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Audit opinion

„Auditor's certificate
 We have audited the consolidated financial statements prepared by Salzgitter Aktiengesellschaft, Salzgitter – consisting of income statement, statement of total comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes – and the group management report, which is combined with the company’s management report, for the financial year from January 1 to December 31, 2016. The preparation of the consolidated financial statements and the condensed group management report according to IFRS, as adopted in the EU, and the additional provisions stated in Section 315a para. 1 of the German Commercial Code (HGB) are the responsibility of the Company’s Executive Board. Our responsibility is to express an opinion on the consolidated financial statements and the condensed group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with Section 317 HGB and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). These standards require that we plan and perform the audit in such a way that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements, observing the German principles of proper accounting, and in the condensed group management report are detected with a reasonable degree of certainty. Knowledge of the business activities and the economic and legal environment of the Group and expectations of 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 condensed group management report are examined primarily on a sample basis within the framework of the audit. The audit includes an assessment of the annual financial statements of the companies in the consolidated group, the determination of the composition of the consolidated group, the accounting and consolidation principles used and significant estimates made by the Company’s Executive Board, as well as an assessment of the overall presentation of the consolidated financial statements and the condensed group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit did not give rise to any objections.

In our opinion based on the results of our audit, the consolidated financial statements are in compliance with the IFRS, as adopted by the EU, and the additional provisions stated in Section 315a para. 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 provisions. The condensed group management report accords with the consolidated financial statements, complies with statutory regulations and, all in all, provides an accurate picture of the Group’s position and an accurate description of the opportunities and risks of future development.”

Hanover, February 27, 2017

PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft

Martin Schröder
Auditor

ppa. Stephan Hachmeyer
Auditor

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