable accounting firm not less favourable, security, unless such security is prescribed by mandatory provisions of law or by governmental authority, either in individual cases or generally. “Bond Issue” shall for the purposes of this Guarantee mean any issue of Bonds or similar securities which are being, or intended to be, or may be, quoted, listed or dealt in or traded on any stock exchange or over-the-counter or similar securities market. “Material Subsidiary” shall mean: ThyssenKrupp Steel AG, Duisburg ThyssenKrupp Services AG, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Acciai Speciali Terni S. p. A., Terni, Italy ThyssenKrupp Materials Inc., Southfield/Michigan, USA ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach ThyssenKrupp Elevator Corp., Horn Lake/Mississippi, USA ThyssenKrupp Waupaca, Inc., Waupaca/Wisconsin, USA ThyssenKrupp Mannex GmbH, Düsseldorf or their legal successors, and any other company whose sales, as shown in its most recent audited annual accounts, amount to at least one billion Euro, provided in each case that the interest directly or indirectly held by ThyssenKrupp amounts to more than 50 %. Any security to be granted in accordance with this § 5 may also be provided to a person acting as trustee for the Holders. 6. The obligations of the Guarantor under this Guarantee shall, without any further act or thing being required to be done or to occur, extend to the obligations of any Substitute Debtor which is not the Guarantor arising in respect of any Note by virtue of a substitution pursuant to the Conditions. 7. This Agreement and all undertakings contained herein constitute a contract for the benefit of the Holders from time to time as third party beneficiaries pursuant to § 328 (1) BGB (German Civil Code) (1). They give rise to the right of each such Holder to require performance of the obligations undertaken herein directly from the Guarantor, and to enforce such obligations directly against the Guarantor. 8. Deutsche Bank Aktiengesellschaft which accepted this Guarantee, in its capacity as Fiscal Agent does not act in a relationship of agency or trust, a fiduciary or in any other similar capacity for the Holders. 9. Terms used in this Agreement and not otherwise defined herein shall have the meaning attributed to them in the Conditions.

(1) An English language translation of § 328 (1) BGB (German Civil Code) reads as follows: “A contract may stipulate performance for the benefit of a third party, to the effect that the third party acquires the right directly to demand performance.”

127 10. This Agreement shall be governed by, and construed in accordance with, German law. 11. This Agreement is written in the German language and attached hereto is a non-binding English translation. 12. The original version of this Agreement shall be delivered to, and kept by, Deutsche Bank Aktiengesellschaft. 13. Exclusive place of jurisdiction for all legal proceedings arising out of or in connection with this Agreement against the Guarantor shall be Düsseldorf. 14. On the basis of a copy of this Agreement certified as being a true copy by a duly authorised officer of Deutsche Bank Aktiengesellschaft each Holder may protect and enforce in his own name his rights arising under this Agree- ment in any legal proceedings against the Guarantor or to which such Holder and the Guarantor are parties, without the need for production of this Agreement in such proceedings.

17 January 2007

THYSSENKRUPP AG

______

We accept the terms of the above Guarantee.

17 January 2007

DEUTSCHE BANK AKTIENGESELLSCHAFT

128 MUSTER DER GARANTIE

GARANTIE

der ThyssenKrupp AG, Duisburg und Essen, Bundesrepublik Deutschland, zugunsten der Gläubiger von Schuldverschreibungen (die „Schuldverschreibungen“), die von der ThyssenKrupp Finance Nederland B. V., Krimpen aan den IJssel, Niederlande im Rahmen des Debt Issuance Programms, der ThyssenKrupp AG und der ThyssenKrupp Finance Nederland B. V. (das „Programm“) begeben werden

PRÄAMBEL (A) Die ThyssenKrupp AG („ThyssenKrupp“) und die ThyssenKrupp Finance Nederland B. V. („ThyssenKrupp Finance“) beabsichtigen, von Zeit zu Zeit Schuldverschreibungen im Rahmen des Programms zu begeben, deren jeweils aus- stehender Gesamtnennbetrag das von Zeit zu Zeit bestehende Programm-Limit nicht übersteigt. (B) Die Schuldverschreibungen unterliegen den Emissionsbedingungen der Schuldverschreibungen nach deutschem Recht (in der durch die anwendbaren Endgültigen Bedingungen jeweils geänderten, ergänzten oder modifizierten Fassung, die „Bedingungen“). (C) Die ThyssenKrupp AG (die „Garantin“) beabsichtigt, mit dieser Garantie die Zahlung von Kapital und Zinsen sowie von sonstigen Beträgen zu garantieren, die auf Grund der von der ThyssenKrupp Finance zu irgendeiner Zeit im Rahmen des Programms begebenen Schuldverschreibungen zu leisten sind.

HIERMIT WIRD FOLGENDES VEREINBART: 1. Die Garantin übernimmt gegenüber den Gläubigern jeder einzelnen Schuldverschreibung (wobei dieser Begriff jede (vorläufige oder Dauer-) Globalurkunde, die Schuldverschreibungen verbrieft, einschließt), die jetzt oder später von der ThyssenKrupp Finance im Rahmen des Programms begeben wird, die unbedingte und unwiderrufliche Garantie für die ordnungsgemäße Zahlung von Kapital und Zinsen auf die Schuldverschreibungen sowie von jeglichen sonstigen Beträgen, die in Übereinstimmung mit den Bedingungen auf irgendeine Schuldverschreibung zahlbar sind, und zwar zu den in den Bedingungen bestimmten Fälligkeiten. 2. Diese Garantie begründet eine unwiderrufliche, nicht nachrangige und (vorbehaltlich der Bestimmungen in Ziffer 4 dieser Garantie) nicht besicherte Verpflichtung der Garantin, die mit allen sonstigen nicht nachrangigen und nicht besicherten Verpflichtungen der Garantin wenigstens im gleichen Rang steht (soweit nicht zwingende gesetzliche Bestimmungen entgegenstehen). 3. Sämtliche auf die Schuldverschreibungen zu zahlenden Beträge sind ohne Einbehalt an der Quelle oder Abzug an der Quelle von oder wegen irgendwelchen gegenwärtigen oder zukünftigen Steuern, Abgaben, Veranlagungen oder regierungsseitigen Gebühren gleich welcher Art, die von oder in der Bundesrepublik Deutschland oder der Niederlande oder für deren Rechnung oder von oder für Rechnung einer dort zur Steuererhebung ermächtigten Gebietskörperschaft oder Behörde auferlegt, erhoben oder eingezogen werden („Quellensteuern“), zu zahlen, es sei denn, dies ist gesetzlich vorgeschrieben. In diesem Fall wird die Garantin diejenigen zusätzlichen Beträge (die „zusätzlichen Beträge“) zahlen, die erforderlich sind, um die Zahlung von Zinsen und Kapital zum jeweiligen vollen Nennbetrag an die Gläubiger sicherzustellen. Die seit dem 1. Januar 1993 in der Bundesrepublik Deutschland geltende Zinsabschlagsteuer und der ab dem 1. Januar 1995 erhobene Solidaritätszuschlag sind keine Quellen- steuern im oben genannten Sinne. Die Garantin ist jedoch zur Zahlung zusätzlicher Beträge wegen solcher Quellensteuern nicht verpflichtet, (a) die auf andere Weise als durch Abzug an der Quelle oder Einbehalt an der Quelle aus Zahlungen von Kapital oder Zinsen zu entrichten sind; oder (b) denen der Gläubiger aus irgendeinem anderen Grund als allein der bloßen Tatsache, dass er Inhaber von Schuldverschreibungen oder Empfänger von Kapital oder Zinsen aus den Schuldverschreibungen ist, unterliegt, und zwar insbesondere wenn der Gläubiger auf Grund einer persönlichen unbeschränkten oder beschränkten Steuerpflicht derartigen Steuern, Gebühren oder Abgaben unterliegt, oder wenn der Gläubiger

129 für die Zwecke der betreffenden Steuergesetze als gebietsansässige natürliche oder juristische Person in einem anderen Mitgliedsstaat der Europäischen Union angesehen wird; oder (c) auf Grund (i) einer Richtlinie oder Verordnung der Europäischen Union betreffend die Besteuerung von Zins- erträgen oder (ii) einer zwischenstaatlichen Vereinbarung über deren Besteuerung, an der die Bundesrepublik Deutschland oder die Niederlande oder die Europäische Union beteiligt ist, oder (iii) einer gesetzlichen Vorschrift, die diese Richtlinie, Verordnung oder Vereinbarung umsetzt oder befolgt, abzuziehen oder einzubehalten sind. 4. Die Verpflichtungen der Garantin aus dieser Garantie (i) sind selbständig und unabhängig von den Verpflichtungen der ThyssenKrupp Finance aus den Schuldverschreibungen, (ii) bestehen ohne Rücksicht auf die Rechtmäßigkeit, Gültigkeit, Verbindlichkeit und Durchsetzbarkeit der Schuldverschreibungen und (iii) werden nicht durch irgendein Ereignis, eine Bedingung oder einen Umstand tatsächlicher oder rechtlicher Natur berührt, außer durch die volle, endgültige und unwiderrufliche Erfüllung jedweder in den Schuldverschreibungen ausdrücklich eingegangener Zahlungsverpflichtungen. 5. Solange eine von ihr oder der ThyssenKrupp Finance unter dem Programm begebene Schuldverschreibung aussteht (jedoch nicht länger als bis zu dem Tag, an dem die Zahlung der letzten Beträge für Zinsen, Kapital und etwaiger Zusatzbeträge an den Fiscal Agent geleistet worden ist), verpflichtet sich die Garantin, (i) zukünftig keine gegenwärtigen oder zukünftigen Verbindlichkeiten aus Anleiheemissionen (wie nachstehend definiert) einschließlich dafür übernommener Garantien und anderer Gewährleistungen durch Verpfändung, Abtretung, Übertragung, Hypothekenbestellung oder Begründung irgendeiner anderen Belastung an gegen- wärtigen oder zukünftigen Vermögenswerten der Garantin zu sichern, und (ii) ihre Wesentlichen Tochtergesellschaften (wie nachstehend definiert) zu veranlassen, zukünftig keine Sicher- heiten an deren jeweiligem Vermögen für gegenwärtige oder zukünftige Verbindlichkeiten aus Anleiheemis- sionen (wie nachstehend definiert) einschließlich dafür übernommener Garantien und anderer Gewährleistun- gen durch Verpfändung, Abtretung, Übertragung, Hypothekenbestellung oder Begründung wirtschaftlich vergleichbarer Belastungen an gegenwärtigen oder zukünftigen Vermögenswerten nach dem Recht anderer Rechtsordnungen an deren jeweiligem Vermögen zu gewähren, sofern eine solche Sicherheit nicht gleichzeitig, anteilig und gleichrangig den Gläubigern eingeräumt oder ihnen nicht eine andere, nach Auffassung eines angesehenen, unabhängigen Wirtschaftsprüfers mindestens gleichwertige Sicherheit gewährt wird, es sei denn, dass eine solche Besicherung gesetzlich zwingend oder behördlich im Einzelfall oder generell vorgeschrieben ist. „Anleiheemission“ bedeutet für die Zwecke dieser Ziffer 5 jede Emission von Schuldverschreibungen oder ähn- lichen Wertpapieren, die an einer Wertpapierbörse, im Freiverkehr oder einem anderen Wertpapiermarkt notiert, eingeführt oder gehandelt werden oder notiert, eingeführt oder gehandelt werden sollen oder können. „Wesentliche Tochtergesellschaft“ im Sinne dieser Garantie sind: ThyssenKrupp Steel AG, Duisburg ThyssenKrupp Services AG, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Acciai Speciali Terni S. p. A., Terni, Italien ThyssenKrupp Materials Inc., Southfield/Michigan, USA ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach ThyssenKrupp Elevator Corp., Horn Lake/Mississippi, USA ThyssenKrupp Waupaca, Inc., Waupaca/Wisconsin, USA ThyssenKrupp Mannex GmbH, Düsseldorf oder deren Rechtsnachfolger, sowie jede andere Gesellschaft, die jeweils zu ihrem letzten testierten Jahres- abschluss einen Umsatz von mindestens 1,0 Mrd. Euro erzielt hat, soweit die ThyssenKrupp jeweils an diesen unmittelbar oder mittelbar mit mehr als 50 % beteiligt ist. Eine nach dieser Ziffer 5 zu leistende Sicherheit kann auch in der Person eines Treuhänders der Anleihegläubiger bestellt werden 6. Die Verpflichtungen der Garantin aus dieser Garantie erstrecken sich, ohne dass eine weitere Handlung vorgenommen werden oder ein weiterer Umstand vorliegen muss, auf die Verpflichtungen einer nicht mit der Garantin iden- tischen Nachfolgeschuldnerin, die infolge einer Schuldnerersetzung gemäß den anwendbaren Bestimmungen der Bedingungen in Bezug auf jedwede Schuldverschreibung entstehen.

