First Supplement Dated 15 October 2015 to the Prospectus Dated 12 May 2015 Relating to the EUR 35,000,000,000 Euro Medium Term Note Programme of BMW Group

First Supplement dated 15 October 2015 to the Prospectus dated 12 May 2015 relating to the EUR 35,000,000,000 Euro Medium Term Note Programme of BMW Group

This document constitutes a supplement (the "First Supplement") for the purpose of Art. 16 of the Directive 2003/71/EC of the European Parliament and the Council of 4 November 2003, as amended (the "Prospectus Directive") as well as Article 13 of Chapter 1 of Part II of the Luxembourg law dated 10 July 2005 on prospectuses for securities, as amended (Loi relative aux prospectus pour valeurs mobilières, the "Luxembourg Prospectus Law"), to the base prospectus for securities relating to the EUR 35,000,000,000 Euro Medium Term Note Programme for the issue of Notes of Bayerische Motoren Werke Aktiengesellschaft ("BMW AG"), BMW Finance N.V. ("BMW Finance"), BMW US Capital, LLC ("BMW US Capital"), BMW Australia Finance Limited ("BMW Australia Finance") and BMW Japan Finance Corp. ("BMW Japan") (each an "Issuer", and, together, the "Issuers") and BMW AG in its capacity as guarantor (the "Guarantor") in respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended (the “Prospectus”) (the First Supplement, together with the Prospectus, the “Prospectus”).

Bayerische Motoren Werke Aktiengesellschaft Munich, Federal Republic of Germany

BMW Finance N.V. The Hague, The Netherlands

BMW US Capital, LLC Wilmington, Delaware, USA

BMW Australia Finance Limited Melbourne, Victoria, Commonwealth of Australia ABN 78 007 101 715

BMW Japan Finance Corp. Chiyoda-ku, Japan

EUR 35,000,000,000 Euro Medium Term Note Programme

unconditionally and irrevocably guaranteed by

Bayerische Motoren Werke Aktiengesellschaft Munich, Federal Republic of Germany

This First Supplement is supplemental to, and should only be distributed and read together with, the Prospectus. Terms defined in the Prospectus have the same meaning when used in this First Supplement. To the extent that there is any inconsistency between (a) any statement in this First Supplement and (b) any other statement prior to the date of this First Supplement, the statements in (a) will prevail.

This First Supplement has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") and will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu).

Each of the Issuers and the Guarantor has requested the CSSF in its capacity as competent authority under the Luxembourg Prospectus Law to approve this First Supplement and to provide the competent authorities in the Federal Republic of Germany, the United Kingdom, the Republic of Austria and The Netherlands with a certificate of approval (a "Notification") attesting that this First Supplement has been drawn up in accordance with the Luxembourg Prospectus Law which implements the Prospectus Directive into Luxembourg law. Any of the Issuers and/or the Guarantor may request the CSSF to provide competent authorities in additional Member States within the European Economic Area with a Notification.

By approving this First Supplement, the CSSF shall give no undertaking as to the economic and financial soundness of the operation or the quality or solvency of any of the Issuers and the Guarantor in line with the provisions of article 7 (7) of the Luxembourg Prospectus Law.

The Issuers and the Guarantor are solely responsible for the information given in this First Supplement. Each of the Issuers and the Guarantor hereby declares, having taken all reasonable care to ensure that such is the case, that to the best of its knowledge, the information contained in this First Supplement is in accordance with the facts and does not omit anything likely to affect the import of such information.

No person has been authorised to give any information or to make any representation other than those contained in the Prospectus or this First Supplement in connection with the issue or sale of the Notes and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuers, the Guarantor, the Dealers or any of them.

This First Supplement does not constitute an offer of, or an invitation by or on behalf of the Issuers, the Guarantor or the Dealers to subscribe for, or purchase, any Notes.

