Thyssenkrupp AG in Respect of Non-Equity Securities Within the Meaning of Art

Debt Issuance Programme Prospectus 14 January 2010 This document constitutes two base prospectuses for the purpose of article 5.4 of the Directive 2003/71/EC (the “Prospectus Directive”), (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 Secur- ities”) 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 € 10,000,000,000 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 Prospectus Directive 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 and the United Kingdom of Great Britain and Northern Ireland with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the Luxembourg Law (each a “Notification”). Each Issuer may request the CSSF to provide competent authorities in additional 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 Citi Deutsche Bank Dealers Bayern LB BNP PARIBAS Citi Commerzbank Credit Suisse Deutsche Bank HSBC J.P. Morgan The Royal Bank of Scotland UBS Investment Bank UniCredit 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 13 January 2009 pertaining to the Programme. It is valid for a period of twelve months from the date of its publication. RESPONSIBILITY STATEMENT

ThyssenKrupp AG, with its registered offices in Duisburg and Essen and its headquarters at August-Thyssen-Strasse 1, Düsseldorf, Federal Republic of Germany (“ThyssenKrupp”, the “Company” 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 the “Group”) and ThyssenKrupp Finance Nederland B. V., with its registered office in Krimpen aan den IJs- sel, 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 jurisdictions 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 European Economic Area in general, the United Kingdom of Great Britain and Northern Ireland, The Netherlands and Japan see “Selling Restrictions” on pages 170 to 174 of this Prospectus. In particular, the Notes have not been and will not be registered under the United States Secu- rities Act of 1933 (the “Securities Act”), 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.

This Prospectus has been prepared on the basis that, except to the extent sub-paragraph (ii) below may apply, any offer of Notes in any Member State of the European Economic Area which has implemented Directive 2003/71/EC (the “Prospectus Directive”) (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of Notes which are the subject of an offering or placement contemplated in this Prospectus as completed by Final Terms in relation to the offer of those Notes may only do so (i) in circumstances in which no obligation arises for an Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer, or (ii) if a prospectus for such offer 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 and (in either case) published, all in accordance with the Prospectus Directive, provided that any such prospectus has subsequently been

3 completed by Final Terms which specify that offers may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State and such offer is made in the period beginning and ending on the dates specified for such purpose in such prospectus or Final Terms, as applicable. Except to the extent sub-paragraph (ii) above may apply, none of the Issuers nor any Dealer has authorised, nor do any of them authorise, the making of any offer of Notes in circumstances in which an obligation arises for an Issuer or any Dealer to publish or supplement a prospectus for such offer.

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.

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 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. Any stabilisation or over-allotment must be conducted by the relevant Stabilising Manager(s) (or persons acting on behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules.

In this Prospectus all references to “€”, “EUR”, “Euro”, “euro” and “EURO” are to the single currency of the member states of the European Union participating in the third stage of the European Economic and Monetary Union.

Any descriptions or references to business figures or developments refer to the fiscal year 2008/2009, unless specified otherwise. References to “we” or “our” should be read as references to the ThyssenKrupp Group.

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 ...... 17 Summary regarding ThyssenKrupp ...... 20 Summary regarding ThyssenKrupp Finance ...... 23 German translation of the Summary ...... 24 Risk Factors regarding the Issuers...... 39 Risk Factors regarding the Notes ...... 46 ThyssenKrupp AG as Issuer and Guarantor ...... 51 Persons Responsible ...... 52 Statutory Auditors ...... 51 Selected Financial Information ...... 51 Information about ThyssenKrupp ...... 52 History and development of ThyssenKrupp ...... 52 Investments ...... 53 Business Overview ...... 54 Principal Activities...... 54 Principal Markets ...... 70 Organi zational Structure ...... 70 Trend Information...... 72 Significant or Material Adverse Change ...... 72 Outlook ...... 72 Administrative, Management and Supervisory Bodies ...... 73 Board Practices ...... 76 Major Shareholders ...... 78 Financial Information ...... 78 Historical Financial Information of ThyssenKrupp ...... 78 Auditing of Historical Annual Financial Information ...... 84 Legal and Arbitration Proceedings ...... 84 Significant Change in ThyssenKrupp’s Financial or Trading Position ...... 85 Additional Information ...... 85 Capital Stock ...... 85 Treasury Stock ...... 85 Memorandum and Articles of Association ...... 85 Material Contracts ...... 86 Risk Management System...... 86 Documents on Display ...... 87 ThyssenKrupp Finance Nederland B. V. as Issuer...... 88 Persons Responsible ...... 88 Statutory Auditors ...... 88 Selected Financial Information ...... 88 Information about ThyssenKrupp Finance ...... 88 History and development of ThyssenKrupp Finance ...... 88 Investments ...... 89 Business Overview ...... 89 Organisational Structure ...... 89 Trend Information...... 89 Administrative, Management and Supervisory Bodies ...... 89

5 Board Practices ...... 89 Major Shareholders ...... 90 Financial Information ...... 90 Historical Financial Information ThyssenKrupp Finance...... 90 Auditing of Historical Annual Financial Information ...... 94 Legal and Arbitration Proceedings ...... 94 Significant Change in ThyssenKrupp Finance’s Financial or Trading Position ...... 94 Additional Information ...... 94 Capital Stock ...... 94 Memorandum and Articles of Association ...... 94 Material Contracts ...... 94 Documents on Display ...... 95 Terms and Conditions of the Notes (English Language Version) ...... 96 Terms and Conditions of the Notes (German Language Version) ...... 115 Form of Guarantee ...... 137 Form of Final Terms ...... 143 Taxation ...... 161 General Information ...... 170 Selling Restrictions ...... 170 Authorisation ...... 174 Use of Proceeds ...... 174 Listing and Admission to Trading of the Notes ...... 174 Post-issuance Information ...... 174 Documents Incorporated by Reference ...... 175 Documents Incorporated by Reference ...... 175 Availability of Documents ...... 176 Names and Addresses ...... 177

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 or directly to investors.

Citigroup Global Markets Limited and Deutsche Bank Aktiengesellschaft 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 € 10,000,000,000 (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 nearly equivalent to € 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 SA/NV.

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 the Conditions are documented as Long-Form Conditions or Integrated Conditions the following applies:

– Integrated Conditions will generally be required where the Notes are to be publicly offered, in whole or in part, or are to be initially distributed, in whole or in part, to non-professional investors.

– In all other cases, the Issuer may elect to use Long-Form Conditions or Integrated Conditions.

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(s) 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 generally 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 nearly equivalent to € 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. Any Notes, the proceeds of which are to be accepted by the 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 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).

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 either the 2000 ISDA Definitions or the 2006 ISDA Definitions (each as published by the International Swaps and Derivatives Association, Inc., and each 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.

11 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.

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. The applicable Final Terms will also indicate whether the Notes will be redeemable early at the option of the holders in case of a change of control. Any Notes, the proceeds of which are to be accepted by the 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

12 or partly in a currency other than Sterling), and (b) provide that no 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.

Change of Control Put The Terms and Conditions may contain a Change of Control clause under which the Holders are entitled to put their Notes in the case of a change of control.

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 and Application has been made to list Notes on the official list of the Luxembourg Stock Exchange Admission to Trading 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

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 an increase in 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.

ThyssenKrupp Finance acts at present solely to facilitate the financing of the ThyssenKrupp Group. Its main assets are loans to other companies of the ThyssenKrupp Group. ThyssenKrupp Finance’s continued operations depend on the ability of ThyssenKrupp and other members of the 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 Federal Republic of Germany. For the risk factors regarding ThyssenKrupp, as Guarantor and debtor to ThyssenKrupp Finance, please see the section below.

The following risk description of the ThyssenKrupp Group is based on ThyssenKrupp’s Annual Report for the fiscal year 2008/09.

Financial Risks

We optimize continuously Group financing to secure the financial independence of ThyssenKrupp and to limit financial risks. To this end we use derivative financial instruments and concurrent surveys as well as controls.

Credit Risk (Risk of Default)

The risk of default of financial instrument transactions is composed of a possible failure of a contracting party. The counterparties in the financing area therefore must have a very high credit standing and/or must be covered by a deposit guarantee fund.

Liquidity Risk

The solvency and the financial flexibility of the Group can be negatively influenced by less liquid assets. In this context ThyssenKrupp maintains long-term credit facilities.

Market Risk

Market risks occur from fluctuations of fair values or future cash flows of original or derivative financial instruments. These variations are extensively monitored.

Foreign Currency Risk

Currency risks result from numerous payment flows in different currencies. Generally, hedging of translation risks in the asset positions arising from currency conversion does not take place. For foreign currency management we have developed groupwide policies.

14 Interest Rate Risk

Due to different foreign currencies and various maturities financial debts of the Group as well as funds are exposed to interest rate risks. Interest rate risk analyses are prepared regularly.

Commodity Price Risk

Depending on the market situation purchase prices for raw materials and energy fluctuate. These commodity price risks we minimize through long-term supply contracts as far as possible.

Risks of Acquisitions, Disinvestments and Reorganizations

Risks may arise from restructuring measures as well as the acquisition or disposal of real estate, companies or other business activities. We manage these risks intensely.

Risks of Orders and Sales

The handling of major orders can lead to higher-than-planned costs and schedule delays. As an international Group we are dependent on the world-wide economic situation. The reduced credit rating of key account customers harbors risks of bad debt, which we are countering with effective receivables management.

Risks of Procurement

On the procurement side risks exist due to rising prices of raw materials and energy. Long-term supply contracts and careful structured selection of suppliers reduce the risk of supply failures.

Legal risks

Legal risks can result from claims of different nature and official investigations made against ThyssenKrupp and individual Group companies. There are two pending lawsuits regarding the judicial review of the business valuations in connection with the merger of Thyssen AG and Fried. Krupp AG Hoesch-Krupp as well as the integration of Thyssen Industrie AG into Thyssen AG in the years 1998/1999 (so called “Spruchverfahren”). In particular, in the area of antitrust, corruption, subsidies and environmental law legal risks may arise from official investigations and lawsuits. Claims for damages resulting from product liability are a further risk category of the Group’s business activities although the Group minimizes product liability risks by producing quality products. In addition, claimants such as contractual partners, customers, consortium partners and subcontractors have lodged claims against ThyssenKrupp under various agreements like construction, plant engineering, supply and service agreements as well as share and asset deals. Where it is probable that individual claims will lead to payment obligations, provisions have been made.

A further risk can result from the decision of the EU Commission in the Hellenic Shipyards (HSY) state aid case. The EU commission classified various investment subsidies and undertakings granted to HSY in the years 1997 to 2002 as state aid not compatible with the Single Market. ThyssenKrupp has claims under its rights of recourse in the event that the implementation of the ruling at national level leads to financial losses. Furthermore, HSY and Howaldtswerke – Deutsche Werft GmbH (HDW) are in dispute with the Greek government concerning the delivery of submarines and outstanding payments of triple-digit million Euros. Both HSY and HDW, have cancelled the two submarine programs in particular by reason of default of payment by the Greek government under which four class U-214 submarines were to be built and three class U-209 submarines modernized. Files for arbitration have been made to enforce claims against the Greek government arising out of the cancellation. In the context of this dispute a legal risk can not finally be excluded that down payments in substantial amounts could be refunded to the Greek government under certain conditions.

In addition, ThyssenKrupp is also involved in legal, arbitrational and out-of-court disputes in connection with the construction of the integrated steel mill complex in Brazil.

15 Regulatory Risks

Changes in the legal conditions as well as changing competition regulations may result in an increase of costs and in a restriction of our sales opportunities. We monitor the actual themes in this context intensely.

Environmental Risks

In the production of some of our goods process-related risks of air and water pollution can arise. In addition some of our real estate is subject to risks from past pollution and mining subsidence. Here we implement continuous pollution control measures.

Emission Allowance Risks from EU proposals

Plans of the European Commission to increasingly auction CO2 emission allowances from 2013 may have considerable negative effects on our profit situation and are monitored intensely.

Risks of Information Security

The extensive integration of information technology in a good portion of our internal and external business processes implicates IT security risks. Many precautionary measures to guarantee IT security work against these increasing risks.

Risks arising from Pension and Health Care Measures

Capital market risks burden the Anglo-American activities due to the system of fully funded pension plans in these areas. In addition, higher payments for pension plans may be necessary due to increase of costs and more severe legal requirements expenses for health care measures in the US and in Canada.

Personnel Risks

On the personnel level there is still a risk that competent managers in key functions leave the Group or that top per- formers for open positions are not available. Especially in engineering it is difficult to guarantee the necessary junior scientists for our staff. ThyssenKrupp positions the Group as an attractive employer with career prospects.

Business Area Risks

The business area Steel Europe faces market risks regarding sales and procurement. Especially the crisis in the international automotive business may result in bad debts and less profit. The raw material prices on the procurement side implicate the risk that disproportionate price increases may not be passed on to the customers adequately. In addition there are risks from loss of production. Under property and business interruption insurance policies, substantial deductibles exist for some production units. In the case of a damage event, we have business continuity plans in place to minimize the risks for the Group.

In the business area Steel Americas risks exist from the processing of the major projects in Brazil and in the US. Risks arising from delays and budget overruns are limited through an intensive project controlling and claims management. Due to the extended ramp-up of the plants potential risks associated with the startup of future production are minimized.

The business area Stainless Global is – beside the risks customary within the industry due to the cyclical trends in the business – confronted with market risks of the current economic crisis. Another risk is the availability and the price development of raw materials. To safeguard against nickel price risks, we have introduced a sliding-scale model. In the plants there is a risk of loss of production due to fire damages or natural incidents like storm, hail and floodwaters.

The business area Materials Services is in addition to general market and economical risks mainly exposed to price and inventory risks with material services. In the actual economic crisis bad debt risks become more probable. All risk categories are bordered by comprehensive measures and hedging instruments.

16 The business trend in the construction sector influences the new installation business of the business area Elevator Technology. In this regard, regional weaknesses in the international construction sector are impacting further growth of the business area. The loss of service units as risk in the service business we stem with accordant marketing strategies. In addition, there are risks associated with the implementation of projects and bad debt risks.

In the business area Plant Technology an important cyclical risk lies in potential project deferrals or cancellations due to financing problems for customers. The processing of long-term and large scale contracts includes budget and time schedule risks which we face with an project controlling.

The activities in the business area Components Technology are dependent on regional markets and on certain individual customers especially in the automotive industry. Due to market situation there are drastically reduced orders from the OEMs. Further production cuts cannot be excluded.

The business area Marine Systems faces a capacity utilization risk for the shipyards. Financing problems for customers result in postponements and cancellations of contracts. The processing of existing orders is partly carrying risks. The business area reacts to the risks with broad restructuring measures. In context with the shipyard in Greece there are additional risks from actual legal conflicts.

Other Risks

Under property and business interruption insurance policies, substantial deductibles exist for some steel and stainless production units. One or more damages at these units could significantly impact the Group’s net assets, financial position and results of operations.

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. Also, the holder may only be able to reinvest on less favourable conditions as compared to the original investment.

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.

17 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.

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 Notes 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.

18 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.

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.

19 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 .

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

ThyssenKrupp’s headquarters are located at August-Thyssen-Strasse 1, D-40211 Düsseldorf. Its telephone number is +49-211-824-0.

Principal Activities

Tailored materials of all kinds and a comprehensive range of high-end technological goods, backed by a broad portfolio of services, characterize the capabilities that ThyssenKrupp offers customers throughout the world. Whether it’s steel for auto bodies, a petrochemical complex or slewing bearings for wind turbines – our employees work in over 80 countries across the globe to meet customer needs for superior products and services. ThyssenKrupp AG owns, directly or indirectly, more than 850 companies and equity interests worldwide. Two thirds of the Group’s 2,500 production sites, offices and service bases are located outside Germany. Our largest site is Duisburg with just under 19,000 employees ahead of Sao Paulo, Brazil, with over 8,000 and Dover, USA, with more than 7,000 employees.

20 The Group in Figures

2007/2008 2008/2009 Change Change in % Order intake million € 55,205 35,970 (19,235) (35) Sales million € 53,426 40,563 (12,863) (24) EBITDA million € 4,976 192 (4,784) (96) EBIT million € 3,572 (1,663) (5,235) — Earnings before taxes (EBT) million € 3,128 (2,364) (5,492) —

Net income/(loss) million € 2,276 (1,873) (4,149) — Earnings per share (EPS) € 4.59 (4.01) (8.60) — Distribution million € 603 139* (464) (77) Dividend per share € 1.30 0.30* (1) (77)

ROCE % 18.3 (8,1) (26.4) — ThyssenKrupp Value Added (TKVA) million € 1,916 (3,419) (5,335) —

Operating cash flows million € 3,679 3,699 20 1 Cash flows from disposals million € 329 199 (130) (40) Cash flows from investments million € (4,227) (4,236) (9) — Free cash flow million € (219) (338) (119) 54

Net financial debt million € 1,584 2,059 475 30 Total equity million € 11,489 9,696 (1,793) (16) Gearing % 13.8 21.2 7.4 —

Employees (September 30) 199,374 187,495 (11,879) (6) Germany 85,097 81,229 (3,868) (5) Abroad 114,277 106,266 (8,011) (7)

* Proposal to the Annual General Meeting

21 Capitalization ThyssenKrupp Group

The capitalization of the Group as of 30 September 2009 was as follows: 30 September 30 September 2008 2009 million EUR Financial debt / cash, cash equivalents, securities Bonds ...... 1,997 4,483 Notes payable ...... 529 479 Liabilities to financial institutions ...... 1,679 2,384 Liabilities due to sales of receivables not derecognized from the balance sheet . . 3 – Acceptance payables ...... 31 19 Finance lease liabilities ...... 125 104 Other loans ...... 52 135 Gross financial debt ...... 4,416 7,604 minus cash, cash equivalents and securities ...... 2,832 5,545 Net financial debt ...... 1,584 2,059

Total equity Capital stock ...... 1,317 1,317 Additional paid in capital...... 4,684 4,684 Retained earnings ...... 6,519 4,025 Cumulative income and expense directly recognized in equity...... (92) (678) Treasury stock ...... (1,421) (1,421) Equity attributable to ThyssenKrupp AG’s stockholders ...... 11,007 7,927 Minority interest ...... 482 1,769 Total equity...... 11,489 9,696 Total net financial debt and equity...... 13,073 11,755

Since 30 September 2009, the capitalization of the Group has changed due to increases of the net financial debt. Such changes are a result of, inter alia, the seasonality of the business of the Group as well as an increase of capital expenditures of planned investments.

Capital Stock

At 30 September 2009 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 463,473,492 of which were outstanding at the balance sheet date. Each share of common stock had a stated value of Euro 2.56. The Executive Board is authorized, with the approval of the Supervisory Board, to increase the capital stock on one or more occasions on or before 18 January 2012 by up to Euro 500,000,000 by issuing up to 195,312,500 new no-par bearer shares in exchange for cash and/or contributions in kind (“Authorized Capital”).

Treasury Stock

At 30 September 2009 ThyssenKrupp held 51,015,552 shares of its own.

22 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.

ThyssenKrupp Finance Nederland B. V. has its principal place of business (statutaire zetel) in Krimpen aan den IJssel and 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 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 September 30 September 2008 2009 million EUR Financial debt / cash, cash equivalents, securities Bonds ...... 500 2,000 Gross Financial Debt...... 500 2,000 minus cash, cash equivalents ...... 2 7 Net financial debt ...... 498 1,993 Total Equity Issued and paid-up capital ...... 2 2 Retained earnings ...... 4 4 Result for the year ...... 1 1 Total Equity...... 77 Total net financial debt and stockholders’ equity ...... 505 2,000

Since 30 September 2009 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.

23 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.

24 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 an nähernd entspricht.

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.

Bei Schuldverschreibungen, deren Erlöse von der Emittentin im Vereinigten Königreich ver- einnahmt und die vor dem ersten Jahrestag ihres jeweiligen Ausgabedatums zurückgezahlt werden müssen, muss (a) der Rückzahlungswert mindestens £ 100.000 (bzw. einen diesem Wert entsprechenden Betrag, der ganz oder teilweise auf eine andere Währung als Pfund Sterling lautet) betragen, und es muss (b) vorgeschrieben sein, dass eine Übertragung von Teilen dieser Schuldverschreibungen nur zulässig ist, wenn der Rückkaufwert des betreffenden Teils mindestens £ 100.000 (bzw. dem entsprechenden Betrag) entspricht.

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 entweder die 2000 ISDA Definitionen oder die 2006 ISDA Definitionen einbezieht (die jeweils von der International Swaps and Derivatives Association, Inc. veröffentlicht wurden, und zwar in der jeweiligen zum Datum der ersten Tranche der Schuldverschrei- bungen der betreffenden Serie geltenden ggf. geänderten Fassung),

– 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.

25 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.

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 Indexes 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 Indexes 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.

26 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- 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 einen oder mehrere, in den schreibungen maßgeblichen 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 Bedin- gungen angegeben). Bei Eintritt eines Kreditereignisses kann der Zinslauf vor dem festgelegten Endfälligkeitstag solcher Schuldverschreibungen beendet oder auf Grund einer mög- lichen Herabsetzung des Nennbetrags veringert sein. Bei Eintritt eines Kreditereignisses (und sofern in den maßgeblichen Endgültigen Bedingungen angegeben) können derartige 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 sei 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 und zu Bedingungen, die jeweils in den Endgültigen Bedingungen angegeben werden. In den Endgültigen Bedingungen wird ebenfalls festgelegt, ob die Schuldverschreibungen bei Eintritt eines Kontrollwechsels nach Wahl der Gläubiger vorzeitig rückzahlbar werden können.

Besteuerung Sämtliche auf die Schuldverschreibungen zahlbaren Beträge an Kapital und Zinsen sind auf Ebene der betreffenden Emittentin ohne Einbehalt oder Abzug von oder auf Grund 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

27 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.

Vorzeitige Rückzahlung Die Emissionsbedingungen können eine Kontrollwechsel-Bestimmung enthalten, nach der im Falle eines Kontroll- die Gläubiger berechtigt sind, im Falle eines Kontrollwechsels die vorzeitige Rückzahlung wechsels ihrer Schuldverschreibungen zu verlangen.

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 und Für die Schuldverschreibungen, die unter dem Programm begeben werden, ist ein Antrag Börsennotierung auf Börsennotierung auf dem amtlichen Kursblatt der Luxemburger Wertpapierbörse und ein Antrag auf Börsenzulassung im regulierten 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.

28 ZUSAMMENFASSUNG DER RISIKOFAKTOREN

Risikofaktoren betreffend die Emittentinnen

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 Risiko faktoren lediglich um Eventualitäten handelt, die eintreten oder auch nicht eintreten können, sollten sich potentielle Anleger bei ihrer Entscheidung über eine Investition in die Schuldverschreibungen der Tatsache bewusst sein, dass diese Risiko- faktoren (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.

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 ThyssenKrupp Finance ist davon abhängig, dass ThyssenKrupp und andere Unternehmen des ThyssenKrupp Konzerns ihre Verpflich- tungen 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. Hin- sichtlich der Risikofaktoren in Bezug auf ThyssenKrupp, als Garantin und Schuldnerin gegenüber ThyssenKrupp Finance, wird auf die Ausführungen des nachstehenden Abschnitts verwiesen.

Die folgende Risikobeschreibung des ThyssenKrupp Konzerns basiert auf dem Thyssenkrupp Jahresbericht für das Geschäftsjahr 2008/09.

Finanzwirtschaftliche Risiken

Zur Sicherstellung der finanziellen Unabhängigkeit von ThyssenKrupp und zur Begrenzung von finanzwirtschaftlichen Risiken optimieren wir kontinuierlich unsere Konzernfinanzierung. Dazu setzen wir derivative Finanzinstrumente ein und führen fortlaufende Überprüfungen und Kontrollen durch.

Kreditrisiko (Ausfallrisiko)

Das Ausfallrisiko bei Finanzinstrumenten besteht aus einer möglichen Nichterfüllung einer Vertragspartei. Die Kontra- henten im Finanzierungsbereich müssen daher alle über eine sehr gute Bonität verfügen bzw. einem Einlagensiche- rungsfonds angeschlossen sein.

Liquiditätsrisiko

Die Zahlungsfähigkeit sowie die finanzielle Flexibilität des Konzerns kann durch geringe liquide Mittel negativ beein- trächtigt werden. ThyssenKrupp hält in diesem Zusammenhang langfristige Kreditlinien vor.

Marktrisiko

Marktrisiken ergeben sich aus Schwankungen der Zeitwerte oder künftiger Zahlungsströme aus originären oder deriva- tiven Finanzinstrumenten. Diese werden umfassend überwacht.

29 Währungsrisiko

Wechselkursrisiken entstehenden aus vielfältigen Zahlungsströmen in unterschiedlichen Währungen. Translationsri- siken bei der Bewertung der Bilanzbestände aus der Umrechnung von Fremdwährungspositionen werden grundsätz- lich nicht abgesichert. Für das Devisenmanagement bestehen konzerneinheitliche Regelungen.

Zinsrisiko

Auf Grund verschiedener Währungen und unterschiedlicher Laufzeiten sind die Finanzschulden des Konzerns ebenso wie Geldanlagen einem Zinsänderungsrisiko ausgesetzt. Zinsanalysen werden regelmäßig durchgeführt.

Warenpreisrisiko

Abhängig von der Marktsituation können Einkaufspreise für Rohstoffe und Energie schwanken. Diese Warenpreisrisiken minimieren wir möglichst durch langfristige Lieferverträge.

Risiken aus Käufen, Verkäufen und Restrukturierungen

Restrukturierungsmaßnahmen sowie der Verkauf oder Erwerb von Grundstücken, Unternehmen oder sonstigen Geschäftsaktivitäten können zu Abwicklungsrisiken führen, die wir intensiv steuern.

Auftrags- und Absatzrisiken

Die Abwicklung von Großaufträgen ist mit Kosten- und Terminrisiken verbunden. Als internationaler Konzern ist ThyssenKrupp darüber hinaus den Risiken der Entwicklung der Weltwirtschaft ausgesetzt. Die verschlechterte Bonität einzelner Großkunden birgt Forderungsausfallrisiken, denen wir mit einem effektiven Debitorenmanagement begegnen.

Beschaffungsrisiken

Auf Beschaffungsseite bestehen Risiken auf Grund von steigenden Preisen bei Rohstoffen sowie bei Strom und Gas. Langfristige Versorgungsverträge und eine sorgfältige strukturierte Lieferantenauswahl reduzieren das Risiko von Liefe- rantenausfällen.

Rechtliche Risiken

Rechtliche Risiken können sich aus verschiedensten Ansprüchen Dritter, die gerichtlich und außergerichtlich gegen ThyssenKrupp und Konzernunternehmen geltend gemacht werden, ergeben. Noch immer sind zwei sogenannte Spruchverfahren gegen die ThyssenKrupp AG bei Gericht anhängig, in denen die Unternehmensbewertungen anläss- lich der Fusion der Thyssen AG und der Fried. Krupp AG Hoesch-Krupp sowie der Eingliederung der Thyssen Industrie AG in die Thyssen AG aus den Jahren 1998/1999 überprüft werden. Insbesondere in den Bereichen Kartellrecht, Korruption, Beihilfen und Umweltrecht können sich rechtliche Risiken aus behördlichen Untersuchungen und Klagen ergeben. Ebenso sind Schadensersatzklagen aus Produkthaftung denkbar, die aber im Konzern durch qualitative Pro- dukte minimiert werden. Darüber hinaus haben Anspruchsteller wie z. B. Vertragspartner, Kunden, Konsortiumpartner und Unterlieferanten aus verschiedensten Verträgen wie Bau-, Anlagenbau-, Liefer- und Leistungsverträgen sowie Unternehmenskaufverträgen Ansprüche gegen ThyssenKrupp und Konzernunternehmen erhoben. Wo wahrscheinlich ist, dass einzelne Ansprüche zu Zahlungsverpflichtungen führen werden, wurden dafür Rückstellungen gebildet.