130 7. Diese Garantie und alle hierin enthaltenen Vereinbarungen sind ein Vertrag zugunsten der Gläubiger der Schuld- verschreibungen als begünstigte Dritte gemäß § 328 Abs. 1 BGB und begründen das Recht eines jeden Gläubi- gers, die Erfüllung der hierin eingegangenen Verpflichtungen unmittelbar von der Garantin zu fordern und diese Verpflichtungen unmittelbar gegenüber der Garantin durchzusetzen. 8. Die Deutsche Bank Aktiengesellschaft mit der die hierin enthaltenen Vereinbarungen getroffen werden, handelt als Fiscal Agent nicht als Beauftragte, Treuhänderin oder in einer ähnlichen Eigenschaft für die Gläubiger von Schuld- verschreibungen. 9. Die hierin verwendeten und nicht anders definierten Begriffe haben die ihnen in den Bedingungen zugewiesene Bedeutung. 10. Diese Garantie unterliegt dem Recht der Bundesrepublik Deutschland. 11. Diese Garantie ist in deutscher Sprache abgefasst und in die englische Sprache übersetzt. Die deutschsprachige Fassung ist verbindlich und allein maßgeblich. 12. Das Original dieser Garantie wird der Deutsche Bank Aktiengesellschaft ausgehändigt und von dieser verwahrt. 13. Ausschließlicher Gerichtsstand für alle Rechtsstreitigkeiten gegen die Garantin aus oder im Zusammenhang mit dieser Garantie ist Düsseldorf. 14. Jeder Gläubiger einer Schuldverschreibung kann in jedem Rechtsstreit gegen die Garantin und in jedem Rechts- streit, in dem er und die Garantin Partei sind, seine aus dieser Garantie hervorgehenden Rechte auf der Grundlage einer von einer vertretungsberechtigten Person der Deutsche Bank Aktiengesellschaft beglaubigten Kopie dieser Garantie ohne Vorlage des Originals im eigenen Namen wahrnehmen und durchsetzen.

17. Januar 2007

THYSSENKRUPP AG

______

Wir akzeptieren die Bestimmungen der vorstehenden Garantie.

17. Januar 2007

DEUTSCHE BANK AKTIENGESELLSCHAFT

______

131 In case of Notes listed on the Luxembourg Stock Exchange or publicly offered in the Grand Duchy of Luxembourg, the Final Terms will be displayed on the website of the Luxembourg Stock Exchange (www.bourse.lu). In case of Notes listed on any other stock exchange or publicly offered in one or more member states of the European Economic Area other than the Grand Duchy of Luxembourg, the Final Terms may be obtained from ThyssenKrupp AG, August-Thyssen - Strasse 1, D-40211 Düsseldorf and ThyssenKrupp Finance Nederland B. V., Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel.

FORM OF FINAL TERMS (MUSTER – ENDGÜLTIGE BEDINGUNGEN)

[Date] [Datum] Final Terms Endgültige Bedingungen

[Title of relevant Series of Notes] [Bezeichnung der betreffenden Serie der Schuldverschreibungen] issued pursuant to the begeben auf Grund des

€ 3,000,000,000 Debt Issuance Programme

of der

ThyssenKrupp AG

and und

ThyssenKrupp Finance Nederland B. V.

dated 17 January 2007 vom 17. Januar 2007

Issue Price: [ ] per cent. Ausgabepreis: [ ] %

Settlement Date: [ ] ( 1) Tag der Begebung: [ ]

Serie No.: [ ] Serien Nr.: [ ]

These are the Final Terms of an issue of Notes under the € 3,000,000,000 Debt Issuance Programme of ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. (the “Programme”). Full information on ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. and the offer of the Notes is only available on the basis of the combination of the Debt Issuance Programme Prospectus pertaining to the Programme dated 17 January 2007 (the “Prospectus”) and these Final Terms. The Prospectus [and any supplement thereto] [is][are] available for viewing in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu) and copies may be obtained from ThyssenKrupp AG, August-Thyssen-Strasse 1, D-40211 Düsseldorf and ThyssenKrupp Finance Nederland B. V., Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel.

Dies sind die Endgültigen Bedingungen einer Emission von Schuldverschreibungen unter dem € 3.000.000.000 Debt Issuance Programm von ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. (das „Programm“). Vollstän- dige Informationen über ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. und das Angebot der Schuld-

(1) The Settlement Date is the date of payment and settlement of the Notes. In the case of free delivery, the Settlement Date is the delivery date. Der Tag der Begebung ist der Tag, an dem die Schuldverschreibungen begeben und bezahlt werden. Bei freier Lieferung ist der Tag der Begebung der Tag der Lieferung.

132 verschreibungen sind nur verfügbar, wenn die Endgültigen Bedingungen und der Basisprospekt vom 17. Januar 2007 über das Programm (der „Prospekt“) zusammengenommen werden. Der Prospekt [sowie jeder Nachtrag] [kann][können] in elektronischer Form auf der Internetseite der Wertpapierbörse Luxemburg (www.bourse.lu) einge- sehen werden. Kopien sind erhältlich bei ThyssenKrupp AG, August-Thyssen-Straße 1, D-40211 Düsseldorf und ThyssenKrupp Finance Nederland B. V., Van Utrechtweg 99, NL-2921 LN Krimpen aan den IJssel.

Part I. TERMS AND CONDITIONS Teil I. EMISSIONSBEDINGUNGEN

[In the case of Long-form Conditions, insert: Im Fall von nicht konsolidierten Bedingungen einfügen:

This part I of the Final Terms is to be read in conjunction with the Terms and Conditions of the Notes (the “Terms and Conditions’’) set forth in the Prospectus, as the same may be amended or supplemented from time to time. Capital- ised Terms not otherwise defined herein shall have the meanings specified in the Terms and Conditions.

Dieser Teil I der Endgültigen Bedingungen ist in Verbindung mit den Emissionsbedingungen der Schuldverschreibun- gen (die „Emissionsbedingungen“) zu lesen, die in der jeweils geltenden Fassung des Prospekts enthalten sind. Begriffe, die in den Emissionsbedingungen definiert sind, haben, falls die Endgültigen Bedingungen nicht etwas anderes bestimmen, die gleiche Bedeutung, wenn sie in diesen Endgültigen Bedingungen verwendet werden.

All references in this Final Terms to numbered paragraphs and subparagraphs are to paragraphs and subparagraphs of the Terms and Conditions.

Bezugnahmen in diesen Endgültigen Bedingungen auf Paragraphen und Absätze beziehen sich auf die Paragraphen und Absätze der Emissionsbedingungen.

All provisions in the Terms and Conditions corresponding to items in this Final Terms which are either not selected or completed or which are deleted shall be deemed to be deleted from the terms and conditions applicable to the Notes (the “Conditions”).

Sämtliche Bestimmungen der Emissionsbedingungen, die sich auf Variablen dieser Endgültigen Bedingungen beziehen und die weder angekreuzt noch ausgefüllt werden oder die gestrichen werden, gelten als in den auf die Schuldver- schreibungen anwendbaren Emissionsbedingungen (die „Bedingungen“) gestrichen.]

[In the case of Integrated Conditions, insert: Im Fall von konsolidierten Bedingungen einfügen:

The Integrated Conditions applicable to the Notes and the German or English language translation thereof, if any, are attached hereto. The Integrated Conditions shall take precedence over any conflicting term set forth in this part I of the Final Terms.

Die für die Schuldverschreibungen geltenden Bedingungen und eine etwaige deutsch- oder englischsprachige Über- setzung sind diesen Endgültigen Bedingungen beigefügt. Die konsolidierten Bedingungen gehen etwaigen abweichenden Bestimmungen des Teil I dieser Endgültigen Bedingungen vor.]

Issuer Emittentin ThyssenKrupp AG ThyssenKrupp Finance Nederland B. V.

133 Form of Conditions ( 2) Form der Bedingungen Long-Form Nicht-konsolidierte Bedingungen Integrated Konsolidierte Bedingungen

Language of Conditions ( 3) Sprache der Bedingungen German only ausschließlich Deutsch English only ausschließlich Englisch English and German (English binding) Englisch und Deutsch (englischer Text maßgeblich) German and English (German binding) Deutsch und Englisch (deutscher Text maßgeblich)

CURRENCY, DENOMINATION, FORM, CERTAIN DEFINITIONS (§ 1) WÄHRUNG, STÜCKELUNG, FORM, DEFINITIONEN (§ 1)

Currency and Denomination ( 4) Währung und Stückelung Specified Currency [ ] Festgelegte Währung Aggregate Principal Amount [ ] Gesamtnennbetrag Specified Denomination [ ] Festgelegte Stückelung

(2) To be determined in consultation with the Issuer. It is anticipated that Long-Form Conditions will generally be used for Notes in bearer form sold on a non-syndicated basis and which are not publicly offered. Integrated Conditions will generally be used for Notes in bearer form sold and distributed on a syndicated basis. Integrated Conditions will be required where the Notes are to be publicly offered, in whole or in part, or to be distributed, in whole or in part, to non-professional investors. Die Form der Bedingungen ist in Abstimmung mit der Emittentin festzulegen. Es ist vorgesehen, dass nicht-konsolidierte Bedingungen für Inhaberschuldverschreibungen verwendet werden, die auf nicht syndizierter Basis verkauft und die nicht öffentlich zum Verkauf angeboten werden. Konsolidierte Bedingungen werden in der Regel für Inhaberschuldverschreibungen verwendet, die auf syndizierter Basis verkauft und vertrieben werden. Konsolidierte Bedingungen sind erforderlich, wenn die Schuldverschreibungen insgesamt oder teilweise öffentlich zum Verkauf angeboten werden oder insgesamt oder teilweise an nicht berufsmäßige oder gewerbliche Investoren verkauft werden. (3) To be determined in consultation with the Issuer. It is anticipated that, subject to any stock exchange or legal requirements applicable from time to time, and unless otherwise agreed, in the case of Notes in bearer form sold and distributed on a syndicated basis, German will be the controlling language. In the case of Notes in bearer form publicly offered, in whole or in part, in the Federal Republic of Ger- many, or distributed, in whole or in part, to non-professional investors in the Federal Republic of Germany, German will be the controlling language. If, in the event of such public offer or distribution to non-professional investors, however, English is chosen as the controlling language, a German language translation of the Conditions will be available from the principal office of ThyssenKrupp AG. In Abstimmung mit der Emittentin festzulegen. Es wird erwartet, dass vorbehaltlich geltender Börsen- oder anderer Bestimmungen und soweit nicht anders vereinbart, die deutsche Sprache für Inhaberschuldverschreibungen maßgeblich sein wird, die auf syndizierter Basis verkauft und vertrieben werden. Falls Inhaberschuldverschreibungen insgesamt oder teilweise öffentlich zum Verkauf in der Bundesre- publik Deutschland angeboten oder an nicht berufsmäßige oder gewerbliche Investoren in der Bundesrepublik Deutschland verkauft werden, wird die deutsche Sprache maßgeblich sein. Falls bei einem solchen öffentlichen Verkaufsangebot oder Verkauf an nicht beruf- smäßige oder gewerbliche Investoren die englische Sprache als maßgeblich bestimmt wird, wird eine deutschsprachige Übersetzung der Bedingungen bei der Hauptgeschäftsstelle der ThyssenKrupp AG erhältlich sein. (4) The minimum denomination of the Notes will be, if in euro, € 1,000, and, if in any currency other than euro, in an amount in such other currency exceeding the equivalent of € 1,000 at the time of the issue of the Notes. Die Mindeststückelung der Schuldverschreibungen beträgt € 1.000, bzw. falls die Schuldverschreibungen in einer anderen Währung als Euro begeben werden, einem Betrag in dieser anderen Währung, der zur Zeit der Begebung der Schuldverschreibungen dem Gegenwert von € 1.000 entspricht oder diesen übersteigt.