IN ACCORDANCE WITH ARTICLE 16 PARAGRAPH 2 OF THE PROSPECTUS DIRECTIVE AND WITH ARTICLE 13 PARAGRAPH 2 OF THE LUXEMBOURG PROSPECTUS LAW, WHERE THE PROSPECTUS RELATES TO AN OFFER OF SECURITIES TO THE PUBLIC, INVESTORS WHO HAVE ALREADY AGREED TO PURCHASE OR SUBSCRIBE FOR ANY NOTES BEFORE THIS FIRST SUPPLEMENT IS PUBLISHED HAVE THE RIGHT, EXERCISABLE WITHIN TWO WORKING DAYS AFTER THE PUBLICATION OF THIS FIRST SUPPLEMENT, I.E. UNTIL 19 OCTOBER 2015, TO WITHDRAW THEIR ACCEPTANCES, PROVIDED THAT THE NEW FACTOR, MISTAKE OR INACCURACY AROSE BEFORE THE FINAL CLOSING OF THE OFFER TO THE PUBLIC AND THE DELIVERY OF THE NOTES.

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The Issuers and the Guarantor announce the following changes with regard to the Prospectus:

1. Increase of Programme Amount to EUR 50,000,000,000

In accordance with the provisions of the Dealer Agreement relating to the Programme, the Issuers, the Guarantor and the Dealers have agreed that, with effect from 15 October 2015, the Programme Amount of the Programme be raised from EUR 35,000,000,000 to EUR 50,000,000,000.

Accordingly, all references in the Prospectus to a Programme Amount of EUR 35,000,000,000 shall be deleted and replaced by a reference to EUR 50,000,000,000 so that the aggregate nominal amount of Notes which may be issued under the Programme, when added to the aggregate nominal amount then outstanding of all Notes previously or simultaneously issued under the Programme, does not exceed EUR 50,000,000,000.

2. In the section "SUMMARY OF THE PROSPECTUS – Section B – Bayerische Motoren Werke Aktiengesellschaft as [Issuer] [Guarantor]", the whole text included under element B.12 entitled "Selected historical key financial information" shall be deleted and replaced with the following text:

"The following table shows selected consolidated financial information for BMW Group (prepared in accordance with IFRS). Where financial data in the following tables is labelled "audited", this means that it has been extracted from the audited financial statements. The label "unaudited" is used in the following tables to indicate financial data that has not been taken from the audited financial statements but was taken from the Group’s accounting or controlling records, or is based on calculations of these figures:

1 January to 30 June 1 January to 31 March 1 January to 31 December 2015 2014* 2015 2014* 2014 2013*

in Euro million (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited)

Revenues 44,852 38,140 20,917 18,235 80,401 76,059 Gross profit 8,959 8,325 4,356 3,864 17,005 15,268 (Loss)/Profit before 5,046 4,693 2,521 2,090 9,118 7,978 financial result (Loss)/Profit before tax 4,851 4,813 2,269 2,159 8,707 7,893 Net (loss)/profit 3,265 3,225 1,516 1,458 5,817 5,329 Earnings per share of 4.96 4.90 2.30 2.22 8.83 8.08 common stock in Euro Earnings per share of 4.97 4.91 2.30 2.22 8.85 8.10 preferred stock in Euro

* Prior year figures have been adjusted in accordance with IAS 8.

Assets 30 June 2015 31 March 2015 31 December 2014 31 December 2013* in Euro million (unaudited) (unaudited) (audited) (audited) Non-current assets 105,526 105,817 97,959 86,193 Current assets 59,121 60,273 56,844 52,184 Total assets 164,647 166,090 154,803 138,377

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Equity and liabilities 30 June 2015 31 March 2015 31 December 2014 31 December 2013* in Euro million (unaudited) (unaudited) (audited) (audited) Equity 38,548 36,127 37,437 35,600 Non-current provisions 61,436 64,648 58,288 51,643 and liabilities Current provisions and 64,663 65,315 59,078 51,134 liabilities Total equity and 164,647 166,090 154,803 138,377 liabilities

* Prior year figures have been adjusted in accordance with IAS 8.

