Bavarian Sky S.A., Compartment 3 Monthly Investor Report ... · Bavarian Sky S.A., Compartment 3...

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Bavarian Sky S.A., Compartment 3 Reporting Date 11.02.2013 Monthly Investor Report Payment Date 15.02.2013 Period No 7 Cover sheet monthly investor report Monthly Period Jan 2013 Interest Period from 15.01.2013 to 15.02.2013 = 31 days Index 1. Contact Information 2. Reporting Contact Details 3. Counterparty History 4. Overview Dates 5. Deal Level Tests & Trigger 6. Portfolio Information 7. Cash Reserve_Repl Fund 8. Performance Data 9. Defaulted Amount & Recovery 10. Outstanding Notes Balance 11. Original Principal Balance 11.a Original Principal Balance (graph) 12. Current Aggregate Balance and LTV 12.a Current Aggregate (graph) 13. Borrower Concentration 14. Geographical Distribution 14.a Geographical Distribution (graph) 15. Object Type 16. Delinquencies 16.a Delinquencies Analysis 17. Seasoning 17.a Seasoning (graph) 18. Remaining Term 18.a Remaining Term (graph) 19. Original Term 19.a Original Term (graph) 20. Vehicle Class 21. Type of Payment 22. Contract per Lessee 23. Replenishment Conditions 24. Amortisation 25. Priority of Payments 26 . Transaction Costs 27. Ratings 28. Swap Counterparty Data BMW Financial Services Heidemannstrasse 164 80939 Munich Germany Page 1 of 36

Transcript of Bavarian Sky S.A., Compartment 3 Monthly Investor Report ... · Bavarian Sky S.A., Compartment 3...

Bavarian Sky S.A., Compartment 3 Reporting Date 11.02.2013

Monthly Investor Report Payment Date 15.02.2013

Period No 7

Cover sheet monthly investor report Monthly Period Jan 2013

Interest Period from 15.01.2013 to 15.02.2013 = 31 days

Index

1. Contact Information

2. Reporting Contact Details

3. Counterparty History

4. Overview Dates

5. Deal Level Tests & Trigger

6. Portfolio Information

7. Cash Reserve_Repl Fund

8. Performance Data

9. Defaulted Amount & Recovery

10. Outstanding Notes Balance

11. Original Principal Balance

11.a Original Principal Balance (graph)

12. Current Aggregate Balance and LTV

12.a Current Aggregate (graph)

13. Borrower Concentration

14. Geographical Distribution

14.a Geographical Distribution (graph)

15. Object Type

16. Delinquencies

16.a Delinquencies Analysis

17. Seasoning

17.a Seasoning (graph)

18. Remaining Term

18.a Remaining Term (graph)

19. Original Term

19.a Original Term (graph)

20. Vehicle Class

21. Type of Payment

22. Contract per Lessee

23. Replenishment Conditions

24. Amortisation

25. Priority of Payments

26 . Transaction Costs

27. Ratings

28. Swap Counterparty Data

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 1 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

1. Contact Information Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Transaction Party:

Issuer: BAVARIAN SKY S.A., ACTING IN RESPECT OF ITS COMPARTMENT 3

9B, Boulevard Prince Henri

L-1724 Luxembourg

Luxembourg

SFM Directors

[email protected]

+352 2020 4100

Corporate Administrator: STRUCTURED FINANCE MANAGEMENT (LUXEMBOURG)

9B, Boulevard Prince Henri

L-1724 Luxembourg

Luxembourg

SFM Directors Martijn Damste Christie Cleuet/Tania Ramos

[email protected] [email protected] [email protected]

+352 2020 4100 +352 2020 4133 [email protected]

+352 2020 4125/4126 (Fax) +352 2020 4131 / 4134

Originator / Servicer: BMW BANK GMBH

Heidemannstrasse 164

80939 Munich

Germany

Dietrich, Daniel Demmer, Lucia Treasury

[email protected] [email protected] [email protected]

+ 49 89 3484 2876 + 49 89 3184 2849

Paying Agent / Calculation Agent / Interest BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH

Determination Agent: 33, rue de Gasperich,

Howald - Hesperange

L - 2085 Luxembourg

Emmanuel Gerard Alain Hammann Fax:

[email protected] [email protected] +352 2696 9757 (Paying/Interest Det. Agent)

+352 2696 2782 +352 2696 62947 +352 2696 9758 (Calculation Agent)

Issuer Account Bank / Data Trustee BNP PARIBAS SECURITIES SERVICES, FRANKFURT BRANCH

