Although the identities of the speakers are hard to distinguish at first the third verse reveals that one speaker is Gunnar and the other is Hogni, his brother. Hogni asks why Gunnar desires to kill one as brave as Sigurd and Gunnar replies that Sigurd swore oaths which he has failed to uphold. Hogni replies that Brynhild is bringing about this disaster because she is upset by Gudrun's marriage to Sigurd.
Gunnar and Hogni feed Guthorm roasted wolf and serpent before the three of them are able to attack Sigurd. As Sigurd lies dead near the Rhine a raven warns that Atli will seek to destroy them. Gudrun stands outside asking after Sigurd as the other three ride up to the hall. Hogni tells her they have cut him apart.....
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