BMW Group Retiree Benefits

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BMW Group Memo To: All Employees of companies checked below: ☒ BMW of North America, LLC ☒ BMW Manufacturing Co., LLC ☒ BMW Financial Services NA, LLC ☒ DesignWorks, A BMW Group Company ☒ Rolls-Royce Motor Cars NA, LLC ☒ ReachNow ☒ BMW Bank of North America, Inc. ☒ BMW iVentures, Inc. ☒ BMW Technology Corporation ☒ BMW US Capital LLC From: Vehicle Administration (VA) Date: June 1, 2018 Re: Changes to All Employee Lease (AEL) and Retiree Lease Program Leasing Terms In 2017, the Company Car Program was expanded to allow eligible employees a 2nd All Employee Lease Vehicle (AEL2). AEL2 vehicles were exchanged based on mileage as with all other company car programs. This growth in the company car program successfully provided an estimated 500 drivers with access to a BWM or MINI! Despite challenging times with vehicle production availability, VA remains committed to providing all the benefits of a robust company car program. What’s New: 1. Time based lease for AEL2 and Retiree vehicles instead of mileage lease Effective June 1, 2018, all AEL2 and Retiree vehicles will be returned at 12 months from the date the vehicle is picked up, regardless of miles. E.g. vehicle picked up July 2018 will not be exchanged until July 2019. Each employee is obligated to keep the assigned vehicle in excellent condition by paying attention to the vehicle’s service indicator and completing all required service and maintenance including but not limited to oil services, yearly service, etc. As a result, as of June 1, 2018, all VA locations will no longer accept or process AEL2 vehicle exchange orders. Orders already submitted and processed with your regional VA team will be fulfilled as the ordered vehicle becomes available. New AEL2 orders will be processed as usual. All other company car program vehicles (Job Assigned, Lease and All Employee Lease - 1st car only) will remain mileage based between 6,000 and 9,000 miles. As always, please feel free to contact me or any of your Regional Vehicle Administration contacts with any questions on this year’s Company Car Program. Best, Joel Nash Angela Bien Department Head, Sales Fleet Operations & Vehicle Planning Manager B2-US-V-1 B2-US-V-11 Approved_06012018 AEL2 and Retiree Program Changes Announcement.docx .

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