1 January to 1 January to 30 June 1 January to 31 March 31 December 2015 2014* 2015 2014* 2014 2013* in Euro million (unaudited) (unaudited) (unaudited) (unaudited) (audited) (audited) Cash inflow/outflow from 785 1,866 989 1,401 2,912 4,127 operating activities Cash inflow/outflow from (2,500) (2,483) (1,712) (1,214) (6,116) (7,491) investing activities Cash inflow/outflow from 824 462 (931) (338) 3,133 2,703 financing activities Effects of exchange rate on cash and cash 142 (12) 180 (21) 86 (89) equivalents Effect of changes in composition of Group on - 2 - 2 2 47 cash and cash equivalents Change in cash and cash (749) (165) (1,474) (170) 17 (703) equivalents Cash and cash equivalents 7,688 7,671 7,688 7,671 7,671 8,374 at 1 January

Cash and cash equivalents - - - - 7,688 7,671 at 31 December Cash and cash equivalents - - 6,214 7,501 - - at 31 March Cash and cash equivalents 6,939 7,506 - - - - at 30 June

* Prior year figures have been adjusted in accordance with IAS 8.

Trend information There has been no material adverse change in the prospects of BMW AG since the date of its published audited financial statements for the financial year ended 31 December 2014.

Significant change in the financial and trading position Not applicable. There has been no significant change in the financial or trading position of BMW AG since 30 June 2015, the date of its last published financial statements."

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3. In the section "SUMMARY OF THE PROSPECTUS – Section B – Bayerische Motoren Werke Aktiengesellschaft as [Issuer] [Guarantor]", element B.16 entitled "Major Shareholders", the table currently shown in the Prospectus shall be replaced by the following table: " Direct share of Indirect share of

voting rights (%) voting rights (%)

Stefan Quandt, Bad Homburg v.d.Höhe, Germany 17.4 AQTON SE, Bad Homburg v.d.Höhe, Germany 17.4

Estate1 of Johanna Quandt, Bad Homburg v.d.Höhe, 0.4 16.4 Germany Johanna Quandt GmbH, Bad Homburg v.d.Höhe, Germany 16.4 Johanna Quandt GmbH & Co. KG für Automobilwerte, 16.4 Bad Homburg v.d.Höhe, Germany

Susanne Klatten, Munich, Germany 12.6 Susanne Klatten Beteiligungs GmbH, 12.6 Bad Homburg v.d.Höhe, Germany 1 Stefan Quandt and Susanne Klatten as community of heirs."

4. In the section "GERMAN TRANSLATION OF THE SUMMARY – Abschnitt B – Bayerische Motoren Werke Aktiengesellschaft als [Emittentin] [Garantin]", the whole text included under element B.12 entitled "Ausgewählte wesentliche historische Finanzinformationen" shall be deleted and replaced with the following text:

"Die folgende Tabelle zeigt ausgewählte konsolidierte Finanzinformationen des BMW Konzerns (erstellt gemäß IFRS). Die Werte in den Spalten, die mit dem Begriff "geprüft" überschrieben sind, wurden den geprüften Konzern-/ Jahresabschlüssen entnommen. Sind die Spalten in den nachfolgenden Tabellen mit dem Begriff "ungeprüft" überschrieben, wurden die darin enthaltenen Werte nicht aus geprüften Konzern-/ Jahresabschlüssen entnommen, sondern resultieren aus dem Konzernrechnungswesen bzw. Konzern-Controlling oder sind aus solchen Werten errechnet worden:

von 1. Januar bis von 1. Januar bis 30. Juni von 1. Januar bis 31. März 31. Dezember 2015 2014* 2015 2014* 2014 2013*

in Mio. Euro (ungeprüft) (ungeprüft) (ungeprüft) (ungeprüft) (geprüft) (geprüft)

Umsatzerlöse 44.852 38.140 20.917 18.235 80.401 76.059

Bruttoergebnis vom 8.959 8.325 4.356 3.864 17.005 15.268 Umsatz Ergebnis vor 5.046 4.693 2.521 2.090 9.118 7.978 Finanzergebnis Ergebnis vor Steuern 4.851 4.813 2.269 2.159 8.707 7.893 Jahresüberschuss/ - 3.265 3.225 1.516 1.458 5.817 5.329 fehlbetrag Ergebnis je 4,96 4,90 2,30 2,22 8,83 8,08 Stammaktie in Euro Ergebnis je 4,97 4,91 2,30 2,22 8,85 8,10 Vorzugsaktie in Euro

* Die Angaben für das Vorjahr wurden im Einklang mit IAS 8 angepasst.

