External view Olympia Hall of Munich, several BMW models, arriving guests

Ladies and Gentlemen! Your company is well-prepared for the future. BMW stands for tradition, for a unique corporate culture, for strong values. Mobility drives our core business and is our passion. Our customers’ expectations are the yardstick of our work. It is how we create added value and how we safeguard 116,000 jobs. As we interact within the business world we have an impact and we evolve. We consider ourselves to be a part of the society in which we live and work. The unity and team spirit we demonstrate is the answer to the complexities of today’s world – modern society demands a responsible approach. Our company’s success is built on our long-term commitment to taking such responsibility. I believe that to be considered a truly successful company, unity and sustainable responsibility must be at the center of a corporation’s culture. On March 7, 2016, your company is celebrating a major milestone: it’s centennial. 100 years of corporate philosophy geared towards the long term. Our history is the foundation on which to build our future. Our experience gives us the self-confidence to look forward. We are well aware of our strength and this enables us to take bold decisions. We are proud of what we have accomplished in the past. But in the here and now, we have only one top priority: the BMW Group’s future. We always look ahead. And we will use our centenary as a stepping stone towards the future. Future-oriented companies challenge their own actions andthey spearhead change. They implement innovations to the benefit of their customers and they prepare today to be competitive tomorrow. This is the ninth time I have spoken to you here at our Annual General Meeting. Each time, I have regarded it as a privilege and an honor. It has certainly never become routine for me. I have always considered these occasions an opportunity to tell you about the achievements and prospects of your company. Together, we weathered many challenging times - you backed our decisions and stood alongside us. You are all aware of our corporate approach: we deliver on our promises. That’s the BMW way. In 2007, the first time I addressed the AGM, I made a commitment: I told you we would make sure it would be worth your while to invest in BMW. We have taken action. We have made decisions, always after careful deliberation. • Our Strategy Number ONE is our roadmap up to the year 2020. • With Efficient Dynamics and BMW i, we are ensuring our company’s technological advancement. Our long-term strategy is sustainable mobility. • During the economic and financial crisis, we managed to turn a profit and to distribute a dividend. • Ever since, the BMW Group has grown profitably, year after year. We have always taken action and made decisions and this is paying off. • Your company is performing better than ever before. • With the BMW Group, you’ve made a good investment. • We will continue to vindicate your trust in us. However, we must not become complacent and take our continuing success for granted. After all, our company – along with the entire automotive industry – is facing new challenges. This is what we deal with on a daily basis; challenges are part of our routine business. For me it’s quite clear: Permanent change is the new normal. We will continue on our course. I remain confident that it will be worth your while to accompany us on that journey.I would like to welcome all of you here at the Olympiahalle and all of our internet viewers to the 95th Annual Gene