General shots Olympia hall, visitors, several takes.

Over the past 98 years, we have shaped progress, inspired our customers and charted our own course. That is something to be proud of. Of course, we build upon that experience, but our perspective is geared towards the future. 98 years of BMW – of staying power, tenacity and addressing issues head on. We have always faced up to challenges and mastered major changes. We do what we say and live up to our promises. That gives us credibility with our customers, investors and our own associates. Mobility shapes our lifes. The key lies in our innovative strength – that is what makes us stand out from the competition. We create added value for our customers, society – and for you, our shareholders. We strive to be a leader in all that we do. That is what makes your company, the BMW Group, exceptional. That is why you believe in us, why you trust in our performance and why you take a long-term view – just like we do. It is also the reason why you, our shareholders, invest in us. But one thing is clear: The world – our world – is changing. Everything is becoming more complex and more global; our lives are growing faster, more mobile, more connected. Perpetual change is the new constant. We all live with risk – and so do we, as a company. We face political and economic challenges: the high level of public debt, weak markets in southern Europe, the impending downturn in a number of developing countries, and current political tensions and conflicts. Ladies and Gentlemen, Global stability and freedom provide the foundation for our prosperity. They create the necessary conditions for business and commerce in our globalised world. As a company, we have learned to adapt to volatility in the economic cycle, to currency fluctuations and economic crises. We also face the fast pace of technological progress. We face the consequences of the digital revolution. We face major changes in energy and climate policy. But when it comes to political tensions and conflicts, we are dependent on others: on the skills of political leaders and the power of diplomacy. Ladies and Gentlemen, The world is changing. Perpetual change is the new constant. As companies, we have to recognise that yesterday’s trendsetters may vanish from the market at any time. This is why credibility so important. That is why we keep our promises – because successful companies share certain basic attributes: They are never complacent about what they have achieved. They drive their own progress. And they have the courage to implement new ideas. I am personally committed to these principles – together with the entire Board of Management and our 111,000 associates. We all share the same motivation: our passion for sheer driving pleasure. Together we are shaping the mobility of today and tomorrow - because that is our passion, as well as our job. On that note, Ladies and Gentlemen, allow me to welcome you all. I would also like to welcome all the investors and listeners who have joined us via internet: Welcome to the 94th Annual General Meeting of BMW AG! Ladies and Gentlemen, Shareholders and shareholder representatives, BMW associates, Honoured guests, Our brands are recognised the world over. For many people, a BMW, a MINI or a Rolls-Royce is the fulfilment of a dream. And their dreams are what make us number one. No other premium car company sells more vehicles worldwide than the BMW Group. Your company leads the premium segment – as it has done for more than ten years now. We are proud of this a

Success offers rewards at the BMW Group, and our associates rightly benefit from the success of the company. This will always be part of our culture. It applies to all hierarchical levels. And it is also in your interest as shareholders. All our permanent associates in Germany will receive a profit-sharing bonus for 2013 – the highest we have ever paid: They have earned it. Our associates are the ones who make our success possible. We train young people. We invest in our associates. We hire new staff. No fewer than 1,363 apprentices began their careers with the BMW Group at the start of the training year 2013. In total, we offer qualified apprenticeships for more than 4,400 young people. In this way, we are securing our own future, and taking responsibility for future generations. Young people are our future – both for society and, of course, for the BMW Group. The world is changing. We must ensure that our associates always have the latest know-how. Therefore, since 2007, we have invested almost 1.5 billion euros in vocational and further education for staff – the same amount invested in our Efficient Dynamics technology package. People and technology are equally important to us, because a well-trained workforce secures our long-term innovative potential in global competition. We train staff primarily in future technologies, such as lightweight construction, electro-mobility and mobility services. This demonstrates our responsibility to society. For the future, we need the right qualifications within the company and are selectively recruiting new talent to achieve this. We hired a total of 7,000 new associates in 2013 – 4,500 here in Germany alone. This number also includes 1,700 former temporary workers who were offered permanent employment. We take responsibility for our associates at all our locations worldwide. People from more than 90 different nations work for the BMW Group. Diversity is a key to our success. And it is also benefits you, Ladies and Gentlemen. You, as shareholders, are particularly interested in two things: dividend and share price. I stood here before you for the first time in May 2007. I promised you that: We would work intensively on both share price and dividend, and that we wanted you, our shareholders, to enjoy an appropriate share of our success. That is your right as respective owners of this company. I stand by this promise – then and now. The Board of Management and Supervisory Board are proposing a dividend payout to reflect the net profit of BMW AG for the 2013 financial year, in the amount of: 2.60 euros per ordinary share, and 2.62 euros per preferred share. This is the highest dividend we ever paid, with a total distribution of 1.71 billion euros. Overall, we are distributing 32 per cent of our net profit to shareholders, with a dividend yield of roughly 3.1 per cent, and around 4.1 per cent for holders of preferred shares. Following a strong increase in 2012, BMW ordinary shares rose by another 16.9 per cent in 2013. The BMW share price also reached a new all-time high of 94.39 euros on 23 April 2014. The market price of BMW ordinary shares has climbed 146 per cent over the past ten years and 554 per cent over the past 20 years – averaging out at an annual growth rate of 9.8 per cent. This development reflects our principles of forward thinking, long-term action and profitable growth. That brings me to my second point: the outlook for 2014. We will maintain our successful course in the 2014 financi