Europa-Allee 12

D-60327 Frankfurt am Main

GermanyFrank [email protected]+49 69 1520 5666 (Phone) / +49 69 1520 5277 (Fax)

Trustee: BNP PARIBAS TRUST CORPORATION UK LIMITED55 Moorgate London EC2R 6PA United KingdomJo Faragher Dipesh [email protected] [email protected] [email protected]+44 20 7595 3398 +44 20 7595 3558 +44 20 7595 5078 (Fax)

Swap Counterparty: DZ BANK AG DEUTSCHE ZENTRAL-GENOSSENSCHAFTSBANKPlatz der Republik60265 [email protected]

Rating Agencies: Fitch Deutschland GmbH, Taunusanlage 1760325 [email protected]

Standard & Poor’s Credit Market Services Europe LimitedAttn: European ABS Surveillance20 Canada SquareCanary WharfLondon, United Kingdom E14 [email protected]

DBRS Inc.140 BroadwayNew York, NY [email protected]

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 2 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

2. Reporting Contact Details Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Contact for Servicer Report (Portfolio related information in Investor Report)

Contact for Investor Report BMW BANK GMBH

Heidemannstrasse 164

80939 Munich

Germany

Dietrich, Daniel Demmer, Lucia Treasury

[email protected] [email protected] [email protected]

+ 49 89 3484 2876 + 49 89 3184 2849

Calculation Agent: BNP PARIBAS SECURITIES SERVICES, LUXEMBOURG BRANCH

(acting in the role of Calculation Agent)

33, rue de Gasperich,

Howald - Hesperange

L - 2085 Luxembourg

Emmanuel Gerard Alain Hammann

[email protected] [email protected]

+352 2696 2782 +352 2696 62947

Fax +352 2696 9758

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 3 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

3. Counterparty History Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Replacement Party to be added if applicable

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 4 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

4. Overview Dates Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Cut-Off Date: 30.06.2012 Revolving Period End Date (excluding): 15.08.2013

Issue Date 18.07.2012 Legal Maturity Date: 15.07.2020

Reporting Date 11.02.2013

Investor Reporting Date: 13.02.2013

Interest Determination Date 11.01.2013

Reporting Frequency: monthly

Monthly Period No.: 7 (since Issue Date)

Payment Date: 15.02.2013

Next Payment Date 15.03.2013

Monthly Period: 01.01.2013 until 31.01.2013

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 5 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

5. Deal Level Tests & Trigger Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Outstanding receivables in EUR

"Early Amortisation Event" means the occurrence of any of the following event during the Revolving

Period: Trigger Value Actual Value Trigger Breached

(a)                 as of any Cut-Off Date, the Cumulative Net Loss Ratio exceeds 0,40% 0,04% no

(b)                 the occurrence of an Enforcement Event; yes no no

(c)                 on two consecutive Cut-Off Dates, the amount deposited in the Replenishment

Fund exceeds 10% of the Aggregate Discounted Lease Balance; 10% 0,00% no

(d)                 if after application of the Available Distribution Amount in accordance with the Pre-

Enforcement Priority of Payments on the Reporting Date of the immediately following Payment

Date, the Replenishment Fund under item eight would be lower than the Replenishment

Available Amount; yes no no

(e)                 the Swap Agreement has been terminated; or yes no no

(f)                  the occurrence of a Servicer Termination Event; or yes no no

(g)                  an Insolvency Event has occurred to the Seller or Servicer; yes no no

Page 6 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

6. Portfolio Information Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

current period previous period

Outstanding receivables in EURAggregate discounted

lease balance

Aggregate discounted

lease balance

Beginning of period in EUR 799.999.494,99 799.999.691,81

Scheduled principal payments in EUR 39.469.953,02 38.095.942,89

Prepayments* principal in EUR 1.879.968,04 1.913.840,68

Prepayments* number of contracts 404 379

Repurchases* principal in EUR 1.876.286,03 1.448.105,13

Repurchases* number of contracts 240 185

Total principal collections in EUR 43.226.207,09 41.457.888,70

Total interest collections in EUR 2.650.086,61 2.643.943,72

Defaulted Amounts in EUR 91.150,40 81.305,58

Pro Rata Share of any recovery proceeds 158.352,55 128.036,85

Additional Lease Receivables amount in EUR 43.317.120,64 41.538.997,46

End of Period in EUR 799.999.258,14 799.999.494,99

Current prepayment rate (annualised) in % 5,63% 5,04%

* Prepayments are defined as all contracts that are repurchases due to early settlement and repurchases are defined as all contracts that are repurchased due to modification of contract.

