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BMW Group 24MAR200616095167 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 Coordination Center V.O.F. Mechelen, Belgium BMW Australia Finance Limited Melbourne, Victoria, Commonwealth of Australia ABN 78 007 101 715 EUR 15,000,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed by Bayerische Motoren Werke Aktiengesellschaft Munich, Federal Republic of Germany Arranger Dresdner Kleinwort Wasserstein Dealers ABN AMRO Barclays Capital BNP PARIBAS Citigroup Deutsche Bank Dresdner Kleinwort Wasserstein HVB Corporates & Markets JPMorgan Morgan Stanley SG Corporate & Investment Banking The Royal Bank of Scotland WestLB AG UBS Investment Bank Principal Paying Agent Citibank, N.A. In relation to notes issued under this Programme (as defined in ‘‘General Description of the Programme – General’’), application has been made to the Commission de Surveillance du Secteur Financier (the ‘‘CSSF’’) of the Grand-Duchy of Luxembourg (‘‘Luxembourg’’) in its capacity as competent authority (the ‘‘Competent Authority’’) under the Luxembourg ‘‘Act on Securities Prospectuses’’ (loi relative aux prospectus pour valeurs mobilieres` ) (the ‘‘Luxembourg Act’’) for approval of this Prospectus. This Prospectus constitutes a base prospectus for purposes of Article 5(4) of Directive 2003/71/EC (the ‘‘Prospectus Directive’’). In order to be able to conduct a public offer in relation to certain issues of Notes, Bayerische Motoren Werke Aktiengesellschaft (‘‘BMW AG’’), BMW Finance N.V. (‘‘BMW Finance’’), BMW US Capital, LLC (‘‘BMW US Capital’’), BMW Coordination Center V.O.F. (‘‘BMW Coordination Center’’) and BMW Australia Finance Limited (‘‘BMW Australia Finance’’) (each an ‘‘Issuer’’, and together the ‘‘Issuers’’) intend to apply for a notification pursuant to Article 19 of the Luxembourg Act and will comply with such requirements, inter alia, as to filings and publications as may be necessary from time to time for an offer of such Notes in the Federal Republic of Germany (‘‘Germany’’) and the United Kingdom. Prospectus dated 10 May 2006 Important Notice The Notes (as defined below) have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘‘Securities Act’’), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in accordance with Regulation S under the Securities Act or pursuant to an exemption from the registration requirements of the Securities Act. Notes issued by BMW Coordination Center V.O.F. may not be offered, sold or distributed to persons, individual or legal, resident in Germany for tax purposes. Internal Revenue Service Circular 230 Disclosure Pursuant to Internal Revenue Service Circular 230, attention is drawn to fact that the description set forth herein with respect to U.S. federal tax issues was not intended or written to be used, and such description cannot be used, by any taxpayer for the purpose of avoiding any penalties that may be imposed on the taxpayer under the U.S. Internal Revenue Code. Such description was written to support the marketing of the Notes. Such description is limited to the U.S. federal tax issues described herein. It is possible that additional issues may exist that could affect the U.S. federal tax treatment of the Notes, or the matter that is the subject of the description noted herein, and such description does not consider or provide any conclusions with respect to any such additional issues. Taxpayers should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. TABLE OF CONTENTS Page DOCUMENTS INCORPORATED BY REFERENCE ...................................................... 1 GENERAL DESCRIPTION OF THE PROGRAMME..................................................... 4 GENERAL INFORMATION ......................................................................................... 6 Part A: Summary of the Prospectus and Risk Factors ........................................... 11 A.I: Summary of the Prospectus .................................................................................. 11 1. Summary of the ‘‘Risk Factors’’............................................................................... 11 2. Summary of the ‘‘Terms and Conditions of the Notes and Related Documents’’ ........ 12 3. Summary of the ‘‘Description of BMW Finance N.V.’’................................................ 15 4. Summary of the ‘‘Description of BMW US Capital, LLC’’ .......................................... 16 5. Summary of the ‘‘Description of BMW Coordination Center V.O.F.’’ ............................ 17 6. Summary of the ‘‘Description of BMW Australia Finance Limited’’.............................. 18 7. Summary of the ‘‘Description of Bayerische Motoren Werke Aktiengesellschaft’’ .......... 18 A.II: Risk Factors ........................................................................................................ 23 1. Risks relating to the Issuing Subsidiaries ................................................................. 23 2. Risks relating to BMW AG and BMW Group ........................................................... 30 3. Risks relating to the Notes ..................................................................................... 33 Part B: Terms and Conditions and Related Documents .......................................... 38 B.I: Issue Procedures ................................................................................................. 39 B.II: Terms and Conditions of the Notes (German language version).............................. 41 B.III: Terms and Conditions of the Notes (English language version)............................... 73 B.IV: Form of Final Terms / Muster-Endgultige¨ Bedingungen ........................................... 101 B.V: Text of the Guarantee .......................................................................................... 122 B.VI:Text of the Declaration of Undertaking................................................................... 123 Part C: Selling Restrictions...................................................................................... 125 Part D: Taxation........................................................................................................ 132 Part E: Description of BMW Finance N.V., BMW US Capital, LLC, BMW Coordination Center V.O.F., BMW Australia Finance Limited ....................... 145 E.I: Description of BMW Finance N.V........................................................................... 146 E.II: Description of BMW US Capital, LLC .................................................................... 153 E.III: Description of BMW Coordination Center V.O.F....................................................... 160 E.IV: Description of BMW Australia Finance Limited ....................................................... 167 Part F: Description of Bayerische Motoren Werke Aktiengesellschaft ..................... 174 Address List ............................................................................................................... 199 DOCUMENTS INCORPORATED BY REFERENCE The following documents shall be deemed to be incorporated in, and to form part of, this Prospectus (as defined in ‘‘General Description of the Programme – General’’): Document Page Reference ‘‘BMW Group Geschaftsbericht¨ 2004’’ containing the consolidated financial statements of BMW AG at 31 December 2004 (the ‘‘BMW Group Financial Statements 2004’’) Konzernlagebericht .............................................................................. 8 through 47 Gewinn- und Verlust-Rechnungen........................................................... 51 Konzernbilanz und Teilkonzernbilanz....................................................... 52 through 53 Kapitalflussrechnungen ......................................................................... 54 through 55 Entwicklung des Konzerneigenkapitals.................................................... 56 Konzernanhang ................................................................................... 57 through 106 Bestatigungsvermerk¨ ............................................................................ 107 Corporate Governance ......................................................................... 108 through 116 Sonstige Informationen ......................................................................... 116 through 129 ‘‘BMW Group Geschaftsbericht¨ 2005’’ containing the consolidated financial statements of BMW AG at 31 December 2005 (the ‘‘BMW Group Financial Statements 2005’’) Konzernlagebericht .............................................................................. 8 through 61 Gewinn- und Verlust-Rechnungen........................................................... 63 Konzernbilanz und Teilkonzernbilanz....................................................... 64 through 65 Kapitalflussrechnungen ......................................................................... 66 through 67 Entwicklung des Konzerneigenkapitals.................................................... 68 Konzernanhang ................................................................................... 70 through 124 Bestatigungsvermerk¨ ............................................................................ 125 Corporate Governance ........................................................................

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