Ein weiteres Risiko kann aus der Entscheidung der EU-Kommission im Beihilfeverfahren Hellenic Shipyards (HSY) resultieren. Die Kommission hat Zusagen des griechischen Staates an HSY vor und während der Privatisierung im Zeitraum 1997 – 2002 untersucht. Auf dieser Basis hat sie entschieden, dass aus dem untersuchten Katalog von staatlichen Zusagen einige nicht den beihilferechtlichen Anforderungen des EU-Rechts entsprechen. ThyssenKrupp hat Rück- griffsansprüche für den Fall, dass sich aus der nationalen Umsetzung der Entscheidung finanzielle Schäden ergeben. Trotzdem lassen sich bei ungünstiger Entwicklung finanzielle Belastungen nicht ausschließen. Darüber hinaus befinden sich HSY und Howaldtswerke – Deutsche Werft GmbH (HDW) in Auseinandersetzungen mit dem griechischen Staat

30 wegen der Lieferung von U-Booten und ausstehenden Zahlungen in dreistelliger Millionenhöhe. Beide HSY und HDW, haben die beiden U-Boot-Programme mit dem griechischen Staat über den Neubau von vier U-Booten der Klasse U-214 und die Modernisierung von drei U-Booten der Klasse U-209 insbesondere wegen Zahlungsverzugs gekündigt. Entsprechende Schiedsklagen gegen den griechischen Staat wurden erhoben, um die sich aus der Kündigung erge- benden Ansprüche gegen den griechischen Staat durchzusetzen. Im Zusammenhang mit diesen Auseinanderset- zungen kann ein rechtliches Risiko nicht endgültig ausgeschlossen werden, die in substanzieller Höhe erhaltenen Anzahlungen unter bestimmten Voraussetzungen an den griechischen Staat erstatten zu müssen.

Darüber hinaus befindet sich ThyssenKrupp im Zusammenhang mit dem Bau des integrierten Stahlwerks in Brasilien in gerichtlichen, schiedsgerichtlichen und außergerichtlichen Auseinandersetzungen.

Regulatorische Risiken

Änderungen von rechtlichen Rahmenbedingungen oder geänderte Wettbewerbsbestimmungen können zu Kosten- steigerungen führen und unsere Absatzmöglichkeiten einschränken. Die aktuellen Themen in diesem Zusammenhang beobachten wir genau.

Umweltschutzrisiken

Bei der Herstellung einiger unserer Produkte können verfahrensbedingt Verunreinigungen von Luft und Wasser auftau- chen. Zusätzlich bestehen für einige Grundstücke aus früheren Geschäftsaktivitäten Risiken aus Altlasten und Berg- schäden. Hier führen wir kontinuierliche Umweltschutzmaßnahmen durch.

Emissionsrechtsrisiken aus EU-Vorhaben

Pläne der EU zur zunehmenden Versteigerung der Emissionsrechte für CO2 in Auktionen ab 2013 können unsere Pro- duktionskosten erheblich belasten und werden beobachtet.

Risiken der Informationssicherheit

Der umfassende Einsatz von Informationstechnologien im Großteil unserer operativen Prozesse im internen und exter- nen Geschäftsverkehr bringt Risiken der Informationssicherheit mit sich. Vielfältige Vorsorgemaßnahmen zur Gewähr- leistung der Informationssicherheit wirken diesen zunehmenden Risiken entgegen.

Risiken aus Pensions- und Gesundheitsfürsorgeverpflichtungen

Kapitalmarktrisiken belasten die Aktivitäten im angloamerikanischen Raum auf Grund der dort vorherrschenden voll fondsfinanzierten Pensionsverpflichtungen. Auch für Gesundheitsfürsorgeverpflichtungen in den USA und Kanada kön- nen auf Grund von Kostensteigerungen und verschärften gesetzlichen Anforderungen höhere Zahlungen an Pensions- fonds erforderlich sein.

Personalrisiken

Auf Personalebene besteht grundsätzlich ein Risiko, kompetente Stelleninhaber zu verlieren oder Leistungsträger für offene Stellen nicht zu finden. Insbesondere im Bereich der Ingenieurwissenschaften ist es schwierig, den notwendigen Nachwuchs für unsere Belegschaften sicherzustellen. Hier positioniert ThyssenKrupp sich als attraktiver Arbeitgeber mit Karriereperspektiven.

Spezifische Risiken der Business Areas

Die Business Area Steel Europe ist von Marktrisiken auf der Absatz- und Beschaffungsseite betroffen. Insbesondere die Krise der internationalen Automobilwirtschaft kann zu Forderungsausfällen und Ertragsrückgängen führen. Die Rohstoffpreise auf der Einkaufsseite bergen das Risiko, dass überproportionale Preiserhöhungen nicht adäquat in den Verkaufspreisen weitergegeben werden können. Ebenso bestehen Risiken aus dem Ausfall von Produktionsanlagen. Im Rahmen der Sach- und Betriebsunterbrechungsversicherungen existieren dabei teilweise Selbstbehalte in beacht-

31 licher Höhe. Für den Fall eines Schadensfalles existieren Business Continuity Plans, um die Risiken für den Konzern zu minimieren.

In der Business Area Steel Americas existieren Risiken aus der Abwicklung der Großprojekte in Brasilien und in den USA. Risiken durch Zeitverzögerungen und Budgetüberschreitungen werden durch ein intensives Projektcontrolling und Claims Management begrenzt. Durch den verlängerten Hochlauf der Standorte können mögliche Risiken beim Anlauf der künftigen Produktion minimiert werden.

Für die Business Area Stainless Global ergeben sich neben den branchenüblichen Risiken auf Grund der zyklischen Stahlkonjunkturverläufe insbesondere Marktrisiken aus der gegenwärtigen Konjunkturkrise. Ein weiteres Risiko liegt in der Verfügbarkeit und der Preisentwicklung von Rohstoffen. Zur Absicherung von Nickelpreisrisiken wird ein gestuftes Bandbreitenmodell eingesetzt. In den Produktionsanlagen besteht die Gefahr eines Produktionsausfalles durch Feuer- schäden oder Naturereignisse wie Sturm, Hagel und Hochwasser.

Die Business Area Materials Services ist neben Markt- und Konjunkturrisiken hauptsächlich Preis- und Vorratsrisiken im Werkstoffgeschäft ausgesetzt. In der aktuellen Wirtschaftskrise sind Forderungsausfälle wahrscheinlicher gewor- den. Alle Risikokategorien werden durch umfangreiche Maßnahmen und Absicherungsinstrumente begrenzt.

Die konjunkturelle Entwicklung des Bausektors beeinflusst das Neuanlagengeschäft der Business Area Elevator Technology. Insofern belasten regionale Schwächen der internationalen Baukonjunktur das weitere Wachstum der Business Area. Im Servicegeschäft liegt das Risiko im Verlust von Wartungseinheiten, dem wir mit entsprechenden Marketingstrategien begegnen. Darüber hinaus bestehen Risiken bei der Abwicklung von Projekten sowie Forderungs- ausfallrisiken.

In der Business Area Plant Technology liegt konjunkturbedingt ein bedeutendes Risiko bei möglichen Projektverschie- bungen oder -stornierungen auf Grund kundenseitiger Finanzierungsengpässe. In der Abwicklung von langfristigen Großaufträgen bestehen Budget- und Terminrisiken, denen mit einem Projektcontrolling begegnet wird.

In der Business Area Components Technology besteht eine Abhängigkeit von regionalen Teilmärkten und von bestimmten Kunden insbesondere aus der Automobilbranche. Marktbedingt kommt es hier zu stark reduzierten Abru- fen. Weitere Produktionskürzungen sind nicht auszuschließen.

Die Business Area Marine Systems ist von Auslastungsrisiken in den Werften betroffen. Finanzierungsprobleme bei Kunden führen zu Verschiebungen und Stornierungen von Aufträgen. Bei bestehenden Großaufträgen ist die Abwick- lung teilweise risikobehaftet. Die Business Area reagiert auf die Risiken mit umfassenden Restrukturierungsmaß- nahmen. Im Zusammenhang mit dem griechischen Werftstandort gibt es darüber hinaus Risiken aus aktuellen juristi- schen Auseinandersetzungen.

Sonstige Risiken

Im Rahmen der Sach- und Betriebsunterbrechungsversicherungen existieren zurzeit bei einigen Produktionsanlagen für Stahl und Edelstahl Selbstbehalte in beachtlicher Höhe. Der Eintritt eines oder mehrerer Schadensfälle kann zu einer wesentlichen Beeinträchtigung der Vermögens-, Finanz- und Ertragslage des Konzerns führen.

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-

32 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.

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. Außerdem besteht die Möglichkeit, dass der Gläubiger der Schuldverschreibungen eine Wiederanlage nur zu schlechteren als den Bedingungen des ursprünglichen Investments tätigen kann.

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.

33 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 bestimmen. Je volatiler der betreffende Index, desto größer die Ungewißheit in Bezug auf Zinsertrag und Rückzah- lungsbetrag.

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.

34 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 wurde am 17. März 1999 unter der Nummer HRB 37003 in das Handelsregister des Amtsgerichts Düs- seldorf eingetragen .

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

Hauptgeschäftstätigkeit

Maßgeschneiderte Werkstoffe aller Art und ein umfassendes Angebot an anspruchsvollen Technologiegütern, begleitet von einer breiten Dienstleistungspalette, bestimmen die Leistungsfähigkeit von ThyssenKrupp für Kunden in aller Welt. Ob Karosseriestahl für die Autoproduktion, ein petrochemischer Industriekomplex oder beispielsweise ein Großwälzla- ger für Windkraftanlagen benötigt wird – unsere Mitarbeiter sind in über 80 Ländern der Erde tätig, um die Wünsche der Kunden nach hochwertigen Produkten und Dienstleistungen zu erfüllen. Die ThyssenKrupp AG besitzt weltweit direkt oder indirekt mehr als 850 Tochterunternehmen und Beteiligungen. Insgesamt bestehen international 2.500 Produktionsstätten, Büros und Servicestützpunkte, zwei Drittel außerhalb Deutschlands. Größter Standort ist Duisburg mit knapp 19.000 Mitarbeitern vor São Paulo, Brasilien, mit über 8.000 und Dover, USA, mit mehr als 7.000 Beschäf- tigten.

35 Der Konzern in Zahlen

Veränderung 2007/2008 2008/2009 Veränderung in % Auftragseingang Mio € 55.205 35.970 – 19.235 – 35 Umsatz Mio € 53.426 40.563 – 12.863 – 24 EBITDA Mio € 4.976 192 – 4.784 – 96 EBIT Mio € 3.572 – 1.663 – 5.235 — Ergebnis vor Steuern (EBT) Mio € 3.128 – 2.364 – 5.492 —

Jahresüberschuss (+)/-fehlbetrag (–) Mio € 2.276 – 1.873 – 4.149 — Ergebnis je Aktie (EPS) € 4,59 – 4,01 – 8,60 — Ausschüttung Mio € 603 139* – 464 – 77 Dividende je Aktie € 1,30 0,30* – 1 – 77

ROCE % 18,3 – 8,1 – 26,4 — ThyssenKrupp Value Added (TKVA) Mio € 1.916 – 3.419 – 5.335 —

Operating Cash-Flow Mio € 3.679 3.699 20 1 Cash-Flow aus Desinvestitionen Mio € 329 199 – 130 – 40 Cash-Flow für Investitionen Mio € – 4.227 – 4.236 – 9 — Free Cash-Flow Mio € – 219 – 338 – 119 54

Netto-Finanzschulden Mio € 1.584 2.059 475 30 Eigenkapital Mio € 11.489 9.696 – 1.793 – 16 Gearing % 13,8 21,2 7,4 —

Mitarbeiter (30.09.) 199.374 187.495 – 11.879 – 6 Inland 85.097 81.229 – 3.868 – 5 Ausland 114.277 106.266 – 8.011 – 7

* Vorschlag an die Hauptversammlung

36 Kapitalausstattung

Die Kapitalausstattung des Konzerns zum 30. September 2009 stellt sich wie folgt dar: 30. September 30. September 2008 2009 Mio EUR Finanzschulden, Bargeld, flüssige Mittel, Wertpapiere Anleihen ...... 1.997 4.483 Schuldscheindarlehen ...... 529 479 Verbindlichkeiten gegenüber Finanzinstituten...... 1.679 2.384 Verbindlichkeiten aus nicht ausgebuchten Forderungen ...... 3 – Akzeptverbindlichkeiten ...... 31 19 Verbindlichkeiten aus Finance Lease ...... 125 104 Sonstige Darlehen ...... 52 135 Brutto-Finanzschulden ...... 4.416 7.604 abzüglich Bargeld. flüssige Mittel und Wertpapiere...... 2.832 5.545 Netto-Finanzschulden ...... 1.584 2.059 Eigenkapital Gezeichnetes Kapital...... 1.317 1.317 Kapitalrücklage ...... 4.684 4.684 Gewinnrücklagen ...... 6.519 4.025 Kumulierte erfolgsneutrale Eigenkapitalveränderung ...... – 92 – 678 Eigene Anteile ...... – 1.421 – 1.421 Eigenkapital der Aktionäre der ThyssenKrupp AG ...... 11.007 7.927 Anteile anderer Gesellschafter...... 482 1.769 Eigenkapital ...... 11.489 9.696 Summe Netto-Finanzschulden und Eigenkapital ...... 13.073 11.755

Seit dem 30. September 2009 hat sich die Kapitalausstattung des Konzerns auf Grund einer Erhöhung der Netto- Finanzverbindlichkeiten verändert. Diese Veränderungen resultieren u. a. aus saisonalbedingten Schwankungen des Geschäftes und aus zusätzlichen geplanten Investitionsausgaben.

Gezeichnetes Kapital

Per 30. September 2009 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 463.473.492 Stück im Umlauf waren. Rechnerisch entfällt auf jede Aktie ein Anteil am gezeichneten Kapital i. H. v. EUR 2,56. Der Vorstand ist ermächtigt, das Grundkapital bis zum 18. Januar 2012 mit Zustimmung des Aufsichtsrates um bis zu Euro 500.000.000,– durch Ausgabe von bis zu 195.312.500 neuen, auf den Inhaber lautende Stückaktien gegen Bar- und/oder Sacheinlagen einmal oder mehrmals zu erhöhen („Genehmigtes Kapital“).

Eigene Aktien

Am 30. September 2009 hat ThyssenKrupp 51.015.552 eigene Aktien gehalten.

37 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. September 30. September 2008 2009 Mio. EUR Finanz schulden, Bargeld, flüssige Mittel, Wertpapiere Anleihen ...... 500 2,000 Brutto-Finanz schulden ...... 500 2.000 abzüglich Bargeld und flüssige Mittel...... 2 7 Netto-Finanz schulden ...... 498 1.993 Eigenkapital Gezeichnetes Kapital...... 2 2 Gewinnrücklagen ...... 4 4 Aufgelaufenes Jahresergebnis ...... 1 1 Eigenkapital ...... 77 Summe Netto-Finanz schulden und Eigenkapital ...... 505 2.000

Seit dem 30. September 2009 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.

38 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 an increase in 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.

ThyssenKrupp Finance acts at present solely to facilitate the financing of the ThyssenKrupp Group. Its main assets are loans to other companies of the ThyssenKrupp Group. ThyssenKrupp Finance’s continued operations depend on the ability of ThyssenKrupp and other members of the 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 ThyssenKrupp in respect of principal and interest payments. This guarantee is enforceable under the laws of the Federal Republic of Germany. For the risk factors regarding ThyssenKrupp, as Guarantor and debtor to ThyssenKrupp Finance, please see the section below.

The following risk description of the ThyssenKrupp Group is based on ThyssenKrupp’s Annual Report for the fiscal year 2008/09.

CENTRAL RISK AREAS

Financial risks

Central responsibilities of ThyssenKrupp AG as parent company include the coordination and management of financial requirements within the Group and securing the financial independence of the Group. To this end we optimize Group financing and limit the financial risks. Risks in the individual financial risk areas are minimized through an ongoing process of monitoring and controls. Credit risk (default risk): We conclude financial instrument transactions in the financing area only with counterparties who have a very high credit standing and/or are covered by a deposit guarantee fund. To further minimize risks, transactions are concluded only within specified counterparty risk limits. Outstanding receivables and default risks are constantly monitored by the Group subsidiaries; in some cases they are additionally insured under commercial credit policies. The credit standing of key account customers is monitored particularly closely. Liquidity risk: To secure the solvency and financial flexibility of the Group at all times, we maintain long-term credit facilities and cash funds on the basis of a multi-year financial planning system and a liquidity planning system on a rolling monthly basis. The cash pooling system and external financings are concentrated mainly on ThyssenKrupp AG and specific financing companies. We use the cash pooling system to allocate resources to Group subsidiaries internally according to requirements. Market risk: Various measures are used to mitigate or eliminate the risk of fluctuations in the fair values or future cash flows from non-derivative or derivative financial instruments due to market changes. These mainly include off-exchange-traded foreign currency forward contracts, interest rate/foreign currency derivatives and commodity forward contracts with banks and commercial partners. To hedge against commodity price risks we also use exchange-traded futures. The use of derivative financial instruments is extensively monitored, with checks being carried out on the basis of policies in the framework of regular reporting. Currency risk: To contain the risks of the numerous payment flows in different currencies – in particular in US dollars – we have developed Groupwide policies for foreign currency management. All companies of the Group are required to hedge foreign currency positions at the time of their inception; companies based in the euro zone are

39 required to hedge via our central clearing office. Translation risks arising from the conversion of foreign currency positions are generally not hedged. Interest rate risk: As in previous years, we procured funds in 2008/2009 on the international money and capital markets in different currencies – predominantly in euros and US dollars – and with various maturities. The resulting financial liabilities and our financial investments are partially exposed to risks from changing interest rates. To manage these risks, regular interest rate risk analyses are prepared, the results of which are used in our risk management system. Commodity price risk: Depending on the market situation, purchasing prices for raw materials and energy can fluctuate significantly. We minimize this price risk firstly through long-term supply contracts – e. g. for ore, coal and coke. Secondly, some Group companies use derivative financial instruments – mainly commodity forward contracts – to hedge against the risk of commodity price fluctuations, in particular for nickel and copper. Hedging via such financial instruments is subject to strict guidelines.

Details of these risk areas are provided in the Annual Report 2008/2009 on pages 226-230.

Risks associated with acquisitions, disposals and restructurings

Risks may arise from restructuring programs as well as from the disposal or acquisition of real estate, companies or other business activities. Where the occurrence of risks is probable, we have made adequate provision in the balance sheet.

Order and sales risks

The handling of major orders entails risks. Technical problems and quality problems with sub-suppliers can lead to higher-than-planned costs and cause schedule delays. Here, too, we continuously improve our management instruments to contain these risks. We minimize the risk of default by selecting customers carefully, keeping in contact with them and collecting progress payments.

As a globally active Group, ThyssenKrupp is particularly dependent on the international cyclical situation. We counter these market risks with a number of measures. We closely and continuously monitor the economic trend in individual countries and trade flows in order to minimize sales risks. For example, if necessary we cut back our production and adjust capacities. Our international presence makes us largely independent of regional crises. Our widely differentiated product and customer structure limits our sales risks in individual markets.

ThyssenKrupp is affected by the severe weakening of the worldwide automotive industry, one of our main customers. The reduced credit rating of key account customers harbors the risk of bad debt, which we are countering with effective receivables management.

Procurement risks

Rising prices on the procurement side are countered at ThyssenKrupp by passing on the higher prices in our product prices as far as possible. In addition, our purchasing departments are constantly searching for alternative low-cost suppliers worldwide. A structured procurement policy on the electricity market and long-term natural gas contracts reduce the risks on the energy markets.

To limit the risks of supply failures, we select our suppliers carefully. The geographical distribution of orders makes us independent of regional supply bottlenecks and helps us find alternative sources in the event of local supply problems.

Legal risks

40 connection with the merger of Thyssen AG and Fried. Krupp AG Hoesch-Krupp as well as the integration of Thyssen Industrie AG into Thyssen AG in the years 1998/1999 (so called “Spruchverfahren”). In particular, in the area of antitrust, corruption, subsidies and environmental law legal risks may arise from official investigations and lawsuits. Claims for damages resulting from product liability are a further risk category of the Group’s business activities although the Group minimizes product liability risks by producing quality products. In addition, claimants such as contractual partners, customers, consortium partners and subcontractors have lodged claims against ThyssenKrupp under various agreements like construction, plant engineering, supply and service agreements as well as share and asset deals. Where it is probable that individual claims will lead to payment obligations, provisions have been made.

In addition, ThyssenKrupp is also involved in legal, arbitrational and out-of-court disputes in connection with the construction of the integrated steel mill complex in Brazil.

Regulatory risks

Changes to the legal framework can result in risks to our business, increase our costs and restrict our sales opportunities. Changes to competition rules in individual sections of the markets can also bring disadvantages for us. By inten- sively gathering information, we ensure that we can respond to such changes in good time. Through close working relations with the relevant institutions we also endeavour to prevent changes to the legal framework from distorting competition.

For the purposes of the hardship clause contained in the German Renewable Energy Sources Act (Gesetz für den Vorrang Erneuerbarer Energien), the criteria for defining an independent part of an enterprise have changed and this could lead to an increase in electricity costs.

Environmental risks

Due to our production processes, we are exposed to process-related risks of air and water pollution. Continuous pollution control measures and investment in environmentally friendly facilities in our production operations help minimize environmental impact and conserve resources. In addition, the large number of Group companies with certified environmental management systems reduces the risk of environmental damage.

Some of our real estate is subject to risks from past pollution and mining subsidence. We counter these risks with preventive measures and scheduled remediation work, for which we again recognized adequate liabilities in the fiscal year 2008/2009.

Emission allowance risks from EU proposals

The plans of the European Commission to increasingly auction CO2 emission allowances from 2013 pose risks for our production costs. We are closely monitoring the political debate on this. As an energyintensive industrial and services group operating in a competitive international market, we would likely be unable to pass on all or any of the additional costs from increased auctioning to our customers. This would entail risks for our earnings situation.

The allocation system benchmarks yet to be determined and the capping of free certificates will probably lead to a significant reduction in allocations in the next emissions trading period (2013 – 2020).

41 We are closely following the political developments concerning the introduction of a US emissions trading system so that we can implement strategic plans in good time and compete successfully in the USA on the basis of our know-how and experience.

Risks associated with information security

We continually review our information technologies to assess whether they guarantee secure handling of IT-supported business processes. If necessary, the systems are updated and optimized, because information security is not a status but a work-in-process in which risks and associated protective measures are assessed. The IT-based integration of business processes is subject to the condition that the risks involved for our Group companies and also for our customers, suppliers and other business partners are minimized. Internal policies are therefore in place under which all Group companies are obligated to ensure that information security measures are implemented to the maximum extent possible. In the fiscal year 2008/2009 we carried out extensive measures to systematically develop our information security management system in accordance with ISO / IEC 27001. In addition, at selected Group companies business processes and data centers have security certification.

In view of the increasing risks we took the precautionary measure back in fall 2008 of setting up an Information Secu- rity Competence Center to make our IT centers and computer networks even more secure and protect them more effectively from attacks and other external interference. Added to this is the work of our “IT Compliance” team at corporate headquarters, who provide the Group companies with advice and support on all information security matters. Furthermore, e-learning modules on the secure handling of business information are available on the intranet to all employees worldwide. In addition, we organize information security awareness training courses for employees and managers. In parallel with this the ThyssenKrupp Information Security Forum set up in 2004 is now successfully established.

Together with the Group’s data protection officers, our information security experts ensure that personal data are pro- cessed only in accordance with the rules of the German Data Protection Act (Datenschutzgesetz). All these measures will allow us to continue to protect the Group’s business data as well as the privacy of our business associates and employees through preventive action and to respond appropriately to potential new risks.

Risks associated with pensions and healthcare obligations

The fund assets used to finance pension liabilities are exposed to capital market risks. To minimize these risks, the individual investment forms are selected and weighted on the basis of asset liability studies by independent experts. The aim is to adjust the investments to ensure that the associated pension liabilities are permanently fulfilled in respect of the current and future income from the investments. 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, the cost of healthcare obligations in the USA and Canada may increase. Furthermore, in some countries there is a risk of significantly higher payments having to be made to finance pension plans in the future due to stricter statutory requirements. In individual cases, the premature cancellation of a pension plan may necessitate an additional allocation.

Personnel risks

Committed and competent staff and managers are a central factor in the success of ThyssenKrupp. We have a number of measures in place to counter the risk that key personnel cannot be found to fill vacancies in our Group or that they cannot be retained. We position ourselves as an attractive employer and promote the long-term retention of employees in the Group. We continue our systematic management development program offering executives career prospects and attractive incentives. We are intensifying the targeted mentoring of our employees to promote identification with the company at all levels.

We adhere to our high-quality training system even in difficult economic times. By establishing contact with interested young people from an early age, we can inform them about career opportunities at ThyssenKrupp and secure the young talent we need for our workforces. We also systematically continue our intensive cooperation with key universi- ties to establish contact with talented students early on.

42 GENERAL ECONOMIC RISKS

The global economy will stabilize only gradually. In 2010 only a small increase in German GDP is expected, assuming that the geopolitical situation remains largely stable and the risks arising out of the international financial crisis do not grow more severe but gradually recede.

However, economic downside risks remain. Unless the financial crisis is overcome to a large extent in 2010, there could be a negative rebound. With the monetary and fiscal latitude having been narrowed, there is less scope for further government stimulus programs. The assumed low-level economic recovery would also be at risk if key countries were to initiate fiscal consolidation too quickly. Tax increases, premature interest rate increases by the central banks and stronger than expected rises in unemployment could also strongly impact growth prospects.

For 2010 we expect a largely stable euro exchange rate and only moderate increases in energy and raw material prices. However, the balance of payments deficit in the US harbors the risk of an increasingly weak US dollar/strong euro, which could curb export opportunities in particular for German industry. A weaker US dollar could lead to a surge in prices on the energy and raw materials markets.

SPECIFIC RISKS FOR OUR OPERATIONS

For our European carbon steel flat-rolled operations, which effective 1 October 2009 now form the Steel Europe business area, risks to future growth include in particular risks on the sales and procurement markets and risks from emissions trading. Should the difficult economic situation continue, the already existing risk of customer insolvencies will increase. We counter the risk of a continued economic crisis through cost optimization in all areas, prompt production adjustments, and a concentration on high-end market segments subject to less cyclicality. To contain the increasing risk of customer insolvencies, we have set internal limits for each individual customer.

In view of the risk of rising raw material and energy prices, we constantly seek out alternative procurement sources and wherever possible pass on price increases to our customers. We minimize our quality risks by continuously optimizing our value chains.

To be able to insure against major risks and reduce costs in the event of damages claims, it is especially important to avoid losses by taking preventive action. For this reason, a business and technical risk controlling system for property insurance is an integral component of our risk management process. In the event of business interruptions, we have business continuity plans in place with concrete measures for remedying damages.

The volume and price risks for emission allowances in the second trading period from 2008 to 2012 have been minimized through a Groupwide emissions trading strategy.

Our major carbon steel investment projects in America – which have been combined in the Steel Americas business area since the beginning of the fiscal year 2009/2010 – remain at risk of further implementation problems such as delays and budget overruns. Thanks to project controls, tighter project management and weekly project meetings and reports, we are able to identify and communicate risks relevant to the realization of these projects in good time. In addition, our claims management system ensures that all claims from our contractual partners are properly handled and managed. Furthermore, ThyssenKrupp is involved in legal, arbitrational and out-of-court disputes in connection with the construction of the melt shop and coke plant in Brazil which could lead to compensation payments.

Risks associated with the startup of future production are minimized by extended ramp-up periods and the careful selection and training of new employees. To contain potential sales risks, we began work on establishing and expand- ing a customer base from an early stage. Furthermore, the ramp-up of the two major projects is being staggered in line with the economic situation. More information is provided in the Annual Report 2008/2009 on pages 83-85. The procurement risk for iron ore is reduced through long-term contracts and our close relationship with the Brazilian iron ore mining company Vale, which is a shareholder in our Brazilian steel facility.

In addition to the usual cyclical risks, our stainless operations – which have now been combined in the Stainless Global business area – face risks associated with the way the markets respond to existing and growing overcapacities at stainless producers in Asia.

43 Numerous measures are in place to counter these risks. We have extended our value chain towards the higher-margin end-customer business, further intensified customer relationships, expanded our custom services, and improved our quality and delivery performance. These measures are supported by newly developed applications for stainless steels and nickel alloys, innovative products made from these materials and modern, cost-saving process technologies.

To counter the risks of the current economic crisis, an program of measures has been initiated and in part already implemented in the stainless plants which includes significant production cutbacks, administrative cost savings and further cost-reduction and efficiency-enhancement measures in all areas.

In the construction of the stainless plant near Mobile in Alabama/USA, further delays and budget overruns are possible. As with the construction of Steel Americas’ neighboring processing plant, an intensive system of project controls, meetings and reports has therefore been installed here, too, to secure a detailed assessment of risks.

