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The kingdom of Burgundy is in danger. Hagen, the master-at-arms, vows to protect the inexperienced heir to the throne, Gunther. A mysterious stranger appears to the king's daughter, Kriemhild, rekindling her hope.
Siegfried and Hagen are supposed to fight together against the Saxons and Danes, while Kriemhild is to enter into a political marriage. But Hagen loves Kriemhild, wants to prevent this, and warns against Siegfried's impulsiveness.