Bavarian Sky S.A., acting in respect of its Compartment German Auto Loans 12

Bavarian Sky S.A., acting in respect of its Compartment German Auto Loans 12 represents the issuance of notes backed by receivables related to both equal instalment amortising loans and amortising loans with a mandatory, final balloon payment granted by BMW Bank GmbH to private and commercial borrowers in the Federal Republic of Germany.