1. "(What evil deed | has Sigurth) done,
That the hero's life | thou fain wouldst have?"

Gunnar spake:

2. "Sigurth oaths | to me hath sworn,
Oaths hath sworn, | and all hath broken;
He betrayed me there | where truest all
His oaths, methinks, | he ought to have kept."

Hogni spake:

3. "Thy heart hath Brynhild | whetted to hate,
Evil to work | and harm to win,
She grudges the honor | that Guthrun has,
And that joy of herself | thou still dost have."

4. They cooked a wolf, | they cut up a snake,
They gave to Gotthorm | the greedy one's flesh,
Before the men, | to murder minded,
Laid their hands | on the hero bold.

5. Slain was Sigurth | south of the Rhine;
From a limb a raven | called full loud:
"Your blood shall redden | Atli's blade,
And your oaths shall bind | you both in chains."

[1. The fragment begins with the last words of line I (probably line 3 of the stanza). A few editors ascribe this speech to Gunnar and the next to Brynhild; one reconstruction of lines 1-2 on this probably false assumption runs: "Why art thou, Brynhild, | daughter of Buthli, / Scheming ill | with evil counsel?" Hogni (German Hagene): brother of Gunnar and Guthrun.

2. A few editors ascribe this speech to Brynhild. Gunnar, if the stanza is his, has believed Brynhild's statement regarding Sigurth's disloyalty to his blood-brother.

4. The Volsungasaga quotes a somewhat different version of this stanza, in which the snake is called "wood-fish" and the third line adds "beer and many things." Eating snakes and the flesh of beasts of prey was commonly supposed to induce ferocity. Gotthorm: Grimhild's son, half-brother to Gunnar. He it is who, not having sworn brotherhood with Sigurth, does the killing.

5. In the manuscript this stanza stands between stanzas 11 and 12; most editions have made the change here indicated. South of the Rhine: the definite localization of the action shows how clearly all this part of the story was recognized in the North as of German origin. Atli (Attila; cf. introductory note to Gripisspo): the Northern version of the story makes him Brynhild's brother. His marriage with Guthrun, and his slaying of hex brothers, are told in the Atli poems. Regarding the manner of Sigurth's death cf. concluding prose passage and note. Stanza 13 indicates that after stanza 5 a stanza containing the words of an eagle has been lost.]

2. Sigurðr Grana sverði keyrði;
eldr sloknaði fyrir öðlingi,
logi allr lægðisk fyrir lofgjörnum,
bliku reiði er Reginn átti
-- -- --

Brynhildr kvað:

3. "Sigurðr vá at ormi, en þat síðan mun
engum fyrnask, meðan öld lifir;
en hlýri þinn hvárki þorði
eld at ríða né yfir stíga."
-- -- --

4. Út gekk Sigurðr andspjalli frá,
hollvinr lofða, ok hnipnaði,
svá at ganga nam gunnarfúsum
sundr of síður serkr járnofinn.
-- -- --

Högni kvað:

5. "[hvat hefir Sigurðr til] saka unnit,
er þú fræknan vill fjörvi næma?"