134 Minimum Principal Amount for Transfers (specify) [ ] Mindestnennbetrag für Übertragungen (angeben) Number of Notes to be issued in each specified Denomination [ ] Anzahl der in jeder festgelegten Stückelung auszugebenden Schuldverschreibungen TEFRA C TEFRA C Permanent Global Note Dauerglobalurkunde TEFRA D TEFRA D Temporary Global Note exchangeable for Permanent Global Note Vorläufige Globalurkunde austauschbar gegen Dauerglobalurkunde Neither TEFRA D nor TEFRA C ( 5) Weder TEFRA D noch TEFRA C Permanent Global Note Dauerglobalurkunde

Certain Definitions Definitionen

Clearing System Clearingsystem Clearstream Banking AG, Frankfurt am Main (CBF) Neue Börsenstraße 1 D-60487 Frankfurt am Main Clearstream Banking, société anonyme, Luxembourg (CBL) 42 Avenue JF Kennedy L-1855 Luxembourg Euroclear Bank S. A./N. V., as operator of the Euroclear System (Euroclear) Euroclear Bank S. A./N. V., als Betreiberin des Euroclear System (Euroclear) 1 Boulevard du Roi Albert II B-1210 Brussels Other – specify Sonstige (angeben)

Calculation Agent [Yes/No] Berechnungsstelle [Ja/Nein] Fiscal Agent Other (specify) [ ] Sonstige (angeben)

INTEREST (§ 3) ZINSEN (§ 3) Fixed Rate Notes Festverzinsliche Schuldverschreibungen

(5) Applicable only if Notes have an initial maturity of one year or less. Nur anwendbar bei Schuldverschreibungen mit einer ursprünglichen Laufzeit von einem Jahr oder weniger.

135 Rate of Interest and Interest Payment Dates Zinssatz und Zinszahlungstage

Rate of Interest [ ] per cent. per annum Zinssatz [ ] % per annum

Interest Commencement Date [ ] Verzinsungsbeginn

Fixed Interest Date(s) [ ] Festzinstermin(e)

First Interest Payment Date [ ] Erster Zinszahlungstag

Initial Broken Amount(s) (for the Specified Denomination) [ ] Anfängliche(r) Bruchteilzinsbetrag(-beträge) (für die festgelegte Stückelung)

Fixed Interest Date preceding the Maturity Date [ ] Festzinstermin, der dem Fälligkeitstag vorangeht

Final Broken Amount(s) (per Specified Denomination) [ ] Abschließende(r) Bruchteilzinsbetrag(-beträge) (für jede festgelegte Stückelung) Floating Rate Notes Variabel verzinsliche Schuldverschreibungen

Interest Payment Dates Zinszahlungstage

Interest Commencement Date [ ] Verzinsungsbeginn

Specified Interest Payment Dates [ ] Festgelegte Zinszahlungstage

Deemed Interest Payment Date(s) (6) [ ] Fiktive(r) Zinszahlungstag(e) [ ]

Specified Interest Period(s) [ ][weeks/months/other – specify] Festgelegte Zinsperiode(n) [ ][Wochen/Monate/andere – angeben]

Business Day Convention Geschäftstagskonvention Modified Following Business Day Convention Modifizierte-Folgender-Geschäftstag-Konvention FRN Convention (specify period(s)) [ ][months/other – specify] FRN-Konvention (Zeitraum angeben) [ ][Monate/andere – angeben] Following Business Day Convention Folgender-Geschäftstag-Konvention Preceding Business Day Convention Vorangegangener-Geschäftstag-Konvention

(6) Only applicable in the case of Actual/Actual (ICMA). Nur relevant, falls der Zinstagequotient Actual/Actual (ICMA) anwendbar ist.

136 Relevant Financial Centres [ ] Relevante Finanzzentren

Rate of Interest Zinssatz Screen Rate Determination Bildschirmfeststellung EURIBOR (11.00 a. m. Brussels time/TARGET Business Day/ Interbankmarket in the Euro-zone) EURIBOR (11.00 Uhr Brüsseler Ortszeit/TARGET Geschäftstag/ Interbankenmarkt in der Euro-Zone) Screen page [ ] Bildschirmseite LIBOR (London time/London Business Day/London Interbank Market) LIBOR (Londoner Ortszeit/Londoner Geschäftstag/Londoner Interbankmarkt) Screen page [ ] Bildschirmseite Other (specify) [ ] Sonstige (angeben) Screen page [ ] Bildschirmseite Other applicable rounding provision (specify) [ ] Andere anwendbare Rundungsbestimmung (angeben)

Margin [ ] per cent. per annum Marge [ ] % per annum plus plus minus minus

Interest Determination Date Zinsfestlegungstag second Business Day prior to commencement of Interest Period zweiter Geschäftstag vor Beginn der jeweiligen Zinsperiode first day of each Interest Period erster Tag der jeweiligen Zinsperiode other (specify) [ ] sonstige (angeben)

Reference Banks (if other than as specified in § 3(2)) (specify) [ ] Referenzbanken (sofern abweichend von § 3 Absatz 2) (angeben) ISDA Determination (7) [specify details] ISDA-Feststellung [Details einfügen] Other Method of Determination (insert details (including Margin, [ ] Interest Determination Date, Reference Banks, fall-back provisions))

(7) ISDA Determination should only be applied in the case of Notes permanently represented by a Global Note because the ISDA Agreement and the ISDA Definitions have to be attached to the relevant Notes. ISDA-Feststellung sollte nur dann gewählt werden, wenn die betreffenden Schuldverschreibungen durch eine Dauerglobalurkunde verbrieft werden, weil das ISDA-Agreement und die ISDA Definitionen den Schuldverschreibungen beizufügen sind.

137 Andere Methoden der Bestimmung (Einzelheiten angeben (einschließlich Zinsfestlegungstag, Marge, Referenzbanken, Ausweichungsbestimmungen))

Minimum and Maximum Rate of Interest Mindest- und Höchstzinssatz Minimum Rate of Interest [ ] per cent. per annum Mindestzinssatz [ ] % per annum Maximum Rate of Interest [ ] per cent. per annum Höchstzinssatz [ ] % per annum Zero Coupon Notes Nullkupon-Schuldverschreibungen Accrual of Interest Auflaufende Zinsen Amortisation Yield [ ] Emissionsrendite Dual Currency Notes [ ] Doppelwährungs-Schuldverschreibungen (set forth details in full here (including exchange rate(s) or basis for calculating exchange rate(s) to determine interest and fall-back provisions)) (Einzelheiten einfügen (einschließlich Wechselkurs(e) oder Grundlage für die Berechnung des/der Wechselkurs(e) zur Bestimmung von Zinsbeträgen und Ausweichbestimmungen)) Instalment Notes [ ] Raten-Schuldverschreibungen (set forth details in full here) (Einzelheiten einfügen) Index Linked Notes [ ] Indexierte Schuldverschreibungen (set forth details in full here or in an attachment (including index/formula, basis for calculating interest and fall back provisions)) (Einzelheiten hier oder in einer Anlage (einschließlich des Index/der Formel, der Grundlagen für die Berechnung der Zinsbeträge sowie Ausweichbestimmungen) einfügen) Credit Linked Notes [ ] Credit Linked Notes (set forth details in full here (including basis for calculating interest and fall back provisions)or in an attachment) (Einzelheiten hier oder in einer Anlage (einschließlich der Grundlagen für die Berechnung der Zinsbeträge sowie Ausweichbestimmungen) einfügen) other Notes [ ] sonstige Schuldverschreibungen (set forth details in full here (including basis for calculating interest and fall back provisions)) (Einzelheiten einfügen (einschließlich der Grundlagen für die Berechnung der Zinsbeträge sowie Ausweichbestimmungen))

138 Day Count Fraction ( 8) Zinstagequotient Actual/Actual (ICMA) Actual/Actual (ISDA) Actual/365 (Fixed) Actual/360 30/360 or 360/360 (Note Basis) 30E/360 (Eurobond Basis) Other Sonstige

PAYMENTS (§ 4) ZAHLUNGEN (§ 4) Payment Business Day Zahlungstag Relevant Financial Centre(s) (specify all) (9) [ ] Relevante Finanzzentren (alle angeben)

REDEMPTION (§ 5) RÜCKZAHLUNG (§ 5) Final Redemption Rückzahlung bei Endfälligkeit Notes other than Instalment Notes Schuldverschreibungen außer Raten-Schuldverschreibungen Maturity Date [ ] Fälligkeitstag Redemption Month [ ] Rückzahlungsmonat Final Redemption Amount Rückzahlungsbetrag Principal amount Nennbetrag Final Redemption Amount (for the Specified Denomination) [ ] Rückzahlungsbetrag (für die festgelegte Stückelung)

Instalment Notes Raten-Schuldverschreibungen Instalment Date(s) [ ] Ratenzahlungstermin(e) Instalment Amount(s) [ ] Rate(n)

Early Redemption Vorzeitige Rückzahlung

(8) Complete for all Notes. Für alle Schuldverschreibungen auszufüllen. (9) Only relevant for fixed rate Notes or Zero Coupon Notes. Nur relevant im Falle von festverzinslichen oder Null-Kupon Schuldverschreibungen.

139 Early Redemption at the Option of the Issuer [Yes/No] Vorzeitige Rückzahlung nach Wahl der Emittentin [Ja/Nein] Minimum Redemption Amount [ ] Mindestrückzahlungsbetrag Higher Redemption Amount [ ] Höherer Rückzahlungsbetrag Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call) Call Redemption Amount(s) [ ] Wahlrückzahlungsbetrag/-beträge (Call) Minimum Notice to Holders [ ] Mindestkündigungsfrist Maximum Notice to Holders [ ] Höchstkündigungsfrist

Early Redemption at the Option of a Holder [Yes/No] Vorzeitige Rückzahlung nach Wahl des Gläubigers [Ja/Nein] Put Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Put) Put Redemption Amount(s) [ ] Wahlrückzahlungsbetrag/-beträge (Put) Minimum Notice to Issuer [ ] days Mindestkündigungsfrist [ ] Tage Maximum Notice to Issuer (never more than 60 days) [ ] days Höchstkündigungsfrist (nie mehr als 60 Tage) [ ] Tage

Early Redemption Amount Vorzeitiger Rückzahlungsbetrag Zero Coupon Notes: Nullkupon-Schuldverschreibungen: Addition of accrued interest Aufzinsung Reference Price [ ] Referenzpreis Amortization Yield Emissionsrendite Deduction of unaccrued interest Abzinsung Amortization Yield Emissionsrendite Dual Currency Notes [ ] Doppelwährungs-Schuldverschreibungen (set forth details in full here (including exchange rate(s) or basis for calculating exchange rate(s) to determine principal/fall-back provisions)) (Einzelheiten einfügen (einschließlich Wechselkurs(e) oder Grundlage für die Berechnung des/der Wechselkurs(e) zur Bestimmung von Kapitalbeträgen/Ausweichbestimmungen))

140 Index Linked Notes [ ] Indexierte Schuldverschreibungen (set forth details in full here or in an attachment) (Einzelheiten hier oder in einer Anlage einfügen) Credit Linked Notes [ ] Credit Linked Notes (set forth details in full here or in an attachment) (Einzelheiten hier oder in einer Anlage einfügen) Other Structured Notes [ ] Andere Strukturierte Schuldverschreibungen (set forth details in full here or in an attachment) (Einzelheiten hier oder in einer Anlage einfügen)

AGENTS (§ 6) Calculation Agent/specified office (10) [ ] Berechnungsstelle/bezeichnete Geschäftsstelle Required location of Calculation Agent (specify) [ ] Vorgeschriebener Ort für Berechnungsstelle (angeben) Additional Paying Agent(s)/specified office(s) [ ] Zahlstelle(n)/bezeichnete Geschäftsstelle(n)

NOTICES (§ 12) MITTEILUNGEN (§ 12)

Place and medium of publication Ort und Medium der Bekanntmachung Germany (elektronischer Bundesanzeiger) Deutschland (elektronischer Bundesanzeiger) and, to the extent legally required, und, soweit gesetzlich erforderlich, Germany (Börsen-Zeitung) Deutschland (Börsen-Zeitung) Other (specify) [ ] sonstige (angeben) G overning Law German Law Anwendbares Recht Deutsches Recht

(10) Not to be completed if Fiscal Agent is to be appointed as Calculation Agent. Nicht auszufüllen, falls Fiscal Agent als Berechnungsstelle bestellt werden soll.

