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On one side we see emblems of the Four Evangelists and the figures of saints; on the other are scenes from the Sigurd legend. Sigurd sits at the anvil with hammer and tongs and bellows, forging a sword. Above him is shown the magic blade completed, with hammer and tongs, while Fafni writhes in the knotted throes that everywhere signify his death. Sigurd is seen toasting Fafni's heart on a spit.

Sigurd disregards the warning with the maxim "Every man must die some time," and asks questions of the dragon in the manner of Vafthrudnismal. Fafni, after repeating his warning, speaks of his brother's intended treachery: "Regin betrayed me, he will betray thee; he will be the death of both of us," and dies. Regin returning bids Sigurd roast Fafni's heart, while he sleeps.

This part of the story is summarised in Gripisspa, except that the writer seems unaware that the Wishmaiden who teaches Sigurd "every mystery that men would know" and the princess he betrays are the same: "A king's daughter bright in mail sleeps on the fell; thou shalt hew with thy sharp sword, and cut the mail with Fafni's slayer.... She will teach thee every mystery that men would know, and to speak in every man's tongue.... Thou shalt visit Heimi's dwelling and be the great king's joyous guest.... There is a maid fair to see at Heimi's; men call her Brynhild, Budli's daughter, but the great king Heimi fosters the proud maid.... Heimi's fair foster-daughter will rob thee of all joy; thou shalt sleep no sleep, and judge no cause, and care for no man unless thou see the maiden. ... Ye shall swear all binding oaths but keep few when thou hast been one night Giuki's guest, thou shalt not remember Heimi's brave foster-daughter.... Thou shalt suffer treachery from another and pay the price of Grimhild's plots.