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Aktiva 30. Juni 2015 31. März 2015 31. Dezember 2014 31. Dezember 2013* in Mio. Euro (ungeprüft) (ungeprüft) (geprüft) (geprüft) Langfristige 105.526 105.817 97.959 86.193 Vermögenswerte Kurzfristige 59.121 60.273 56.844 52.184 Vermögenswerte Bilanzsumme 164.647 166.090 154.803 138.377

Eigenkapital und 30. Juni 2015 31. März 2015 31. Dezember 2014 31. Dezember 2013* Passiva in Mio. Euro (ungeprüft) (ungeprüft) (geprüft) (geprüft)

Eigenkapital 38.548 36.127 37.437 35.600

Langfristige Rück- stellungen und 61.436 64.648 58.288 51.643 Verbindlichkeiten Kurzfristige Rück- stellungen und 64.663 65.315 59.078 51.134 Verbindlichkeiten Bilanzsumme 164.647 166.090 154.803 138.377

* Die Angaben für das Vorjahr wurden im Einklang mit IAS 8 angepasst.

von 1. Januar bis von 1. Januar bis von 1. Januar bis 30. Juni 31. März 31. Dezember 2015 2014* 2015 2014* 2014 2013* in Mio. Euro (ungeprüft) (ungeprüft) (ungeprüft) (ungeprüft) (geprüft) (geprüft) Mittelzuflüsse / -abflüsse aus 785 1.866 989 1.401 2.912 4.127 der betrieblichen Tätigkeit Mittelzuflüsse / -abflüsse aus (2.500) (2.483) (1.712) (1.214) (6.116) (7.491) der Investitionstätigkeit Mittelzuflüsse / -abflüsse aus 824 462 (931) (338) 3.133 2.703 der Finanzierungs-tätigkeit Wechselkursbedingte Veränderungen der Zahlungs- 142 (12) 180 (21) 86 (89) mittel und Zahlungsmittel- äquivalente Konsolidierungskreisbedingte Veränderung der Zahlungs- - 2 - 2 2 47 mittel und Zahlungs- mitteläquivalente Veränderungen der Zahlungsmittel und (749) (165) (1.474) (170) 17 (703) Zahlungsmitteläquivalente Zahlungsmittel und Zahlungs- mitteläquivalente am 7.688 7.671 7.688 7.671 7.671 8.374 1. Januar Zahlungsmittel und Zahlungs- mitteläquivalente am - - - - 7.688 7.671 31. Dezember Zahlungsmittel und Zahlungs- mitteläquivalente am - - 6.214 7.501 - - 31. März Zahlungsmittel und Zahlungs- 6.939 7.506 - - - - mitteläquivalente am 30. Juni

* Die Angaben für das Vorjahr wurden im Einklang mit IAS 8 angepasst.

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Ausblick Es gab keine wesentliche Verschlechterung in den Aussichten der BMW AG seit dem Datum des veröffentlichten und geprüften Jahresabschlusses zum Ende des Geschäftsjahres am 31. Dezember 2014.

Signifikante Veränderungen in der Finanz- bzw. Handelsposition Nicht anwendbar. Seit dem 30. Juni 2015, dem Datum des letzten veröffentlichten Abschlusses, ist es zu keiner wesentlichen Veränderung der Finanzlage oder Ertragslage der BMW AG gekommen."