To safeguard against nickel price risks, we have introduced a sliding-scale model which represents a sustainable hedging strategy. Under this strategy nickel futures are used to hedge some of the unhedged volumes which are exposed to the risk of commodity price changes due to fluctuations in the nickel price on the London Metal Exchange. The maximum hedged volume is 80 % of the nickel volume subject to price risks calculated each month.

Our trading and services business is mainly engaged in materials services for customers throughout the world. These activities have now been combined in the Materials Services business area. To counter the associated risks, our comprehensive action program includes a continuously improved system of net working capital management aimed in particular at optimizing inventories. In addition, cost-reduction programs and corresponding capacity adjustments have been implemented. Ongoing project controls are in place to limit risks from the final completion of pro jects.

Cyclical risks are countered by the business’ worldwide presence, broad customer base and high degree of diversifica- tion. The resultant wide spread of risks also applies to the bad debt risk, which is additionally limited by the use of hedging instruments.

The risk structure of our elevator activities – allocated to the Elevator Technology business area since the start of the fiscal year 2009/2010 – is mainly determined by two factors: the different business activities and the different regions in which we operate.

In respect of the business activities, the service and modernization business is comparatively unaffected by cyclical risks. To counter the loss of service units from an early stage, we employ marketing strategies aimed at retaining customers over the long term. In addition, ongoing efficiency enhancement programs are carried out to offset frequent procurement cost increases, such as rising fuel prices, where these cannot be passed on in full to customers.

The situation is different in the new installations business, which is closely linked to the construction sector and therefore more vulnerable to cyclical fluctuations. The targeted use of project management measures helps contain risks in the processing of major orders. Furthermore, rising material prices are for the most part offset by efficiency improvements in production and optimized purchasing.

With regard to the regional distribution of business activities, the risks are largely balanced within the company, because Elevator Technology is present in very different markets which are generally in different cyclical phases. The exchange- rate risks caused by operating in so many different regions are reduced by the prompt recognition of costs and sales.

However, the economic crisis has led to increased risks in connection with customers’ solvency and financing options. This could result in bad debts and the postponement or cancellation of projects. Also, increasingly intense competition on all key markets is placing further pressure on prices. We counteract these trends with professional project management and by carefully monitoring the credit standing of customers. In addition, strong customer loyalty, high-quality services and effective efficiency enhancement programs help cushion the increasing price pressure.

For our plant construction companies, which have been combined in the Plant Technology business area effective 1 October 2009, the general risks lie in the future development of the global economy and the uncertain sales expectations in all relevant customer sectors. Financing problems for customers and decreasing raw material prices could lead to project deferrals or cancellations. Alongside these risks, attention also has to be paid to risks from the political situation for example in the Middle East. The additional specific risks associated with large long-term contracts and technically complex orders are contained through close project controls and increased use of project management measures.

44 For the activities which have been combined in the Components Technology business area since the beginning of the fiscal year 2009/2010, the main market risks stem from a continued recession in the automotive industry. In automotive components we must continue to expect in some cases drastically reduced orders from the OEMs. To contain the risks, we have cut back production and reduced sales and administrative costs. The market risks are mitigated by our production capacities in China, where we are profiting from sales increases bucking the worldwide trend.

Due to the global economic crisis and a decline in new orders, there is a capacity utilization risk for our shipyards. A sharp drop in freight rates and financing problems for customers have led to postponements and cancellations of new- build contracts, in particular for container vessels and yachts. To counter the resultant risks we have introduced concrete optimization measures which also extend to our operating processes. Effective 1 October 2009 our shipyard operations are now combined in the Marine Systems business area.

A further risk can result from the decision of the EU Commission in the Hellenic Shipyards (HSY) state aid case. The EU commission classified various investment subsidies and undertakings granted to HSY in the years 1997 to 2002 as state aid not compatible with the Single Market. ThyssenKrupp has claims under its rights of recourse in the event that the implementation of the ruling at national level leads to financial losses. Furthermore, HSY and Howaldts- werke – Deutsche Werft GmbH (HDW) are in dispute with the Greek government concerning the delivery of submarines and outstanding payments of triple-digit million Euros. Both HSY and HDW, have cancelled the two submarine programs in particular by reason of default of payment by the Greek government under which four class U-214 submarines were to be built and three class U-209 submarines modernized. Files for arbitration have been made to enforce claims against the Greek government arising out of the cancellation. In the context of this dispute a legal risk can not finally be excluded that down payments in substantial amounts could be refunded to the Greek government under certain conditions.

For Corporate, the construction of the ThyssenKrupp Quarter in Essen holds the risk of building cost increases and schedule delays. We systematically and continuously observe and analyze the construction project in a project control and compliance system. From the present perspective the buildings are expected to be completed on schedule. In addition there are risks of ground contamination from the past industrial use of real estate.

45 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.

46 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 holder 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.

47 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 and 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

48 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 holder 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.

49 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.

50 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 2007/08 and 2008/09 is KPMG AG Wirtschaftsprüfungsgesellschaft (formerly: KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft), Berlin and Frankfurt am Main , Düsseldorf office, Tersteegenstr. 19-31, D-40474 Düsseldorf (a member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer), Berlin).

Selected Financial Information

The Group in Figures

Net income/(loss) million € 2,276 (1,873) (4,149) — Earnings per share (EPS) € 4.59 (4.01) (8.60) — Distribution million € 603 139* (464) (77) Dividend per share € 1.30 0.30* (1) (77)

ROCE % 18.3 (8,1) (26.4) — ThyssenKrupp Value Added (TKVA) million € 1,916 (3,419) (5,335) —

Net financial debt million € 1,584 2,059 475 30 Total equity million € 11,489 9,696 (1,793) (16) Gearing % 13.8 21.2 7.4 —

Employees (September 30) 199,374 187,495 (11,879) (6) Germany 85,097 81,229 (3,868) (5) Abroad 114,277 106,266 (8,011) (7)

* Proposal to the Annual General Meeting

51 Capitalization ThyssenKrupp Group

The capitalization of the Group as of 30 September 2009 was as follows:

30 September 30 September 2008 2009 million EUR Financial debt / cash, cash equivalents, securities Bonds ...... 1,997 4,483 Notes payable ...... 529 479 Liabilities to financial institutions ...... 1,679 2,384 Liabilities due to sales of receivables not derecognized from the balance sheet 3 – Acceptance payables ...... 31 19 Finance lease liabilities ...... 125 104 Other loans ...... 52 135 Gross financial debt ...... 4,416 7,604 minus cash, cash equivalents and securities ...... 2,832 5,545 Net financial debt ...... 1,584 2,059 Total equity Capital stock ...... 1,317 1,317 Additional paid in capital...... 4,684 4,684 Retained earnings ...... 6,519 4,025 Cumulative income and expense directly recognized in equity...... (92) (678) Treasury stock ...... (1,421) (1,421) Equity attributable to ThyssenKrupp AG’s stockholders ...... 11,007 7,927 Minority interest ...... 482 1,769 Total equity...... 11,489 9,696 Total net financial debt and equity...... 13,073 11,755

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 .

ThyssenKrupp’s headquarters are located at August-Thyssen-Strasse 1, D-40211 Düsseldorf. Its telephone number is +49-211-824-0.

52 Investments

The capital investments of the ThyssenKrupp Group are described in detail in the Annual Report of the fiscal year 2008/09 (Capital Expenditures on pages 105-106 and Segment review on pages 112-129).

The following overview shows the capital investments approved for implementation from 1 October 2009:

The Group’s investment policy takes account of the specific requirements of the individual business area. 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.

Over 10 % of the approved investment volume of ThyssenKrupp – € 0.6 billion – has been allocated to the Steel Europe business area mainly for modernisation of existing production facilities.

In the Steel America business area capital investments of € 2.9 billion are to be implemented from 1 October 2009 representing 48 % of the volume approved for the entire Group. The two most important projects of the ThyssenKrupp Group belong to this business area. These projects are the establishment of a new steel plant in Brazil (for the production of slabs) and a new carbon steel plant in the USA, Alabama (for the further processing of these slabs).

Over 17 % of the approved investment volume of ThyssenKrupp – € 1.0 billion – has been allocated to the Stainless Global business area. The most important project of Stainless Global is the establishment of a new plant in the USA (Alabama).

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

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

The investment volume approved for the Components Technology business area amounts to € 0.4 billion, representing 8 % of the total investment volume approved. The focus of the investment program is the expansion of “Rothe Erde” (production of large-diameter bearings and rings for wind energy systems).

Funding for the current investment projects stems from our operating cash flow, liquid funds and available committed financing instruments.

Capital Expenditure by Business Area € billion Steel Europe...... 0.6 Steel Americas...... 2.9 Stainless Global ...... 1.0 Materials Services ...... 0.3 Elevator Technology ...... 0.2 Plant Technology ...... 0.1 Components Technology...... 0.4 Marine Systems ...... 0.1 Corporate (including group reserve for projects)...... 0.4 ThyssenKrupp Group Total ...... 6.0

53 Business Overview

Principal Activities

Description of principal activities, products and services

Tailored materials of all kinds and a comprehensive range of high-end technological goods, backed by a broad portfolio of services, characterize the capabilities that ThyssenKrupp offers customers throughout the world. Whether it’s steel for auto bodies, a petrochemical complex or slewing bearings for wind turbines – our employees work in over 80 countries across the globe to meet customer needs for superior products and services. ThyssenKrupp AG owns, directly or indirectly, more than 850 companies and equity interests worldwide. Two thirds of the Group’s 2,500 production sites, offices and service bases are located outside Germany. Our largest site is Duisburg with just under 19,000 employees ahead of Sao Paulo, Brazil, with over 8,000 and Dover, USA, with more than 7,000 employees.

The following description of the activities of the ThyssenKrupp Group is based on ThyssenKrupp’s Annual Report for the financial year 2008/09.

Steel

STEEL IN FIGURES

2007/2008 2008/2009 Order intake million € 14,199 8,414 Sales million € 14,358 9,945 Corporate million € 58 55 Steelmaking million € 1,531 1,056 Industry million € 6,976 4,684 Auto million € 5,106 3,684 Processing million € 2,906 2,332 Consolidation million € (2,219) (1,866) Earnings before taxes (EBT) million € 1,540 (486) Investments million € 2,596 2,593 Employees (Sept. 30) 41,311 39,156

Our Steel business is focused on premium carbon steel flat products and holds a strong position in its core EU market. In recent years its range has been systematically concentrated on products with high value-added.

The drastic fall in demand for flat carbon steel resulted in an unprecedented drop in orders and shipments at the Steel segment. The slight recovery in volumes towards the end of the fiscal year 2008/2009 improved the overall picture only very slightly.

Order intake for the fiscal year 2008/2009 was down 41% year-on-year at €8.4 billion. Sales decreased by 31% to €9.9 billion. In both cases, the declines were mainly due to lower volumes. As market prices fell, our selling prices slipped over the course of the fiscal year 2008/2009, albeit to a lesser extent than on the steel spot market. This was attributable to the high share of long-term contracts in our overall business. However, average selling prices over the full fiscal year 2008/2009 were slightly higher than in the fiscal year 2007/2008.

As a result of the massive drop in demand, operating adjustments were necessary in all stages of production. Initially these were carried out through shut-downs for repairs and the running down of work time accounts, then from January 2009 increasingly through short-time working – including in administrative areas. Blast furnace 9 with a hot metal capacity of 4,500 metric tons per day was shut down in March 2009. Blast furnace A at investee company Hüttenwerke Krupp Mannesmann was also shut down temporarily in connection with a scheduled reline. The other three blast furnaces were operated at minimum levels through to the end of July. Utilization then improved as demand started to pick up. In September it was decided to prepare blast furnace 9 for restarting; it resumed production on 1 November 2009. The downstream processing lines responded with block shutdowns and adapted their daily output to the respective market situation. In the final weeks of the fiscal year 2008/2009, capacity utilization increased on most units, but operating levels in the further processing stages were still inadequate.

54 Crude steel output at the Steel segment, including the share of our investee company Hüttenwerke Krupp Mannes- mann, was in the fiscal year 2008/2009 down 35% year-on-year at 9.2 million tons. Rolled steel production for customers, including contract rolling, fell 37% to 10.0 million tons.

The segment reported a loss of €486 million for fiscal year 2008 /2009, compared with a profit of €1,540 million in the fiscal year 2007/2008. The main reason for this was the slump in shipments as well as inventory writedowns of €175 million at 30 September 2009. Earnings were further impacted by the costs for the strategic projects in Brazil and the USA (€214 million), restructuring expenses (€237 million) and impairment charges (€29 million). The restructurings mainly related to the adjustment program 20 /10, under which workforce numbers are to be reduced by up to 2,000, and the restructuring of the Metal Forming unit.

The cost-reduction measures introduced at short notice across the segment contributed to a significant improvement in earnings but were unable to offset the market-related declines. The price reductions recently achieved for key raw materials, primarily iron ore and coking coal, only slightly mitigated the difficult earnings situation as they were introduced at the end of the fiscal year 2008/2009 and had only a very limited effect on costs. Average raw material costs increased slightly compared with the fiscal year 2007/2008.

At 30 September 2009, the companies of the Steel segment employed a total of 39,156 people, 2,155 fewer than a year earlier. Significant adjustments were required due to the dramatic fall in orders. Production shutdowns were initially compensated by running down working time accounts, taking residual leave and unworked shifts; in addition, the amount of paid overtime was significantly reduced. Starting in December 2008, the continued weak order situation also resulted in the introduction of short-time working throughout the Steel segment. At its peak this affected around 14,700 employees in Germany and abroad. At the end of the fiscal year 2008/2009, the improved order situation allowed the number of employees affected by short-time working to be reduced to 4,200.

Corporate

In the fiscal year 2008/2009, the Corporate business unit comprised the administrative functions and was responsible for managing the construction projects in Brazil and the USA. The costs for these projects were slightly higher than in the fiscal year 2007/2008.

Steelmaking

The Steelmaking business unit comprised the metallurgical operations in Duisburg and all logistics activities. Sales decreased – mainly as a result of the sharp drop in outside business with pig iron, slabs and by-products as well as reduced transportation work. Crude steel production including slabs supplied by investee company Hüttenwerke Krupp Mannesmann was significantly down from the fiscal year 2007/2008. The business unit achieved almost break-even earnings.

Industry

The Industry business unit served all steel-using industries with the exception of the automotive sector. Sales to these customer groups decreased in the fiscal year 2008/2009 33% year-on-year to €4.7 billion; the decline in orders was even greater. The dramatic fall in volumes and prices led to a slump in earnings, resulting in a heavy loss.

For much of the fiscal year 2008/2009 activity levels in practically all relevant user industries were low due to the recession and the inventory cycle. This had a massive impact on business in the Industry/Distribution/Services profit center, which accounts for some two thirds of the business unit’s sales. Shipments to external customers were down significantly, although our contract business was less affected by volume losses. In the final quarter of 2008 /2009 there was a marked rise in inquiries in some sections of the market, albeit from a very low level, as many customers had by then sharply reduced their inventories. Despite this, full-year earnings fell dramatically in the fiscal year 2008/2009.

Although business was relatively good at the start of the year, the Heavy Plate profit center recorded a huge drop in sales and profits in the second fiscal half. Business with shipbuilding customers ground almost to a halt, and demand from the construction machinery and truck sectors also declined sharply. Order volumes collapsed and prices fell substantially. At times, equipment was running at below 50% capacity. Towards the end of the fiscal year 2008/2009 there were signs of a slight improvement due to restocking.

55 The Color/Construction competence center also reported in the fiscal year 2008/2009 a significant year-on-year drop in business and negative earnings. Demand from the appliance industry for coil-coated products was extremely low throughout the fiscal year 2008/2009; the substantial drop in volumes was accompanied by a sharp fall in selling prices.

The Construction Group was also hit by the crisis in the construction industry, although a number of project orders provided for a comparatively good workload. In Germany, where roughly half of sales are generated, the decline was still relatively moderate. By contrast the non-German companies, especially in Eastern Europe, had to make production cutbacks.

The European steel service business likewise recorded a substantial drop in sales due to declining volumes and a significant drop in average selling prices. The new company in Poland went against this negative trend, holding its sales steady. The business as a whole reported a loss.

Auto

The Auto business unit supplied steel products and services to global auto manufacturers. Against the background of the continuing crisis in the automotive sector, sales in the fiscal year 2008/2009 were down 28% year-on-year at €3.7 billion. After new contracts had been concluded with most customers at 1 July 2008 to take account of prior substantial increases in raw material costs, prices were adjusted from 1 July 2009 to reflect the expected decreases in raw material costs. Due mainly to the distinct fall in sales volumes, it was impossible to prevent a severe drop in earnings. Over- all, however, we achieved a virtually break-even result.

Sales at Tailored Blanks were also down due to lower volumes, though less sharply than at the other businesses. One factor in this was the first full-year inclusion of the North American TWB group, in which a majority interest was acquired in the fiscal year 2007/2008. Tailored Blanks ended the fiscal year 2008/2009 with a slight profit.

Our steel service operations in North America recorded an almost 50 percent drop in shipments to the auto industry. The already difficult situation was exacerbated by unforeseeable production shutdowns by important customers.

Sales at Metal Forming were also lower in all units except in China. Despite extensive adjustment measures, operating earnings deteriorated further, compounded by expenditure for the further expanded restructuring program. As a result, the business posted another significant loss.

Processing

The Processing business unit combined our tinplate, narrow strip and grain-oriented electrical steel activities. Overall sales were down 20% to €2.3 billion, mainly due to falling volumes, although the picture differed greatly in the three units. Earnings were considerably lower, but we still achieved a good overall profit.

Tinplate held up comparatively well. Year-on-year sales fell only slightly in the fiscal year 2008/2009, profits were down. Positive selling price effects were outweighed by cost increases and lower volumes. Competition on this market intensified appreciably in the reporting period as the more attractive prices and more stable demand compared with other steel products drew competitors back to the tinplate market. Despite this we were able to strengthen our position on the highly competitive European market.

The narrow strip business of Hoesch Hohenlimburg, serving mainly medium-size automotive suppliers and the cold rolling industry, suffered significant volume decreases especially in the first months of the fiscal year 2008/2009 before stabilizing at a low level. Full-year sales in the fiscal year 2008/2009 were down by almost half compared with the fiscal year 2007/2008 . Prices slipped significantly. The business posted a loss, compared with a profit for the fiscal year 2007/2008.

Global demand for grain-oriented electrical steel also slumped sharply, causing substantial declines in shipments and workloads. Although we managed to keep average selling prices at the same level and further increase the share of high-grade electrical steel, sales were down. The business returned a profit, albeit lower than for the fiscal year 2007/2008.

56 Significant events

At the start of 2009, the Steel segment intensified its cost-cutting efforts by launching the program 20 /10. The program, which is aimed at securing the company’s global competitiveness beyond the economic crisis, consists of ten initiatives – all aimed at reducing costs. It also includes the subsidiaries. Under this program, sustainable savings of more than €400 million are to be achieved by fiscal 2010 /2011. Up to 2,000 jobs are to be cut as well.

Metal Forming pushed ahead with its restructuring program in 2008 /2009. Workforce numbers were reduced by 28% to around 5,800. Personnel adjustments at the German sites were made on the basis of a social plan. Efficiency measures also helped significantly reduce costs.

As part of the restructuring and with a view to reducing investment requirements, two plants in France were closed and a third sold. Personnel adjustments were also carried out at Tallent in the UK.

The Brazilian iron ore producer Vale S.A. increased its share in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. from around 10% to just under 27%. This strengthened the basis for a long-term strategic partnership between Vale and ThyssenKrupp.

Capital expenditures

The capital expenditures of the Steel segment for property, plant and equipment and intangible assets amounted to €2,575 million in the fiscal year 2008/2009, with depreciation at €612 million.

As in the fiscal year 2007/2008, the expenditures were dominated by the two major strategic projects in Brazil and the USA. The construction of the new steel mill in the Brazilian state of Rio de Janeiro accounted for investments of €1.5 billion. Around €0.6 billion was spent on the construction of the processing plant near Mobile in Alabama. Details of both projects are contained in the section “Business management – goals and strategy” on pages 83-84 of the Annual Report 2008/2009.

In light of the economic situation, all ongoing and planned investment measures were subjected to critical analysis and numerous investment projects were postponed with a view to reducing capital employed. The new investment projects launched in the fiscal year 2008/2009 were mainly aimed at maintaining existing operations.

Following the startup of the new blast furnace 8 and the reline of blast furnace 1 in the fiscal year 2007/2008, ancillary and peripheral equipment at Steel’s blast furnace plants in Duisburg was modernized in the fiscal year 2008/2009. The extensive investments to improve efficiency and optimize the product range in the hot rolling operations are largely completed. The hot strip mill in Duisburg-Beeckerwerth put three new coilers into operation, extending its product spectrum to include high-quality skelp. A start was made on upgrading the automation systems on the finishing line. The rolling mill at our Bochum plant was fitted with a new edger and a modern rolling sequence control system. At our Dortmund site we extensively modernized the continuous annealing line to permit the cost-efficient production of innovative multi-phase steels. In addition, the investments to increase capacity on four hot-dip coating lines were concluded with the successful ramp-up of the units.

Major spending was also carried out in the electrical steel, narrow strip and European steel service center operations and at the transportation companies. In electrical steel, we further expanded capacity for promising, higher-quality grades at the plants in Gelsenkirchen and Isbergues, France. In narrow strip, the investments to increase production capacities were continued. Steel Service Europe pressed ahead with the construction of a new service center in Krefeld to concentrate the smaller production sites in North Rhine-Westphalia. At the Rotterdam port, a new ship unloader for raw material supplies was put into operation.

57 Stainless

STAINLESS IN FIGURES

2007/2008 2008/2009 Order intake million € 7,460 4,147 Sales million € 7,420 4,486 ThyssenKrupp Nirosta million € 3,234 1,807 ThyssenKrupp Acciai Speciali Terni million € 2,688 1,679 ThyssenKrupp Mexinox million € 591 322 Shanghai Krupp Stainless million € 284 122 ThyssenKrupp Stainless International million € 1,187 649 ThyssenKrupp VDM million € 1,177 743 Corporate/Consolidation million € (1,741) (836) Earnings before taxes (EBT) million € 126 (946) Investments million € 387 343 Employees (Sept. 30) 12,212 11,755

Stainless combines our activities in stainless steel flat products and high-performance materials, i.e. nickel alloys and titanium. The materials produced meet the most exacting requirements in terms of properties, quality and precision.

Against the background of the global fall in demand, the segment’s business situation deteriorated severely in 2008 /2009. Order volumes decreased by 16% to 1.9 million metric tons. With selling prices also lower, the value of orders slipped by as much as 44% to €4.1 billion. Order volumes were down 20% for cold-rolled stainless steel but rose by 27% for hot-rolled. Order volumes for nickel alloys and titanium decreased by 42% and 74% respectively.

Overall deliveries by Stainless reached 1.8 million tons, 20% lower than in the fiscal year 2007/2008. Shipments of cold-rolled and hot-rolled stainless steel were particularly affected, but deliveries of titanium and nickel alloys were in the fiscal year 2008/2009 also down year-on-year. As a result of the reduced shipments as well as lower base prices and alloy surcharges, sales decreased by 40% to €4.5 billion.

The segment’s earnings fell drastically by €1,072 million to €(946) million, with all business units reporting losses. This was triggered by an unprecedented slump in demand on the stainless steel market, resulting in extreme underutilization of production capacities. Stainless responded with massive production cutbacks and inventory reductions. In this recessive market environment base prices slipped sharply, which further exacerbated the loss situation. Earnings were also impacted by impairment charges of €118 million and restructuring expense of €60 million.

Stainless responded immediately to the worsening earnings situation. In addition to the Groupwide ThyssenKrupp PLuS cost-reduction program, further measures were initiated. This moderated the slump in earnings. To improve the liquidity situation we postponed the ongoing investment program, including the construction of the stainless steel mill in the USA. In addition Stainless implemented a performance enhancement program to sustainably secure its competitiveness, improve earnings and flexibilize its cost basis.

At the end of the fiscal year 2008/2009 ThyssenKrupp Stainless had 11,755 employees, 457 fewer than in the fiscal year 2007/2008. With the plants working below capacity, short-time working had to be introduced in wide areas of the segment once working time accounts had been run down. It was not until July 2009 that a gradual reduction in short- time working was introduced at the European plants as the situation slowly improved.

ThyssenKrupp Nirosta

The ThyssenKrupp Nirosta business unit reported weak demand from distributors and end customers, especially in the first fiscal half. Orders and production only picked up slightly at a low level towards the end of the fiscal year 2008/2009. Overall, the decline in shipments and lower selling prices led to a sharp drop in sales to €1.8 billion.

ThyssenKrupp Nirosta suffered a drastic slump in earnings, caused by the sharp fall in base prices for austenitic and ferritic cold-rolled products and massive underutilization of capacity. The restructuring expense made necessary by the difficult earnings situation added to the losses. The measures introduced to cut costs only partly cushioned the earnings decrease.

58 ThyssenKrupp Acciai Speciali Terni

ThyssenKrupp Acciai Speciali Terni’s performance was likewise impacted by the sharp fall in demand for stainless steel products. Production had to be scaled back significantly and prices slipped. In the titanium business, too, plant capacities were not fully utilized due to weak demand from the aerospace and plant construction sectors. Full warehouses and low consumption by distributors and end users further exacerbated the demand situation. The business unit’s sales slumped to €1.7 billion.

In this difficult market environment, the earnings situation at ThyssenKrupp Acciai Speciali Terni deteriorated severely. Weaker activity on the Italian stainless steel market had a particular impact. Stable earnings at the forging operations and the cost-cutting programs introduced only slightly eased the loss situation.

ThyssenKrupp Mexinox

As a result of declining demand on the US and Mexican markets, order intake at ThyssenKrupp Mexinox fell significantly. Capacities were underutilized, and sales decreased to €322 million.

Massive drops in base prices and shipments led to a dramatic decrease in earnings, which was only slightly moderated by the cost-cutting measures introduced.

Shanghai Krupp Stainless

In a difficult Chinese market characterized by overcapacities, Shanghai Krupp Stainless reported an extreme drop in orders. Sales in the fiscal year 2008/2009 were down by more than half year-on-year at €122 million.

Extremely low shipments in conjunction with weak prices and impairment charges caused earnings to collapse. The cost-cutting measures implemented only mitigated the earnings situation.

ThyssenKrupp Stainless International

As a result of weak global demand, this business unit also reported significantly lower orders. Sales decreased for volume and price reasons to €649 million.

In 2008 /2009 ThyssenKrupp Stainless International generated a higher loss than a year earlier.

ThyssenKrupp VDM

Order postponements and cancellations from the aerospace industry, a severe downturn on the automotive market and increasing deferrals of major plant construction projects caused a sharp decrease in demand for nickel alloys. As a result, ThyssenKrupp VDM’s sales of €743 million in the fiscal year 2008/2009 were well down year-on-year.

The business unit was unable to maintain its earnings from the fiscal year 2007/2008 and despite the introduction of cost-cutting measures posted a loss.

Capital expenditures

Stainless invested €343 million in property, plant and equipment and intangible assets in the fiscal year 2008/2009, with depreciation amounting to €157 million. Capital spending focused on the construction of the fully integrated Thys- senKrupp Stainless site in the USA, and on the systematic expansion of the ThyssenKrupp Acciai Speciali Terni site in Italy into an integrated stainless steel mill.

With the markets impacted by the worldwide crisis, investments for the stainless steel mill in Alabama have been delayed. Under the revised mid-term plan, the plant will start operation in the 4th quarter 2010 with an initial cold- rolled capacity of around 100,000 metric tons per year. The equipment required for this is to a large extent already on

59 site or in the process of delivery. The start of installation of the other production lines is on schedule but can be delayed flexibly by up to 24 months. The necessary building complexes will be finally completed in the coming months. The supply of starting material will be secured initially from the European mills. The scale of the overall project will remain unchanged, as we continue to believe there is demand for an optimized stainless steel production site on the North American market. This approach will permit a market entry with products made in the USA and a flexible response to market developments.

ThyssenKrupp Acciai Speciali Terni is being gradually expanded into one of the most modern and efficient production sites in the world. The investment program in the fiscal year 2008/2009 mainly involved replacing the thin-slab caster with a conventional continuous caster to increase hot-rolled quality and capacity and better utilize existing steelmaking capacity. The installation of roll stands in the entry zone of the new hot strip line allowed us to expand our cold-rolled capacity and extend the product mix. These measures were largely completed in the fiscal year 2008/2009. The investment package also includes further capacity adjustments in the annealing/pickling area, the construction of a further cold rolling stand and the expansion of the finishing department in Terni, which will further increase the company’s processing capacities. These measures are now being implemented, though the period for completion has been extended. In addition, work was continued on the modernization and expansion of the dedusting unit at the Terni mill and the implementation of the fire protection program.