141 Part II. OTHER INFORMATION Teil II. ZUSÄTZLICHE INFORMATIONEN [Specific Risk Factors(11) Spezielle Risikofaktoren] Interest of natural and legal persons involved in the issue/offer Interessen von Seiten natürlicher und juristischer Personen, die an der Emission/dem Angebot beteiligt sind

[none] [specify details] [keine] [Einzelheiten einfügen] [Reasons for the offer (12) Gründe für das Angebot [specify details] [Einzelheiten einfügen] Estimated net proceeds (13) [ ] Geschätzter Nettobetrag der Erträge Estimated total expenses of the issue (14) [ ] Geschätzte Gesamtkosten der Emission]

Securities Identification Numbers Wertpapier-Kenn-Nummern Common Code [ ] Common Code ISIN Code [ ] ISIN Code German Securities Code [ ] Wertpapier-Kenn-Nummer (WKN) Any other securities number [ ] Sonstige Wertpapier-Kenn-Nummer

Yield ( 15) Rendite

Yield [ ] Rendite

(11) Include only product specific risk factors which are not covered under “Risk Factors” in the Prospectus. Nur produktbezogene Risikofaktoren aufnehmen, die nicht bereits im Abschnitt „Risk Factors“ des Prospekts enthalten sind. (12) Not required for Notes with a Specified Denomination of at least € 50,000 which are not derivative securities to which Annex XII of the Commission Regulation (EC) 809/2004 of 29 April 2004 (the “Commission Regulation”) applies. See “Use of Proceeds” wording in the Prospectus. If reasons for the offer is different from making profit and/or hedging certain risks include those reasons here. Nicht erforderlich für Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000, bei denen es sich nicht um derivative Wertpapiere handelt, auf die Anhang XII der EG-Verordnung 809/2004 vom 29. April 2004 (die „EG-Verordnung“) Anwendung findet. Siehe „Use of Proceeds“ im Prospekt. Sofern die Gründe für das Angebot nicht in der Gewinnerzielung und/oder der Absicherung bestimmter Risiken bestehen, sind die Gründe hier anzugeben. (13) If the Notes are derivative securities (i. e. if the final redemption amount may be less than 100 per cent. of the principal amount of a Note) to which Annex XII of the Commission Regulation applies it is only necessary to include disclosure of estimated net proceeds where disclosure regarding reasons for the offer is included. Sofern es sich um derivative Wertpapiere (z. B. Wertpapiere, bei denen der Rückzahlungsbetrag geringer als 100 % des Nennbetrags sein kann) handelt, auf die Anhang XII der EG-Verordnung Anwendung findet, sind Angaben zu dem geschätzten Nettoerlös nur dann zu veröffentlichen, wenn Angaben zu den Gründen für das Angebot gemacht worden sind. (14) If the Notes are derivative securities to which Annex XII of the Prospectus Directive Regulation applies it is only necessary to include disclosure of total expenses where disclosure regarding reasons for the offer is included. Sofern es sich um derivative Wertpapiere handelt, auf die Anhang XII Anwendung findet, sind Angaben zu den geschätzten Gesamt- kosten nur dann zu veröffentlichen, wenn Angaben zu den Gründen für das Angebot gemacht worden sind. (15) Only applicable for Fixed Rate Notes. Nur für festverzinsliche Schuldverschreibungen anwendbar.

142 Method of calculating the yield (16) Berechnungsmethode der Rendite ICMA method: The ICMA method determines the effective interest rate of notes taking into account accrued interest on a daily basis. ICMA Methode: Die ICMA Methode ermittelt die Effektivverzinsung von Schuldverschreibungen unter Berücksichti- gung der täglichen Stückzinsen. Other method (specify) Andere Methoden (angeben) Historic Interest Rates ( 17) Zinssätze der Vergangenheit

Details of historic [EURIBOR][EURO-LIBOR][LIBOR][OTHER] rates can be obtained from [insert relevant Screen Page] Einzelheiten der Entwicklung der [EURIBOR][EURO-LIBOR][LIBOR][ANDERE] Sätze in der Vergangenheit können abgerufen werden unter [relevante Bildschirmseite einfügen] Details relating to the Performance of the [Index][Formula][Other Variable](18) Einzelheiten hinsichtlich der Entwicklung des [Index][der Formel][einer anderen Variablen] [specify details here (including where information relating to past and future performance and volatility of the index/ formula/other variable can be obtained] [Einzelheiten hier angeben (einschließlich, wo Informationen über die vergangene und künftige Weiterentwicklung sowie die Volatilität des Index/der Formel/einer anderen Variablen eingeholt werden können] Name of index ( 19) [ ] Bezeichnung des Index Description of index ( 20) / Details of where information [ ] about index can be obtained ( 21) Indexbeschreibung / Angaben, wo Informationen zum Index zu finden sind Description of interest rate ( 22) [ ] Beschreibung des Zinssatzes

(16) Not required for Notes with a Specified Denomination of at least € 50,000. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000. (17) Only applicable for Floating Rate Notes. Not required for Notes with a Specified Denomination of at least € 50,000. Nur bei variabel verzinslichen Schuldverschreibungen anwendbar. Nicht anwendbar auf Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000. (18) Only applicable for Index Linked or other variable-linked Notes. Nur bei Index Linked und Variable gebundenen Schuldverschreibungen anwendbar. (19) Only applicable for Notes where the underlying is an index. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt. (20) Only applicable for Notes where the underlying is an index, in case the index is composed by the Issuer. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt, sofern der Index von der Emit- tentin zusammengestellt wird. (21) Only applicable for Notes where the underlying is an index, in case the index is not composed by the Issuer. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt, sofern der Index nicht von der Emittentin zusammengestellt wird. (22) Only applicable for Notes where the underlying is an interest rate. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Zinssatz handelt.

143 Other equivalent information regarding the underlying [ ] (including, in the case of a basket of underlyings, a disclosure of the relevant weightings of each underlying in the basket) ( 23) Sonstige gleichwertigen Informationen bezüglich des Basiswertes (einschließlich, im Falle eines Korbs von Basiswerten, die Angabe der entsprechenden Gewichtungen jedes einzelnen Basiswertes im Korb) Comprehensive explanation of how the value of the investment is affected by the underlying and the circumstances when risks are most evident ( 24) Umfassende Erläuterung darüber, wie der Wert der Anlage durch den Wert des Basiswerts beeinflußt wird, insb. in den Fällen, in denen die Risiken offensichtlich sind

[insert details here] [Einzelheiten hier einfügen] Market disruption or settlement disruption events that may affect the underlying ( 25) Störungen des Markts oder bei der Abrechnung, die den Basiswert beeinfl ussen

[insert details here] [Einzelheiten hier einfügen] Adjustment rules with relation to events concerning the underlying Korrekturvorschriften in Bezug auf Vorfälle, die den Basiswert beeinfl ussen

[insert details here] [Einzelheiten hier einfügen] Details relating to the Performance of Rate(s) of Exchange and Explanation of Effect on Value of Invest- ment ( 26) Einzelheiten der Entwicklung des bzw. der Wechselkurse und Erläuterung der Auswirkungen auf den Wert der Anlagen

[specify details here] [Einzelheiten hier angeben]

Selling Restrictions Verkaufsbeschränkungen

The Selling Restrictions set out in the Prospectus shall apply. Es gelten die im Prospekt wiedergegebenen Verkaufsbeschränkungen. TEFRA C TEFRA C TEFRA D TEFRA D

(23) Only applicable for Notes where the underlying is not an index. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert nicht um einen Index handelt. (24) Not required for Notes with a Specified Denomination of at least € 50,000 or a minimum transfer amount of at least € 50,000. Nicht erforderlich bei Schuldverschreibungen anwendbar mit einer festgelegten Stückelung von mindestens € 50.000 oder Schuldver- schreibungen, die lediglich für mindestens € 50.000 pro Wertpapier erworben werden können. (25) To be completed only if applicable. Nur falls anwendbar einzufügen. (26) Only applicable for Dual Currency Notes. Need to include details of where past and future performance and volatility of the relevant rate(s) can be obtained. In case of Notes with a Specified Denomination of less than € 50,000 need to include a clear and comprehensive explanation of how the value of the investment is affected by the underlying and the circumstances when the risks are most evident. Nur bei Doppelwährungs-Schuldverschreibungen anwendbar. Angaben darüber erforderlich, wo Informationen über die vergangene und künftige Wertentwicklung und Volatilität der maßgeblichen Wechselkurse eingeholt werden können. Bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000 ist eine umfassende Erläuterung vorzunehmen, wie der Wert der Anlage durch den Wert des Basiswerts beeinflußt wird, insbesondere in Fällen, in denen die Risiken offensichtlich sind.

144 Neither TEFRA C nor TEFRA D Weder TEFRA C noch TEFRA D

Additional Selling Restrictions (specify) [ ] Zusätzliche Verkaufsbeschränkungen (angeben)

Taxation Besteuerung

Information on taxes on the income from the Notes withheld at source in respect of countries where the offer is being made or admission to trading is being sought (27). Informationen über die an der Quelle einbehaltene Steuer auf Schuldverschreibungen hinsichtlich der Länder, in denen das Angebot unterbreitet oder die Zulassung zum Handel beantragt wird.

[None] [specify details] [keine] [Einzelheiten einfügen]

Restrictions on the free transferability of the Notes Beschränkungen der freien Übertragbarkeit der Wertpapiere

[None] [specify details] [Keine] [Einzelheiten einfügen]

Terms and Conditions of the Offer Bedingungen und Konditionen des Angebots

[Conditions to which the offer is subject (28) Bedingungen, denen das Angebot unterliegt

Total amount of the issue/offer and description of the arrangements and time for announcing to the public the amount of the offer Gesamtsumme der Emission/des Angebots und Beschreibung der Vereinbarungen und des Zeitpunkts für die Ankündigung des endgültigen Angebotsbetrags an das Publikum

Time period, including any possible amendments, during which the offer will be open Frist – einschließlich etwaiger Änderungen – während der das Angebot vorliegt

Description of the application process Beschreibung des Prozesses für die Umsetzung des Angebots

A description of the possibility to reduce subscriptions and the manner for refunding excess amount paid by applicants Beschreibung der Möglichkeit zur Reduzierung der Zeichnungen und der Art und Weise der Erstattung des zu viel gezahlten Betrags an die Zeichner

Details of the minimum and/or maximum amount of application, (whether in number of notes or aggregate amount to invest) Einzelheiten zum Mindest- und/oder Höchstbetrag der Zeichnung (entweder in Form der Anzahl der Schuldverschreibungen oder des aggregierten zu investierenden Betrags)

Method and time limits for paying up the notes and for delivery of the notes Methode und Fristen für die Bedienung der Wertpapiere und ihre Lieferung

(27) Unless specified in the Prospectus. Only applicable for Notes with a Specified Denomination of less than € 50,000 per Notes. Soweit nicht bereits im Prospekt beschrieben. Nur bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000 anwendbar. (28) The following items only to be specified if applicable (in each case). Einzelheiten zu nachstehenden Unterpunkten nur einfügen, falls jeweils anwendbar.