5. In the section "GERMAN TRANSLATION OF THE SUMMARY – Abschnitt B – Bayerische Motoren Werke Aktiengesellschaft als [Emittentin] [Garantin]", element B.16 entitled "Hauptanteilseigner", the table currently shown in the Prospectus shall be replaced by the following table: " unmittelbare mittelbare Beteiligung an Beteiligung an Stimmrechten (%) Stimmrechten (%) Stefan Quandt, Bad Homburg v.d.Höhe, Deutschland 17,4 AQTON SE, Bad Homburg v.d.Höhe, Deutschland 17,4

Nachlass1 der Johanna Quandt, Bad Homburg v.d.Höhe, 0,4 16,4 Deutschland Johanna Quandt GmbH, Bad Homburg v.d.Höhe, 16,4 Deutschland Johanna Quandt GmbH & Co. KG für Automobilwerte, 16,4 Bad Homburg v.d.Höhe, Deutschland

Susanne Klatten, München, Deutschland 12,6 Susanne Klatten Beteiligungs GmbH, Bad Homburg 12,6 v.d.Höhe, Deutschland

1 Stefan Quandt und Susanne Klatten in Erbengemeinschaft."

6. On page 294 of the Prospectus, under the heading of "Administrative, Management, and Supervisory Bodies Conflicts of Interests", at the end of the first paragraph, which reads as follows:

"The members of the Supervisory Board of BMW AG hold in total 27.61 % (2013: 27.62 %) of the issued common and preferred stock shares, of which 16.06 % (2013:16.07 %) relates to Stefan Quandt, Germany, and 11.54 % (2013: 11.55 %) to Susanne Klatten, Germany."

the following sentence shall be newly inserted:

"Direct and indirect voting rights of Stefan Quandt and Susanne Klatten, respectively, are each subject to an increase in connection with the estate of Johanna Quandt (which estate represents a direct share of voting rights of 0.4 % and an indirect share of voting rights of 16.4 %)."

7. On page 295 of the Prospectus, under the heading of "Major Shareholders", below the existing explanatory note marked through an asterisk and which reads as follows:

"* Based on voluntary balance notifications provided by the listed shareholders at 31 December 2014."

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the following explanatory note shall be added:

8. In the section of the Prospectus entitled "DOCUMENTS INCORPORATED BY REFERENCE", on page 78, below the line "Konzernanhang zum Quartalsabschluss zum 31. März 2015 …..", the following new document deemed to be incorporated in, and to form part of, the Prospectus shall be reflected as follows: " "BMW Group Quartalsbericht zum 30. Juni 2015" containing the interim Group financial statements at 30 June 2015 (unaudited) Gewinn-und-Verlust-Rechnungen 26 through 29 Konzernbilanz und Segmentbilanzen 30 through 31 Kapitalflussrechnungen 32 through 33 Entwicklung des Konzerneigenkapitals 34 through 35 Konzernanhang zum Quartalsabschluss zum 30. Juni 2015 36 through 55 "

9. In the section of the Prospectus entitled "DOCUMENTS INCORPORATED BY REFERENCE", on page 82, below the line "BMW Group Interim Report to 31 March 2015…", the following new document deemed to be incorporated in, and to form part of, the Prospectus shall be reflected as follows: " "BMW Group Quarterly Report to 30 June 2015" (non-binding English translation of the German language version) containing the interim Group financial statements at 30 June 2015 (unaudited) Income Statements 26 through 29 Balance Sheets 30 through 31 Cash Flow Statements 32 through 33 Statement of Changes in Equity 34 through 35 Notes to the interim Group Financial Statements to 31 March 2015 36 through 55 "

10. On page 308 of the Prospectus, under the heading of "Significant Change in BMW AG’s Financial or Trading Position", the whole paragraph under this heading shall be deleted and replaced with the following text:

"There is no significant change in BMW AG’s financial or trading position which has occurred since the date of its last unaudited published interim financial statements for the second quarter of the financial year 2015 ended 30 June 2015."

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ADDRESS LIST

Bayerische Motoren Werke Aktiengesellschaft Petuelring 130 80788 Munich Germany

BMW Finance N.V. Einsteinlaan 5 2289 CC Rijswijk The Netherlands

BMW US Capital, LLC 300 Chestnut Ridge Road Woodcliff Lake New Jersey 07677 USA

BMW Australia Finance Limited 783 Springvale Road Mulgrave 3170 Victoria Australia

BMW Japan Finance Corp. 9-2, Marunouchi 1-chome Chiyoda-ku Tokyo 100-6621 Japan

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