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 7 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

7. Cash Reserve / Replenishment Fund Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Aggregate outstanding notes balance

Initial outstanding notes balance in EUR 800.000.000,00

Cash reserve in % in EUR

Outstanding cash reserve beginning of period 5,50% 44.000.000,00

Interest on cash reserve - previous period -

Required cash reserve 44.000.000,00

Outstanding cash reserve end of period 44.000.000,00

Replenishment fund in EUR

Outstanding replenishment fund beginning of period 505,01

Interest on replenishment fund - previous period -

Additional Lease Receivables 43.317.120,64

Outstanding replenishment fund end of period 741,86

Indemnity & Commingling Reserve in EUR

Outstanding indemnity reserve end of period 4.000.000,00

Set Off Risk Reserve -

Outstanding commingling reserve end of period 89.978.126,12

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 8 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

8. Performance Data Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Aggregate outstanding notes balance

Beginning of period in EUR 800.000.000,00

End of period in EUR 800.000.000,00

Ratios in EUR

current ratio /

3-MRA*

3-MRA* 31- 60 days past due n/a

31- 60 days past due period before previous period 1.166.050,25 0,15%

31- 60 days past due previous period 1.285.779,14 0,16%

31- 60 days past due current period 1.259.191,84 0,16%

3-MRA* 61- 90 days past due n/a

61- 90 days past due period before previous period 756.103,42 0,09%

61- 90 days past due previous period 715.475,99 0,09%

61- 90 days past due current period 792.496,32 0,10%

Cumulative net loss ratio Current ratio Trigger

Jul 2012 - Jan 2013 0,03% 0,40%

Feb 2013 - Jul 2013 n/a 0,80%

Set Off Risk Current ratio Trigger **

Jul 2012 - Final Legal Maturity Date 0,00% 1,00%

Performance data

Number of contracts being 31 - 60 days delinquent 137

Number of contracts being 61 - 90 days delinquent 78

Balance in EUR of contracts being 31 - 60 days delinquent 1.259.191,84

Balance in EUR of contracts being 61 - 90 days delinquent 792.496,32

Defaulted amounts in EUR 91.150,40

Cumulative defaulted amounts in EUR 393.545,23

Recoveries in EUR -

Cumulative recoveries in EUR 46.162,68

* 3-MRA stands for three months rolling average

No

Trigger breach

No

Trigger breach

No

** Breach of this trigger in conjunction of any other event as set out in 13.3 of the Servicing Agreement will oblige BMW Bank GmbH to post additional cash collateral equal to the potential set-off risk. The Set-Off Risk Reserve will be adjusted on a monthly basis and shall be deposited in the Issuer Account-C3 and is exclusively reserved to cover set-off risks.

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 9 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Collection Period

Number of Defaulted

Agreements in

Collection Period

Defaulted Amount in

Collection Period

Aggregate Defaulted Amount

since Initial Cut-Off Date

Purchased Amount of

New Receivables

Aggreagte Amount of

Purchased Receivables

Cumulative Net

Loss Ratio

Recovery Amount in

Collection Period

Cumulative Recovery

Amount

Cumulative Recovery

Rate

Jun 12 0 0 n/a n/a 799.999.252 799.999.252 n/a n/a n/a

Jul 12 1 0 0,00 0,00 33.750.708 833.749.959 0,00% 0,00 0,00

Aug 12 2 2 9.279,40 9.279,40 35.061.650 868.811.610 0,00% 0,00 0,00 0,00%

Sep 12 3 13 50.722,58 60.001,98 36.402.438 905.214.047 0,01% 0,00 0,00 0,00%

Okt 12 4 13 35.940,75 95.942,73 38.697.654 943.911.701 0,01% 5.785,65 5.785,65 6,03%

Nov 12 5 22 125.146,52 221.089,25 40.119.133 984.030.834 0,02% 40.377,03 46.162,68 20,88%

Dez 12 6 29 81.305,58 302.394,83 41.538.997 1.025.569.832 0,03% 0,00 46.162,68 15,27%

Jan 13 7 19 91.150,40 393.545,23 43.317.121 1.068.886.952 0,04% 0,00 46.162,68 11,73%

9. Defaulted Amount & Recovery Amount

(as at end of Monthly Period)

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 10 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

10. Outstanding Notes Balance Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

1. Note balance All notes Class A Class BInitial note information

ISIN code XS0789919767 XS0789930145

Currency EUR EUR

Legal final maturity Jul 2020 Jul 2020

Rating of Notes (DBRS/Fitch/S&P) AAA / AAA /AAA A (high)/ AA-/A+

Initial notes aggregate principal outstanding balance in EUR 800.000.000,00 769.600.000,00 30.400.000,00

