BMW Group Investor Presentation

FINANCIAL TARGETS 2020: SUSTAINABLE GROWTH AND SOLID PROFITABILITY DESPITE CHALLENGES. BMW Group 2016 2020 EBT margin (from 2017) 10.3% >10% Investment ratio* 4.0% <5.0% Research and development ratio 5.5% 5.0-5.5% Payout ratio 33.3% 30-40% Automotive Segment EBIT margin Free Cashflow 8.9% 5.8 bn € 8-10% >3 bn € Motorcycles Segment Sales volume EBIT margin (from 2017) 145,032 units 9.0% > 200,000 units 8-10% Financial Services Segment Return on Equity 21.2% >18% * Investments in property, plant and equipment and other intangible assets (without capitalized development costs). BMW Group Investor Presentation, April 2017 Page 39

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