A key investment at ThyssenKrupp Nirosta was the construction of an acid regeneration system at the Krefeld site. Fol- lowing startup in May 2009, this system now further reduces the nitrate content in waste water. It has been integrated into the production cycle to ensure high-tech environmental protection and high cost-efficiency. In addition, the extensive modernization of the AOD (Argon Oxygen Decarburization) furnaces was completed on schedule in April 2009. The upgraded equipment will enhance the production process and reduce emissions at the Krefeld steel mill. Further capital expenditure related to the extension of the fire protection program as well as various measures to maintain existing operations and modernize individual equipment units.

ThyssenKrupp Mexinox implemented various individual maintenance projects and completed the modernization of Sendzimir mill 1. As this increased production capacity, the existing water treatment plant also had to be expanded. In addition, the existing wet grinding line was modernized to improve surface quality and capacity.

Capital spending at the Shanghai Krupp Stainless cold rolling mill in 2008 /2009 related mainly to replacement investment and the improved implementation of the fire protection program.

ThyssenKrupp Stainless International further expanded its distribution and service center network. The service center in the greater Istanbul area reflects the growing importance of the Turkish market.

The expansion of remelting capacities at ThyssenKrupp VDM’s Unna site was largely completed. As a result, the majority of the investment program started in 2006 to strengthen and expand business in the aerospace, oil and gas sectors has now been realized.

60 Technologies

TECHNOLOGIES IN FIGURES

2007/2008 2008/2009 Order intake million € 13,490 8,580 Sales million € 12,412 10,640 Plant Technology million € 3,217 3,715 Marine Systems million € 2,007 1,594 Mechanical Components million € 3,924 2,751 Automotive Solutions million € 3,247 2,553 Transrapid million € 41 35 Corporate/Consolidation million € (24) (8) Earnings before taxes (EBT) million € 741 (868) Investments million € 763 814 Employees (Sept. 30) 54,043 49,056

Our Technologies companies are high-tech engineering contractors and component manufacturers who also offer tailored services. Innovativeness and recognized system and engineering capabilities form the basis for their leading world market positions.

In 2008/2009 the volume of business in the Technologies segment also declined as a result of the global financial and economic crisis. Order intake at €8.6 billion was significantly lower than in the fiscal year 2007/2008. The plant engineering business was affected by uncertainty and delays at customers, due among other things to financing bottlenecks in the banking sector, falling raw material prices and general market uncertainty. In this difficult market environment, the booking of a major order for a low-density polyethylene plant at Plant Technology and the initialing of a major submarine order for six material packages for the Turkish navy at Marine Systems were all the more pleasing. Following previous dramatic falls in orders, business in the automotive and construction machinery units bottomed out some- what towards the end of the fiscal year 2008/2009; but there was no significant recovery in demand. Despite this, orders in hand – down to €13.8 billion at 30 September 2009 – continue to secure more than a year’s sales. As orders declined, sales also fell in 2008 /2009, slipping 14% to €10.6 billion despite positive influences from the US dollar exchange rate.

Earnings deteriorated significantly in 2008 /2009. Following record profits of €741 million a year earlier, Technologies reported a loss of €868 million. While Plant Technology returned a profit just below the prior-year level in a more difficult environment, the other business units slipped deeply into the red. In addition to lower sales and inventory writedowns of €70 million, earnings were impacted particularly by negative nonrecurring items. These included extensive restructuring expense of €431 million and associated impairment charges of €370 million. Earnings at Marine Systems were additionally impacted by the effects of order cancellations, possible liability risks in civil shipbuilding and higher project costs for yachts.

At the end of the fiscal year 2008/2009 Technologies had 49,056 employees, 4,987 fewer than a year earlier. Most of the workforce changes related to the European subsidiaries of the Mechanical Components and Automotive Solutions business units, but there were also job cuts at Marine Systems and Plant Technology. In addition, the number of outside contractor employees was reduced by more than 2,400.

Plant Technology

Order intake at Plant Technology weakened increasingly during the fiscal year 2008/2009 due to the postponement of investment decisions by customers. This affected all areas of the business unit. One encouraging aspect in the chemical plant sector was the acquisition of a major order to build a 300,000 ton-per-year low-density polyethylene plant in Qatar; Plant Technology also received three orders to build aromatics plants in China.

Thanks to the high level of orders in hand in the chemical and cement plant sectors at the beginning of the fiscal year 2008/2009, Plant Technology achieved a year-on-year increase in sales to €3.7 billion. Profits were slightly lower due to higher project costs and lower interest income.

61 Marine Systems

Thanks to major orders for six material packages to build class 214 submarines for South Korea and two material packages for class 212A submarines for Italy, Marine Systems in 2008/2009 matched its prior-year order intake for naval shipbuilding. In addition, an agreement was initialed in July 2009 for six material packages to build export class 214 submarines for the Turkish navy; the order is expected in fiscal year 2009 /2010. The submarines, which will feature fuel cell technology, will be built at a Turkish shipyard. Running counter to this was the cancellation of Greek naval shipbuilding orders at the end of the fiscal year 2008/2009. The civil shipbuilding operations were hit by further substantial order cancellations for container ships and yachts as a result of the severe drop in freight rates and financing problems at customers. Declining volumes in the global ocean freight trade also resulted in weaker repair and service business.

Sales at Marine Systems were significantly down from the fiscal year 2007/2008 at €1.6 billion. The business unit reported a substantial loss, compared with a profit in the fiscal year 2007/2008. Orders for container ships and yachts were cancelled. Given the weak order situation – especially for container ship construction – it was necessary to reduce overcapacities, resulting in substantial restructuring expense for workforce adjustments. There were further negative effects from impairment charges, inventory writedowns, possible liability risks from civil shipbuilding as well as higher project costs for yachts.

Mechanical Components

The sharp drop in demand in the automotive and construction machinery businesses and in the engineering sector in general resulted in a substantial decrease in orders for the high-tech components of the Mechanical Components business unit. This affected all areas, but in particular the production of construction machinery components and forged crankshafts. Good sales were once again achieved in business with slewing bearings and rings, enabling us to maintain our position on promising markets, such as the wind turbine sector.

Sales of Mechanical Components fell to €2.8 billion. Due to declining workloads, cost-cutting measures were introduced, such as reductions in the number of temporary workers, an increase in short-time working, savings on the healthcare program at the North American foundries and personnel cutbacks at foreign locations. Despite these measures the business unit returned a heavy loss, compared with a high profit in the fiscal year 2007/2008. Alongside the sharp drop in sales, other major factors in this included substantial restructuring expense, impairment charges and the absence of income from the disposal of a company in the fiscal year 2007/2008.

Automotive Solutions

The Automotive Solutions business unit supplies system solutions for the automotive industry in the areas of steering systems, dampers, body-in-white lines, body and chassis components as well as assembly systems for engines, transmissions and axles. Declining demand from the auto industry led to a decrease in orders and sales in all areas.

A wide variety of measures were implemented to reduce costs and adjust to the lower workloads. Despite this, the business unit reported a heavy loss as a result of falling demand, high provisions for onerous contacts, impairment of current and non-current assets and restructuring expense.

Transrapid

Transrapid generated sales of €35 million, mainly due to billings under the Chinese license agreement. Earnings were impacted by restructuring expense and impairment charges.

Significant events

The segment continued its concentration on core business in 2008 /2009.

Technologies acquired the 25% share in ThyssenKrupp Marine Systems AG held by One Equity Partners (OEP) and is thus the sole owner of the European shipyards group. Also in the Marine Systems unit, Atlas Elektronik – a joint venture

62 between ThyssenKrupp Technologies (51%) and EADS (49%) – acquired the business operations of Underwater Sys- tems (UWS) from the QinetiQ Group.

As a result of the global recession and the associated slumps in world trade, the international shipbuilding market has substantial overcapacities and is currently in a phase of consolidation. We do not expect any major change in this situation in the medium term, especially in commercial shipbuilding. For this reason, ThyssenKrupp Marine Systems and SIAG Schaaf Industrie are planning to jointly expand the Emden site of Blohm + Voss Nordseewerke into a viable high- tech location for offshore technology and thus secure and sustain jobs. A corresponding sales contract was signed in October 2009. SIAG, a leading manufacturer of components for wind turbines, plans to produce components for offshore installations at the Emden site. ThyssenKrupp Marine Systems will maintain a presence there and focus on demanding engineering and repair activities for naval shipbuilding.

In October 2009, ThyssenKrupp Marine Systems and the Abu Dhabi MAR Group, a shipbuilding group based in Abu Dhabi, signed a memorandum of understanding to enter into a close strategic partnership. The aim of the planned collaboration is to boost marketing opportunities for Blohm + Voss’s naval service vessels – frigates and corvettes – while securing shipbuilding employment in Germany.

Mechanical Components expanded its strong world market position in assembled camshafts with the acquisition by ThyssenKrupp Presta Danville, LLC of the remaining 55% interest in Systrand Presta Engineering Systems, in the USA.

Capital expenditures

Technologies invested €616 million in property, plant and equipment and intangible assets in the fiscal year 2008/2009, with depreciation totaling €361 million. Capital spending was mainly aimed at maintaining existing operations and continuing with projects already started. The greater part of the investments were made in Germany, China, North and South America and India.

Plant Technology further expanded its low-cost engineering strategy and set up a pilot plant to produce polylactic acid (PLA). PLA is derived from biodegradable renewable resources and thus offers an alternative to PET plastics in the film and packaging industry. We will use the plant to validate process capability for industrial-scale production and advance the marketing of PLA technology. We also expanded production capacities in China and invested in the development of China as an attractive procurement market.

Marine Systems initiated the construction of a new service center in Hamburg to allow ship repairs to be carried out locally while docked. In the future spare parts sales, engine service, industrial service and port repair operations will be combined in this center.

As demand from the wind energy sector remained strong, Mechanical Components continued the special investment program it launched in the fiscal year 2007/2008. The slewing bearing production operations in Germany were adapted to secure our competitive position.

In the automotive supply business we prepared the launch of a new generation of electric steering systems. Following successful product development, the first production capacities were installed.

63 Elevator

ELEVATOR IN FIGURES

2007/2008 2008/2009 Order intake million € 5,535 5,038 Sales million € 4,930 5,308 Central/Eastern/Northern Europe million € 1,482 1,521 Southern Europe/Africa/Middle East million € 827 819 Americas million € 1,892 2,122 Asia/Pacific million € 495 634 Escalators/Passenger Boarding Bridges million € 332 329 Accessibility million € 215 227 Corporate/Consolidation million € (313) (344) Earnings before taxes (EBT) million € 434 558 Investments million € 136 135 Employees (Sept. 30) 42,992 42,698

With its customized elevators, escalators, moving walks, passenger boarding bridges, stair and platform lifts, Thys- senKrupp Elevator remained one of the world’s leading suppliers of intelligent passenger transportation systems in 2008 /2009. Our continuing strong market position is founded on our innovative capabilities, service quality, closeness to customers and excellently trained employees.

The segment continued its positive performance in 2008 /2009. In times of the global economic crisis, order intake fell short of the high level of the previous fiscal year, slipping 9% to €5.0 billion. However, sales and earnings improved significantly and reached new record levels.

Thanks to the high level of orders received for new installations in the fiscal year 2007/2008 and the strong performance of the service and modernization business, sales were up 8% to €5.3 billion. Despite restructuring expense of €32 million, profits climbed by 29% to a record €558 million. This success was driven by volume increases and operating improvements, especially at the US operations.

At the end of the fiscal year 2008/2009 the segment had a total of 42,698 employees, 1% fewer than a year earlier. The picture varied in the individual business units depending on the order situation and the overall economic situation on the respective markets. In growth regions such as China and the Middle East, new employees were recruited in line with our successful expansion strategy. In many other regions the workforce remained stable, while in the USA, the United Kingdom and Spain the number of employees decreased as a consequence of the economic crisis.

Central/Eastern/Northern Europe

Orders at the Central/Eastern/Northern Europe business unit were lower than in the fiscal year 2007/2008 due to the decline in the new installations business. The UK and Russian activities reported particular decreases. In France, too, it was not possible to match the high prior-year order intake in the fiscal year 2008/2009. However, thanks to the high level of orders in the fiscal year 2007/2008, the business unit’s sales were slightly higher at €1.5 billion. The French, Russian, German and Dutch operations achieved notable growth. By contrast, sales in the UK were significantly lower.

As a consequence of the higher sales, the business unit’s profit also improved slightly. The main earnings growth was generated in Germany and the Netherlands; by contrast, the UK operations reported declining profits.

Southern Europe/Africa/Middle East

Order intake at the Southern Europe/Africa/Middle East business unit was down slightly. However, at €819 million sales were almost level with the fiscal year 2007/2008. At the Spanish operations, growth in service and modernization business was unable to fully offset the sharp decline in new installations. Most other regions achieved higher orders and sales – in particular the Gulf States, Egypt and Portugal.

The business unit recorded in the fiscal year 2008/2009 a slight year-on-year increase in profits. The Spanish operations in particular achieved further good earnings through their strong service and modernization business.

64 Americas

Despite positive exchange-rate effects, the Americas business unit failed to match its high prior-year order intake in the fiscal year 2008/2009. This was due to the sharp decline in the North American market for new installations. By contrast, sales benefited from the high order intake in the fiscal year 2007/2008 and at €2.1 billion showed a substantial year-on-year improvement. Both the new installations and service business contributed to this, especially in North America. There was also a very pleasing expansion of business in South America, above all Brazil.

The business unit’s profit was significantly higher than in the fiscal year 2007/2008, due mainly to further volume and efficiency increases in North America and Brazil and slightly positive effects from the US dollar exchange rate.

Asia/Pacific

Order intake in the Asia/Pacific business unit in the fiscal year 2008/2009 was up year-on-year. Sales climbed to €634 million. This improvement was driven mainly by the Chinese and Korean operations. A significant decline in the Austra- lian market for new installations resulted in lower orders there, though sales profited from the high order intake in the fiscal year 2007/2008.

Following a loss in the fiscal year 2007/2008, the business unit reported a profit in the fiscal year 2008/2009. The main contribution was made by the Korean operations, where the completed restructuring measures started to reap rewards. The other regions also improved or maintained their earnings.

Escalators/Passenger Boarding Bridges

Order intake at the Escalators/Passenger Boarding Bridges business unit was slightly lower than in the fiscal year 2007/2008. Sales at €329 million were level with the fiscal year 2007/2008. The German escalator plant in particular showed weaknesses.

Despite a marked earnings improvement in passenger boarding bridges, the business unit again returned a loss. This was due to restructurings at the German escalator plant made necessary by the significant decline in business volume. At operating level, the escalator operations overall achieved higher earnings than in the fiscal year 2007/2008. The lower income from the German operations was offset by substantial improvements in earnings at the Spanish and Chinese plants.

Accessibility

The Accessibility business unit remained on growth track and achieved both higher orders and sales, driven by the European operations. However, the distinct decline in the US housing market impacted negatively on the volume of business there.

As a consequence of the weak US business, the business unit’s profits in the fiscal year 2008/2009 were down year- on-year. The higher earnings of the European operations had a positive effect.

Significant events

Elevator further expanded its international sales and service business and acquired several companies in 2008 /2009. In Italy, for example, we acquired two service companies to further consolidate our strong market position.

Capital expenditures

In the fiscal year 2008/2009, the segment invested €116 million in property, plant and equipment and intangible assets, with depreciation at €66 million.

The capital spending related mainly to replacement investment. In addition, Elevator invested in developing automation technology at its plant in Middleton, Tennessee/USA. The segment acquired several smaller maintenance companies, with the focus on further developing the Italian market.

65 Services

SERVICES IN FIGURES

2007/2008 2008/2009 Order intake million € 17,453 11,166 Sales million € 17,336 11,896 Materials Services International million € 8,539 5,511 Materials Services North America million € 1,746 1,100 Industrial Services million € 1,671 1,544 Special Products million € 5,430 3,804 Discontinued operations/Consolidation million € (50) (63) Earnings before taxes (EBT) million € 750 (271) Investments million € 369 210 Employees (Sept. 30) 46,486 43,235

With some 800 locations in 50 countries, Services is focused on the global distribution of materials and the provision of services. Its range includes carbon and stainless steel, tubes and pipes, nonferrous metals, plastics, alloying metals, minerals, coal and coke. Services include processing, warehousing/logistics, supply chain management, infra- structure solutions in railway and construction equipment as well as plant and steel mill services.

Services achieved sales of €11.9 billion in fiscal 2008 /2009, 31% lower than in the fiscal year 2007/2008. Compared with the record year 2007 /2008, the reporting period was characterized by sharp declines in volumes and prices. It was not until the end of the fiscal year 2008/2009 that the situation showed signs of stabilizing at a low level.

The substantial earnings fall in the materials business was only slightly offset by profits in other areas. As a result the segment made a loss of €271 million, its worst ever result. Writedowns on inventory totaling €40 million had to be recorded at 30 September 2009. Further adjustment measures were initiated to supplement the cost-cutting meas ures introduced at the start of the fiscal year 2008/2009; this resulted in restructuring expense of €95 million.

At the end of the fiscal year 2008/2009 the segment had 43,235 employees, 3,251 fewer than a year earlier. Due to low workloads, job cuts had to be introduced above all in the auto-related service business in Germany and in the materials services business outside Germany. On the other hand, new employees joined the segment as a result in particular of strong orders for services in Brazil, North America and Egypt.

Materials Services International

The poor economic conditions impacted virtually all product areas of the Materials Services International business unit. This applied in equal measure to Germany, Western and Eastern Europe, South America and Asia. As a result, sales volumes declined significantly. Revenues fell to €5.5 billion. Due to the economic uncertainty, many customers placed orders at increasingly shorter intervals and for smaller volumes. The extremely weak demand was accompanied in the course of the fiscal year 2008/2009 by a massive fall in prices, which only started to stabilize at a low level towards the end of the year. This affected rolled steel, stainless steel, nonferrous metals and tubes. The plastics business was also weak as a result of the noticeable decrease in orders from industry and the construction sector.

Due in particular to the massive drop in prices, the business unit reported a significant loss in the warehousing business in 2008 /2009. Massive writedowns on inventory also had to be absorbed.

Materials Services North America

The recession in the USA and the associated fall in demand and prices for carbon and stainless steel and nonferrous metals intensified further in the reporting period. As a result, sales at Materials Services North America – down to €1.1 billion – fell more sharply than in the rest of the world.

Competition and margin pressure increased on all customer markets. The earnings situation deteriorated rapidly and the business unit ended the fiscal year 2008/2009 with a loss.

66 Industrial Services

Industrial Services recorded sales of €1.5 billion in the fiscal year 2008/2009, just short of the year-earlier figure. The global financial and economic crisis left its mark, albeit with a time lag. While the scaffold business in North America performed very well, business with the auto industry in particular declined sharply. Service business with the energy and petrochemical sectors also slowed in the course of the fiscal year 2008/2009.

As a result of the continued weak level of service activities for the automotive industry and the associated restructuring measures, earnings at Industrial Services in the fiscal year 2008/2009 were lower year-on-year, but the business unit still returned a pleasing profit.

Special Products

The Special Products business unit, which by tradition has always been very successful, also felt the effects of the global crisis in 2008 /2009. As a result of the sharp decline in demand and falling raw material prices, sales decreased to €3.8 billion. It was not until the second half of the fiscal year 2008/2009 that prices for alloying metals recovered slightly at a low level. Due to high export duties, most of the business with coke was transacted within China only. The rolled steel and tube businesses and the technical trading operations recorded a significant drop in orders in the final months of the fiscal year 2008/2009 but held up well overall compared with the excellent prior year. Despite some weakening towards the end of the fiscal year 2008/2009, the contractors’ plant and railway equipment operations remained stable. The steel mill service and technical service operations allocated to the business unit at the start of the fiscal year 2008/2009 performed pleasingly, especially in Brazil.

The business unit failed to match its very good profit from the fiscal year 2007/2008 but still made the biggest contribution to the segment’s earnings.

Significant events

At the end of November 2009 ThyssenKrupp Industrietechnik GmbH has been sold to WISAG, a leading German service group. The North American scaffolding specialist Safway has been sold as well in December 2009.

Capital expenditures

Investments in property, plant and equipment and intangible assets amounted to €205 million, with depreciation of €157 million.

Capital spending in the Materials Services International business unit related mainly to the expansion of materials services. Warehouse and processing capacities were modernized and expanded at various locations in Central and Eastern Europe, France and Germany. Materials Services North America invested in the further expansion of its aluminum and stainless steel service centers. Industrial Services required several smaller investments to secure long-term orders. Expenditure at Special Products focused on building up specialized services for the steel mill under construction in Brazil; the package of services on offer includes classic steel mill services, slab finishing and slab transportation as a single-source solution.

Corporate at ThyssenKrupp AG

Corporate comprises the Group’s head office including corporate services as well as inactive companies not assignable to individual segments. Also included here is the non-operating real estate, which is managed and utilized centrally by Corporate. Sales in the fiscal year 2008/2009 reached €127 million compared with €124 million a year earlier.

Earnings amounted to €(344) million, an improvement of €73 million from the fiscal year 2007/2008. This was mainly the result of reductions in administrative costs and positive effects from the fair-value hedging of interest/currency derivatives. Net interest deteriorated, mainly because of measures to secure the Group’s liquidity.

67 New Products and/or Activities

The ThyssenKrupp Group attaches great value to innovation, research and development. This is, among other aspects, reflected in an annual Group innovation competition, innovation prizes won in external contests, and specific awards to ThyssenKrupp by customers for its products and services. The Group’s innovation projects focus mainly on material developments, products and manufacturing technologies, new processes, engineering activities and services. Of growing importance are innovations in the fields of energy, climate and environmental protection. Each of the business areas makes its own individual contribution to this process.

Besides these individual innovation activities, taking advantage of synergies between our business areas is also an integral part of our strategy. An example for this is the InCar project, a Group wide research and development initiative for innovations in automotive products and production. In this project we developed more than 30 new solutions for body, powertrain and chassis. Among the highlights is an innovative valve control system that significantly reduces fuel consumption. A newly developed two-stage damper system allows car drivers to choose between comfort-oriented or sporty suspension characteristics. Optimized performance with reduced costs is the result. The lightweight chassis concept LCK II developed under the InCar project demonstrates the potential of high-strength steels. In this concept the steel rear axle is just as strong and only 4 % heavier than a comparable aluminum design but costs 50 % less.

To take climate protection into account in the development of new automobiles we also had a CO2 emissions analysis carried out for each new InCar solution. The comprehensive analysis included not just emissions during a car’s use but also the greenhouse gases arising during production. Auto manufacturers who combine the best ecological innovations from the InCar project can reduce harmful CO2 emissions by more than 17 g per kilometer or around 5,500 kg over the full lifecycle of a vehicle.

Development efforts in the business areas Steel Europe and Steel Americas are characterized by new high-performance steels designed for applications in the automotive, electrical and chemical industries, by state-of-the art technologies for near-net-shape casting of carbon steel flat products, and by an array of innovative coating and joining technologies. Intensive research in close collaboration with customers helps to continuously deepen and extend the value chain leading to new semi-finished parts and product designs.

A cold-rolled, dual-phase steel in a low material thickness in combination with an optimized anti-corrosion primer leads to synergy effects that offer numerous advantages for the automobile industry. The good formability and, at the same time, high tensile strength and use of the “bake hardening” effect make it possible to significantly reduce the thickness of the sheet metal in use and, thus, the weight. The ensuing reduction in fuel consumption helps to improve the environmental balance. Also, the optimized primer with a lower coating thickness provides improved corrosion protection and hence lowers costs. It additionally prolongs the service life of the component, adds value, and simplifies processing in the stamping plant. Further developments are aimed at improving multi-phase steel grades and equipment for hot stamping. Our products and services cover the entire value chain for lightweight, crash-resistant car body parts, including steel development, processing, and the final components.

Increased use of tubular parts is seen as key to reducing automobile weight in the future. With T3 technology, our steel business has developed a process capable of manufacturing near-net-shape tubular profiles. Because these profiles have almost the same shape as the subsequent part, several process steps still necessary today can be eliminated in the future. This technology can now also be used with corresponding dies on conventional deep-drawing presses. The precision tubes are subsequently closed by laser welding.

Our concept of laser-welded tailored products is also being applied to heavy plate. Similar to the tailored blanks already in use in the auto industry, the new tailored plates consist of welded individual plates of different grade or thickness that are tailored from the outset to the different local stresses in the subsequent part. As a result, both part weight and manufacturing costs can be reduced. Tailored plates are being used in the construction of cranes, trucks and earth- moving and mining machinery.

We have developed a new electrical steel specially for electric motors in cars. Demand for the material is high. The material permits higher performance and is tailored to the limited space conditions and the high speeds and temperatures of electric motors. It is thus suitable for both, hybrid cars in which the internal combustion engine is supported by an electric motor, and pure electric cars.

The business area Stainless Global develops new stainless grades and nickel-base alloys for applications in the electrical and chemical industries.

68 Through the further development of the NIROSTA® 4521 ferritic stainless steel and the optimization of production processes, in particular hot forming, ThyssenKrupp Nirosta is able to provide a material that is highly corrosion-resistant and offers consumers significant economic benefits in comparison with austenitic CrNiMo steels. The good corrosion resistance of NIROSTA® 4521 makes it a suitable material for hot water boilers, residential water pipe systems, and numerous other components used in energy and heating technologies.

Efficiency gains in fossil-fired power plants are leading increasingly to higher working temperatures and pressures and therefore require the use of nickel alloys. Nickel-based superalloys have already established themselves in gas and steam power plant turbines. The development of 700 °C technology for coal-fired power plants means that nickel alloys can be used for boilers and steam turbines. ThyssenKrupp VDM, together with power plant operators and power plant boiler manufacturers, has developed the Nicrofer 5520 CoB material, which, in a pilot facility, has already proved its suitability for 700 °C power plants. Further research will be aimed at producing tubes and forged parts from this high- performance alloy.

Materials Services has developed a new trackway system that allows time savings and cost-efficient construction of railroad lines. The innovative NFF system makes efficient construction progress possible even with disadvantageous subsoil conditions. The NFF system makes use of the DAVEX joining technology developed within the ThyssenKrupp Group. The Materials Services business area also offers several other innovations for the construction and steel industries, for example an improved vibration technology for pile driving.

Another innovative service offering is the modernization of conventional power plants. We increase power plant efficiency and at the same time reduce pollutant emissions, particularly CO2. Thanks to a new modular retrofitting concept that combines all our existing know-how we can now meet custom requirements with one standardized concept. Mod- ernization times are significantly shortened and both capital and operating costs are reduced. Above all, however, the service results in higher energy efficiency and lower emissions. This project won the Group’s special award for environmental innovation in the fiscal year 2008/2009.

Safety, lightweight design, energy efficiency and convincing service concepts for fault diagnosis, maintenance and repair characterize the development process in the business area Elevator Technology. New materials and innovative, architecturally matched concepts are reflected in elevator and escalator design.

TWIN is the name of a system in which two cabs can travel independently of one another in the same shaft. Compared to the conventional solution of one cab per shaft, the new TWIN system offers a remarkable increase in traffic capacity for existing buildings. New installations allow savings of about one third in building space, hence an increase in usable floor space compared to conventional elevators. TWIN is suitable for buildings with upward of 50 meters travel height and lends itself equally to modernization and new-installation projects. The space gained can be used to install additional building systems such as air conditioning. Some of the latest well-known major building projects in Europe, the Middle East and Asia have taken advantage of our new TWIN technology.

The innovation efforts in the elevator field are focused on new technologies with sustainable concepts for the environment. LED lighting, light-off function when elevators are not in use, intelligent destination selection control, energy-saving mode for controls – many features can be retrofitted without difficulty.

Our development engineers support building owners across the world in designing “green” buildings. For example on the North American market our equipment meets all the criteria for LEED certification (Leadership in Energy and Envi- ronmental Design) by the US Green Building Council.

Technology trends in the business area Plant Technology are driven by demands for cost efficiency and environmental issues. Environmental protection, resource efficiency and sustainable process technologies are key research and development topics for the Plant Technology business unit. Development efforts include projects to considerably increase the capacity of ammonia production plants, to utilize waste tires and other waste materials as energy sources in cement plants, and to use catalytic decomposition to drastically reduce emissions of the harmful N2O greenhouse gas (laughing gas) in nitric acid manufacturing plants.

