Statement by Dr. Helmut Panke, Chairman of the Board of Management of BMW AG, Financial Analysts' Meeting Munich, 18 March 2004

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1 18 March Check against delivery - Statement by Dr. Helmut Panke,, Financial Analysts' Meeting Munich, 18 March 2004 Ladies and Gentlemen, Welcome to Munich welcome to the BMW Group Financial Analysts Meeting. At the beginning of last year we set ourselves two primary objectives for the then forthcoming year of business: 1. We planned to reach new record levels in customer deliveries of all three Group brands. 2. We set out to achieve a Group result, i.e. earnings, at the same level as in the previous year. In the course of the year we re-confirmed both of these objectives on several occasions. And today I am happy to state that as announced we have reached both of these targets successfully. Company Bayerische Motoren Werke Aktiengesellschaft Postal Address BMW AG München We have been just as successful, if I may say so, on another point also of great significance to the BMW Group: Following our split from Rover, we saw a significant decrease in our equity ratio from 21 per cent in the 1998 year of business to 10.5 per cent in fiscal At the time we promised to increase this figure back to the former level in the medium term by way of our new strategic orientation. And here again, we have kept our promise, with an equity ratio now amounting to an even more substantial 26.3 per cent. This is a strong and secure foundation we will continue to expand and strengthen. Indeed, particularly this point shows that we are going the right way with our product and market initiative. So you see, Ladies and Gentlemen, that the BMW brand has grown, the MINI brand has grown, and Rolls-Royce has made a good start into the market. In the Telephone +49 (0)89 / Internet

2 Page year of business, overall customer deliveries by the BMW Group exceeded the previous year's figure by approximately 47,000 units. Such growth by 47,000 cars corresponds roughly to: the annual volume of the BMW Group in Japan, our fifth-largest single market, or the overall annual sales of our Z4 Roadster. It is fair to say, therefore, that in 2003 we sold the equivalent to all our business in Japan or the annual sales volume of our BMW Z4 on top of the previous sales figure just one year before. The USA market made a particular contribution to the success of the BMW Group in the 2003 year of business, with customer deliveries amounting to more than 277,000 cars last year. This is an 8 per cent rise over our total US sales figure in It also means that for the first time in the history of the Company the USA was the BMW Group's biggest-selling single market, accounting for more customer deliveries than our home market, Germany. A very significant reason for this "changing of the guards" in 2003 was and is the ongoing debate in Germany on social and economic reform, breeding a feeling of great insecurity among the population. The outcome of this debate we are experiencing right now is a very reserved, reluctant attitude on the part of purchasers. It explains why our customer deliveries in Germany last year amounted to not quite 256,000 units, down slightly by 0.9 per cent from the previous year. Although Germany was in quotes "only" our second-largest single market last year, the fact remains that, being our home market, this country continues to play a fundamental role for our Company. We know that we can only be successful worldwide if we remain successful here in Germany on an ongoing, long-term basis. We realise that we would not have developed so positively in recent years in the world's largest car market the USA if we had not started out from the

3 Page 3 beginning with the image and reputation of a successful German car maker also successful in our own home country, Germany. The second factor crucial to our success in the USA is our great commitment to the local market, which has borne fruit increasingly over the years. And our production plant in Spartanburg, South Carolina expresses this commitment most visibly. The establishment of this plant approximately 10 years ago was a major milestone in the globalisation of the BMW Group, our customer deliveries in the United States increasing consistently ever since. To be specific, we have increased our sales in the world's largest car market just about fourfold in the last 10 years, our market share rising in this period from 0.6 per cent to 1.7 per cent. Today the USA accounts for approximately 27 per cent of our total car sales worldwide. Although perhaps our success in the United States cannot be repeated elsewhere in exactly the same way and with exactly the same volume, we are aiming at a similarly positive development in the long term also in the Asian markets, where in 2003 we delivered more than 93,000 BMW, MINI, and Rolls- Royce brand cars to customers. This alone is an increase by 18.5 per cent. We have already announced that we plan to increase customer deliveries in Asia to 150,000 cars by the year And we remain convinced that we will reach this objective. In Japan the largest market in Asia the BMW Group significantly outperformed the overall market as such in 2003: Customer deliveries in Japan last year amounted to almost 49,000 units, that is 7.5 per cent more than in The BMW Group was particularly successful last year above all in the Chinese markets of China, Hong Kong, and Taiwan. In all, customer deliveries in those markets amounted to more than 27,000 cars, an increase by 75 per cent over the previous year.

4 Page 4 In 2002 the Chinese markets were the 12th-largest market for BMW Group products. In 2003, in turn, the Chinese markets ranked for the first time among our Top Ten sales markets, and now they have moved up again to 8th place. This gives us a clear sequence in our sales markets with the USA ahead of Germany, Great Britain, Italy, Japan, France, and Spain followed by the Chinese markets. And if the dynamic growth we see in these markets continues in the years to come, China might well soon be one of the "G7 markets" for the BMW Group. The bottom line, Ladies and Gentlemen, is that the BMW Group has grown worldwide in Indeed, it is fair to say in this respect that we have no "problem children", that we are strong everywhere: We are growing on a high level in the USA. We are continuing to grow in Europe. And we are bringing in a growing harvest in Asia, where we have significantly boosted our presence in recent years and are now looking at above-average growth. This takes me on, again in brief, to the development of our products in the year 2003: Selling more than 528,000 units in its sixth year of production, the BMW 3 Series is just 5.9 per cent below its 2002 record year which, as before, makes this the best-selling model series within our product portfolio. Delivering more than 185,000 BMW 5 Series to customers in 2003, we exceeded the previous year's figure by 7.6 per cent. Our new BMW 5 Series Sedan has made a very successful entry into the market, with customer deliveries of more than 70,000 units in the first six months since the introduction of the new model in July This exceeds deliveries of the previous model in the same period.

