2003 Detroit Motor Show speech on 5th January by Dr Helmut Panke - Chairman of the board of BMW Group

Ladies and gentlemen,

I would also like to welcome you here.

Detroit is of particular significance to the BMW Group this year - for two
reasons.

We are launching into the most dynamic model year in the history of the
company. Never before will we have put into production and presented such a
large range of new models.

The particular occasion of this evening is the model of a brand, which stands
as an automotive icon around the world. The BMW Group became the custodians of
the Rolls-Royce brand in July 1998 and committed to launch a new Rolls-Royce
Motor Car, a new manufacturing plant and a new company in January 2003. That
promise has now been fulfilled and Rolls-Royce Motor Cars Limited officially
opened for business on January 1st - just five days ago.

With the Rolls-Royce project, we have made use of the past four and a half
years to develop, bring to series production and finally produce a completely
new motorcar. Its name: the Rolls-Royce Phantom.

We have also set up an entirely new manufacturing plant and established the new
head office for Rolls Royce Motor Cars Limited in Goodwood in the South of
England.

Of course, I am very pleased today that our preparations for the beginning of
the year 2003 were successful and that the first Rolls-Royce to be produced in
Goodwood has already been delivered to the first customer.

Ladies and gentlemen,

with the Rolls-Royce Phantom we are continuing a technologically-sophisticated
tradition at the very top of the automobile market. From the very beginning,
the Rolls-Royce brand has stood for uncompromising technological solutions and
a unique aspiration in terms of quality and workmanship. It was with this
aspiration and with these values that Charles Rolls and Henry Royce once
founded the legendary reputation of this incomparable brand.

Our Rolls-Royce project-team closely analysed the core values of this brand and
its tradition. With the Rolls-Royce Phantom we have created a contemporary
interpretation of the brand, which - we are convinced - will meet the demands
of the most exclusive customer in every way.

At the same time, we are competing with the Rolls-Royce Phantom in a market
segment which has been somewhat neglected by the industry over recent years. We
thus see it as very positive that the very top segment will be revitalized with
new automobiles, led by the Rolls-Royce Phantom.

It will be my pleasure later to hand over to Tony Gott, Chairman and Chief
Executive of Rolls-Royce Motor Cars Limited, who will present the Rolls-Royce
Phantom to you in just a moment.

Ladies and gentlemen,

for the BMW Group, the Rolls-Royce Phantom represents a further milestone
within our company's strategy. The BMW Group focuses its product range
exclusively on the premium segments of the automobile market. It is where we
came from, it is what we do best and it is therefore our future.

We have proven this with our BMW brand. The BMW product range today is stronger
and more focused than ever before and the BMW brand will continue to be very
successful.

Over the past one and a half years, we have also provided evidence of the fact
that we are able to successfully position a premium automobile within the small
car segment, the MINI. Our launch has met with immediate success - here in the
US market, too - which only very few thought possible not too long ago.
Internationally, the US became the second most important market for MINI
automobiles right away.

With Rolls-Royce we are completing our premium brand strategy with an
absolutely top class automobile. We are thus underpinning our determination to
offer our customers premium vehicles encompassing the small car segment, the
core brand BMW and the absolute top segment. Incidentally, the BMW Group is the
only automobile company in the world - apart from a few niche suppliers - to
concentrate solely on premium automobiles, a crucial advantage in terms of our
brand promise to customers.

Symbolizing our premium brand strategy, this new and complete brand world of
the BMW Group is presented for the very first time here in Detroit to you,
ladies and gentlemen, at this press evening.

We have set ourselves an ambitious program for the coming years. By 2008 - this
is our long-term planning period - we intend to put over 20 new models on the
market, increase our deliveries to customers by 40%, invest some 16 billion
euros and spend over 10 billion euros for research and development.

We will do this because we believe strongly that the demand for premium
vehicles will develop dynamically in the years to come and that market shares
are being distributed now.

Our aim is to secure a leading position amongst premium automotive companies.
In the year 2003 we will demonstrate our capabilities once more, in the fields
of development, production and sales. In the next 12 months we will present
four new models, including the Rolls-Royce Phantom. We will also present three
updated BMW 3 Series models. MINI will be available in Europe with a diesel
engine.

Ladies and gentlemen,

I hope you savour the impressions and interesting conversations you will have
this evening. I wish you a successful time at the Auto Show and allow me to
take this opportunity to wish you a great start to the year 2003.

I would now pass over to Tony Gott, Chairman und Chief Executive of Rolls-Royce
Motor Cars Limited.