The HPPO process is the first commercially available means of propylene oxide production that uses hydrogen peroxide

(H2O2) as an oxidizing agent, and is free of co-products. Propylene oxide is a versatile, high growth rate bulk chemical and is used mainly as a precursor in the production of polyurethanes. The entire process has been newly developed, starting with a laboratory-scale set-up, followed by several years of mini plant operation, and culminating in the estab-

69 lishment of a large-scale reference facility with a propylene oxide capacity of 100,000 t/a. The process includes a new reactor design and process configuration in conjunction with an optimized catalyst.

Plant Technology is developing high innovative processes like the STAR Process®. This is a new, highly productive method of propylene manufacture. Propylene is mainly used in the production of various plastics, e. g. for packaging, auto parts, technical fibers and consumer goods. It is traditionally recovered as a by-product of ethylene and fuel production. However, as demand for the gas is growing faster than demand for ethylene, propylene needs to be manufactured specifically. For this, our process engineers have developed the STAR Process®, which came first in the ThyssenKrupp innovation contest. The in-demand propylene is recovered from cheap and abundant propane by dehy- drogenation.

Engineers and technicians from Plant Technoloy have developed innovative mining and materials handling equipment for the oil sand industry in Canada. ThyssenKrupp is an important supplier of reliable, user-friendly high-capacity equipment for the crushing, conveying and processing of oils and ore, which is subsequently upgraded to produce a light sweet crude oil.

Innovation activities of Components Technology business in the automotive field are closely linked with those of the former Steel segment through joint customers and projects (e. g. InCar). In addition to steel, competing materials including aluminium and magnesium are used in the framework of process optimization. Electronic and mechatronic components help to enhance customer value, which is defined largely by the need for weight reduction, safety, comfort and recycling.

Another focus of Components Technology is the development of bearings for highly efficient wind turbines. The trend in wind turbines is towards pivoting rotor blades that continuously adapt to wind conditions as the rotor turns and thus optimize the overall efficiency of the turbine. For these innovative wind turbines we are developing blade adjustment bearings capable of meeting the increased requirements.

An important focal area of Marine Systems is the use of fuel cell technology at submarines as well as surface ships. In case of submarines an air-independent submarine propulsion system based on this technology was successfully implemented. This system achieves a multiple of the submerged time and range previously attainable, and conse- quently reduces the probability of detection.

Following the success of fuel cell technology in the latest generation of submarines, fuel cells of different output classes are being tested on surface vessels. Highly efficient fuel cells could soon be used in conjunction with clean energy sources such as gas, hydrogen or diesel made from biomass to supply power for ships. Thanks to the fuel cell and suitable fuels such as sulfur-free diesel, certain emissions can be avoided completely; carbon dioxide emissions are reduced by 25 %.

Principal Markets

The EU region was again the main sales market for ThyssenKrupp in 2008/2009: 62 % of our products and services were sold to customers in the European Union, with Germany accounting for more than half this figure. 20 % of our sales were generated with customers in America. The Asia/Pacific region grew in importance for our business, but still accounted for a low sales share of 10 %. Due to our stable customer structures, the percentage breakdown remains relatively unchanged, although customers outside Germany have become increasingly important in the past five years.

Organizational Structure

To strengthen the Group for the economic challenges in the years ahead, we introduced a new organizational structure effective 1 October 2009. The materials and technology activities of the five previous segments Steel, Stainless, Tech- nologies, Elevator and Services are now organized in eight business areas. They integrate similar business models and geographically related business activities. The business areas are combined in two divisions – Materials and Technolo- gies – reflecting ThyssenKrupp’s key competency areas. Materials includes the business areas Steel Europe, Steel Americas, Stainless Global and Materials Services. It focuses our materials capabilities and services along the value chain – purchasing, production, sales and services. The Technologies division is made up of the business areas Eleva-

70 tor Technology, Plant Technology, Components Technology and Marine Systems and brings together our technological capabilities.

ThyssenKrupp Group 2008/09 respectively 2009/10

Reorganization: From 5 Segments to 8 Business Areas Organizational structure until Sep 30, 2009: Reporting level 5 segments Steel Stainless Technologies Elevator Services

• Steelmaking • Nirosta • Plant Technology • 4 regional • Materials Services • Industry • Acciai Speciali Terni •Marine Systems Business Units International • Auto • Mexinox •Mechanical • Escalators/ • Materials Services Passenger North America • Metal Forming • Shanghai Krupp Components Boarding Bridges Stainless • Industrial Services • Processing • Automotive • Accessibility • Stainless International Solutions • Special Products • VDM •Transrapid Organizational structure from Oct 01, 2009: Reporting level 8 business areas Steel Steel Stainless Materials Elevator Plant Components Marine Europe Americas Global Services Technology Technology Technology Systems • ThyssenKrupp • ThyssenKrupp • Nirosta • Metal • 4 regional • Uhde • Rothe Erde • Naval Steel Europe CSA • Acciai Speciali Services Business • Polysius • Berco • Shipyards Siderúrgica Units • Processing Terni • Special • ThyssenKrupp • Presta and Services do Atlantico Services • Escalators/ Fördertechnik Camshafts • Mexinox Passenger • ThyssenKrupp • Industrial • System • Forging Group Steel USA • Shanghai Boarding Krupp Stainless Services Bridges Engineering • ThyssenKrupp • VDM • Accessibility • ThyssenKrupp Waupaca Transrapid • ThyssenKrupp • Presta Steering Stainless USA • Bilstein Group • ThyssenKrupp Stainless International

71 Trend Information

Significant or material adverse change

Save as disclosed in this Prospectus, there has been no significant or material adverse change in the trading position or prospects of the ThyssenKrupp Group since 30 September 2009. Since 30 September 2009, the capitalization of the ThyssenKrupp Group has changed due to increases of the net financial debt. Such changes are a result of, inter alia, the seasonality of the business of the Group as well as an increase of capital expenditures of planned investments.

Outlook

Now that the world economy seems to have passed the worst of the recession, the new fiscal year 2009/2010 will be characterized by at best slow economic recovery. As a result, there will be only moderate growth in order intake and sales at ThyssenKrupp. The Group’s new organizational structure will make us leaner and more efficient. Together with the optimization programs we have introduced, this will have a positive effect on earnings.

72 Administrative, Management and Supervisory Bodies

Supervisory Board ThyssenKrupp AG

As of 1 December 2009 the members of the Supervisory Board were (including other directorships held):

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 – Allianz SE – Axel Springer AG – Siemens AG (Chair) • Compagnie de Saint-Gobain/France

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

Theo Frielinghaus, Ahlen Engineering technician Chairman of the Works Council of Polysius AG Within the Group: – Polysius AG

Markus Grolms, Bochum Trade union secretary at the Düsseldorf branch office of IG Metall

Susanne Herberger, Dresden Engineer (FH) – information technology Chairwoman of the General Works Council of ThyssenKrupp Aufzüge Deutschland GmbH Within the Group: – ThyssenKrupp Elevator AG

Prof. Jürgen Hubbert, Sindelfingen Former Member of the Executive Board of DaimlerChrysler AG – HWA AG (Chair) • Häussler Group (Advisory Board Chair) • TÜV Süddeutschland Holding AG (Member of Stockholder Committee)

Bernd Kalwa, Krefeld Lathe operator Chairman of the General Works Council of ThyssenKrupp Nirosta GmbH Within the Group: – ThyssenKrupp Nirosta GmbH

Dr. Martin Kohlhaussen, Bad Homburg Former Chairman of the Supervisory Board of Commerzbank AG – Hochtief AG (Chair)

73 Dr. Heinz Kriwet, Düsseldorf Former Chairman of the Executive Board of Thyssen AG

Prof. Dr. Ulrich Lehner, Düsseldorf Former Chairman of the Management Board of Henkel KGaA – Deutsche Telekom AG (Chair) – E.ON AG – Henkel Management AG – HSBC Trinkaus & Burkhardt AG – Dr. Ing. h.c. F. Porsche AG – Porsche Automobil Holding SE • Henkel AG & Co. KGaA (Member of the Stockholder Committee) • Novartis AG/Switzerland (Member of the Advisory Board) • Dr. August Oetker KG (Member of the Advisory Board)

Prof. Dr. Bernhard Pellens, Bochum Professor of Business Studies and International Accounting, Ruhr University Bochum – Rölfs WP Partner AG Wirtschaftsprüfungsgesellschaft

Peter Remmler, Wolfsburg Wholesale and export trader Chairman of the Works Council of ThyssenKrupp Schulte GmbH (Braunschweig)

Dr. Kersten v. Schenck, Bad Homburg Attorney and notary public – Praktiker Bau- und Heimwerkermärkte Holding AG (Chair) – Praktiker Deutschland GmbH (Chair)

Peter Scherrer, Brussels General Secretary of the European Metalworkers’ Federation – Vodafone Holding GmbH

Thomas Schlenz, Duisburg Shift foreman Chairman of the Group Works Council of ThyssenKrupp AG • PEAG Personalentwicklungs- und Arbeitsmarktagentur GmbH Within the Group: – ThyssenKrupp Materials International GmbH – ThyssenKrupp MillServices & Systems GmbH

Dr. Henning Schulte-Noelle, Munich Chairman of the Supervisory Board of Allianz SE – Allianz SE (Chair) – E.ON AG

Wilhelm Segerath, Duisburg Automotive bodymaker Chairman of the General Works Council of ThyssenKrupp Steel Europe AG and Chairman of the Works Council Union ThyssenKrupp Steel Europe Within the Group: – ThyssenKrupp Steel Europe AG

Christian Streiff, Paris Former President of PSA Peugeot Citroën S.A. • Ecole Nationale Supérieure des Mines de Paris/France

74 Jürgen R. Thumann, Düsseldorf Chairman of the Advisory Board of Heitkamp & Thumann KG – Deutsche Messe AG – Hanse Merkur Holding AG – HanseMerkur Krankenversicherung auf Gegenseitigkeit – Heitkamp Bau Holding GmbH (Chair) • Heitkamp & Thumann Group (Advisory Board Chair) • Altenloh, Brinck & Co. GmbH & Co. KG

Klaus Wiercimok, Erkrath Attorney Head of the Materials Services department at Corporate Center Legal & Compliance of ThyssenKrupp AG Within the Group: – ThyssenKrupp Xervon GmbH

– Membership of statutory supervisory boards within the meaning of Art. 125 of the German Stock Corporation Act (AktG) (as of 1 Decem- ber 2009) • Membership of comparable German and non-German control bodies of business enterprises within the meaning of Art. 125 of the German Stock Corporation Act (AktG) (as of 1 December 2009)

Executive Board ThyssenKrupp AG

As of 1 December 2009 the members of the Executive Board were (including other directorships held):

Dr.-Ing. Ekkehard D. Schulz Chairman – AXA Konzern AG – Bayer AG* – MAN SE (Vice Chair)* – RWE AG* Within the Group: – ThyssenKrupp Elevator AG – ThyssenKrupp Steel Europe AG (Chair)

Dr. Ulrich Middelmann Vice Chairman – Commerzbank AG* – E.ON Ruhrgas AG – LANXESS AG* – LANXESS Deutschland GmbH • Hoberg & Driesch GmbH (Chair) Within the Group: – ThyssenKrupp Elevator AG – ThyssenKrupp Marine Systems AG – ThyssenKrupp Materials International GmbH – ThyssenKrupp Nirosta GmbH – ThyssenKrupp Steel Europe AG • ThyssenKrupp Acciai Speciali Terni S.p.A./Italy • ThyssenKrupp (China) Ltd./PR China

Dr. Olaf Berlien Within the Group: – ThyssenKrupp Marine Systems AG (Chair) • Berco S.p.A./Italy (President) • ThyssenKrupp (China) Ltd./PR China (Chairman)

75 Edwin Eichler – Heidelberger Druckmaschinen AG * – Hüttenwerke Krupp Mannesmann GmbH (Vorsitz) Within the Group: – ThyssenKrupp Materials International GmbH (Vorsitz) – ThyssenKrupp Nirosta GmbH (Chair) • ThyssenKrupp Acciai Speciali Terni S.p.A./Italien (President) • ThyssenKrupp Industries and Services Qatar LLC/Qatar • ThyssenKrupp Steel Americas, LLC/USA • ThyssenKrupp Steel and Stainless USA, LLC/USA • ThyssenKrupp Steel USA, LLC/USA

Dr. Alan Hippe – Voith AG Within the Group: – ThyssenKrupp Reinsurance AG (Chair)

Ralph Labonte • PEAG Personalentwicklungs- und Arbeitsmarktagentur GmbH (Chair) Within the Group: – Polysius AG (Vice Chair) – Rothe Erde GmbH (Vice Chair) – ThyssenKrupp Bilstein Suspension GmbH – ThyssenKrupp Elevator AG – ThyssenKrupp Marine Systems AG – ThyssenKrupp Materials International GmbH – ThyssenKrupp Steel Europe AG • Berco S.p.A./Italy • ThyssenKrupp System Engineering GmbH – Membership of statutory supervisory boards within the meaning of Art. 125 of the German Stock Corporation Act (AktG) (as of 1 Decem- ber 2009) * Exchange-listed company • Membership of comparable German and non-German control bodies of business enterprises within the meaning of Art. 125 of the Ger- man Stock Corporation Act (AktG) (as of 1 December 2009)

The current members of Executive Board and the Supervisory Board of the Issuer can be contacted at the headquarters of the Issuer, August-Thyssen-Strasse 1, 40211 Düsseldorf, Germany.

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 Bertin Eichler Prof. Dr. Bernhard Pellens Thomas Schlenz Wilhelm Segerath

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.

76 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 monitor • the accounting process, • the effectiveness of the internal control system, the risk management system and the internal auditing system, • the financial statement auditing process, in particular the independence of the financial statement auditor and additional services provided by 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 or changes to previously applied accounting standards. • The (quarterly) interim reports, including discussion of the review report by the financial statement auditor. • Issues concerning the internal control system and risk management system, and compliance issues. The Audit Committee shall discuss with the Executive Board the appropriateness and effectiveness of the internal control system and the risk management system, particularly with regard to the accounting process. • The Audit Committee shall submit to the Supervisory Board a proposal for the election of the financial statement auditor. In preparation for this proposal, the Audit Committee 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 members of the network of the financial statement auditor. The declaration shall also extend to stating the scope of other services, in particular consulting services, provided for the Company in the fiscal year 2007/2008 or which have been contrac- tually agreed for the following fiscal year. In this context, in particular the fees for the financial statement audit and the fees for non-audit services in the fiscal year 2008/2009 shall be stated in accordance with the applicable legal requirements. • The Audit Committee shall prepare 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.

Corporate Governance

ThyssenKrupp AG is a stock corporation under German law. It is governed by an Executive Board and Supervisory Board. Good corporate governance has always been a high priority for ThyssenKrupp. The Executive Board and Super- visory Board regard it as their duty to secure the Company’s continued existence and sustainable value creation through responsible corporate governance focused on the long term.

The Executive Board and Supervisory Board work closely together in the interest 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.

Corporate governance at ThyssenKrupp is based on the German Corporate Governance Code, as published by the Government Commission, under the chairmanship of Dr. Gerhard Cromme, on 26 February 2002 and amended most

77 recently on 18 June 2009. The Code is a recognized standard for good corporate governance at German exchange- listed companies. The Executive Board and Supervisory Board of ThyssenKrupp AG last issued an unconditional declaration of conformity in accordance with Art. 161 AktG at 1 October 2009.

Major Shareholders

The largest stockholder is the Alfried Krupp von Bohlen und Halbach Foundation, Essen, which holds 25.33 % of the capital stock of ThyssenKrupp AG.

ThyssenKrupp AG holds 51,015,552 shares of treasury stock or about 9.9 % of the capital stock as of 30 September 2009. The shares were purchased under a share buyback program in July/August 2006, February/March 2008 and July/August 2008. No rights accrue to the Company from these repurchased shares.

The free float, which is generally taken into account in the weighting of ThyssenKrupp stock in the indices, is 64.75 % of the capital stock as of 30 September 2009.

Financial Information

Historical Financial Information of ThyssenKrupp

The Notes as mentioned on pages 181–262 in the Annual Report 2008/2009 dated 30 September 2009 are incorporated by reference into this Prospectus.

Consolidated Statement of Income million €, earnings per share in €

Year ended Year ended 30 September 30 September 2008 2009 Net sales 53,426 40,563 Cost of sales* (44,270) (36,905) Gross margin* 9,156 3,658

Selling expenses* (3,017) (2,892) General and administrative expenses* (2,573) (2,471) Other operating income 342 382 Other operating expenses* (603) (518) Gain/(loss) on the disposal of subsidiaries, net 73 (5) Income/(loss) from operations 3,378 (1,846)

Income from companies accounted for using the equity method 100 (29) Interest income 281 263 Interest expense (725) (964) Other financial income/(expense), net 94 212 Financial income/(expense), net (250) (518)

Income/(loss) before income taxes 3,128 (2,364)

Income tax (expense)/income (852) 491 Net income/(loss) 2,276 (1,873)

Thereof: ThyssenKrupp AG's stockholders 2,195 (1,857) Minority interest 81 (16) Net income/(loss) 2,276 (1,873)

Basic and diluted earnings per share based on Net income/(loss) (attributable to ThyssenKrupp AG's stockholders) 4.59 (4.01)

* Prior year ﬁgure adjusted.

78 Consolidated Balance Sheet

ASSETS million €

30 September 30 September 2008 2009 Intangible assets 4,683 4,642 Property, plant and equipment 11,266 13,793 Investment property 357 341 Investments accounted for using the equity method 515 480 Other financial assets 118 94 Other non-financial assets 902 455 Deferred tax assets 467 638 Total non-current assets 18,308 20,443 Inventories 9,494 6,735 Trade accounts receivable 7,885 5,120 Other financial assets 881 1,253 Other non-financial assets 1,953 1,724 Current income tax assets 381 252 Cash and cash equivalents 2,725 5,349 Assets held for sale 15 491 Total current assets 23,334 20,924 Total assets 41,642 41,367

EQUITY AND LIABILITIES million €

30 September 30 September 2008 2009 Capital stock 1,317 1,317 Additional paid in capital 4,684 4,684 Retained earnings 6,519 4,025 Cumulative income and expense directly recognized in equity (92) (678) thereof relating to disposal groups (Sept. 30, 2008: 0; Sept. 30, 2009: (12)) Treasury stock (1,421) (1,421) Equity attributable to ThyssenKrupp AG’s stockholders 11,007 7,927 Minority interest 482 1,769 Total equity 11,489 9,696 Accrued pension and similar obligations 6,550 7,525 Other provisions 641 792 Deferred tax liabilities 1,128 307 Financial debt 3,068 7,160 Other financial liabilities 321 4 Other non-financial liabilities 20 46 Total non-current liabilities 11,728 15,834 Other provisions 1,746 2,040 Current income tax liabilities 555 794 Financial debt 1,348 305 Trade accounts payable 5,731 4,169 Other financial liabilities 1,544 1,585 Other non-financial liabilities 7,501 6,656 Liabilities associated with assets held for sale 0 288 Total current liabilities 18,425 15,837 Total liabilities 30,153 31,671 Total equity and liabilities 41,642 41,367

79 Consolidated Cash Flow Statement million €

Year ended Year ended 30 September 30 September 2008 2009 Operating: Net income/(loss) 2,276 (1,873) Adjustments to reconcile net income/(loss) to operating cash flows: Deferred income taxes, net (46) (719) Depreciation, amortization and impairment of non-current assets 1,424 1,857 Reversals of impairment losses of non-current assets (20) (3) (Income)/loss from companies accounted for using the equity method, net of dividends received (95) 43 (Gain)/loss on disposal of non-current assets (109) (30) Changes in assets and liabilities, net of effects of acquisitions and divestitures: - inventories (613) 2,680 - trade accounts receivable (331) 2,538 - accrued pension and similar obligations (146) (21) - other provisions 159 578 - trade accounts payable 757 (1,504) - other assets/liabilities not related to investing or financing activities 423 153 Operating cash flows 3,679 3,699

Investing: Purchase of investments accounted for using the equity method and financial assets (51) (43) Expenditures for acquisitions of consolidated companies (213) (183) Cash and cash equivalents acquired from acquisitions of consolidated companies 55 2 Capital expenditures for property, plant and equipment (inclusive of advance payments) and investment property (3,774) (3,821) Capital expenditures for intangible assets (inclusive of advance payments) (244) (191) Proceeds from disposals of investments accounted for using the equity method and financial assets 85 59 Proceeds from disposals of previously consolidated companies 171 6 Cash and cash equivalents of disposed consolidated companies (68) (5) Proceeds from disposals of property, plant and equipment and investment property 118 121 Proceeds from disposals of intangible assets 23 18 Cash flows from investing activities (3,898) (4,037)

Financing: Proceeds from issuance of bonds 0 2,986 Repayment of bonds 0 (500) Proceeds from liabilities to financial institutions 1,041 3,245 Repayments of liabilities to financial institutions (649) (2,529) Proceeds from notes payable and other loans 366 39 Increase/(decrease) in bills of exchange 3 (16) Decrease of liabilities due to sales of receivables not derecognized from the balance sheet (7) (3) Decrease/(increase) in current securities 83 (48) Proceeds from minority interest to equity 0 465 Payments to repurchase treasury stock (880) 0 Payment of ThyssenKrupp AG dividend (635) (603) Profit attributable to minority interest (55) (47) Other financing activities 28 (6) Cash flows from financing activities (705) 2,983 Net (decrease)/increase in cash and cash equivalents (924) 2,645

Effect of exchange rate changes on cash and cash equivalents (9) 5 Cash and cash equivalents at beginning of year 3,658 2,725 Cash and cash equivalents at end of year 2,725 5,375 [thereof cash and cash equivalents within the disposal groups] [0] [26]

Additional information regarding cash flows from interest, dividends and income taxes which are included in operating cash flows: Interest received 143 149 Interest paid (269) (342) Dividends received 50 18 Income taxes (paid)/received (660) 164

80 Consolidated Statement of Recognized Income and Expense million €

Year ended Year ended 30 September 30 September 2008 2009 Foreign currency translation adjustment: Change in unrealized gains/(losses), net (80) (46) Net realized (gains)/losses 0 0 Net unrealized gains/(losses) (80) (46)

Unrealized gains/(losses) from available-for-sale financial assets: Change in unrealized holding gains/(losses), net (15) 7 Net realized (gains)/losses 0 0 Net unrealized holding gains/(losses) (15) 7

Actuarial gains/(losses) from pensions and similar obligations: 394 (1,073)

Gains/(losses) resulting from asset ceiling (3) 3

Unrealized gains/(losses) on derivative financial instruments: Change in unrealized gains/(losses), net 13 231 Net realized (gains)/losses (21) (9) Net unrealized gains/(losses) (8) 222

Tax effect (133) 284 Income and expense directly recognized in equity (net of tax) 155 (603) Net income/(loss) 2,276 (1,873) Total recognized income and expense for the period 2,431 (2,476)

Thereof: ThyssenKrupp AG’s stockholders 2,344 (2,449) Minority interest 87 (27)

Cumulative actuarial gains/(losses) from pensions and similar obligations as of year-end 506 (530)

The presentation includes income and expense of €(6) million (2008: €19 million) attributable to investments accounted for using the equity method.

81 Auditors’ Report 2007/08

The audit of the consolidated financial statements of ThyssenKrupp AG for the year ended 30 September 2008, which have been prepared 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, 2007 to September 30, 2008. 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.

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 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 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.

Düsseldorf, November 17, 2008

KPMG AG Wirtschaftsprüfungsgesellschaft (formerly KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft)

Prof. Dr. Nonnenmacher Gewehr Wirtschaftsprüfer Wirtschaftsprüfer (German public auditor) (German public auditor)”

82 Auditors’ Report 2008/09

The audit of the consolidated financial statements of ThyssenKrupp AG for the year ended 30 September 2009, which have been prepared on the basis of International Financial Reporting Standards (IFRS) (the “IFRS Consolidated financial statement”), 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, Duisburg and Essen, 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, 2008 to September 30, 2009. 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 Abs. 1 HGB (Handelsgesetzbuch, “German Commercial Code”) 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.

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 Abs. 1 HGB 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.

Düsseldorf, November 9, 2009

KPMG AG Wirtschaftsprüfungsgesellschaft

Prof. Dr. Rolf Nonnenmacher Michael Gewehr Wirtschaftsprüfer Wirtschaftsprüfer (German public auditor) (German public auditor)”

83 Auditing of Historical Annual Financial Information

ThyssenKrupp’s auditor for the fiscal year 2008/09 and the two preceding years is KPMG AG Wirtschaftsprüfungs- gesellschaft (formerly: KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft), Berlin and Frankfurt am Main, Düsseldorf office, Tersteegenstr. 19-31, D-40474 Düsseldorf (a member of the German Chamber of Public Accountants (Wirtschaftsprüferkammer), 83 Berlin). The auditor examined the financial statements of ThyssenKrupp and the respective consolidated financial statements and rendered 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 cases:

The Group is involved in pending and threatened litigation in connection with the purchase and sale of certain companies, which may lead to partial repayment of purchase price or to the payment of damages. Claims result from various contracts such as construction, plant engineering, supply and service agreements raised by contractual partners, customers, consortium partners and subcontractors. Certain of these claims have proven unfounded, have expired under the statute of limitations or have been settled during the fiscal year 2008/2009. Some of these lawsuits are still pending.

Former stockholders of Thyssen and of Krupp have petitioned per Art. 305 UmwG (Reorganization Act) for a judicial review of the share exchange ratios used in the merger of Thyssen AG and Fried. Krupp AG Hoesch-Krupp to form ThyssenKrupp AG. The proceedings are pending with the Düsseldorf Regional Court. Should a ruling be made in favor of the petitioners, the Court would require settlement to be made via an additional cash payment plus interest. The additional payment also would be required to be made to all affected stockholders, even if they were not petitioners in the judicial proceedings. However, ThyssenKrupp AG expects no such payments to become due as the exchange ratios were duly determined, negotiated between unrelated parties and audited and confirmed by the auditor that has been appointed by court.

As a result of the integration of Thyssen Industrie AG into Thyssen AG, ThyssenKrupp AG is defendant to court proceedings from former minority stockholders of Thyssen Industrie AG to examine the appropriateness of the merger consideration received. If the court rules that the consideration offered was inappropriate, the increased consideration will be granted to all outside stockholders by an additional cash payment.

In its decision of 2 July 2008, the EU Commission classified various investment subsidies and undertakings granted to Hellenic Shipyards S. A. (HSY) as state aid not compatible with the Single Market. The aid was partly granted between 1997 and 2002 in connection with the privatization of the formerly nationalized shipyards. A clause in the purchase contract for the acquisition of HSY in 2002 indemnifying the purchaser Howaldtswerke-Deutsche Werft GmbH from any claims for repayment of the aid is also considered incompatible with state aid rules by the Commission. The EU Com- mission has requested Greece to recover the aid from HSY; in the Commission’s opinion, the amount involved is approximately € 236 million (plus interest). An appeal against the Commission’s findings was lodged with the Euro- pean Court of First Instance (Luxembourg). An action has already been filed with the competent court in Athens against the seller of HSY for indemnification from contingent recovery claims of the Greek government. The recovery obligation of the Greek government only refers to the non-naval business of HSY, and not to the naval one. Discussions to achieve an agreement with all parties involved were not finalized in the fiscal year 2008/2009. Should this matter in total not be resolved favorably, a material impact on the consolidated financial statements of ThyssenKrupp cannot be ruled out currently.

Furthermore, HSY and Howaldtswerke – Deutsche Werft GmbH (HDW) are in dispute with the Greek government concerning the delivery of submarines and outstanding payments of triple-digit million Euros. Both HSY and HDW have cancelled the two submarine programs in particular by reason of default of payment by the Greek government under which four class U-214 submarines were to be built and three class U-209 submarines modernized. Files for arbitration have been made to enforce claims against the Greek government arising out of the cancellation. In the context of this dispute a legal risk can not finally be excluded that down payments in substantial amounts could be refunded to the Greek government under certain conditions.

84 In addition, ThyssenKrupp is involved in legal, arbitrational and out-of-court disputes in connection with the construction of the melt shop and coke plant in Brazil which could lead to compensation payments.

Significant change in ThyssenKrupp’s financial or trading position

Save as disclosed in this Prospectus, there has been no significant change in the financial or trading position of the ThyssenKrupp Group since 30 September 2009. Since 30 September 2009, the capitalization of the ThyssenKrupp Group has changed due to increases of the net financial debt. Such changes are a result of, inter alia, the seasonality of the business of the Group as well as an increase of capital expenditures of planned investments.