145 Manner and date in which results of the offer are to be made public Art und Weise und Termin, auf die bzw. an dem die Ergebnisse des Angebots offen zu legen sind

The procedure for the exercise of any right of pre-emption, the negotiability of subscription rights and the treatment of subscription rights not exercised. Verfahren für die Ausübung eines etwaigen Vorzugsrechts, die Marktfähigkeit der Zeichnungsrechte und die Behandlung der nicht ausgeübten Zeichnungsrechte

Various categories of potential investors to which the notes are offered Angabe der verschiedenen Kategorien der potentiellen Investoren, denen die Schuldverschreibungen angeboten werden

Process for notification to applicants of the amount allotted and indication whether dealing may begin before notification is made Verfahren zur Meldung des den Zeichnern zugeteilten Betrags und Angabe, ob eine Aufnahme des Handels vor dem Meldeverfahren möglich ist

Expected price at which the notes will be offered / method of determining the price and the process for its disclosure and mount of any expenses and taxes specifically charged to the subscriber or purchaser Kurs, zu dem die Schuldverschreibungen angeboten werden / Methode, mittels deren der Angebotskurs festgelegt wird und Angaben zum Verfahren für die Offenlegung sowie der Kosten und Steuern, die speziell dem Zeichner oder Käufer in Rechnung gestellt werden

Name and address of the co-ordinator(s) of the global offer and of single parts of the offer and, to the extent known to the Issuer or the offeror, or the placers in the various countries where the offer takes place. Name und Anschrift des Koordinator/der Koordinatoren des globalen Angebots oder einzelner Teile des Angebots und – sofern dem Emittenten oder dem Bieter bekannt – Angaben zu den Platzieren in den einzelnen Ländern des Angebots]

Method of distribution [insert details] Vertriebsmethode [Einzelheiten einfügen] Non-syndicated Nicht syndiziert Syndicated Syndiziert

Date of Subscription Agreement (29) [ ] Datum des Übernahmevertrags

Management Details including form of commitment ( 30) Einzelheiten bezüglich des Bankenkonsortiums einschließlich der Art der Übernahme

Dealer/Management Group (specify name and address) [ ] Platzeur/Bankenkonsortium (Name und Adresse angeben) firm commitment [ ] feste Zusage no firm commitment / best efforts arrangements [ ] ohne feste Zusage / zu den bestmöglichen Bedingungen

(29) Required only if issued on a syndicated basis in the case of Notes with a Specified Denomination of less than € 50,000 or derivative securities. Nur erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000 sowie derivaten Wertpapieren, wenn es sich jeweils um syndizierte Ziehungen handelt. (30) Not required for Notes with a Specified Denomination of at least € 50,000. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000.

146 Commissions ( 31) Provisionen Management/Underwriting Commission (specify) [ ] Management- und Übernahmeprovision (angeben) Selling Concession (specify) [ ] Verkaufsprovision (angeben) Listing Commission (specify) [ ] Börsenzulassungsprovision (angeben) Other (specify) [ ] Andere (angeben)

Stabilising Dealer/Manager [insert details/None] Kursstabilisierender Dealer/Manager [Einzelheiten einfügen/keiner]

Listing(s) [Yes/No] Börsenzulassung(en) [Ja/Nein] Luxembourg Luxemburg Bourse de Luxembourg Euro MTF Other (insert details) [ ] Sonstige (Einzelheiten einfügen)

Expected date of admission ( 32) [ ] Erwarteter Termin der Zulassung

Estimate of the total expenses related to admission to trading ( 33) [ ] Geschätzte Gesamtkosten für die Zulassung zum Handel Regulated markets or equivalent markets on which, to the knowledge of the Issuer, notes of the same class of the Notes to be offered or admitted to trading are already admitted to trading (34) Angabe sämtlicher geregelter oder gleichwertiger Märkte, auf denen nach Kenntnis der Emittentin Schuldverschreibun- gen der gleichen Wertpapierkategorie, die zum Handel angeboten oder zugelassen werden sollen, bereits zum Handel zugelassen sind Luxembourg (Bourse de Luxembourg) Luxemburg (Bourse de Luxembourg) Other (insert details) [ ] Sonstige (Einzelheiten einfügen)

(31) To be completed in consultation with the Issuer. In Abstimmung mit der Emittentin auszufüllen. (32) To be completed only if known. Nur auszufüllen, soweit bekannt. (33) Not required for Notes with a Specified Denomination of less than € 50,000 Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000. (34) In case of a fungible issue, need to indicate that the original notes are already admitted to trading. Not required for Notes with a Specified Denomination of at least € 50,000. Im Falle einer Aufstockung, die mit einer vorangegangenen Emission fungibel ist, ist die Angabe erforderlich, da ss die ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stücke- lung.

147 Name and address of the entities which have committed themselves to act as intermediaries in secondary trading, providing liquidity through bid and offer rates and description of the main terms of their commitment ( 35) Name und Anschrift der Institute, die auf Grund einer Zusage als Intermediäre im Sekundärhandel tätig sind und Liquidität mittels Geld- und Briefkursen erwirtschaften, und Beschreibung der Hauptbedingungen der Zusagevereinba- rung

[not applicable] [specify details] [nicht anwendbar] Einzelheiten einfügen] Rating ( 36) [ ] Rating

Other relevant terms and conditions (specify) [ ] Andere relevante Bestimmungen (einfügen)

[Listing: (37) [Börsenzulassung:

The above Final Terms comprise the details required to list this issue of Notes pursuant to the € 3,000,000,000 Debt Issuance Programme of ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. (as from [insert Settlement Date for the Notes]). Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission von Schuld- verschreibungen gemäß dem € 3.000.000.000 Debt Issuance Programme von ThyssenKrupp AG und ThyssenKrupp Finance Nederland B. V. (ab dem [Tag der Begebung der Schuldverschreibungen einfügen]) erforderlich sind.]

Responsibility Verantwortlichkeit

The Issuer accepts responsibility for the information contained in the Final Terms as set out in the Responsibility State- ment on page 3 of the Prospectus, provided that, with respect to any information included herein and specified to be sourced from a third party (i) the Issuer confirms that any such information has been accurately reproduced and as far as the Issuer is aware and is able to ascertain from information available to it from such third party, no facts have been omitted, the omission of which would render the reproduced information inaccurate or misleading and (ii) the Issuer has not independently verified any such information and accepts no responsibility for the accuracy thereof. Die Emittentin übernimmt die Verantwortung für die in diesen Endgültigen Bedingungen enthaltenen Informationen wie im ersten Absatz auf Seite 3 des Prospekts bestimmt. Hinsichtlich der hierin enthaltenen und als solche gekennzeich- neten Informationen von Seiten Dritter gilt Folgendes: (i) Die Emittentin bestätigt, dass diese Informationen zutreffend wiedergegeben worden sind und – soweit es der Emittentin bekannt ist und sie aus den von diesen Dritten zur Verfü- gung gestellten Informationen ableiten konnte – wurden keine Fakten ausgelassen, deren Fehlen die reproduzierten Informationen unzutreffend oder irreführend gestalten würden; (ii) die Emittentin hat diese Informationen nicht selb- ständig überprüft und übernimmt keine Verantwortung für ihre Richtigkeit.

[ThyssenKrupp AG] [ThyssenKrupp Finance Nederland B. V.]

______[Name & title of signatories] [Name und Titel der Unterzeichnenden]

(35) (Not required for Notes with a Specified Denomination of at least € 50,000. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stückelung von mindestens € 50.000. (36) Do not complete, if the Notes are not rated on an individual basis. In case of Notes with a Specified Denomination of less than € 50,000, need to include a brief explanation of the meaning of the ratings if this has been previously published by the rating provider. Nicht auszufüllen, wenn kein Einzelrating für die Schuldverschreibungen vorliegt. Bei Schuldverschreibungen mit einer Stückelung von weniger als € 50.000, kurze Erläuterung der Bedeutung des Ratings wenn dieses vorher von der Ratingagentur erstellt wurde. (37) Include only in the version of the Final Terms which is submitted to the relevant stock exchange in the case of Notes to be listed on such stock exchange. Nur in derjenigen Fassung der Endgültigen Bedingungen einfügen, die der betreffenden Börse, bei der die Schuldverschreibungen zugelassen werden sollen, vorgelegt wird.

148 TAXATION

The following is a general discussion of certain tax consequences under the tax laws of the Federal Republic of Ger- many, The Netherlands, the Grand-Duchy of Luxembourg, the United Kingdom, Ireland and the Republic of Austria of the acquisition and ownership of Notes. This discussion does not purport to be a comprehensive description of all tax considerations which may be relevant to a decision to purchase Notes. In particular, this discussion does not consider any specific facts or circumstances that may apply to a particular purchaser. This summary is based on the laws of the Federal Republic of Germany, The Netherlands , the Grand-Duchy of Luxembourg, the United Kingdom, Ireland and the Republic of Austria currently in force and as applied on the date of this Prospectus, which are subject to change, pos- sibly with retroactive or retrospective effect.

PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF NOTES, INCLUDING THE EFFECT OF ANY STATE OR LOCAL TAXES UNDER THE TAX LAWS APPLICABLE IN THE FEDERAL REPUBLIC OF GERMANY, THE NETHER- LANDS, THE GRAND -DUCHY OF LUXEMBOURG, THE UNITED KINGDOM, IRELAND AND THE REPUBLIC OF AUSTRIA AND EACH COUNTRY OF WHICH THEY ARE RESIDENTS. CURRENTLY, PLANS EXIST FOR A GERMAN TAX REFORM, WHICH WOULD HAVE AN IMPACT ON THE TAXATION OF THE NOTES.

1. Federal Republic of Germany

Tax Residents

Payments of interest on the Notes to persons who are tax residents of Germany (i. e., persons whose residence, habitual abode, statutory seat, or place of effective management and control is located in Germany) are subject to Ger- man personal or corporate income tax (plus solidarity surcharge (Solidaritätszuschlag)). Such interest may also be subject to trade tax if the Notes form part of the property of a German trade or business. If interest claims are disposed of separately (i. e. without the Notes), the proceeds from the disposition are subject to tax. The same applies to proceeds from the redemption of interest claims if the Note is disposed of separately.

Upon the disposition of a Note carrying interest a holder of the Note will also have to include in his taxable income any consideration invoiced separately for such portion of the interest of the current interest payment period which is attributable to the period up to the disposition of the Note (“Accrued Interest”). Accrued Interest paid upon the acquisition of the Notes may be declared as negative income if the Note is held as a non-business asset.

If for the determination of the issue price of the Note the redemption amount is reduced by a discount or if the redemption amount is increased as compared with the issue price of the Note (as, for example, in the case of a discounted Note or a Note with accrued interest added), the difference between the redemption amount and the issue price of the Note (“Original Issue Discount”) realized when a Note held as a non-business asset is redeemed to its initial subscriber will be taxable investment income, however, only if the Original Issue Discount exceeds certain thresholds; in such case, the Note qualifies as a financial innovation under German tax law.

If the Note qualifies as a financial innovation (Finanzinnovation) (including, among other things, zero coupon Notes or other discounted Notes or Notes with accrued interest added as well as floating rate Notes) and is disposed of while outstanding or redeemed at maturity, such portion of the proceeds from the disposition of the Notes or of the redemption amount of the Note which equals the yield to maturity of the Note attributable to the period over which the holder has held such Note, minus interest, including Accrued Interest, already taken into account, will be subject to income tax (plus solidarity surcharge), provided the holder of the Note is an individual. The yield to maturity is determined by taking into account the Original Issue Discount. If the Notes do not have a pre-determinated yield to maturity (e. g. in the case of floating rate Notes) or the holder does not give proof thereof, the difference between the proceeds from the disposition, assignment or redemption and the issue or purchase price of the Note is subject to personal income tax (plus solidarity surcharge) in the year of the disposition, assignment, or redemption of the Note. Where the Note is issued in a currency other than euro, such difference will be computed in the foreign currency. Where a Note forms part of the property of a German trade or business, in each fiscal year the yield to maturity of the Note to the extent attributable to such period has to be taken into account as interest income by the initial subscriber of the Note and is subject to personal or corporate income tax (plus solidarity surcharge) and trade tax.

149 Capital gains from the disposition of Notes are taxable to a German tax-resident individual if the Notes are disposed of within one year after their acquisition or form part of the property of a German trade or business. In the latter case the capital gains may also be subject to trade tax.

Capital gains derived by German-resident corporate holders of Notes will be subject to corporate income tax (plus solidarity surcharge) and trade tax, even if the Notes do not qualify as financial innovations.

If the Notes are held in a custodial account which the holder of Notes maintains with a German branch of a German or non-German bank or financial services institution (the “Disbursing Agent”) a 30 % withholding tax on interest payments (Zinsabschlag), plus 5.5 % solidarity surcharge on such tax, will be levied, resulting in a total tax charge of 31.65 % of the gross interest payment. Withholding tax is also imposed on Accrued Interest. If the Notes qualify as financial innovations, as explained above, withholding tax at the aforementioned rate will also be withheld from the difference between the proceeds from the disposition, assignment or redemption and the issue or purchase price of the Notes if the Note has been kept in a custodial account with such Disbursing Agent since the time of issuance or acquisition, respectively. If the Notes have been transferred into the custodial account of the Disbursing Agent only after such point in time, withholding tax at the aforementioned rate will be levied on a lump-sum basis on 30 % of the proceeds from the disposition, assignment or redempt ion of the Notes. Where the Note is issued in a currency other than euro, the aforementioned difference will be computed in the foreign currency.