5 Page 5 Recording customer deliveries of almost 58,000 units, the BMW 7 Series achieved a new sales record in 2003, up by 8.2 per cent over the previous year. Never before in the history of any BMW 7 Series have we delivered as many cars to customers as in The 7 Series is particularly successful in the USA and Asia, but also ranks a powerful No 2 in Germany. The success of the BMW X5 in its fourth year of production remains undaunted. Worldwide, more than 105,000 units of the X5 were delivered to customers last year, 4.6 per cent more than just one year before. So the BMW X5 also set up a new annual record in Customer deliveries by the BMW Group in the roadster segment more than doubled in 2003, with more than 47,000 units of the BMW Z4 being delivered to customers, making our roadster the world leader in its segment with a share of approximately 40 per cent. The success of the MINI brand continued last year, making a substantial contribution to the overall growth of BMW Group retail. With more than 176,000 MINIs being delivered to customers, we exceeded the previous year's figure by almost one-quarter to be specific by 22.4 per cent. This positive development of the MINI brand proves that customers appreciate high standards and top quality also in the small car market, meaning that "premium" is first and foremost a question of a model's concept, and not a question of sheer size. This takes me on to the Rolls-Royce brand. By the end of 2003 we delivered 300 new Rolls-Royce Phantoms to their owners. Now, following the ramp-up period in 2003, production at the Manufacturing Plant in Goodwood has reached its target capacity according to plan, with five cars currently being built per day. Response to this new luxury car has been very positive indeed, both traditional Rolls-Royce customers as well as brand-new customer groups being thrilled by the Rolls-Royce Phantom. This makes us very confident for the current year of business, especially with 2004 being the centennial anniversary of this unique marque. We expect Rolls-Royce to grow significantly this year.

6 Page 6 The year 2003, Ladies and Gentlemen, clearly confirms the strengths and performance of the BMW Group: It is precisely due to our successful products and profitable operation in the market that we are able to invest in our product and market initiative without having to make any concessions in our results and earnings. Last year we invested more than euro 3.2 billion in fixed assets. Added to this, our activated cost of development amounted to euro 996 million. But despite this substantial expenditure, we were able to maintain the same high level of profits as one year before, as we had announced in advance. This achievement was not in any way favoured or promoted by a positive development of the economy. And the crises we saw in world politics did not make things easier for us, either. We nevertheless reached all our objectives for the year 2003, at the same time initiating important steps for the future, ongoing expansion of the Company. Resting securely on this foundation, we are entering the year 2004 full of confidence and positive expectations: We expect all three brands to reach new records in retail volume. We are also aiming at a new record result exceeding the previous record set up in While we will continue in 2004 to invest in our current product and market initiative, we can now expect a bigger payback from our capital expenditure. In other words, we will start this year to reap the benefits of our product and market initiative so far. In all, it is fair to say that the BMW Group will benefit from a future trend towards greater individualisation and customisation in life. One of the results of this trend will be the growing differentiation of segments within the car industry, with an

7 Page 7 increasing number of individual models being introduced into the market. This will also continue to create greater demand for premium cars than for volume products. Given this background situation, Ladies and Gentlemen, our optimism for the current year of business is by all means justified. Indeed, we are more than confident that through our current product and market initiative we are again setting out the path for lasting success in the market. We have clear objectives for the future. So how exactly are we developing? The BMW Group will continue to focus exclusively on premium products, operating in all segments we are able to authentically cover with our three brands. The BMW Group will remain active in all markets promising ongoing growth of the premium segments. In particular, however, the BMW Group seeks to remain one of the most profitable companies also in future. In other words, we do not just wish to grow in quantitative terms instead, we are looking above all at the qualitative side of our business, acting accordingly in our entrepreneurial decisions. In this process we are applying two levers at the same time: 1. We offer our customers emotional products, which, through the strength of the brand and the substance of the products, fulfil the customer's wish for individualisation and differentiation. The BMW Group will never build boring products. 2. To successfully pursue our strategy, we have a highly effective corporate organisation with highly efficient and agile processes. We will continue to work as efficiently as possible in future on all stages of the value creation chain operating consistently in the overall process from Development through Production all the way to Sales.

8 Page 8 To put it in a nutshell, we have high-performance products built and supported by high-performance associates in a high-performance organisation and it is precisely this coherence that extends throughout all levels of the Company, creating and maintaining our success. We do not need austerity programmes grafted on to our regular organisation, since we strive consistently from the start to improve our efficiency. It is part of our corporate culture to permanently review our organisation and our processes, looking for potential improvements as we go along. We pursue a forwardlooking, forward-moving policy. We continue to make investments and we are consistently expanding our operations and activities. Ladies and Gentlemen, The BMW Group will maintain its objective to be one of the most profitable companies. And we are convinced that we will be successful in reaching this objective for a number of reasons: We know our strengths and we are pursuing the right strategy. We have clear objectives. We have the right tools. And we use these tools consistently. We know what we are able to achieve and what strengths we have. Precisely this is what made us successful in And it is also why we will remain successful in 2004, further strengthening our position in future versus the competition. The BMW Group remains on a successful course. Thank you very much for your attention.

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