Additional Information

Capital Stock

At 30 September 2009 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 463,473,492 of which were outstanding at the balance sheet date. Each share of common stock had a stated value of Euro 2.56. The Executive Board is authorized, with the approval of the Supervisory Board, to increase the capital stock one or more occasions on or before 18 January 2012 by up to Euro 500,000,000 by issuing up to 195,312,500 new no-par bearer shares in exchange for cash and/or contributions in kind (”Authorized Capital“).

Treasury Stock

At 30 September 2009 ThyssenKrupp held 51,015,552 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; (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.

85 (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 other than the following:

The commitment to enter into investment projects amounts as of 30 September 2009 to € 3,028 million (30 Septem- ber 2008: € 5,090 million) and relates mainly to the Steel segment.

Other financial commitments exist as of 30 September 2009 in the amount of € 2,957 million (30 September 2008: € 3,539 million), primarily from the commitments to purchase coking coal, coal and lime under long term supply contracts and obligations under ship-charter contracts in the Steel segment as well as purchasing commitments resulting from the Group’s electricity and gas supply contracts.

Under property and business interruption insurance policies, substantial deductibles exist for some production units of the Steel and Stainless segments. One or more damages at these units could significantly impact the Group’s net assets, financial position and results of operations.

Risk Management System

The risk management system introduced by the Executive Board of ThyssenKrupp AG for the Group has so far proven itself to be efficient. All employees of the Group are required to be aware of the risks in their area of responsibility. Direct responsibility for early identification and management of risks lies with the operating managers. The next organization level up in each case is responsible for risk control.

In a bottom-up process, the Group companies report on the status of major risks using risk maps with tiered threshold values. The risks are evaluated and classified according to probability of occurrence and loss amounts. For each risk, risk reduction measures are reported; the early warning indicators are regularly updated and discussed with the responsible officers. The information on material risks to the Group is communicated in a systematic and transparent report to the Executive Board of ThyssenKrupp AG. The current risk situation is on the agenda of the Executive Board’s bi-weekly meetings. In urgent cases, ad hoc risks and losses incurred are communicated directly outside the normal reporting channels.

The compliance program of ThyssenKrupp is intended to reduce the risk of violations of antitrust and corruption law and the associated internal policies at all levels of the Group. ThyssenKrupp monitors and regularly updates the internal rules and in-house compliance organization. In extensive training programs and online courses, employees are informed about compliance requirements, infringement risks and potential sanctions.

In the fiscal year 2008/2009 we again conducted internal audits in Germany and abroad to check compliance with the rules of the risk management system at the Group subsidiaries. The findings from these internal audits helped further improve the early identification and management of risks. In addition, we continuously enhance the tools and methods for identifying and managing risks. This allows us to manage risks in the Group on a more standardized and structured basis, reduce the number of manual activities in the risk management process and enhance the quality of the information generated. The decision made in connection with the reorganization of the Group to allocate centralized risk management to Corporate Center Controlling at ThyssenKrupp AG will permit closer interaction with the planning and reporting processes.

Risk policy as part of corporate strategy

Formed on the basis of our corporate strategy, the risk policy at ThyssenKrupp is directed at safeguarding the existence of the company and continuously increasing its value.

86 Our risk strategy takes into account the risks and the opportunities associated with them. In areas where the Group has core competencies, we consciously take on manageable and controllable risks if they are expected to deliver an appropriate reward. Risks in other areas, however, are transferred where appropriate to other risk carriers. Beyond this we avoid risks wherever possible. Overall we ensure that the Group can cover in full any risks taken.

ThyssenKrupp has documented the framework conditions for orderly and forward-looking risk management in its risk management principles and “Group Risk Management” manual. These contain binding specifications and rules for the identification and management of risks. For example, conduct towards suppliers, customers and other business partners must be fair and responsible. Speculative transactions or other measures of a speculative nature are inadmissible. We check whether these principles are being observed by carrying out regular control measures. In addition, numerous and regular training programs help ensure that all employees are constantly aware of the rules.

Opportunities and risks in balance

All risks taken by us are balanced by appropriate opportunities which we systematically identify, evaluate, manage and control. More details can be found in the Annual Report 2008/2009 on pages 168-171. We make the necessary provision to cover risks from strategic decisions.

Risk transfer by central service provider

As central service provider, ThyssenKrupp Risk and Insurance Services handled the transfer of risks to insurers and concluded the necessary Group insurance policies in 2008 / 2009, as in previous years. Regular loss analyses are carried out to evaluate the potential risks, and the insurance cover is determined on this basis. Under property and business interruption policies, significant deductibles exist in particular for some carbon and stainless steel production units, so that there is a risk that a claim on these policies could materially impair the Group’s assets, financial position and earnings situation. To substantially limit the risk of insurers collapsing, we spread the risk over numerous insurers and only select insurers with a rating of at least A-.

To further develop and optimize risk prevention, binding standards are in place for all Group companies. Experts from all areas of the Group under the leadership of ThyssenKrupp Risk and Insurance Services are involved in these processes. Internal and external audits are conducted regularly to check compliance with these standards.

Documents on Display

During the validity period of this Prospectus the following documents (or copies thereof) may be inspected at the headquarters 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 fiscal years 2007/08 and 2008/09.

87 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

Selected Financial Information

Capitalization ThyssenKrupp Finance

Since 30 September 2009 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.

88 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.

Investments

ThyssenKrupp Finance has neither substantial investments as of 30 September 2009, 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.

Organi zational 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 2009.

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.

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.

89 Corporate Governance

According to the Decree of 23 December 2004, pursuant to section 391 paragraph 5 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 7-10 of the Financial Statements of ThyssenKrupp Finance Nederland B. V. as of 30 September 2009 are incorporated by reference into this Prospectus.

Balance sheet (before appropriation of profit) 30 Sep. 2008 30 Sep. 2009 (in Euro) Assets Fixed assets Loan facilities to Group companies ...... – 2,000,000,000 Deferred premium on loans to Group companies ...... – 12,032,044 Deferred discount on bonds ...... – 10,543,510 Capitalised issue costs ...... – 5,811,853 – 2,028,387,407 Current assets Loan facilities to Group companies ...... 504,645,000 – Deferred discount on bonds ...... 223,665 – Capitalised issue costs ...... 133,335 – Receivables ...... 19,460,425 91,410,096 Cash and cash equivalents ...... 1,702,797 6,734,752 526,165,222 98,144,848 526,165,222 2,126,532,255

Liabilities Capital and reserves Issued and paid-up capital ...... 2,300,000 2,300,000 Retained earnings ...... 4,228,403 4,228,403 Result for the year ...... 837,824 891,717 7,366,227 7,420,120 Long-term liabilities Long-term bonds payable...... – 2,000,000,000 Deferred premium on long-term bonds payable ...... – 13,366,467 Deferred discount on loans to Group companies ...... – 15,020,940 – 2,028,387,407 Current liabilities ...... 518,798,995 90,724,728 526,165,222 2,126,532,255

90 Income statement for the fiscal year 2008/2009 Year ended Year ended 30 September 2008 30 September 2009 (in Euro) Financial income Interest income ...... 36,418,562 102,609,852 Interest charges ...... (35,000,000) (101,044,565) Amortisation discount on loans ...... – 1,684,060 Amortisation premium on long-term bonds – 1,658,533 Amortisation premium on loans to Group companies ...... – (1,492,956) Amortisation issue costs and discount on bonds...... (765,000) (2,206,637) 653,562 1,208,287 Sundry income ...... 14,327 14,750 Expenses General expenses...... (76,800) (90,315) (76,800) (90,315) Profit before taxation ...... 591,089 1,132,722 Corporation tax...... 253,455 (241,005) Capital duty ...... (6,720) – Result for the year ...... 837,824 891,717

Cash flow statement for the year ended 30 September 2009 Year ended Year ended 30 September 30 September 2008 2009 (in Euro) Cash flow from operating activities Interest received...... 36,418,561 36,484,552 Interest paid...... (35,000,000) (35,000,045) Other income received ...... 14,327 14,750 Operating expenses paid ...... (75,849) (83,175) Tax expenses paid ...... (167,659) (191,303) Net cash provided by/(used in) operating activities ...... 1,189,380 1,224,779 Cash flow from investing activities Payments on loans granted...... – (2,002,645,342) Proceeds from loans matured ...... – 504,645,000 Net cash provided by/(used in) investing activities...... – (1,498,000,342) Cash flow from financing activities Proceeds from issue of bonds...... – 2,002,645,342 Payments on redemption of bonds ...... – (500,000,000) Dividends paid ...... – (837,824) Net cash provided by/(used in) financing activities...... – 1,501,807,518 Net increase/(decrease) in cash and cash equivalents ...... 1,189,380 5,031,955 Cash and cash equivalents at beginning of the year...... 513,417 1,702,797 Cash and cash equivalents at the end of the year ...... 1,702,797 6,734,752

91 Auditors’ Report 2007/08 ThyssenKrupp Finance Nederland B. V.

The audit of the financial statements of ThyssenKrupp Finance Nederland B. V. for the year ended 30 September 2008, 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:

“Report on the financial statements

We have audited the accompanying financial statements for the fiscal year ended 30 September 2008 of Thyssen- Krupp Finance Nederland B. V., Krimpen aan de IJssel, which comprise the balance sheet as at 30 September 2008, the profit and loss account for the period then ended and the notes.

Management’s responsibility

Management is responsible for the preparation and fair presentation of the financial statements and for the preparation of the management report, both in accordance with Part 9, of Book 2, of the Netherlands Civil Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with Dutch law. This law requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ThyssenKrupp Finance Nederland B. V. as at 30 September 2008 and of its result for the year then ended in accordance with Part 9, Book 2, of the Nether lands Civil Code.

Report on other legal and regulatory requirements

Pursuant to the legal requirement under 2:393 sub 5 part e of the Netherlands Civil Code, we report, to the extent of our competence, that the management report is consistent with the financial statements as required by 2:391 sub 4 of the Netherlands Civil Code.

Eindhoven, 11 November 2008

KPMG ACCOUNTANTS N. V.

P. Silvis RA”

92 Auditors’ Report 2008/09 ThyssenKrupp Finance Nederland B. V.

The audit of the financial statements of ThyssenKrupp Finance Nederland B. V. for the year ended 30 September 2009, 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:

“Report on the financial statements

We have audited the accompanying financial statements for the year ended 30 September 2009 of ThyssenKrupp Finance Nederland B.V., Krimpen aan den IJssel, which comprise the balance sheet as at 30 September 2009, the profit and loss account for the year then ended and the notes.

Management’s responsibility

Management is responsible for the preparation and fair presentation of the financial statements and for the preparation of the management board report, both in accordance with Part 9 of Book 2 of the Netherlands Civil Code. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of ThyssenKrupp Finance Nederland B.V. as at 30 September 2009, and of its result for the year then ended in accordance with Part 9 of Book 2 of the Netherlands Civil Code.

Report on other legal and regulatory requirements

Pursuant to the legal requirement under 2:393 sub 5 part f of the Netherlands Civil Code, we report, to the extent of our competence, that the management board report is consistent with the financial statements as required by 2:391 sub 4 of the Netherlands Civil Code.

Amstelveen, 23 November 2009

KPMG ACCOUNTANTS N.V.

M. Frikkee RA”

93 Auditing of Historical Annual Financial Information

KPMG Accountants N. V., Burgemeester Rijnderslaan 10-20, NL-1185MC Amstelveen, The Netherlands (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 2008/09. 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 2007/08 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 30 September 2009 on which its last audited financial statements have been published.

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.

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 preceding the date of this documentation) or may have in the future a material effect on the financial position of ThyssenKrupp Finance.

94 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 fiscal years 2007/08 and 2008/09.

95 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 14 January 2010 (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”).]

TERMS AND CONDITIONS OF THE NOTES

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 Currency] (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 Tempo- a) The Notes are initially represented by a temporary global note (the “Temporary Global Note”) rary 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 nearly equivalent to € 1,000 at the time of the issue of the Notes.

96 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 SA/NV Brussels (“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.]

97 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 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.

For the purposes2of [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantee and] the Terms and Conditions of the Notes: “Material Subsidiary” shall mean: ThyssenKrupp Steel Europe AG, Duisburg ThyssenKrupp Materials International GmbH, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Elevator Corp., Delaware, USA ThyssenKrupp Acciai Speciali Terni S.p.A., Terni, Italien ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach Uhde GmbH, Dortmund ThyssenKrupp Materials NA, Inc., Southfield / Michigan, USA 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 § 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 performance for the benefit of a third party, to the effect that the third party acquires the right directly to demand performance.”

98 § 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).] 3 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.]

(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).

99 (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 2 (TARGET 2) (“TARGET”) are open 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 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

100 [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 25 March 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 or the 2006 ISDA Definitions, as applicable, published by the International Swaps and Derivatives Association, Inc. (“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].]

101 [(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.

[(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(1)(d)) 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)] 4 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, Credit Linked Notes or other Structured 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)]

(4) 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).

102 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: 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.

103 [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].

(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) [in the case of Floating Rate Notes insert: Payment] Business Day. If the date for payment of any amount in respect of any Note is not a [in the case of Floating Rate Notes insert: Pay- ment] 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 those purposes, [in the case of Floating Rate Notes insert: “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 Realtime Gross Settlement Express Transfer Sys- tem 2 (TARGET 2) (“TARGET”) are open 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 Interest 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].

104 (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 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 § 5(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;

105 (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.]

If the Notes are [[(4)] Early Redemption at the Option of a Holder. subject to Early Redemption at the Option of the Hol- (a) The Issuer shall, at the option of the Holder, redeem such Note on the Put Redemption Date(s) der 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.]

If the Notes are [[(5)] Early Redemption in case of a Change of Control. subject to Early Redemption at the Option of the (a) A Put Event will be deemed to occur if: Holder in case of a Change of Control insert: (i) any person or persons acting in concert or any person or persons acting on behalf of any such person(s), at any time directly or indirectly own(s) or acquire(s) (whether or not approved by the Management Board or Supervisory Board of [the Issuer] [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] (I) more than 50 % of the issued ordinary share capital of [the Issuer] [In the case of Notes issued by Thyssen- Krupp Finance insert: the Guarantor] or (II) such number of shares in the capital of [the Issuer] [In the case of Notes issued by ThyssenKrupp Finance insert: the Guarantor] carrying more than 50 % of the voting rights normally exercisable at a general meeting of [the Issuer] [In the case of Notes issued by ThyssenKrupp Finance insert: the Guaran- tor] (each, a “Change of Control”); and (ii) at the time of the occurrence of a Change of Control, the Notes carry (requested by the Issuer) an investment grade credit rating (Baa3/BBB-, or equivalent, or better), from any of Moody’s Investors Services Limited (Moody’s), Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc. (S&P), Fitch Ratings Ltd (Fitch), or any of their respective successors (each, a “Rating Agency”) and such rating from at least two Rating Agencies is within 120 days of such time either downgraded to a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse) or withdrawn and is not within such 120- day period subsequently (in the case of a downgrade) upgraded to an investment grade credit rating by at least one of those Rating Agenc ies or (in the case of a withdrawal) replaced by an investment grade credit rating from this or any other Rating Agency; and

106 (iii) in making the relevant decision(s) referred to above, the relevant Rating Agencies announce publicly or confirm in writing to the Issuer that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control. (b) If a Put Event occurs, each Holder shall have the option to require the Issuer to redeem or, at the Issuer’s option, purchase (or procure the purchase of) his Notes at its principal amount together with interest accrued to but excluding the Put Date in case of a change of control (as defined below) (excluding). Such option shall operate as set out below. (c) If a Change of Control occurs, within 21 days of the end of the 120 day period referred to in paragraph (a)(ii) above the Issuer shall give notice (a “Put Event Notice”) to the Holders in accordance with § 12 specifying the nature of the Put Event and the procedure for exercising the option contained in this § 5[(5)]. (d) To exercise the option to require the redemption or purchase of a Note under this § 5[(5)] the Holder must deliver his Note(s), on any [in the case of Floating Rate Notes insert: Payment] Business Day falling within the period (the “Put Period”) of 30 days after a Put Event Notice is given, at the specified office of the Paying Agent accompanied by a duly signed and completed notice of exercise in the form (for the time being current) obtainable from the specified office of the Paying Agent (a “Put Notice in case of a Change of Control”). The Paying Agent to which such Note(s) and Put Notice in case of a Change of Control are delivered will issue to the Holder concerned a non-transferable receipt in respect of the Note so delivered. The Issuer shall at its option redeem or purchase (or procure the purchase of) the relevant Note(s) on the date (the “Put Date in case of a Change of Control”) seven days after the expiration of the Put Period unless previously redeemed or purchased and cancelled. Payment in respect of any Note(s) so delivered will be made, if the Holder duly specified in the Put Notice in case of a Change of Control a bank account to which payment is to be made, on the Put Date in case of a Change of Control by transfer to that bank account and, in every other case, on or after the Put Date in case of a Change of Control against presentation and surrender of such receipt at the specified office of the Paying Agent. A Put Notice in case of a Change of Control, once given, shall be irrevocable. If 80 % or more in principal amount of the Notes then outstanding have been redeemed or purchased pursuant to the provisions of this § 5[(5)], the Issuer may, on not less than 30 or more than 60 days’ notice to the Holder given within 30 days after the Put Date in case of a Change of Control, redeem, at its option, the remaining Notes as a whole at a redemption price of the principal amount thereof plus interest accrued to but excluding the date of such redemption. (e) If the rating designations employed by any of Moody’s, S&P or Fitch are changed from those which are described in paragraph (a)(ii), the Issuer shall determine the rating designations of Moody’s, S&P or Fitch (as appropriate) as are most equivalent to the prior rating designations of Moody’s, S&P or Fitch and paragraph (a)(ii) shall be read accordingly.]

In the case of [[( 6)] 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 [[( 6)] 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.

107 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, Credit Linked Notes or other Structured Notes relating to principal, insert full details herein and in the Final Terms.]

§ 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, [in the case of Notes issued by ThyssenKrupp insert: (ii) a Paying Agent (which may be the Fiscal Agent) with a specified office in Germany] [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] [(iv)] 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

108 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.

§ 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 1 January 1995 (Kapitalertragsteuer) and the solidarity surcharge which has been in effect since 1 January 1993 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.

109 § 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 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 Emergency Regulations (noodregeling) as referred to in Chapter 3 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht)]; 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

110 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 (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

111 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 (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.

112 § 12 NOTICES

In the case of [(1) Publication. All notices concerning the Notes shall be published [if Germany is the home Notes which are listed on a Stock Member State insert: in the electronic Federal Gazette (elektronischer Bundesanzeiger)][.] [and] Exchange insert: [if the publication is legally required to be made additionally in a newspaper authorised by the stock exchanges in Germany, 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 the publication is legally required to be made additionally in a newspaper authorised by the stock exchanges in Luxembourg, insert:, to the extent legally required in one newspaper authorised by the stock exchanges in Luxembourg. This newspaper is expected to be the “Luxemburger Wort”.] [insert other applicable newspaper.]

[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)] [in Luxembourg] [insert other location].]

Any notice will be deemed to have been validly given on the third day following the date of such publication (or, if published more than once, on the third day following the date of the first such publication).]

If notices may be [(2)] Electronic Publication. All notices concerning the Notes will be made [additionally] by means given by means of electronic publica- of electronic publication on the internet website of the [Luxembourg Stock Exchange] [insert tion on the website of the relevant relevant stock exchange] ([www.bourse.lu] www.[insert internet address]). Any notice will be Stock Exchange deemed to have been validly given on the third day following the date of such publication (or, if insert: published more than once, on the third day following the date of the first such publication).] [(2)] Notification to Clearing System.

In the case of [The Issuer shall deliver all notices concerning the Notes to the Clearing System for communica- Notes which are unlisted insert: tion by the Clearing System to the Holders. Any such notice shall be deemed to have been given to the Holders on the fifth day after the day on which the said notice was given to the Clearing Sys- tem.]

In the case of [So long as any Notes are listed on the Luxembourg Stock Exchange, subparagraph (1) shall Notes which are listed on the apply. In the case of notices regarding the Rate of Interest of Floating Rate Notes or, if the Rules of Luxembourg Stock Exchange insert: the Luxembourg Stock Exchange otherwise so permit, the Issuer may deliver the relevant notice to the Clearing System for communication by the Clearing System to the Holders, in lieu of publication in the newspapers set forth in subparagraph (1) above; any such notice shall be deemed to have been given to the Holders on the fifth day after the day on which the said notice was given to the Clearing System.]]

In the case of [The Issuer may, in lieu of publication in the newspapers set forth in subparagraph (1) above, Notes which are listed on a Stock deliver the relevant notice to the Clearing System, for communication by the Clearing System to Exchange other than the Luxem- the Holders, provided that, the rules of the stock exchange on which Notes are listed permit such bourg Stock form of notice. Any such notice shall be deemed to have been given to the Holders on the fifth day Exchange insert: after the day on which the said notice was given to the Clearing System.] [(3)] Form of Notice. Notices to be given by any Holder shall be made by means of a written declaration to be delivered by hand or registered mail together with the relevant Note or Notes to the Fiscal Agent. So long as any of the Notes are represented by a global Note, such notice may be given by any Holder of a Note to the Agent through the Clearing System in such manner as the Agent and the Clearing System may approve for such purpose.

113 § 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 [in the case of Notes issued by ThyssenKrupp Finance insert: and the Guaran- tor] 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) specifying 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:

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:

114 TERMS AND CONDITIONS OF THE NOTES (GERMAN LANGUAGE VERSION)

Diese Serie von Schuldverschreibungen wird gemäß einem Amended and Restated Fiscal Agency Agreement vom 14. Januar 2010 (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 Aktiengesellschaft 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 Hauptgeschäftsstelle 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“) ver sehen.]

EMISSIONSBEDINGUNGEN

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.

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 annähernd entspricht.

115 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.]

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 SA/NV Brüssel, („Euroclear“)] [,] [und] [anderes Clea- ringsystem 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 wirtschaft-

116 lich 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. 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 zu Gunsten 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.

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

ThyssenKrupp Steel Europe AG, Duisburg ThyssenKrupp Materials International GmbH, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Elevator Corp., Delaware, USA ThyssenKrupp Acciai Speciali Terni S.p.A., Terni, Italien ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach Uhde GmbH, Dortmund ThyssenKrupp Materials NA, Inc., Southfield / Michigan, USA

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].]

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.

118 [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.] (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 2 (TARGET 2) („TARGET“) geöffnet sind, um die betreffende Zahlung abzuwickeln].

(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 geöffnet ist.]

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

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

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

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 Angebotssatzes 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 einzufügen].

[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.]

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

[Sofern ISDA-Feststellung gelten soll, sind die entsprechenden Bestimmungen einzufügen und die von der International Swaps and Derivatives Association, Inc. („ISDA“) veröffentli- chten 2000 ISDA-Definitionen oder, falls anwendbar, die 2006 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, einfügen: 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 1(d) 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.

121 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, Credit Linked Notes oder anderen strukturierten Schuldver- schreibungen hinsichtlich Zinsen, anwendbare Bestimmungen hier und 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.

122 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 von 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

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

(5) [Im Falle von variabel verzinslichen Schuldverschreibungen einfügen: Zahltag] [Im Falle von festverzinslichen Schuldverschreibungen einfügen: Geschäftstag]. Fällt der Fälligkeitstag einer Zahlung in Bezug auf eine Schuldverschreibung auf einen Tag, der kein [Im Falle von variabel verzinslichen Schuldverschreibungen einfügen: Zahltag] [Im Falle von festverzinslichen Schuldverschreibungen einfügen: Geschäftstag] ist, dann hat der Gläubiger keinen Anspruch auf Zahlung vor dem nächsten [Im Falle von variabel verzinslichen Schuldverschreibungen einfügen: Zahltag] [Im Falle von festverzinslichen Schuldverschreibungen einfügen: Geschäftstag] am jeweiligen Geschäftsort. Der Gläubiger ist nicht berechtigt, weitere Zinsen oder sonstige Zahlungen auf Grund dieser Verspätung zu verlangen.

Für diese Zwecke bezeichnet [Im Falle von variabel verzinslichen Schuldverschreibungen ein- fügen: „Zahltag“] [Im Falle von festverzinslichen Schuldverschreibungen einfügen: „Geschäftstag“] einen Tag, [bei nicht auf Euro lautenden Schuldverschreibungen einfügen: der ein Tag (außer einem Samstag oder Sonntag) ist, an dem Geschäftsbanken und Devisen- märkte Zahlungen in [sämtliche relevanten Finanzzentren angeben] abwickeln] [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 2 (TARGET 2) („TARGET“) geöffnet 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

124 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 § 3(1) Absatz 1 definiert)] [im Falle von Nullkupon-Schuldverschrei- bungen einfügen: bei Fälligkeit oder im Fall des Kauf oder Tauschs einer Schuldverschreibung] zu zahlen und diese Verpflichtung nicht durch das Ergreifen von der Emittentin [Im Falle von Schuld- verschreibungen, 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.]

125 (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;

(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 Geschäftsstellen 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.]

Falls der Gläubiger [[(5)] Vorzeitige Rückzahlung im Fall eines Kontrollwechsels. ein Wahlrecht hat, die Schuldver- schreibungen im Fall eines Kontroll- (a) Ein Rückzahlungsereignis gilt als eingetreten, wenn: wechsels vorzeitig zu kündigen, einfügen: (i) eine Person oder mehrere Personen, die abgestimmt handeln, oder einer oder mehrere Dritte, die im Auftrag einer solchen Person oder Personen handeln, zu irgendeiner Zeit mittelbar oder unmittelbar (unabhängig davon, ob der Vorstand oder der Aufsichtsrat [der Emittentin] [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] seine Zustimmung erteilt hat) (I) mehr als

126 50 % des ausstehenden Grundkapitals [der Emittentin] [Im Falle von Schuldverschrei- bungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] oder (II) eine solche Anzahl von Aktien [der Emittentin] [Im Falle von Schuldverschrei- bungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] hält bzw. halten oder erworben hat bzw. haben, auf die mehr als 50 % der normalerweise bei Hauptversammlungen [der Emittentin] [Im Falle von Schuldverschreibungen, die von ThyssenKrupp Finance begeben werden, einfügen: der Garantin] stimmberechtigten Stimmrechte entfallen, (jeweils ein „Kontrollwechsel“); und

(ii) die Schuldverschreibungen bei Eintritt des Kontrollwechsels über ein (im Auftrag der Emit- tentin erteiltes) Investment Grade Rating (Baa3/BBB- oder gleichwertig oder besser) von Moody’s Investors Services Limited (Moody’s), Standard & Poor’s Rating Services, eine Abteilung von The McGraw-Hill Companies Inc. (S&P), Fitch Ratings Ltd. (Fitch) oder einer jeweiligen Nachfolgegesellschaft (jeweils eine „Rating Agentur“) verfügen und dieses Rating von mindestens zwei Rating Agenturen innerhalb von 120 Tagen nach dem Kon- trollwechsel zu einem non-investment Grade Rating (Ba1/BB+ oder gleichwertig oder schlechter) abgesenkt oder das Rating zurückgezogen wird und nicht innerhalb dieser 120-Tagesperiode anschließend (im Falle einer Absenkung) durch mindestens eine dieser beiden Rating Agenturen wieder auf ein Investment Grade Rating angehoben oder (im Falle einer Zurückziehung) durch ein Investment Grade Rating dieser oder einer anderen Rating Agentur ersetzt wird; und

(iii) im Zusammenhang mit einer der o.g. Änderungen die betreffenden Rating Agenturen öffentlich bekannt gemacht oder gegenüber der Emittentin schriftlich bestätigt haben, dass diese Änderung ganz oder teilweise auf den Kontrollwechsel zurückzuführen ist.

(b) Wenn ein Rückzahlungsereignis eintritt, hat jeder Gläubiger das Recht, von der Emittentin die Rückzahlung oder, nach Wahl der Emittentin, den Ankauf seiner Schuldverschreibungen durch die Emittentin (oder auf ihre Veranlassung durch einen Dritten) zum Nennbetrag zuzüglich aufgelaufener Zinsen bis zum Rückzahlungstag im Fall eines Kontrollwechsels (ausschließlich) zu verlangen. Diese Option ist wie nachstehend beschrieben auszuüben.

(c) Wenn ein Kontrollwechsel eintritt, wird die Emittentin innerhalb von 21 Tagen nach Ablauf der in (a)(ii) genannten 120 Tage-Frist den Gläubigern Mitteilung vom Rückzahlungsereignis gemäß § 12 machen (die „Rückzahlungsmitteilung“), in der die Umstände des Rückzahlungsereig- nisses sowie das Verfahren für die Ausübung der in diesem § 5 [(5)] genannten Option angegeben sind.