In computing the tax to be withheld the Disbursing Agent may deduct from the basis of the withholding tax any Accrued Interest paid by the holder of a Note to the Disbursing Agent during the same calendar year. In general, no withholding tax will be levied if the holder of a Note is an individual (i) whose Note does not form part of the property of a German trade or business nor gives rise to income from the letting and leasing of property, and (ii) who filed a withholding exemption certificate (Freistellungsauftrag) with the Disbursing Agent but only to the extent the interest income derived from the Note together with other investment income does not exceed the maximum exemption amount shown on the withholding exemption certificate. Similarly, no withholding tax will be deducted if the holder of the Note has submitted to the Disbursing Agent a certificate of non-assessment (Nichtveranlagungsbescheinigung) issued by the relevant local tax office.

Withholding tax and the solidarity surcharge thereon are credited as prepayments against the German personal or corporate income tax and the solidarity surcharge liability of the German resident. Amounts overwithheld will entitle the holder of a Note to a refund, based on an assessment to tax.

Nonresidents

Interest, including Accrued Interest and (in the case of financial innovations) Original Issue Discount, and capital gains are not subject to German taxation, unless (i) the Notes form part of the business property of a permanent establishment, including a permanent representative, or a fixed base maintained in Germany by the holder of a Note or (ii) the interest income otherwise constitutes German source income (such as income from the letting and leasing of certain German-situs property) as defined in the German Income Tax Act. If the nonresident of Germany is subject to German taxation with income from the Notes, a tax regime similar to that explained above at “Tax Residents” applies.

Nonresidents of Germany are, in general, exempt from German withholding tax on interest and the solidarity surcharge thereon. However, where the interest is subject to German taxation as set forth in the preceding paragraph and the Notes are held in a custodial account with a Disbursing Agent, withholding tax is levied as explained above at “Tax Residents”.

Proposal for the introduction of a flat tax on investment income

Based upon an official press release, the coalition government has reached agreement on the introduction of a flat tax on investment income (so-called Abgeltungssteuer). While details have not been announced, the flat tax would likely be collected by withholding from interest paid on the Notes after 2007 and would satisfy the income tax liability of a non-business investor. The flat tax could conceivably extend to gain realized upon the disposition of non-business financial assets, irrespective of any holding period. In this case, the new tax regime would likely also apply to interest- bearing notes or bonds and could subject any gain realized upon the sale or redemption of a Note to personal income tax. The tax would most likely apply to gains realized after 2007 whether or not the Note was acquired prior to 2008. Steps to initiate the formal legislative procedure required to change the current tax regime described herein have not been taken, and no further details of the envisaged legislative changes are currently available.

150 Inheritance and Gift Tax

No inheritance or gift taxes with respect to any Note will arise under the laws of Germany, if, in the case of inheritance tax, neither the decedent nor the beneficiary, or, in the case of gift tax, neither the donor nor the donee, is a resident of Germany and such Note is not attributable to a German trade or business for which a permanent establishment is maintained, or a permanent representative has been appointed, in Germany. Exceptions from this rule apply to certain German citizens who previously maintained a residence in Germany.

Other Taxes

No stamp, issue, registration or similar taxes or duties will be payable in Germany in connection with the issuance, delivery or execution of the Notes. Currently, net assets tax is not levied in Germany.

2. The Netherlands

The Issuers have been advised that under Dutch tax law, the following treatment will apply to the Notes as per 1 Janu- ary 2007.

For the purpose of this paragraph, „Dutch Taxes“ shall mean taxes of whatsoever nature imposed, levied, withheld or assessed by the Netherlands or any political subdivision or taxing authority thereof or therein.

Withholding Tax

Any payments made under the Notes will not be subject to withholding or deduction for, or on account of, any Dutch Taxes.

Taxes on income and capital gains

Other than withholding tax in case of fulfullment of conditions (a) or (b) described above, a holder of a Note will not be subject to any Dutch Taxes on any payment made to the holder of the Note under the Notes or on any capital gain made by the holder of the Note from the disposal, or deemed disposal, or redemption of, the Notes, provided that none of the following applies: (i) the holder of the Note is, or is deemed to be, a resident of the Netherlands; or (ii) the holder of the Note is an individual and has opted to be taxed as a resident of the Netherlands; or (iii) the holder of the Note derives profits from an enterprise, whether as entrepreneur (ondernemer) or pursuant to a co-entitlement to the net worth of the enterprise other than as an entrepreneur or a shareholder, which enterprise is, in whole or in part, carried on through a permanent establishment (vaste inrichting) or a permanent representative (vaste vertegenwoordiger) in the Netherlands to which the Notes are attributable; or (iv) the holder of the Note is an individual and has a substantial interest (aanmerkelijk belang) in one of the Issuers or derives benefits from miscellaneous activities (overige werkzaamheden) carried out in the Netherlands in respect of the Notes, including (without limitation) activities which are beyond the scope of active portfolio investment activities; or (v) the holder of the Note is not an individual and has a substantial interest, or a fictitious substantial interest (fictief aanmerkelijk belang), in one of the Issuers, which is not part of the assets of an enterprise; or (vi) the holder of the Note is entitled other than by way of the holding of securities to a share in the profits of an enterprise effectively managed in the Netherlands to which the Notes are attributable.

Generally, a holder of the Note has a substantial interest if such holder of the Note, alone or together with his partner, has, or if certain relatives of the holder of the Note or his partner have, directly or indirectly; (i) the ownership of, or certain rights over, shares representing five percent or more of the total issued and outstanding capital of one of the Issuers, or of the issued and outstanding capital of any class of shares of one of the Issu- ers; or

151 (ii) rights to acquire shares, whether or not already issued, representing five percent or more of the total issued and outstanding capital of one of the Issuers, or of the issued and outstanding capital of any class of shares of one of the Issuers; or (iii) the ownership of, or certain rights over, profit participating certificates that relate to five percent or more of the annual profit of one of the Issuers or to five percent or more of the liquidation proceeds of one of the Issuers.

A holder of the Note will also have a substantial interest if his partner or one of certain relatives of the holder of the Note or of his partner has a (fictitious) substantial interest.

Generally, a holder of the Note has a fictitious substantial interest if (a) he has disposed of, or is deemed to have disposed of, all or part of a substantial interest or (b) he is an individual and has transferred a business enterprise in exchange for shares, on a non-recognition basis.

Gift tax or inheritance tax

No Dutch Taxes are due in respect of any gift of the Notes by, or inheritance of the Notes on the death of, a holder of the Note, except if: (a) the holder of the Note is a resident, or is deemed to be a resident, of the Netherlands; or (b) the holder of the Note, at the time of the gift or death, has an enterprise (or an interest in an enterprise) which is, in whole or in part, carried on through a permanent establishment or permanent representative in the Netherlands to which the Notes are attributable; or (c) the holder of the Note passes away within 180 days after the date of the gift of the Notes and is not, or not deemed to be, at the time of the gift, but is, or deemed to be, at the time of his death, resident of the Netherlands; or (d) the holder of the Note is entitled to a share in the profits of an enterprise effectively managed in the Netherlands, other than by way of the holding of securities or through an employment contract, to which enterprise the Notes are attributable.

For purposes of Dutch gift or inheritance tax, an individual who is of Dutch nationality will be deemed to be a resident of the Netherlands if he has been a resident in the Netherlands at any time during the ten years preceding the date of the gift or his death. For purposes of Dutch gift tax, an individual will be deemed to be resident of the Netherlands if he has been a resident in the Netherlands at any time during the 12 months preceding the date of the gift. Furthermore, under circumstances a holder of the Note will be deemed to be a resident of the Netherlands for purposes of Dutch gift and inheritance tax, if the heirs jointly or the recipient of the gift, as the case may be, so elect.

Other taxes

No other Dutch Taxes, such as turnover tax, or other similar tax or duty (including stamp duty and court fees), are due by the Issuers by reason only of the issue, acquisition or transfer of the Notes.

Residency

Subject to the exceptions above, a holder of the Note will not become a resident, or a deemed resident, of the Nether- lands for tax purposes, or become subject to Dutch Taxes, by reason only of the Issuers’ performance, or the holder’s of the Note acquisition (by way of issue or transfer to it), holding and/or disposal of the Notes.

3. Luxembourg

All payments of interest and principal by the Issuers in the context of the holding, disposal, redemption or repurchase of the Notes can be made free and clear of any withholding or deduction for or on account of any taxes of whatsoever nature imposed, levied, withheld, or assessed by Luxembourg or any political subdivision or taxing authority thereof or therein, in accordance with the applicable Luxembourg law, subject however to: (i) the application of the Luxembourg law of 21 June 2005 implementing the European Union Savings Directive (Coun- cil Directive 2003/48/EC) and providing for the possible application of a withholding tax (15 % from 1 July 2005 to 30 June 2008, 20 % from 1 July 2008 to 30 June 2011 and 35 % from 1 July 2011) on interest paid to certain non

152 Luxembourg resident investors (individuals and certain types of entities called “residual entities”) in the event of the Issuers appointing a paying agent (the “Paying Agent”) in Luxembourg within the meaning of the above-mentioned directive (“EU Savings Directive”); (ii) the application as regards Luxembourg resident individuals of the Luxembourg law of 23 December 2005 which has introduced a 10 % final withholding tax on savings income (i. e. with certain exemptions, savings income within the meaning of the Luxembourg law of 21 June 2005 implementing the European Union Savings Directive). This law should apply to savings income accrued as from 1 July 2005 and paid as from 1 January 2006.

Responsibility for the withholding of tax in application of the above-mentioned Luxembourg laws of 21 June 2005 and 23 December 2005 is assumed by the Luxembourg paying agent within the meaning of these laws and not by the Issu- ers.

4. United Kingdom

UK Withholding Tax on Interest Payments by the Issuers

Provided that the Issuers are not resident in the United Kingdom for United Kingdom tax purposes and do not carry on any trade or other business in the United Kingdom and that the interest on the Notes does not for any other reason have a United Kingdom source, interest on the Notes may be paid by the Issuers without withholding or deduction for or on account of United Kingdom income tax. Depending on the circumstances, interest on Notes may have a United Kingdom source where, for example, the Notes are secured on assets situate in the United Kingdom or the interest is paid out of funds maintained in the United Kingdom.

Interest which has a United Kingdom source (“UK interest”) may be paid by the relevant Issuer without withholding or deduction for or on account of United Kingdom income tax if the Notes in respect of which the UK interest is paid are issued for a term of less than one year (and are not issued under arrangements the effect of which is to render the Notes part of a borrowing with a total term of one year or more).

UK interest on Notes issued for a term of one year or more (or under arrangements the effect of which is to render the Notes part of a borrowing with a total term of one year or more) may be paid by the relevant Issuer without withholding or deduction for or on account of United Kingdom income tax if the Notes in respect of which the UK interest is paid constitute “quoted Eurobonds”. Notes which carry a right to interest will constitute quoted Eurobonds provided they are and continue to be listed on a recognised stock exchange. On the basis of the interpretation of the relevant legislation published by Her Majesty‘s Revenue & Customs (“HMRC”), securities which are to be listed on a stock exchange in a country which is a member state of the European Union or which is part of the European Economic Area will satisfy this requirement if they are listed by a competent authority in that country and are admitted to trading on a recognised stock exchange in that country; securities which are to be listed on a stock exchange in any other country will satisfy this requirement if they are admitted to trading on a recognised stock exchange in that country. The Luxembourg Stock Exchange is a recognised stock exchange for these purposes.

In all other cases, UK interest on the Notes may fall to be paid under deduction of United Kingdom income tax at the lower rate (currently 20 %) subject to such relief as may be available under the provisions of any applicable double taxation treaty or to any other exemption which may apply.

Payments by the Guarantor

If the Guarantor makes any payments in respect of interest on the Notes (or other amounts due under the Notes other than the repayment of amounts subscribed for the Notes) and either the interest on (or other amounts due under) the Notes or any payments made by the Guarantor have a United Kingdom source (and such interest, amounts or payments may have a United Kingdom source where, for example, they are secured on assets situate in the United King- dom or they are paid out of funds maintained in the United Kingdom), such payments by the Guarantor may be subject to United Kingdom withholding tax at the basic rate (currently 22 %) subject to such relief as may be available under the provisions of any applicable double taxation treaty or to any other exemption which may apply. Such payments by the Guarantor may not be eligible for the exemptions described above.