We always view challenges as opportunities. For example, Efficient Dynamics: enhanced dynamic performance with less CO2. What began as a vision has long since become reality: The BMW Group currently has 39 models with CO2 emissions of less than 120 grams per kilometre. We are therefore setting ourselves new targets. By 2020, we aim to lower the CO2 emissions of our fleet in Europe by at least 50 per cent from 1995 levels. In production, we aim to reduce resource consumption per vehicle by 45 per cent from 2006 levels by 2020. We also plan to realise our vision of CO2-free vehicle production at some stage in the future. Ladies and Gentlemen, The customer is our first priority, and in 2014 our customers have plenty to look forward to: Our BMW X models are more desirable than ever. It all began in 1999 with a single model – the BMW X5. Since then, we have sold more than 3.3 million X models. And now the success story continues: The model update of the BMW X1 has been available since March 2014. This will be followed by the BMW X3 model update later this month. In July, the X range will be joined by a new model – the BMW X4. And for the future, we have announced another completely new model – the BMW X7. Customers worldwide have very different needs, and in the US, in particular, customers have always asked for a model above the X5. We are now responding to those wishes. The X models – such as the BMW Concept X5 eDrive – are even more efficient as plug-in hybrids. Over the coming years, we will be introducing hybrid drive trains for nearly all BMW model series. The new BMW 4 Series is also proving popular with customers. The new BMW 4 Series Convertible has been on the market since March. For those who enjoy an even sportier drive, the M version of the Convertible will be available from September. In June, following on from the Coupé and Convertible, the third model in the new 4 Series will be released: the Gran Coupé. Two further new M models are the BMW M3 Sedan and the BMW M4 Coupé, both available from June. The new BMW 2 Series Coupé has been in showrooms since March. And here you have the BMW 2 Series Active Tourer. This is the first BMW model with front-wheel drive. The Active Tourer is an especially practical and functional car, with space for the whole family or bulky sports equipment. For this, front-wheel drive offers the best solution. The BMW 2 Series Active Tourer will also be available towards the end of the year with a three-cylinder engine. This is designed to appeal to new customers. The main thing is: Like every BMW model, the Active Tourer stands for sheer driving pleasure. The new generation of the MINI is now also on the market. MINI will always be British – even though it will also be manufactured in the Netherlands by our partner VDL Nedcar from the second half of this year. Delivery of the Rolls-Royce Ghost Series II will begin in autumn. Rolls-Royce has carefully updated its highly-successful model to suit the brand’s discerning clientele. BMW Motorrad celebrated its 90th anniversary in 2013. Not everyone knows that the first vehicle built by BMW in 1923 was not a car, but a motorcycle. Since then, we have sold more than 2.8 million BMW motorcycles. BMW Motorrad is growing, despite a shrinking market, and will launch five new models this year. The R nineT, for example, just came onto the market in March, but this retro-style model is already the talking point of the year. Handelsblatt called it “the most beautiful B

The Americas is, and will remain, an important component in our global growth: The US is our second-largest single market currently. We see considerable potential for the future here and are therefore increasing capacity at our Spartanburg plant. From the end of 2016 on, the plant will be able to produce a total of 450,000 vehicles per year – 50 per cent more than today. This is equivalent to construction of a completely new plant. The investment of one billion dollars between 2014 and 2016 will make Spartanburg the largest plant in our international production network. The US is our second home. In March, the Spartanburg plant celebrated its 20th anniversary, together with the US Secretary of Commerce, who is just one of our many reliable partners in politics and government authorities in the US. The Governor of South Carolina also assures us: Your business is our business. That is how politics and industry work together as partners in the U.S. In autumn of this year, production will get under way at our new BMW plant in Brazil, a future growth market. Annual capacity will reach 30,000 vehicles over the medium term. BMW is also considered an attractive employer in Brazil: We have received 35,000 applications and will hire a total of 1,300 staff. This is what we call ‘Globality à la BMW’. We deliver vehicles to customers in more than 140 countries. We operate 28 production facilities in 13 countries. Our global research and innovation network comprises 12 locations in five countries. Today’s world is fully interconnected. We build our BMW X models in the US, with engines from Bavaria and Austria, and the car may be driven by a customer in China. The automotive industry operates on a global scale. This means that trade barriers generate high costs. They do not belong in the 21st century – and they certainly do not fit with the reality of automobile markets in the US and Europe, with such close interdependence between production, purchasing and sales and marketing. Europe is a relatively open automotive market with a large share of imported cars. However, EU import duties for vehicles from the US – like our BMW X models – still stand at 10 per cent. The US is an open market compared with the European Union, with import duties of only 2.5 per cent. According to the VDA, German automobile manufacturers alone pay around one billion euros in customs duties in both directions. We would welcome further harmonisation of legislation and technical standards to significantly improve the global competitiveness of the automotive industry on both sides of the Atlantic. A transatlantic free trade agreement would have only positive effects for our industry. To maintain a strong industrial base and secure jobs in Europe requires free movement of goods as well as open markets. Chancellor Merkel and President Obama have our full support in this matter. Other regions of the world are not waiting for us. For example, China: In 2000, the Chinese automotive market was the same size as that of the Netherlands. By 2005, it was already the size of the German market. And today, China is the world’s largest car market – ahead of the US. Japan has also opened up, too. It has secured itself a dominant role in the automobile market in Southeast Asia – through its consistent external trade policy and corresponding agreements. The third key to our future competitiveness is the desirability of our premium brands. In Fortune Magazine’s ranking of the world’s 500 most admi