(d) Zur Ausübung der Rückzahlungs- bzw. Ankaufsoption für eine Schuldverschreibung nach Maß- gabe dieses § 5 [(5)] muss der Gläubiger seine Schuldverschreibung(en) an einem [im Falle von variabel verzinslichen Schuldverschreibungen einfügen: Zahltag] [im Falle von festverzinslichen Schuldverschreibungen einfügen: Geschäftstag] innerhalb eines Zeitraums (der „Rückzahlungszeitraum“) von 30 Tagen, nachdem die Rückzahlungsmitteilung veröffent- licht wurde, bei der angegebenen Niederlassung der Zahlstelle unter Beifügung einer ord- nungsgemäß ausgefüllten und unterzeichnenden Ausübungserklärung im Fall eines Kontroll- wechsels einreichen, die in ihrer jeweils maßgeblichen Form bei der angegebenen Niederlas- sung der Zahlstelle erhältlich ist (die „Ausübungserklärung im Fall eines Kontrollwechsels“). Die Zahlstelle, der die Schuldverschreibung(en) und die Ausübungserklärung im Fall eines Kontrollwechsels übermittelt werden, wird dem Gläubiger eine nichtübertragbare Quittung für die Schuldverschreibung ausstellen. Die Emittentin wird nach ihrer Wahl die maßgebliche(n) Schuldverschreibung(en) 7 Tage nach Ablauf des Rückzahlungszeitraums (der „Rückzahlungs- tag im Fall eines Kontrollwechsels“) zurückzahlen oder erwerben (bzw. erwerben lassen), soweit sie nicht bereits vorher zurückgezahlt oder erworben wurde(n). Die Zahlung in Bezug auf solchermaßen eingereichte Schuldverschreibung(en) erfolgt entweder am Rückzahlungstag im Fall eines Kontrollwechsels auf ein Bankkonto des Gläubigers, falls der Gläubiger ein solches Konto in der Ausübungserklärung im Fall eines Kontrollwechsels ordnungsgemäß bezeichnet hat, bzw. in anderen Fällen am oder nach dem Rückzahlungstag im Fall eines Kontrollwechsels gegen Vorlage und Aushändigung der Quittung bei der angegebenen Niederlassung der Zahl

127 stelle. Eine einmal gegebene Ausübungserklärung im Fall eines Kontrollwechsels ist unwider- ruflich.

Wenn 80 % oder mehr des Nennbetrags der dann ausstehenden Schuldverschreibungen gemäß § 5 [(5)] zurückgezahlt oder zurückerworben wurde, ist die Emittentin berechtigt, nach vorheriger Bekanntmachung, die innerhalb von 30 Tagen nach dem Rückzahlungstag im Fall eines Kontrollwechsels erfolgen muss, gegenüber den Gläubigern mit einer Frist von mindestens 30 und höchstens 60 Tagen nach ihrer Wahl alle ausstehenden Schuldverschreibungen zum Nennbetrag zuzüglich bis zum Rückzahlungstag im Fall eines Kontrollwechsels (aus- schließlich) aufgelaufener Zinsen zurück zu zahlen.

(e) Falls sich die von Moody’s, S&P oder Fitch verwendeten Rating Kategorien gegenüber denen, die in Absatz (a)(ii) angegeben wurde, ändern sollten, wird die Emittentin diejenigen Rating Kategorien von Moody’s, S&P bzw. Fitch bestimmen, die den früheren Rating Kategorien von Moody’s, S&P bzw. Fitch möglichst nahe kommen; (a)(ii) ist dann entsprechend auszulegen.]

Im Falle von [[( 6)] 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- [[( 6)] Vorzeitiger Rückzahlungsbetrag. kupon-Schuldver- schreibungen ein- fügen: Für die Zwecke des Absatzes 2 dieses § 5 und des § 9, berechnet sich der vorzeitige Rückzahlungs- betrag einer Schuldverschreibung wie folgt:

(a) Der vorzeitige Rückzahlungsbetrag der Schuldverschreibung entspricht der Summe aus:

(i) [Referenzpreis einfügen] (der „Referenzpreis“), und

(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, Credit Linked Notes oder anderen strukturierten Schuldver- schreibungen 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:

128 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 einen anderen Fiscal Agent oder zusätzliche oder andere Zahlstellen [oder eine andere Berechnungsstelle] zu bestellen. Die Emittentin wird zu jedem Zeitpunkt (i) einen Fiscal Agent unterhalten, [im Falle von Schuldverschreibungen, die von ThyssenKrupp begeben werden, einfügen: (ii) eine Zahlstelle (die der Fiscal Agent sein kann) mit bezeichneter Geschäfts- stelle in 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.

129 § 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 Kapitalertragsteuer 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

(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 beschrie-

130 ben) 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

(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 zu Gunsten 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 Emergency Regulations (noodregeling) im Sinne von Kapi- tal 3 des Dutch Financial Markets Supervision Acts (Wet op het financieel toezicht) unterliegt]; oder

131 (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

(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 zu Gunsten 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:

132 (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 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:

133 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 (k) 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 [In § 7 und § 5 Absatz 2 gilt eine alternative Bezugnahme auf die Niederlande als aufgenommen Schuldverschrei- bungen, die von (zusätzlich zu der Bezugnahme nach Maßgabe des vorstehenden Satzes auf das Land, in dem die ThyssenKrupp Finance begeben Nachfolgeschuldnerin ihren Sitz oder Steuersitz hat).] werden, einfügen:

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.

(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 [ist der Schuldverschrei- bungen, die an Herkunftsstaat die Bundesrepublik Deutschland, einfügen: im elektronischen Bundesanzei- einer Börse notiert werden, einfügen: ger] [und][soweit gesetzlich die Bekanntmachung zusätzlich in einem deutschen Börsen- pflichtblatt gefordert wird, einfügen:, soweit gesetzlich erforderlich, in einem deutschen Börsen- pflichtblatt, voraussichtlich der „Börsen-Zeitung“] [soweit gesetzlich die Bekanntmachung in einer von der Luxemburger Börse genehmigten Tageszeitung gefordert wird, einfügen:, soweit gesetzlich erforderlich, in einem von der Luxemburger Börse genehmigten Tageszeitung, voraussichtlich dem „Luxemburger Wort“] [anderes Börsenpflichtblatt oder andere Tages- zeitung einfügen][,] zu veröffentlichen. [Falls eine Veröffentlichung in [diesem Börsenpflichtblatt] [dieser Tageszeitung] nicht mehr mög- lich ist, werden die Mitteilungen in [einem anderen Börsenpflichtblatt in der Bundesrepublik Deutschland] [einer anderen Tageszeitung in Luxembourg] [zutreffenden anderen Ort einfügen] veröffentlicht.]

134 Jede Mitteilung gilt am dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröf- fentlichungen am dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]

Sofern eine [(2)] elektronische Bekanntmachung. Alle die Schuldverschreibungen betreffenden Mitteilungen Mitteilung durch elektronische erfolgen [zusätzlich] durch elektronische Publikation auf der Website der [Luxemburger Börse] Publikation auf der Website der [betreffende Börse einfügen] ([www.bourse.lu] www.[Internetadresse einfügen]). Jede Mit- betreffenden teilung gilt am dritten Tag nach dem Tag der Veröffentlichung (oder bei mehreren Veröffentli- Börse möglich ist, einfügen: chungen am dritten Tag nach dem Tag der ersten solchen Veröffentlichung) als wirksam erfolgt.]

[(2)] Mitteilungen an das Clearingsystem.

Im Fall von [Die Emittentin wird alle die Schuldverschreibungen betreffenden Mitteilungen an das Clearingsys- Schuldverschrei- bungen, die nicht tem zur Weiterleitung an die Gläubiger übermitteln. Jede derartige Mitteilung gilt am fünften Tag notiert sind, ein- fügen: nach dem Tag der Mitteilung an das Clearingsystem als den Gläubigern mitgeteilt.]

Im Fall von [Solange Schuldverschreibungen an der Luxemburger Börse notiert sind, findet Absatz 1 Anwen- Schuldverschrei- bungen, die an der dung. Soweit die Mitteilung den Zinssatz von variabel verzinslichen Schuldverschreibungen betrifft Luxemburger Börse notiert sind, oder die Regeln der Luxemburger Börse dies sonst zulassen, kann die Emittentin eine Veröffentli- einfügen: chung nach Absatz 1 durch eine Mitteilung an das Clearingsystem zur Weiterleitung an die Gläubi- ger ersetzen; jede derartige Mitteilung gilt am fünften Tag nach dem Tag der Mitteilung an das Clearingsystem als den Gläubigern mitgeteilt.]

Im Fall von [Die Emittentin ist berechtigt, eine Veröffentlichung nach Absatz 1 durch eine Mitteilung an das Schuldverschrei- bungen, die an Clearingsystem zur Weiterleitung an die Gläubiger zu ersetzen, wenn die Regeln der Börse, an der einer anderen Börse als der die Schuldverschreibungen notiert sind, diese Form der Mitteilung zulassen. Jede derartige Mittei- Luxemburger lung gilt am fünften Tag nach dem Tag der Mitteilung an das Clearingsystem als den Gläubigern Börse notiert sind, einfügen: mitgeteilt.]

[(3)] Form der Mitteilung. Mitteilungen, die von einem Gläubiger gemacht werden, müssen schriftlich erfolgen und zusammen mit der oder den betreffenden Schuldverschreibung(en) per Kurier oder per Einschreiben an den Fiscal Agent geleitet werden. Solange Schuldverschreibungen durch eine Global-Schuldverschreibung verbrieft sind, kann eine solche Mitteilung von einem Gläubiger an den Fiscal Agent über das Clearingsystem in der vom Fiscal Agent und dem Clearingsystem dafür vorgesehenen Weise erfolgen.

§ 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 [im Falle von Schuldverschreibungen, die von Thyssen- Krupp Finance begeben werden, einfügen: und der Garantin] 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

135 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- 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:

136 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 Issuance Programme (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. (D) This Guarantee replaces the Guarantee dated 12 March 2009. The Guarantee dated 12 March 2009 extends to any and all Notes which have been issued by ThyssenKrupp Finance during the period beginning on 12 March 2009 through 13 January 2010.

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 5 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

137 (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 Fed- eral Republic of Germany 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. 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 therefore, 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 therefore, 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 Europe AG, Duisburg ThyssenKrupp Materials International GmbH, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Elevator Corp., Delaware, USA ThyssenKrupp Acciai Speciali Terni S.p.A., Terni, Italien ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach Uhde GmbH, Dortmund ThyssenKrupp Materials NA, Inc., Southfield / Michigan, USA 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.

(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.”

138 9. Terms used in this Agreement and not otherwise defined herein shall have the meaning attributed to them in the Conditions. 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.

14 January 2010 THYSSENKRUPP AG

______We accept the terms of the above Guarantee. 14 January 2010 DEUTSCHE BANK AKTIENGESELLSCHAFT

______

139 FORM OF GUARANTEE (binding German version)

GARANTIE

der ThyssenKrupp AG, Duisburg und Essen, Bundesrepublik Deutschland, zu Gunsten 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. (D) Diese Garantie ersetzt die Garantie vom 12. März 2009. Die Garantie vom 12. März 2009 gilt für sämtliche Schuld- verschreibungen, die von der ThyssenKrupp Finance in der Zeit vom 12. März 2009 bis zum 13. Januar 2010 begeben worden 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 Garan- tie 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 5 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 Kapitalertragssteuer 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

140 (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 für die Zwecke der betreffenden Steuergesetze als gebietsansässige natürliche oder juristische Person in einem anderen Mitgliedsstaat der Europäi schen 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 Vor- schrift, 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 Anleihe emissio- nen (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 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. „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 Europe AG, Duisburg ThyssenKrupp Materials International GmbH, Düsseldorf ThyssenKrupp Nirosta GmbH, Krefeld ThyssenKrupp Elevator Corp., Delaware, USA ThyssenKrupp Acciai Speciali Terni S.p.A., Terni, Italien ThyssenKrupp Metallurgie GmbH, Essen Rasselstein GmbH, Andernach Uhde GmbH, Dortmund ThyssenKrupp Materials NA, Inc., Southfield / Michigan, USA oder deren Rechtsnachfolger, sowie jede andere Gesellschaft, die jeweils zu ihrem letzten testierten Jahresab- schluss 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.

141 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. 7. Diese Garantie und alle hierin enthaltenen Vereinbarungen sind ein Vertrag zu Gunsten der Gläubiger der Schuld- verschreibungen als begünstigte Dritte gemäß § 328 Abs. 1 BGB und begründen das Recht eines jeden Gläubigers, die Erfüllung der hierin eingegangenen Verpflichtungen unmittelbar von der Garantin zu fordern und diese Ver- pflichtungen 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. 14. Januar 2010 THYSSENKRUPP AG

______Wir akzeptieren die Bestimmungen der vorstehenden Garantie. 14. Januar 2010 DEUTSCHE BANK AKTIENGESELLSCHAFT

______

142 FORM OF FINAL TERMS (MUSTER – ENDGÜLTIGE BEDINGUNGEN)

In case of Notes listed on the official list of the Luxembourg Stock Exchange and admitted to trading on the Regulated Market of 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.

[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

€ 10,000,000,000 Debt Issuance Programme

of der

ThyssenKrupp AG

and und

ThyssenKrupp Finance Nederland B. V.

dated 14 January 2010 vom 14. Januar 2010

Issue Price: [ ] per cent. Ausgabepreis: [ ] %

Issue Date: [ ] ( 1) Tag der Begebung: [ ]

Serie No.: [ ] Serien Nr.: [ ]

These are the Final Terms of an issue of Notes under the € 10,000,000,000 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 14 January 2010 (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 € 10.000.000.000 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- verschreibungen sind nur verfügbar, wenn die Endgültigen Bedingungen und der Basisprospekt vom 14. Januar 2010

(1) The Issue Date is the date of payment and settlement of the Notes. In the case of free delivery, the Issue 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.

143 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 these 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 these 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.

144 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 Minimum Principal Amount for Transfers (specify) [ ] Mindestnennbetrag für Übertragungen (angeben)

(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 which are neither publicly offered nor distributed, in whole or impact, to non-professional investors. 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 weder öffentlich zum Verkauf angeboten werden noch ganz oder teilweise an nicht berufsmäßige oder gewerbliche Investoren verkauft werden. Konsolidierte Bedingungen sind erforderlich, wenn die Schuldver- schreibungen 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 publicly offered, in whole or in part, in the Federal Republic of Germany, 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 insgesamt oder teilweise öffentlich zum Verkauf in der Bundesrepublik 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 berufsmäßige oder gewerbliche Investoren die englische Sprache als maßgeblich bestimmt wird, wird eine deutschsprachige Übersetzung der Bedingungen bei der Hauptge- schäftsstelle 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 nearly equivalent to € 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 annähernd entspricht.

145 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 SA/NV (Euroclear) Euroclear Bank SA/NV (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(6) Festverzinsliche Schuldverschreibungen

Rate of Interest and Interest Payment Dates Zinssatz und Zinszahlungstage Rate of Interest [ ] per cent. per annum Zinssatz [ ] % per annum

(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. (6) If not applicable, the following items may be deleted. Falls nicht anwendbar, können die folgenden Angaben gelöscht werden.

146 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(7) Variabel verzinsliche Schuldverschreibungen

Interest Payment Dates Zinszahlungstage Interest Commencement Date [ ] Verzinsungsbeginn Specified Interest Payment Dates [ ] Festgelegte Zinszahlungstage Deemed Interest Payment Date(s) (8) [ ] 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 Adjusted Business Day Convention [Yes/No] Angepasste-Geschäftstag-Konvention [Ja/Nein]

Relevant Financial Centres [ ] Relevante Finanzzentren

(7) If not applicable, the following items may be deleted. Falls nicht anwendbar, können die folgenden Angaben gelöscht werden. (8) Only applicable in the case of Actual/Actual (ICMA). Nur relevant, falls der Zinstagequotient Actual/Actual (ICMA) anwendbar ist.

147 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 (9) [specify details] ISDA-Feststellung [Details einfügen] Other Method of Determination (insert details (including Margin, [ ] Interest Determination Date, Reference Banks, fall-back provisions)) Andere Methoden der Bestimmung (Einzelheiten angeben (einschließlich Zinsfestlegungstag, Marge, Referenzbanken, Ausweichungsbestimmungen))

(9) 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.

148 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))

Day Count Fraction ( 10) Zinstagequotient Actual/Actual (ICMA) Actual/Actual (ISDA)

(10) Complete for all Notes. Für alle Schuldverschreibungen auszufüllen.

149 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) (11) [ ] 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

Early Redemption at the Option of the Issuer [Yes/No] Vorzeitige Rückzahlung nach Wahl der Emittentin [Ja/Nein] Minimum Redemption Amount [ ] Mindestrückzahlungsbetrag

(11) Only relevant for fixed rate Notes or Zero Coupon Notes. Nur relevant im Falle von festverzinslichen oder Null-Kupon Schuldverschreibungen.

150 Higher Redemption Amount [ ] Höherer Rückzahlungsbetrag Call Redemption Date(s) [ ] Wahlrückzahlungstag(e) (Call) Call Redemption Amount(s) [ ] Wahlrückzahlungsbetrag/-beträge (Call) Minimum Notice( 12) [ ] Mindestkündigungsfrist Maximum Notice [ ] 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 [ ] days Mindestkündigungsfrist [ ] Tage Maximum Notice (never more than 60 days) [ ] days Höchstkündigungsfrist (nie mehr als 60 Tage) [ ] Tage

Early Redemption in case of a Change of Control [Yes/No] Vorzeitige Rückzahlung im Fall eines Kontrollwechsels [Ja/Nein]

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)) Index Linked Notes [ ] Indexierte Schuldverschreibungen

(12) Euroclear requires a minimum notice period of 5 days. Euroclear verlangt eine Mindestkündigungsfrist von fünf Tagen.

151 (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 (13) [ ] 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 Luxembourg (d’Wort) Luxemburg (d’Wort) Germany (electronic Federal Gazette) Deutschland (elektronischer Bundesanzeiger) Germany (Börsen-Zeitung) Deutschland (Börsen-Zeitung) Clearing System Clearingsystem Other (specify) [ ] sonstige (angeben)

Governing Law German Law Anwendbares Recht Deutsches Recht

(13) Not to be completed if Fiscal Agent is to be appointed as Calculation Agent. Nicht auszufüllen, falls Fiscal Agent als Berechnungsstelle bestellt werden soll.

152 Part II. OTHER INFORMATION Teil II. ZUSÄTZLICHE INFORMATIONEN

Interests 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 (14) Gründe für das Angebot [specify details] [Einzelheiten einfügen] Estimated net proceeds (15) [ ] Geschätzter Nettobetrag der Erträge Estimated total expenses of the issue (16) [ ] 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 ( 17) Rendite

Yield [ ] Rendite

(14) 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. (15) If the Notes are derivative securities (e. g. if the final redemption amount is different from 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 oder höher als 100 % des Nenn- betrags ist) 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. (16) 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. (17) Only applicable for Fixed Rate Notes. Nur für festverzinsliche Schuldverschreibungen anwendbar.

153 Method of calculating the yield (18) 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 ( 19) 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](20) 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 ( 21) [ ] Bezeichnung des Index Description of index ( 22) / Details of where information [ ] about index can be obtained ( 23) Indexbeschreibung / Angaben, wo Informationen zum Index zu finden sind Description of interest rate ( 24) [ ] Beschreibung des Zinssatzes

(18) 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. (19) 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. (20) Only applicable for Index Linked or other variable-linked Notes. Nur bei Index Linked und Variable gebundenen Schuldverschreibungen anwendbar. (21) Only applicable for Notes where the underlying is an index. Nur bei Schuldverschreibungen anwendbar, bei denen es sich beim Basiswert um einen Index handelt. (22) 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. (23) 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. (24) 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.

154 Other equivalent information regarding the underlying [ ] (including the final reference price of the underlying and, in the case of a basket of underlyings, a disclosure of the relevant weightings of each underlying in the basket) ( 25) 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 ( 26) 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 ( 27) Störungen des Markts oder bei der Abrechnung, die den Basiswert beeinflussen

[insert details here] [Einzelheiten hier einfügen] Adjustment rules with relation to events concerning the underlying Korrekturvorschriften in Bezug auf Vorfälle, die den Basiswert beeinflussen

[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 ( 28) 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

(25) 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. (26) 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. (27) To be completed only if applicable. Nur falls anwendbar einzufügen. (28) 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.

155 Neither TEFRA C nor TEFRA D Weder TEFRA C noch TEFRA D Non-exempt Offer [Not applicable] [Applicable](29) Nicht-befreites Angebot [Nicht anwendbar] [anwendbar]

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 (30). 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] Settlement procedure Abrechnungsverfahren [None] [specify details] [keine] [Einzelheiten einfügen]

Method of return payments, payment/delivery date, method of calculation Rückzahlungsmethode, Zahlungs-/Zustellungstag, Berechnungsmethode

[None] [specify details] [keine] [Einzelheiten einfügen]

Terms and Conditions of the Offer Bedingungen und Konditionen des Angebots

[Conditions to which the offer is subject (31) 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

(29) Not applicable under German law. If applicable in the relevant jurisdiction, insert: “An offer of the Notes may be made by the Dealers [and [specify, if applicable]] other than pursuant to Article 3(2) of the Prospectus Directive in [specify relevant Member State(s) – which must be jurisdictions where the Prospectus and any supplements have been passported] during the period from [ ] until [ ]”. Nicht anwendbar nach deutschem Recht. Wenn anwendbar in der jeweiligen Jurisdiktion, einfügen: „Die Schuldverschreibungen können von den Platzeuren [und [angeben, falls anwendbar] anders als gemäß Artikel 3(2) der Prospektrichtlinie in [die jeweiligen Mitglied- staaten angeben, die den Jurisdiktionen entsprechen müssen, in die der Prospekt und etwaige Nachträge notifiziert wurden] im Zeitraum von [ ] bis [ ] angeboten werden“. (30) Unless specified in the Prospectus. Only applicable for Notes with a Specified Denomination of less than € 50,000 . Soweit nicht bereits im Prospekt beschrieben. Nur bei Schuldverschreibungen mit einer festgelegten Stückelung von weniger als € 50.000 anwendbar. (31) The following items only to be specified if applicable (in each case). Einzelheiten zu nachstehenden Unterpunkten nur einfügen, falls jeweils anwendbar.

156 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

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

157 Date of Subscription Agreement (32) [ ] Datum des Übernahmevertrags

Management Details including form of commitment ( 33) 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

Commissions ( 34) 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]

Admission(s) to Trading and Listing(s) [Yes/No] Börsenzulassung(en) und -notierung(en) [Ja/Nein] Luxembourg Stock Exchange Luxemburger Wertpapierbörse Admission: Regulated Market / Listing: Official list Börsenzulassung: Regulierter Markt / Notierung: Amtlicher Handel Euro MTF Euro MTF Other (insert details) [ ] Sonstige (Einzelheiten einfügen)

Expected date of admission ( 35) [ ] Erwarteter Termin der Zulassung

Estimate of the total expenses related to admission to trading ( 36) [ ] Geschätzte Gesamtkosten für die Zulassung zum Handel

(32) 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. (33) 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. (34) To be completed in consultation with the Issuer. In Abstimmung mit der Emittentin auszufüllen. (35) To be completed only if known. Nur auszufüllen, soweit bekannt. (36) 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.

158 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 (37) 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)

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 (38) 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 ( 39) [ ] Rating

Other relevant terms and conditions (specify) [ ] Andere relevante Bestimmungen (einfügen)

[Listing: ( 40) [Börsenzulassung:

The above Final Terms comprise the details required to list this issue of Notes pursuant to the € 10,000,000,000 Debt Issuance Programme of ThyssenKrupp AG and ThyssenKrupp Finance Nederland B. V. (as from [insert Issue Date for the Notes]). Die vorstehenden Endgültigen Bedingungen enthalten die Angaben, die für die Zulassung dieser Emission von Schuld- verschreibungen gemäß dem € 10.000.000.000 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

(37) 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, dass die ursprünglichen Schuldverschreibungen bereits zum Handel zugelassen sind. Nicht erforderlich bei Schuldverschreibungen mit einer festgelegten Stücke- lung. (38) (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. (39) 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. (40) 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.

159 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]

160 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 , Ireland and the Republic of Austria of the acquisition and ownership of Notes. The following also summarises the United Kingdom withholding taxation treatment at the date hereof in relation to payments of principal and interest in respect of the Notes. The comments do not deal with other United Kingdom tax aspects of acquiring, holding or disposing of the 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 and should be treated with appropriate caution. 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 and the practice of the relevant tax authority in each of those jurisdictions currently in force and as applied on the date of this Pro- spectus, which are subject to change, possibly with retroactive or retrospective effect.

The information contained in this section is limited to taxation issues and prospective investors should not apply any information set out below to other areas, including (but not limited to) the legality of transactions involving the Notes.

PROSPECTIVE PURCHASERS OF NOTES ARE ADVISED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE TAX CON- SEQUENCES 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.

1. Federal Republic of Germany (“Germany”)

Tax Residents

German tax resident persons are persons who are tax resident in Germany (in particular, persons whose residence, habitual abode, seat or place of management is located in Germany). a. Taxation if the Notes are held as private assets (Betriebsvermögen)

In the case of German tax-resident individual investors (unbeschränkt Steuerpflichtige) holding the Notes as private assets (Privatvermögen), the following applies: i. Income

Payments of interest on the Notes qualify as taxable income from capital investments (Einkünfte aus Kapitalvermögen) pursuant to section 20 para 1 no 7 German Income Tax Act (“ITA” – Einkommensteuergesetz).

Capital gains / capital losses realised upon sale, computed as the difference between the acquisition costs and the sales proceeds reduced by expenses directly and factually related to the sale, qualify as (negative) income from capital investments. Where the Notes are issued in a currency other than euro, the acquisition costs will be converted into euro at the time of acquisition, the sales proceeds will be converted into euro at the time of sale and the difference will then be computed in euro. If the Notes are assigned, redeemed or repaid rather than sold, such transaction is treated like a sale. If the Notes provide for a physical delivery of bonds, shares, interests in funds, shares in Exchange-Traded-Funds (“ETF-shares”) or other interests, the Notes may qualify as convertible, exchangeable or similar instruments, subject to the actual Terms and Conditions of the Notes (e. g. whether the Issuer or the investor has the right to opt for a physical delivery). In such a case, sales proceeds of the Notes and the acquisition costs of the received securities may deemed to be the same as the sales proceeds of the Notes (section 20 para 4a sentence 3 ITA) so that no taxable capital gains would be achieved due to the conversion. However, capital gains realised upon an on-sale of the received securities would qualify as taxable income. ii. Taxation of income

Income from capital investments is taxed at a separate tax rate for income from capital investments (gesonderter Steuertarif für Einkünfte aus Kapitalvermögen), which is 26.375 % (including solidarity surcharge (Solidaritäts zuschlag))

161 plus, if applicable, church tax. When computing the income from capital investments, the saver’s lump sum amount (Sparer-Pauschbetrag) of EUR 801 (EUR 1,602 in the case of jointly assessed husband and wife) will be deducted. The deduction of the actual income related expenses, if any, is excluded. The taxation of income from capital investments shall take place mainly by way of levying withholding tax (please see iii. below). If and to the extent German withholding has been levied, or would have been levied, but has not solely because of a withholding tax exemption certificate (Frei- stellungsauftrag), the withholding tax shall, in principle, become definitive and replace the investor’s income taxation. If no withholding tax has been levied and in certain other cases, the investor is nevertheless obliged to file a tax return, and the income from capital investments will then be taxed within the assessment procedure. However, the separate tax rate for income from capital investments applies in most cases also within the assessment procedure. iii. German withholding tax

With regard to income from capital investments, German withholding tax will be levied if the Notes are held in a custo- dial account which the investor maintains with a German branch of a German or non-German credit or financial services institution or with a securities trading business or bank (the “German Disbursing Agent”). The tax base is, in principle, equal to the taxable income as set out in i. above. However, in the case of capital gains, if the acquisition costs of the Notes are not proven to the German Disbursing Agent, withholding tax is applied to 30 % of the proceeds from the redemption, sale or assignment of the Notes. When computing the tax base for withholding tax purposes, the German Disbursing Agent may deduct any negative income from capital investments in the same calendar year or unused negative income from capital investments in previous calendar years.