153 Provision of Information

Holders should note that where any interest on Notes is paid to them (or to any person acting on their behalf) by any person in the United Kingdom acting on behalf of the relevant Issuer (a “paying agent”), or is received by any person in the United Kingdom acting on behalf of the relevant Holder (other than solely by clearing or arranging the clearing of a cheque) (a “collecting agent”), then the paying agent or the collecting agent (as the case may be) may, in certain cases, be required to supply to HMRC details of the payment and certain details relating to the holder (including the Holder‘s name and address). These provisions will apply whether or not the interest has been paid subject to withholding or deduction for or on account of United Kingdom income tax and whether or not the Holder is resident in the United Kingdom for United Kingdom taxation purposes. Where the Holder is not so resident, the details provided to HMRC may, in certain cases, be passed by HMRC to the tax authorities of the jurisdiction in which the Holder is resident for taxation purposes.

For the above purposes, “interest” should be taken, for practical purposes, as including payments made by the Guar- antor in respect of interest on Notes.

With effect from 6 April 2007, the provisions referred to above may also apply, in certain circumstances, to payments made on redemption of any Notes where the amount payable on redemption is greater than the issue price of the Notes.

Other Rules Relating to United Kingdom Withholding Tax

Notes may be issued at an issue price of less than 100 % of their principal amount. Any discount element on any such Notes will not generally be subject to any United Kingdom withholding tax pursuant to the provisions mentioned above, but may be subject to reporting requirements as outlined above.

Where Notes are to be, or may fall to be, redeemed at a premium, as opposed to being issued at a discount, then any such element of premium may constitute a payment of interest. Payments of interest are subject to United Kingdom withholding tax and reporting requirements as outlined above.

Where interest has been paid under deduction of United Kingdom income tax, Holders who are not resident in the United Kingdom may be able to recover all or part of the tax deducted if there is an appropriate provision in any applicable double taxation treaty.

The references to “interest” above mean “interest” as understood in United Kingdom tax law. The statements above do not take any account of any different definitions of “interest” or “principal” which may prevail under any other law or which may be created by the Terms and Conditions of the Notes or any related documentation.

The above description of the United Kingdom withholding tax position assumes that there will be no substitution of an Issuer pursuant to § 10 of the Terms and Conditions of the Notes or otherwise and does not consider the tax consequences of any such substitution.

5. Ireland

Withholding Tax

The Issuers are not incorporated in Ireland. Therefore, on the basis that the Issuers are not managed and controlled in Ireland, the Issuers are not resident in Ireland for the purposes of Irish tax. The Issuers will not be deemed to be resident or otherwise taxable in Ireland by virtue only of the fact that the Notes are offered to the public in Ireland.

Irish withholding tax applies to certain payments including payments of: (i) Irish source yearly interest (i. e.; interest that is capable of arising for a period in excess of one year); (ii) Irish source annual payments (annual payments are payments that are pure income-profit in the hands of the recipient);

154 (iii) and distributions (including interest that is treated as a distribution under Irish law) made by Irish resident companies, at the standard rate of Irish income tax (currently 20 per cent.).

On the basis that the Issuers are not resident in Ireland for the purposes of Irish tax, are resident in either the Nether- lands for the purposes of Dutch tax or the Federal Republic of Germany for the purposes of German tax, as the case may be, and do not operate in Ireland through a branch or agency, then, to the extent that payments of interest arise on the Notes, such payments would not be regarded as payments having an Irish source and subject to Irish withholding tax. On the basis that the Notes are issued on arms length terms, then payments on the Notes should not be regarded as annual payments for Irish tax purposes. Separately, Irish dividend withholding tax does not apply to distributions made by companies that are not Irish tax resident. Accordingly, on the basis that the Issuers are not managed or controlled in Ireland, are resident in either the Netherlands for the purposes of Dutch tax or the Federal Republic of Germany for the purposes of German tax, as the case may be, and do not operate in Ireland through a branch or agency, the Issuers will not be obliged to deduct any amounts on account of Irish income tax from payments on the Notes.

Encashment Tax

Interest or distributions on any Notes issued by the Issuers paid: (i) by a paying agent in Ireland; or (ii) to an agent in Ireland on behalf of a person who holds the Notes, will be subject to Irish encashment tax at the standard rate of Irish income tax (currently 20 per cent.) unless it is proved, on a claim made in the required manner to the Revenue Commissioners of Ireland, that the beneficial owner of the Notes entitled to the interest or distribution is not resident in Ireland and such interest or distribution is not deemed, under the provisions of Irish tax legislation, to be income of another person that is resident in Ireland.

6. Republic of Austria

Withholding Tax

Under Austrian tax law currently in force, if interest on bonds (Forderungswertpapiere) in the sense of sec. 93(3) of the Austrian Income Tax Act (Einkommensteuergesetz) is paid out by an Austrian paying agent (inländische kuponauszahlende Stelle), then such payments are subject to a withholding tax of 25 % (Kapitalertragsteuer).

No withholding tax is levied in the following situations: In case of corporations subject to unlimited corporate income tax liability (unbeschränkte Körperschaftsteuerpflicht) in Austria, under the conditions set forth in sec. 94(5) of the Austrian Income Tax Act no withholding tax is levied. In case of private foundations (Privatstiftungen) pursuant to the Austrian Private Foundations Act (Privatstiftungsgesetz), under the conditions set forth in sec. 94(11) of the Austrian Income Tax Act no withholding tax is levied. Pursuant to the current practice of the Austrian tax authorities, non-residents of Austria having no other relation to Austria than the mere holding of the Bonds can in general avoid the withholding tax from falling due by furnishing proof of non-residency to the Austrian paying agent.

7. EU Savings Tax Directive

On 3 June 2003, the EU Council of Economic and Finance Ministers adopted a new directive regarding the taxation of savings income. The directive is, in principle, applied by Member States as from 1 July 2005 and has been implemented in Luxembourg by the Law of 21 June 2005. Under the directive, each Member State is required to provide to the tax authorities of another Member State details of payments of interest or other similar income, within the meaning of the EU Savings Directive, paid by a Paying Agent, to an individual resident or certain types of entities called “residual entities”, within the meaning of the EU Savings Directive (the “Residual Entities”), established in that other Member State (or certain dependent or associated territories). For a transitional period, however, Austria, Belgium and Luxem- bourg are permitted to apply an optional information reporting system whereby if a beneficial owner, within the meaning of the EU Savings Directive, does not comply with one of two procedures for information reporting, the relevant Member State will levy a withholding tax on payments to such beneficial owner. The withholding tax system will apply

155 for a transitional period during which the rate of the withholding will be of 15 % from 1 July 2005 to 30 June 2008, 20 % from 1 July 2008 to 30 June 2011 and 35 % as from 1 July 2011. The transitional period is to terminate at the end of first full fiscal year following agreement by certain non-EU countries to the exchange of information relating to such payments (as stated in the “European Union Directive on the Taxation of Savings Income in the Form of Interest Payments” (Council Directive 2003/48/EC)).

Also with effect from 1 July 2005, a number of non-EU countries (Switzerland, Andorra, Liechtenstein, Monaco and San Marino), have agreed to adopt similar measures (either provision of information or transitional withholding) in relation to payments made by a Paying Agent within its jurisdiction to, or collected by such a Paying Agent for, an individual resident or a Residual Entity established in a Member State. In addition, Luxembourg has entered into reciprocal provision of information or transitional withholding arrangements with certain of those dependent or associated territories (Jersey, Guernsey, Isle of Man, Montserrat, British Virgin Islands, Netherlands Antilles and Aruba) in relation to payments made by a Paying Agent in a Member State to, or collected by such a Paying Agent for, an individual resident or a Residual Entity established in one of those territories.

By legislative regulations dated 26 January 2004 the German Federal Government enacted the provisions for implementing the EU Savings Tax Directive into German law. The Dutch legislator did the same by Act of 9 December 2004. These provisions apply as from 1 July 2005. By a law dated 21 June 2005 the Grand Duchy of Luxembourg trans- posed the EU Savings Tax Directive into national law. The definition of interest payments generally corresponds to the definition in the EU Savings Tax Directive.

Holders who are individuals should note that the Issuer will not pay additional amounts under § 7(c) of the Terms and Conditions of the Notes in respect of any withholding tax imposed as a result of the EU Savings Tax Directive.

156 GENERAL INFORMATION

The Dealers have, in an Amended and Restated Dealer Agreement dated 17 January 2007 (the “Dealer Agreement”) agreed with the Issuers a basis upon which they or any of them may from time to time agree to purchase Notes.

Selling Restrictions

General

Each Dealer has represented, warranted and undertaken that it will comply with all applicable laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers Notes or possesses or distributes the Prospectus and will obtain any consent, approval or permission required by it for the purchase, offer, sale or delivery by it of Notes under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes such purchases, offers, sales or deliveries and neither any of the Issuers nor any other Dealer shall have any responsibility therefor.

Each Dealer has acknowledged that, other than with respect to the admission of the Notes to listing, trading and/ or quotation by the relevant listing authorities, stock exchanges and/or quotation systems, no action has been or will be taken in any jurisdiction by either Issuer that would permit a public offering of the Notes, or possession or distribution of any offering material in relation thereto, in any country or jurisdiction where action for that purpose is required.

With regard to each Tranche, the relevant Dealer will be required to comply with such other additional restrictions as the Issuer and the relevant Dealer shall agree and as shall be set out in the Final Terms.

United States of America (the “United States”) (a) With regard to each Tranche, each Dealer has acknowledged that the Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Each Dealer has represented, warranted and undertaken that it has not offered or sold, and will not offer or sell, any Note con- stituting part of its allotment within the United States except in accordance with Rule 903 of Regulation S under the Securities Act. Accordingly, each Dealer has further represented, warranted and undertaken that neither it, its affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to any Note. In addition, until 40 days after the commencement of the offering, an offer or sale of Notes within the United States by a dealer that is not participating in the offering may violate the registration requirements of the Securities Act. (b) From and after the time that the Issuer notifies the Dealers in writing that it is no longer able to make the representation set forth in Article 4 (1) (n) (i) of the Dealer Agreement, each Dealer has (i) acknowledged that the Notes have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U. S. persons except in certain transactions exempt from the registration requirements of the Securities Act; (ii) has represented, warranted and undertaken that it has not offered, sold or delivered any Notes, and will not offer, sell or deliver any Notes, (x) as part of its distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering and closing date, except in accordance with Rule 903 of Regulation S under the Securities Act; and accordingly, (iii) has further represented, warranted and undertaken that neither it, its affiliates nor any persons acting on its or their behalf have engaged or will engage in any directed selling efforts with respect to any Note, and it and they have complied and will comply with the offering restrictions requirements of Regulation S; and (iv) has also agreed that, at or prior to confirmation of any sale of Notes, it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remunera- tion that purchases Notes from it during the distribution compliance period a confirmation or notice to substantially the following effect: “The Notes covered hereby have not been registered under the U. S. Securities Act of 1933, as amended, (the ”Securities Act“), and may not be offered or sold within the United States or to, or for the account or benefit of, U. S. persons by any person referred to in Rule 903(b)(2)(iii) of Regulation S under the Securities Act (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering and the closing date, except in either case in accordance with Regulation S under the Securities Act. Terms used above have the meanings given to them by Regulation S under the Securities Act.”

