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   BMW Group

   BMW US Capital Corp.

   Wilmington, Delaware, United States of America

   USD 250,000,000 7.375% Notes due 2003 Issue price: 101.177%

   USD 400,000,000

   Floating Rate Notes due 2003 Issue price: 100.010%

   unconditionally and irrevocably guaranteed by

   Bayerische Motoren Werke Aktiengesellschaft

   Munich, Federal Republic of Germany

   ABN AMRO

   Bank of America International Limited

   Bayerishe Landesbank Girozentrale

   HypoVereinsbank BNP Paribas Group

   Credit Suisse First Boston

   DG BANK Dresdner Kleinwort Benson

   Deutsche Genossenschaftsbank AG

   Merrill Lynch International Nomura International

   Warburg Dillon Read