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News of  December 12, 2001

Change at the Top of BMW

The Supervisory Board has appointed Dr Helmut Panke (55), a Member of the Board of Management of BMW AG since 1996 and currently responsible for Financial Affairs, to the position of the new Chairman. Panke will be taking over Chairmanship of the Board of Management in May 2002.

The Supervisory Board has also decided to advise the Annual General Meeting in May to appoint Milberg to the Supervisory Board.

In the words of Volker Doppelfeld, the Chairman of the Supervisory Board of BMW AG, "the personal decision taken by Joachim Milberg comes in a time of successful reorientation of the BMW Group. Under the Chairmanship of Joachim Milberg BMW is currently experiencing the most successful period in its history. The Supervisory Board and the entire Company wish to thank Professor Milberg here and now most cordially for this exceptional performance and express their utmost recognition and acknowledgment. I am looking forward to close cooperation with Mr Milberg on the Supervisory Board and with Mr Panke in his new function."

The Supervisory Board has also accepted the wish expressed by Professor Werner Sämann (59) to conclude his work as a Member of the Board of Management as of the end of the year. Following the reorientation of the BMW Group's activities in Great Britain concluded under Professor Sämann's guidance, Sämann will be entering retirement after leaving the Company. The Supervisory Board thanks Professor Sämann for his successful work.

(December 4, 2001)

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