157 (c) Each Dealer who has purchased Notes of a Tranche hereunder (or in the case of a sale of a Tranche of Notes issued to or through more than one Dealer, each of such Dealers as to the Notes of such Tranche purchased by or through it or, in the case of a syndicated issue, the relevant Lead Manager) shall determine and notify to the Fiscal Agent and the Issuer the completion of the distribution of the Notes of such Tranche. On the basis of such notification or notifications, the Fiscal Agent agrees to notify such Dealer/Lead Manager of the end of the restricted period with respect to such Tranche. Terms used in this paragraph have the meanings given to them by Regulation S. (d) With regard to each Tranche, each Dealer has represented, warranted and undertaken that it has not entered and will not enter into any contractual arrangement with respect to the distribution or delivery of Notes, except with its affiliates or with the prior written consent of the Issuer. (e) Notes, other than Notes with an initial maturity of one year or less, will be issued in accordance with the provisions of U. S.Treas.Reg. § 1.163-5(c) (2) (i) (C) (the “Tefra C Rules”), or in accordance with the provisions of U. S.Treas. Reg. § 1.163-5(c) (2) (i (D) (the “Tefra D Rules”), as specified in the Final Terms. In addition, where the Tefra C Rules are specified in the Final Terms as being applicable to any Tranche of Notes, Notes must be issued and delivered outside the United States and its possessions in connection with their original issuance. Each Dealer has represented, warranted and undertaken that it, in connection with the original issuance of Notes has not offered sold or delivered and will not offer, sell or deliver, directly or indirectly, Notes within the United States or its possessions in connection with their original issuance. Further, each Dealer has represented, warranted and undertaken in connection with the original issuance of Notes, that it has not communicated, and will not communicate, directly or indirectly, with a prospective purchaser if either such Dealer or such purchaser is within the United States or its possessions and will not otherwise involve its U. S. office in the offer or sale of Notes. Terms used in this paragraph have the meanings given to them by the U. S. Internal Revenue Code and regulations thereunder, including the Tefra C Rules. In addition, in respect of Notes issued in accordance with the Tefra D Rules, each Dealer has represented, warranted and undertaken that: (i) except to the extent permitted under the Tefra D Rules, (x) it has not offered or sold, and during the restricted period will not offer or sell, Notes to a person who is within the United States or its possessions or to a United States person, and (y) such Dealer has not delivered and will not deliver within the United States or its possessions definitive Notes that are sold during the restricted period; (ii) it has, and throughout the restricted period will have, in effect procedures reasonably designed to ensure that its employees or agents who are directly engaged in selling Notes are aware that such Notes may not be offered or sold during the restricted period to a person who is within the United States or its possessions or to a United States person, except as permitted by the Tefra D Rules; (iii) if such Dealer is a United States person, it represents that it is acquiring the Notes for purposes of resale, in connection with their original issuance and if such Dealer retains Notes for its own account, it will only do so in accordance with the requirements of U. S.Treas.Reg. § 1.163-5(c)(2)(i)(D)(6); and (iv) with respect to each affiliate that acquires from such Dealer Notes for the purposes of offering or selling such Notes during the restricted period, such Dealer either (x) repeats and confirms the representations and agree- ments contained in sub-clauses (i), (ii) and (iii) above on such affiliate’s behalf or (y) agrees that it will obtain from such affiliate for the benefit of the purchaser of the Notes and the Issuer the representations and agree- ments contained in sub-clauses (i), (ii) and (iii) above. Terms used in this paragraph (e) have the meanings given to them by the U. S. Internal Revenue Code and regulations thereunder, including the Tefra D Rules. (f) Each issue of index-, commodity- or currency-linked Notes shall be subject to such additional U. S. selling restrictions as the Issuer and the relevant Dealer may agree as a term of the issue and purchase of such Notes, which additional selling restrictions shall be set out in the Final Terms. Each Dealer has represented and agreed that it shall offer, sell and deliver such Notes only in compliance with such additional U. S. selling restrictions.

European Economic Area

In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that with effect from and including the date on which the

158 Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it has not made and will not make an offer of Notes to the public in that Relevant Member State, except that it may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State: (a) in (or in Germany, where the offer starts within) the period beginning on the date of publication of a prospectus in relation to those Notes which has been approved by the competent authority in that Relevant Member State or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member State, all in accordance with the Prospectus Directive and ending on the date which is 12 months after the date of such publication; (b) at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (c) at any time to any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total balance sheet of more than € 43,000,000 and (3) an annual net turnover of more than € 50,000,000, as shown in its last annual or consolidated accounts; or (d) at any time in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive.

For the purposes of this provision, the expression an “offer of Notes to the public” in relation to any Notes in any Rel- evant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

United Kingdom of Great Britain and Northern Ireland (“United Kingdom”)

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that: (a) in relation to Notes which have a maturity of less than one year (i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business and (ii) it has not offered or sold and will not offer or sell any Notes other than to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their business, where the issue of the Notes would otherwise constitute a contraven- tion of Section 19 of the FSMA by the Issuer; (b) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21 (1) of the FSMA does not apply to the Issuer or the Guarantor ; and (c) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to such Notes in, from or otherwise involving the United Kingdom.

The Netherlands

Zero Coupon Notes and other Notes which qualify as savings certificates as defined in the Dutch Savings Certificates Act (Wet inzake spaarbewijzen) may only be transferred or accepted through the mediation of either the Issuer or a Member of Euronext Amsterdam N. V. with due observance of the Savings Certificates Act (including registration requirements), provided that no mediation is required in respect of (i) the initial issue of those Notes to the first holders thereof, (ii) any transfer or acceptance by individuals who do not act in the conduct of a profession or trade, and (iii) the transfer or acceptance of those Notes, if they are physically issued outside the Netherlands and are not distributed in the Netherlands in the course of primary trading or immediately thereafter.

159 Japan

Each Dealer has acknowledged that the Notes have not been and will not be registered under the Securities and Exchange Law of Japan (the “Securities and Exchange Law”). Each Dealer has represented and agreed that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organised under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan except only pursuant to an exemption which will result in compliance with the Securities and Exchange Law and any applicable laws, regulations and guidelines of Japan.

Authorisation

The establishment of the Programme and the issue of Notes (and in the case of the Guarantor, the giving of the Guar- antee) was duly authorised by resolutions of the Management Board of ThyssenKrupp dated 6 May and 1 July 2002 and by the Management Board of ThyssenKrupp Finance dated 24 July 2002.

Use of Proceeds

The net proceeds from each issue of Notes by ThyssenKrupp or ThyssenKrupp Finance will be used for general financing purposes of the ThyssenKrupp Group.

Listing and Admission to Trading of the Notes

Luxembourg Stock Exchange

Application has been made to list Notes on the official list of the Luxembourg Stock Exchange and to trade Notes on the Regulated Market “Bourse de Luxembourg”.

Undertaking

Each Issuer has undertaken in connection with the listing and trading of the Notes that if, while Notes are listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated Market “Bourse de Luxembourg” there shall occur any adverse change in the business, financial position or otherwise of such Issuer which is material in the context of issuance under the Programme and which is not reflected herein (or any of the documents incorporated by reference herein), such Issuer will prepare or procure the preparation of a supplement to this Prospectus or, as the case may be, publish a new Prospectus, for use in connection with any subsequent offering of Notes to be listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated Market “Bourse de Luxembourg” .

Post-issuance Information

None of the Issuers will provide post-issuance information with regard to derivative securities within the meaning of Annex XII of the Commission Regulation (EC) No. 809/2004 of 29 April 2004.

160 DOCUMENTS INCORPORATED BY REFERENCE

Documents Incorporated by Reference

The specified pages of the following documents are incorporated by reference in, and to form part of, this Prospectus: Relevant pages of the document incorporated Relevant page by reference of this Prospectus Relevant section of this Prospectus ThyssenKrupp Group (1) 19 The Group in Figures Annual Report 2005/2006 p. C/ 1 of the Cover

ThyssenKrupp Group (1) 33 Der Konzern in Zahlen Annual Report 2005/2006 p. C/ 1 of the Cover

ThyssenKrupp Group 37 – Annual Report 2005/2006 p. 177

ThyssenKrupp Group 38 – Annual Report 2005/2006 p. 178

ThyssenKrupp Group (1) 47 The Group in Figures Annual Report 2005/2006 p. C/ 1 of the Cover

ThyssenKrupp Group 49 Investments Annual Report 2005/2006 p. 50, 55–72

ThyssenKrupp Group 50 Business Overview Annual Report 200 5/200 6 p. 55-71

ThyssenKrupp Group –– Annual Report 2004/2005 p. 105–178

ThyssenKrupp Group (1) 72 Historical Financial Information of Annual Report 2005/2006 ThyssenKrupp The Notes p. 133–195

ThyssenKrupp Group (1) 72 Historical Financial Information of Annual Report 2005/2006 ThyssenKrupp p. 109–132

ThyssenKrupp Group 77 Auditors’ Report 2004/2005 Annual Report 2004/2005 p. 104

(1) The Annual Report 200 5/200 6 dated 30 September 200 6 includes also the comparative figures of the fiscal year 200 4/200 5 beginning on 30 September 200 4 and ending on 30 September 200 5.

161 Relevant pages of the document incorporated Relevant page by reference of this Prospectus Relevant section of this Prospectus ThyssenKrupp Group 78 Auditors’ Report 2005/2006 Annual Report 2005/2006 p. 112

ThyssenKrupp AG 79 Memorandum and Articles Articles of Association of Association Version dated February 13, 2006, Article 2 p. 3

ThyssenKrupp Finance Nederland B.V. –– Financial Statements for the financial year ending 30 September 2005 p. 3–10

ThyssenKrupp Finance Nederland B. V. 83 Historical Financial Information of Financial statements for the financial year ending ThyssenKrupp Finance 30 September 2006 The Notes p. 6–10

ThyssenKrupp Finance Nederland B. V. 83 Historical Financial Information of Financial statements for the financial year ending ThyssenKrupp Finance 30 September 2006 p. 3–5

ThyssenKrupp Finance Nederland B. V. 84 Auditors’ report 2004/2005 Financial statements for the financial year ending 30 September 2005 p. 11

ThyssenKrupp Finance Nederland B. V. 85 Auditors’ report 2005/2006 Financial statements for the financial year ending 30 September 2006 p. 12

Any information not mentioned in the cross reference list above but included in the documents incorporated by reference is for information purposes only.

Availability of Documents

Any document incorporated herein by reference will be available for inspection at the specified offices of ThyssenKrupp and ThyssenKrupp Finance during normal business hours and on the website of the Luxembourg Stock Exchange (www.bourse.lu)

Each Issuer will provide, without charge, to each person to whom a copy of this Prospectus has been delivered, upon the request of such person, a copy of any or all of the documents incorporated herein by reference. Requests for such documents should be directed to ThyssenKrupp or ThyssenKrupp Finance at its respective office set out at the end of this Prospectus. In addition, such documents will be available free of charge from the principal office in Luxembourg of Deutsche Bank Luxembourg S. A. for Notes listed on the official list of the Luxembourg Stock Exchange and traded on the Regulated Market “Bourse de Luxembourg” .

162 THE ISSUERS

ThyssenKrupp AG August-Thyssen-Strasse 1 D-40211 Düsseldorf

ThyssenKrupp Finance Nederland B. V. Van Utrechtweg 99 NL-2921 LN Krimpen aan den IJssel

FISCAL AGENT

Deutsche Bank Aktiengesellschaft Grosse Gallusstrasse 10–14 D-60272 Frankfurt am Main

PAYING AGENT

Deutsche Bank Luxembourg S. A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg

LISTING AGENT

Deutsche Bank Luxembourg S. A. 2, Boulevard Konrad Adenauer L-1115 Luxembourg

LEGAL ADVISERS

To the Issuers as to German law

Clifford Chance Partnerschaftsgesellschaft Mainzer Landstrasse 46 D-60325 Frankfurt am Main

To the Dealers as to German law

Hengeler Mueller Partnerschaft von Rechtsanwälten Bockenheimer Landstrasse 24 D-60323 Frankfurt am Main

To the Dealers as to Dutch law

De Brauw Blackstone Westbroek N. V. Tripolis 300 Burgerweeshuispad 301 NL-1076 HR Amsterdam

163 AUDITORS TO THYSSENKRUPP AG

KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Am Bonneshof 35 D-40474 Düsseldorf

AUDITORS TO THYSSENKRUPP FINANCE NEDERLAND B. V.

KPMG Assurance Beemdstraat 1 NL-5653 MA Eindhoven

DEALERS

Barclays Bank PLC BNP PARIBAS 5 The North Colonnade 10 Harewood Avenue London E14 4BB London NW1 6AA

Citigroup Global Markets Limited Commerzbank Aktiengesellschaft Citigroup Centre Kaiserplatz Canada Square D-60261 Frankfurt am Main Canary Wharf London E14 5LB

Credit Suisse Securities (Europe) Limited Deutsche Bank Aktiengesellschaft One Cabot Square Grosse Gallusstrasse 10–14 London E14 4QJ D-60272 Frankfurt am Main

Dresdner Bank Aktiengesellschaft J. P. Morgan Securities Ltd. Jürgen-Ponto-Platz 1 125 London Wall D-60301 Frankfurt am Main London EC2Y 5AJ

UBS Limited WestLB AG 1 Finsbury Avenue Herzogstrasse 15 London EC2M 2PP D-40217 Düsseldorf

164