If the Issuer is deemed to be resident in Germany for tax purposes and if, further, the Notes qualify as hybrid instruments (e. g. silent partnership, profit participating notes, jouissance rights (Genussrechte)), German withholding tax has to be imposed irrespective of where the Notes are held in custody.

German withholding tax will be levied at a flat withholding tax rate of 26.375 % (including solidarity surcharge plus, if applicable, church tax.

No German withholding tax will be levied if the investor filed a withholding tax exemption certificate (Freistellungs- auftrag) with the German Disbursing Agent, but only to the extent the income from capital investments does not exceed the maximum exemption amount shown on the withholding tax exemption certificate. Currently, the maximum exemption amount is EUR 801 (EUR 1,602 in the case of jointly assessed husband and wife). Similarly, no withholding tax will be levied if the investor has submitted to the German Disbursing Agent a certificate of non-assessment (Nichtveranla- gungsbescheinigung) issued by the relevant local tax office. b. Taxation if the Notes are held as business assets (Betriebsvermögen)

In the case of German tax-resident corporations or individual investors (unbeschränkt Steuerpflichtige) holding the Notes as business assets (Betriebsvermögen), interest payments and capital gains will be subject to corporate income tax or income tax, as the case may be, (in each case plus 5.5 % solidarity surcharge thereon), trade tax, if applicable, and church tax, if applicable. Capital losses might be ring-fenced.

If instead of a cash-settlement at maturity of a Note, a physical delivery of bonds, shares, interests in funds or ETF- shares takes place, such delivery would be regarded as a taxable sale of the Note and the corresponding capital gain will be taxable.

The provisions regarding German withholding tax apply, in principle, as set out in section a. iii. above; however, investors holding the Notes as business assets cannot file a withholding tax exemption certificate with the German Disburs- ing Agent. For investors holding the Notes as business assets, other exemptions might be available, eg. section 43 para 2 sentence 3 ITA in the case of capital gains. Withholding tax is credited as prepayment against the German (corporate) income tax amount. If the tax withheld exceeds the respective (corporate) income tax amount, the difference will be refunded within the tax assessment procedure.

Non-residents

Persons who are not tax resident in Germany are not subject to tax with regard to income from the Notes unless (i) the Notes are held as business assets (Betriebsvermögen) of a German permanent establishment (including a permanent representative) which is maintained by the investor or (ii) the income under the Notes qualifies for other reasons as

162 taxable German source income (e. g. as income from letting and leasing of property located in Germany). If a non- resident person is subject to tax with its income from the Notes, in principle, similar rules apply as set out above with regard to German tax resident persons (please see “Tax Residents” above).

Non-resident persons generally do not suffer German withholding tax. If, however, the income is subject to German tax as set out in the preceding paragraph, German withholding tax may be applied like in the case of a German tax resident person.

Inheritance and Gift Tax

Inheritance or gift taxes with respect to any Note will, in principle, arise under German law if, in the case of inheritance tax, either the decedent or the beneficiary or, in the case of gift tax, either the donor or the donee is a resident of Ger- many or if such Note is attributable to a German trade or business for which a permanent establishment is maintained or a permanent representative has been appointed. In addition, certain German expatriates will be subject to inheritance and gift tax.

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 (Vermögensteuer) is not levied in Germany.

2. The Netherlands

The following summary of certain Dutch taxation matters is based on the laws and practice in force as of the date of this Prospectus and is subject to any changes in law and the interpretation and application thereof, which changes could be made with retroactive effect. The following summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to acquire, hold or dispose of a Note, and does not purport to deal with the tax consequences applicable to all categories of investors, some of which may be subject to special rules.

For the purpose of this summary it is assumed that no holder of a Note has or will have a substantial interest, or – in the case of a holder of a Note being an entity – a deemed substantial interest, in the Issuer and that no connected person (verbonden persoon) to the holder of a Note has or will have a substantial interest in the Issuer.

Generally speaking, an individual has a substantial interest in the Issuer if (a) such individual, either alone or together with his partner, directly or indirectly has, or (b) certain relatives of such individual or his partner directly or indirectly have, (I) the ownership of, a right to acquire the ownership of, or certain rights over, shares representing 5 per cent or more of either the total issued and outstanding capital of the Issuer or the issued and outstanding capital of any class of shares of the Issuer, or (II) the ownership of, or certain rights over, profit participating certificates (winstbewijzen) that relate to 5 per cent or more of either the annual profit or the liquidation proceeds of the Issuer.

Generally speaking, an entity has a substantial interest in the Issuer if such entity, directly or indirectly has (I) the ownership of, a right to acquire the ownership of, or certain rights over, shares representing 5 per cent or more of either the total issued and outstanding capital of the Issuer or the issued and outstanding capital of any class of shares of the Issuer, or (II) the ownership of, or certain rights over, profit participating certificates (winstbewijzen) that relate to 5 per cent or more of either the annual profit or the liquidation proceeds of the Issuer. An entity holding a Note has a deemed substantial interest in the Issuer if such entity has disposed of or is deemed to have disposed of all or part of a substantial interest on a non-recognition basis. For the purpose of this summary, the term “entity” means a corporation as well as any other person that is taxable as a corporation for Dutch corporate tax purposes.

Investors should consult their professional advisers on the tax consequences of their acquiring, holding and disposing of a Note.

Withholding Tax

All payments made by the Issuer of interest and principal under the Notes can be made free of withholding or deduction of any taxes of whatsoever nature imposed, levied, withheld or assessed by The Netherlands or any political

163 subdivision or taxing authority thereof or therein, unless the Notes qualify as debt that effectively functions as equity for purposes of article 10, paragraph 1, sub d of the Corporate Tax Act (Wet op de vennootschapsbelasting 1969).

In the event of a purchase or a redemption of Notes that are convertible into shares of the Issuer or a company affiliated to the Issuer or a cash-settlement of such conversion rights, directly or indirectly by the Issuer, the Issuer may be required to withhold Dutch dividend tax in respect of any amounts attributable to the value of the conversion rights as such occasion.

Taxes on income and capital gains

Residents

Resident entities

An entity holding a Note which is, or is deemed to be, resident in The Netherlands for corporate tax purposes and which is not tax exempt, will generally be subject to corporate tax in respect of income or a capital gain derived from a Note at rates up to 25.5 per cent.

Resident individuals

An individual holding a Note who is, is deemed to be, or has elected to be treated as, resident in The Netherlands for income tax purposes will be subject to income tax in respect of income or a capital gain derived from a Note at rates up to 52 per cent if: (i) the income or capital gain is attributable to an enterprise from which the holder derives profits (other than as a shareholder); or (ii) the income or capital gain qualifies as income from miscellaneous activities (belastbaar resultaat uit overige werkzaamheden) as defined in the Income Tax Act (Wet inkomstenbelasting 2001), including, without limitation, activities that exceed normal, active asset management (normaal, actief vermogensbeheer).

If neither condition (i) nor (ii) applies, an individual holding a Note will be subject to income tax on the basis of a deemed return, regardless of any actual income or capital gain derived from a Note. The deemed return amounts to 4 per cent. of the average value of the individual’s net assets in the relevant fiscal year (including the Note). Subject to application of certain allowances, the deemed return will be taxed at a rate of 30 per cent.

Non-residents

A holder of a Note which is not, is not deemed to be, and – in case the holder is an individual – has not elected to be treated as, resident in The Netherlands for the relevant tax purposes will not be subject to taxation on income or a capital gain derived from a Note unless: (i) the income or capital gain is attributable to an enterprise or part thereof which is either effectively managed in The Netherlands or carried on through a permanent establishment (vaste inrichting) or a permanent representative (vaste vertegenwoordiger) in The Netherlands and the holder of a Note derives profits from such enterprise (other than by way of securities); or (ii) the holder is an individual and the income or capital gain qualifies as income from miscellaneous activities (belastbaar resultaat uit overige werkzaamheden) in The Netherlands as defined in the Income Tax Act (Wet inkomstenbelasting 2001), including, without limitation, activities that exceed normal, active asset management (normaal, actief vermogensbeheer).

Gift and inheritance taxes

Dutch gift or inheritance taxes will not be levied on the occasion of the transfer of a Note by way of gift by, or on the death of, a holder of a Note, unless: (i) the holder of a Note is, or is deemed to be, resident in The Netherlands for the purpose of the relevant provisions; or

164 (ii) the transfer is construed as an inheritance or gift made by, or on behalf of, a person who, at the time of the gift or death, is or is deemed to be resident in The Netherlands for the purpose of the relevant provisions.

Value Added Tax

The issuance or transfer of a Note, and payments of interest and principal under a Note, will not be subject to value added tax in The Netherlands.

Other Taxes and Duties

The subscription, issue, placement, allotment, delivery or transfer of a Note will not be subject to registration tax, stamp duty or any other similar tax or duty payable in The Netherlands.

Residence

A holder of a Note will not be, or deemed to be, resident in The Netherlands for tax purposes and, subject to the exceptions set out above, will not otherwise be subject to Dutch taxation, by reason only of acquiring, holding or disposing of a Note or the execution, performance, delivery and/or enforcement of a Note.

EU Council Directive on Taxation of Savings Income

In accordance with EC Council Directive 2003/48/EC on the taxation of savings income, The Netherlands will provide to the tax authorities of another EU member state (and certain non-EU countries and associated territories specified in said directive) details of payments of interest or other similar income paid by a person within The Nether lands to, or collected by such a person for, an individual resident in such other state.

3. Luxembourg

Non-Residents

Under the existing laws of Luxembourg and except as provided for by the Luxembourg laws of 21 June 2005 implementing the EU Savings Directive (as defined below) and several agreements concluded with certain dependent or associated territories, there is no withholding tax on the payment of interest on, or reimbursement of principal of, the Notes made to non-residents of Luxembourg.

Under the Luxembourg laws of 21 June 2005 implementing the EU Savings Directive (as defined below) and as a result of ratification by Luxembourg of certain related agreements with the certain dependent and associated territories, payments of interest or similar income as defined by the EU Savings Directive (as defined below) made or ascribed (attribuer) by a paying agent established in Luxembourg to or for the immediate benefit of an individual or certain residual entities as defined by the laws, who, as a result of an identification procedure implemented by the paying agent, are identified as residents or are deemed to be residents of an EU Member State other than Luxembourg or certain of those dependent or associated territories referred to under “EU Savings Tax Directive” below, will be subject to a withholding tax unless the relevant beneficiary as defined by the EU Savings Directive (as defined below) has adequately instructed the relevant paying agent to provide details of the relevant payments of interest or similar income to the fiscal authorities of his/her/its country of residence or deemed residence or has provided a tax certificate from his/her fiscal authority in the format required by law to the relevant paying agent. Where withholding tax is applied, it is currently levied at a rate of 20 % from 1 July 2008 to 30 June 2011 and will be levied at a rate of 35 % from 1 July 2011.

Payments of interest or similar income under the Notes to CBF, CBL and Euroclear and payments by or on behalf of Clearstream Banking, société anonyme, Luxembourg, to financial intermediaries will not give rise to a withholding tax under Luxembourg law.

Responsibility for the withholding of tax in application of the above-mentioned Luxembourg laws of 21 June 2005 is assumed by the Luxembourg paying agent within the meaning of the EU Savings Directive (as defined below) and not by the Issuer.

165 Residents

According to the law of 23 December 2005, interest on Notes paid by a Luxembourg paying agent to an individual Holder who is a resident of Luxembourg (in the context of its private wealth) will be subject to a withholding tax of 10 %, which will operate a full discharge of income tax due on such payments. Further and pursuant to the Luxembourg law of 17 July 2008, Luxembourg resident individuals who are the beneficial owners of interest payments and other similar income made by a paying agent established outside Luxembourg in a Member State of the European Union or of the European Economic Area or in a jurisdiction having concluded an agreement with Luxembourg in connection with the EU Savings Directive (as defined below), may also opt for a 10 % levy. In such case, the 10 % levy is calculated on the same amounts as for the payments made by Luxembourg resident paying agents. The option for the 10 % levy must cover all interest payments made by the paying agent to the Luxembourg resident beneficial owner during the entire civil year. For Luxembourg resident individuals acting in the course of the management of their private wealth, the 10 % levy is final whether such withholding tax is levied on a mandatory basis by a Luxembourg paying agent or levied at the option of such Luxembourg resident individual. Interest on Notes paid by a Luxembourg paying agent to a Holder who is not an individual is not subject to withholding tax.

Responsibility for the withholding of tax in application of the above-mentioned Luxembourg law of 23 December 2005 is assumed by the Luxembourg paying agent within the meaning of the EU Savings Directive (as defined below) and not by the Issuer.

When used in the preceding paragraph “interest” and “paying agent” have the meaning given thereto in the Luxem- bourg laws of 21 June 2005 (or the relevant accords). “Interest” will include accrued or capitalised interest at the sale, repayment or redemption of the Notes. “Paying agent” is defined broadly for this purpose and in the context of the Notes means any economic operator established in Luxembourg who pays interest on the Notes to or ascribes the payment of such interest to or for the immediate benefit of the beneficial owner, whether the operator is, or acts on behalf of, the Issuer or is instructed by the beneficial owner to collect such payment of interest.

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. The location of the source of a payment is a complex matter. It is necessary to have regard to case law and Her Majesty’s Revenue and Customs (“HMRC”) practice. Case law has established that in determining the source of interest, all relevant factors must be taken into account. HMRC has indicated that the most important factors in determining the source of a payment are those which influence where a creditor would sue for payment, and has stated that the place where the Issuer does business, and the place where its assets are located, are the most important factors in this regard; however HMRC has also indicated that, depending on the circumstances, other relevant factors may include the place where the interest and principal are payable, the method of payment, the governing law of the Notes and the competent jurisdiction for any legal action, the location of any security for the Issuer’s obligations under the Notes, and similar factors relating to any guarantee.

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 within the meaning of section 1005 of the Income Tax Act 2007. Notes to be traded on a stock exchange outside the United Kingdom will be treated as “listed” on a recognised stock exchange if (and only if) they are admitted to trading on an exchange designated as a recognised stock exchange by an order made by the Commissioners for HMRC and they are officially listed, in accordance with provisions corresponding to those generally applicable in European Economic Area states, in a country outside the United Kingdom in

166 which there is a recognised stock exchange. The Luxembourg Stock Exchange is a recognised stock exchange for these purposes. The Issuers’ understanding of the current practice of HMRC is that securities which are officially listed and admitted to trading on the Main Market of that Exchange may be regarded as “listed on 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 basic 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 for examples of where 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, please see above), such payments by the Guaran- tor may be subject to United Kingdom withholding tax at the basic 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. Such payments by the Guarantor may not be eligible for the exemptions described above.

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. In certain circumstances, the details provided to HMRC may be passed by HMRC to the tax authorities of certain other jurisdictions.

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 2009, the provisions referred to above may also apply, in certain circumstances, to payments made on redemption of any Notes which constitute “deeply discounted securities” for the purposes of section 18 of the Taxes Management Act 1970, where the amount payable on redemption is greater than the issue price of the Notes (although HMRC published guidance for the year 2009/2010 indicates that HMRC will not exercise its power to obtain information in relation to such payments in that year).

Information may also be required to be reported in accordance with regulations made pursuant to the EU Savings Directive (see below).

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 outlined above, but may be subject to reporting requirements mentioned in this Taxation Section.

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.

167 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.

Where a payment on Notes does not constitute (or in not treated as) interest for United Kingdom withholding tax purposes and the payment has a United Kingdom Source, it may potentially be subject to United Kingdom withholding tax if, for example, it constitutes (or is treated as) an annual payment, a manufactured payment, rent or royalties for United Kingdom withholding tax purposes. In such a case, depending on the nature of the payment (which will be determined by, amongst other things, the terms and conditions specified by the Final Terms of the Notes), the payment may fall to be made under deduction of United Kingdom tax (the rate of withholding depending on the nature of the payment), subject to any exemption from withholding which may apply and to such relief as may be available under the provisions of any applicable double tax treaty, or to any other exemption which may apply.

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); (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, do not operate in Ireland through a branch or agency and the Notes are issued in bearer form for so long as they are physically located outside of Ireland whether in a Clearing System or otherwise 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

168 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 (“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 directive regarding the taxation of savings income (“EU Savings Directive”) effective from 1 July 2005. Under the EU Savings 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 person within its jurisdiction, or collected by such person for, an individual resident or certain types of entities called “residual entities”, within the meaning of the EU Savings Directive (the “Residuals Entities”), established in that other Member State (or certain dependent or associated territories). For a transitional period, however, Austria, Belgium and Luxembourg 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 tax rate of the withholding will be 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 the first full fiscal year following agreement by certain non-EU countries to the exchange of information relating to such payments.

By Royal Decree dated 27 September 2009 and published in the Belgian Official Gazette on 1 October 2009, the Belgian State elected to abandon the transitional withholding system and provide information in accordance with the EU Savings Directive as from 1 January 2010.

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 the meaning of the EU Savings Directive) 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 (within the meaning of the EU Savings Directive) in Luxembourg to, or collected by such a paying agent for, an individual resident or a Residual Entity established in one of those territories.

On 13 November 2008 the European Commission published a proposal for amendments to the EU Savings Directive, which included a number of suggested changes which, if implemented, would broaden the scope of the requirements described above. The European Parliament approved an amended version of this proposal on 24 April 2009. Investors who are in any doubt as to their position should consult their professional advisers.

169 GENERAL INFORMATION

The Dealers have, in an Amended and Restated Dealer Agreement dated 14 January 2010 (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. The Notes are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a United States person, except in transactions permitted by U.S. tax regulations. Terms used in this paragraph have the meanings given to them by the United States internal Revenue Code and regulations thereunder. In addition, until 40 days after the commencement of the offering, an offer or sale of Notes within the United States by a dealer (whether or 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) (o) 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) 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 the closing date, except in accordance with Rule 903 of Regulation S under the Securities Act; and accordingly ; (iii) 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) 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 remuneration 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

170 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.” (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 agreements 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 agreements 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.

171 Public Offer Selling Restriction Under the Prospectus Directive

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, warranted and agreed, and each further Dealer appointed under the Programme will be required to represent, warrant and agree, that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementa- tion Date“) it has not made and will not make an offer of Notes which are the subject of the offering contemplated by the Prospectus as completed by the Final Terms in relation thereto 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 such Notes to the public in that Relevant Member State: (a) Approved prospectus: if the Final Terms in relation to the Notes specify that an offer of those Notes may be made other than pursuant to Article 3(2) of the Prospectus Directive in that Relevant Member State (a “Non-exempt Offer”), following the date of publication of a prospectus in relation to such 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, provided that any such prospectus has subsequently been completed by the Final Terms contemplating such Non-exempt Offer, in accordance with the Prospectus Directive, in the period beginning and ending on the dates specified in such prospectus or Final Terms, as applicable; (b) Authorised institutions: 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) Significant enterprises: 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, all as shown in its last annual or consolidated accounts; or (d) Fewer than 100 offerees: at any time to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of the relevant Dealer or Dealers nomi- nated by the Issuer for any such offer; or (e) Other exempt offers: at any time in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of Notes referred to in (b) to (e) above shall require an Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 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 Relevant 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 meas ure in each Relevant Member State.

Selling Restrictions Addressing Additional United Kingdom Securities Laws

Each Dealer has represented and agreed, and each further Dealer appointed under the Programme will be required to represent and agree, that: (a) No deposit-taking: in relation to any 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 businesses or who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses, where the issue of the Notes would otherwise constitute a contravention of Section 19 of the FSMA by the Issuer; (b) Financial Promotion: 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

172 (c) General Compliance: it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Notes in, from or otherwise involving the United Kingdom.

Ireland

Each Dealer has agreed and each further Dealer appointed under the Programme will be required to agree that in connection with any offer, sale, placement or underwriting of Notes in or otherwise involving Ireland: (i) it will comply with all applicable provisions of the European Communities (Markets in Financial Instruments) Regula- tions 2007 of Ireland, as amended (the “MiFID Regulations”) (including any applicable requirements imposed, or deemed to have been imposed, by the Irish Financial Services Regulatory Authority (the “Irish Financial Regula- tor”) pursuant to the MiFID Regulations); (ii) if acting within the terms of an authorisation to do so granted to it for the purposes of Directive 2006/48/EC of the European Parliament and the Council of 14 June 2006 relating to the taking up and the pursuit of the business of credit institutions, as amended, replaced or consolidated from time to time, it will comply with any applicable provisions of any codes of conduct or practice made under section 117(1) of the Central Bank Act, 1989, of Ireland, as amended; (iii) it will comply with any applicable provisions of the Central Bank Acts 1942 to 2001 of Ireland, as amended; (iii) it will comply with any applicable provisions of the Prospectus (Directive 2003/71/EC) Regulations 2005 of Ireland and any rules issued by the Irish Financial Regulator under section 51 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 of Ireland, as amended; (iv) it will comply with any applicable provisions of the Market Abuse (Directive 2003/6/EC) Regulations 2005 of Ireland and any rules issued by the Irish Financial Regulator under section 34 of the Investment Funds, Companies and Miscellaneous Provisions Act 2005 of Ireland, as amended.

The Netherlands

Each Dealer has represented and agreed and each further Dealer appointed under the Programme will be required to represent and agree that Zero Coupon Notes (as defined below) in definitive form may only be transferred and accepted, directly or indirectly, within, from or into The Netherlands through the mediation of either the Issuer or a member of Euronext Amsterdam N.V. in full compliance with the Dutch Savings Certificates Act (Wet inzake Spaarbewijzen) of 21 May 1985 (as amended). No such mediation is required in respect of (a) the transfer and acceptance of Zero Cou- pon Notes in definitive form between individuals not acting in the conduct of a business or profession, or (b) the transfer and acceptance of Zero Coupon Notes within, from or into The Netherlands if all Zero Coupon Notes (either in definitive form or as rights representing an interest in the Zero Coupon Note in global form) of any particular Series or Tranche are issued outside The Netherlands and are not distributed into The Netherlands in the course of their initial distribution or immediately thereafter. In the event that the Savings Certificates Act applies, certain identification requirements in relation to the issue and transfer of, and payments on, Zero Coupon Notes have to be complied with and, in addition thereto, if such Zero Coupon Notes in definitive form do not qualify as commercial paper traded between professional borrowers and lenders within the meaning of the agreement of 2 February 1987, attached to the Royal Decree of 11 March 1987, (Staatscourant 129) (as amended), each transfer and acceptance should be recorded in a transaction Note, including the name and address of each party to the transaction, the nature of the transaction and the details and serial numbers of such Notes. For the purposes of this paragraph “Zero Coupon Notes” means Notes that are in bearer form and that constitute a claim for a fixed sum against the Issuer and on which interest does not become due during their tenor or on which no interest is due whatsoever.

Japan

The Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, each Dealer has undertaken that it will not offer or sell any Notes, directly or indirectly, in Japan or to, or for the benefit of, any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to a Japanese Person except under circumstances which will result in compliance with all applicable laws, regulations and guidelines promulgated by the relevant Japanese governmental and regulatory authorities and in effect at the relevant time. For the purposes of this paragraph, “Japanese Person” shall mean any person resident in Japan, including any corporation or other entity organised under the laws of Japan.

173 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. An increase in the Programme amount from € 3,000,000,000 to currently € 10,000,000,000 was duly authorised by a resolution of the Management Board of ThyssenKrupp dated 2 March 2009 and by the Management Board of ThyssenKrupp Finance on 2 March 2009.

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, except if required by any applicable laws and regulations.

174 DOCUMENTS INCORPORATED BY REFERENCE

Documents Incorporated by Reference

The specified pages of the following documents are incorporated by reference in, and form part of, this Pro- spectus: Relevant pages of the document incorporated Relevant page by reference of this Prospectus Relevant section of this Prospectus ThyssenKrupp Group (1) 39 Opportunities and risks in balance Annual Report 2008/2009 p. 168 – 171

ThyssenKrupp Group (1) 40 Financial risks Annual Report 2008/2009 p. 226 – 230

ThyssenKrupp Group (1) 44 Specific risks for our operations Annual Report 2008/2009 p. 83 – 85

ThyssenKrupp Group (1) 54 Investments Annual Report 2008/2009 p. 105 – 106, 112 – 129

ThyssenKrupp Group (1) 58 Capital expenditures Annual Report 2008/2009 p. 83 – 84

ThyssenKrupp Group (1) 79 Historical Financial Information of Annual Report 2008/2009 ThyssenKrupp The Notes p. 181 – 262

ThyssenKrupp Finance Nederland B.V. 90 Historical Financial Information of Financial statements for the fiscal year ThyssenKrupp Finance ending 30 September 2009 The Notes p. 7 – 10

(1) The Annual Report 2008/2009 dated 30 September 2009 includes also the comparative figures of the fiscal year 2007/2008 beginning on 1 October 2007 and ending on 30 September 2008.

ThyssenKrupp AG Audited consolidated financial statements Extracted from the ThyssenKrupp AG Group for the fiscal year ending 30 September 2009 Annual Report 2008/2009 – Income Statement – page 177 – Balance Sheet – page 178 – Cash Flow Statement – page 179 – Accounting Principles – page 181 to page 191 – Explanatory Notes – page 181 to page 262 – Auditors’ Report – page 263 Audited consolidated financial statements Extracted from the ThyssenKrupp AG Group for the fiscal year ending 30 September 2008 Annual Report 2007/2008 – Income Statement – page 157 – Balance Sheet – page 158 – Cash Flow Statement – page 159 – Accounting Principles – page 161 to page 171 – Explanatory Notes – page 161 to page 244 – Auditors’ Report – page 246

175 ThyssenKrupp Finance Nederland B.V. Audited financial statements Extracted from the ThyssenKrupp Finance for the fiscal year ending 30 September 2009 Nederland B.V. Financial Statement 2008/2009 – Income Statement – page 5 – Balance Sheet – page 4 – Cash Flow Statement – page 6 – Accounting Principles – page 7 – Explanatory Notes – page 7 to page 10 – Auditors’ Report – page 1 and 2 following page 12 Audited financial statements Extracted from the ThyssenKrupp Finance for the fiscal year ending 30 September 2008 Nederland B.V. Financial Statement 2007/2008 – Income Statement – page 5 – Balance Sheet – page 4 – Cash Flow Statement – page 6 – Accounting Principles – page 7 – Explanatory Notes – page 7 to page 10 – Auditors’ Report – page 1 and 2 following page 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”.

176 THE ISSUERS

ThyssenKrupp AG August-Thyssen-Strasse 1 40211 Düsseldorf Germany

ThyssenKrupp Finance Nederland B. V. Van Utrechtweg 99 2921 LN Krimpen aan den IJssel The Netherlands

FISCAL AGENT

Deutsche Bank Aktiengesellschaft Grosse Gallusstrasse 10–14 60272 Frankfurt am Main Germany

PAYING AGENT

Deutsche Bank Luxembourg S. A. 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg

LISTING AGENT

Deutsche Bank Luxembourg S. A. 2, Boulevard Konrad Adenauer 1115 Luxembourg Luxembourg

LEGAL ADVISERS

To the Issuers as to German law

Clifford Chance Partnerschaftsgesellschaft Mainzer Landstrasse 46 60325 Frankfurt am Main Germany

To the Dealers as to Dutch law

Clifford Chance LLP Droogbak 1A 1013 GE Amsterdam The Netherlands

To the Dealers as to German law

Hengeler Mueller Partnerschaft von Rechtsanwälten Bockenheimer Landstrasse 24 60323 Frankfurt am Main Germany

177 DEALERS

Bayerische Landesbank BNP PARIBAS Brienner Strasse 18 10 Harewood Avenue 80333 München London NW1 6AA Germany United Kingdom Citigroup Global Markets Limited Commerzbank Aktiengesellschaft Citigroup Centre Kaiserstrasse 16 (Kaiserplatz) Canada Square 60311 Frankfurt am Main Canary Wharf Germany London E14 5LB United Kingdom Credit Suisse Securities (Europe) Limited Deutsche Bank Aktiengesellschaft One Cabot Square Grosse Gallusstrasse 10–14 London E14 4QJ 60272 Frankfurt am Main United Kingdom Germany HSBC Bank plc J. P. Morgan Securities Ltd. 8 Canada Square 125 London Wall London E14 5HQ London EC2Y 5AJ United Kingdom United Kingdom The Royal Bank of Scotland plc UBS Limited 135 Bishopsgate 1 Finsbury Avenue London EC2M 3UR London EC2M 2PP United Kingdom United Kingdom UniCredit Bank AG WestLB AG Arabellastrasse 12 Herzogstrasse 15 81925 München 40217 Düsseldorf Germany Germany

178