Nominal amount per note in EUR 100.000,00 100.000,00

Initial number of notes per class in EUR 7.696 304

Current note information

Notes aggregate principal outstanding balance in EUR - BoP 800.000.000,00 769.600.000,00 30.400.000,00

Available distribution amount in EUR 89.876.798,71

Additional purchase price 43.317.120,64

Redemption per class in EUR 0,00 0,00

Redemption per note in EUR 0,00 0,00

Notes aggregate principal outstanding balance in EUR - EoP 800.000.000,00 769.600.000,00 30.400.000,00

Current pool factor 1,00 1,00

2. Payments to investor per note All notes Class A Class BInterest rate basis: 1-M Euribor / spread 0,111% 0,48% 1,23%

Day count fraction act/360 act/360

Interest days 31 days 31 days

Principal outstanding per note in EUR - BoP 100.000,00 100.000,00

Principal repayment per note in EUR 0,00 0,00

Principal outstanding per note in EUR - EoP 100.000,00 100.000,00

Interest payment per Note in EUR 50,89 115,48

3. Credit enhancement Initial period Initial CE Current period

Class A 769.600.000,00 9,30% 769.600.000,00

Class B 30.400.000,00 5,50% 30.400.000,00

Cash reserve 44.000.000,00 0,00% 44.000.000,00

4. Clean-Up Call OptionIf the aggregate discounted lease balance has been reduced to less than 10 % of the aggregate discounted lease balance at the last purchase date, the

seller will have the option under the lease receivables purchase Agreement to acquire all outstanding purchased leases receivables.

Aggregate discounted lease balance as at most recent purchase date

Clean-Up option exercisable

799.999.258,14

No

Current CE

9,30%

5,50%

0,00%

* Minimum retention of 5% (according to option (d) of paragraph 1 in § 122a CRD- first loss piece) by BMW Bank GmbH according to § 122a CRD. BMW Bank GmbH has confirmed to the Issuer that it continues to

provide the Subordinated Loan (funding the non-amortising cash reserve in full) to the Issuer as at the end of the Collection period to which this report relates.

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 11 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

11. Original aggregate lease balance Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group in EUR

original aggregate

lease balance

in EUR

original aggregate

lease balance

in percent of total

number

of contracts

number of contracts

in percent of total

0 - 5,000 1.348.136,81 0,12% 375 0,52%

5,000 - 10,000 71.702.274,11 6,16% 9.485 13,20%

10,000 - 15,000 239.387.365,41 20,56% 20.030 27,88%

15,000 - 20,000 335.690.168,97 28,84% 20.599 28,67%

20,000 - 25,000 251.850.569,16 21,63% 12.105 16,85%

25,000 - 30,000 128.508.347,17 11,04% 5.032 7,00%

30,000 - 35,000 83.866.900,94 7,20% 2.808 3,91%

35,000 - 40,000 33.719.406,26 2,90% 977 1,36%

40,000 - 45,000 11.414.978,69 0,98% 294 0,41%

45,000 - 50,000 4.292.742,37 0,37% 99 0,14%

50,000 - 55,000 1.002.211,52 0,09% 21 0,03%

55,000 - 60,000 632.757,93 0,05% 12 0,02% > 60,000 742.024,72 0,06% 10 0,01%

Total 1.164.157.884,06 100% 71.847 100%

WA: 16.203,29

Min: 1.064,27

Max: 95.856,48

Portfolio as of: 31. Jan. 13

group in EUR

original aggregate

lease balance

in EUR

original aggregate

lease balance

in percent of total

number

of contracts

number of contracts

in percent of total

0 - 5,000 3.360.907,51 0,23% 868 0,93%

5,000 - 10,000 141.343.880,29 9,67% 18.753 20,02%

10,000 - 15,000 308.789.378,40 21,12% 26.361 28,14%

15,000 - 20,000 361.612.325,24 24,73% 22.180 23,67%

20,000 - 25,000 273.709.713,65 18,72% 13.153 14,04%

25,000 - 30,000 154.755.498,59 10,58% 6.063 6,47%

30,000 - 35,000 97.954.422,65 6,70% 3.275 3,50%

35,000 - 40,000 53.676.687,95 3,67% 1.543 1,65%

40,000 - 45,000 28.294.641,89 1,93% 717 0,77%

45,000 - 50,000 16.551.466,65 1,13% 375 0,40%

50,000 - 55,000 8.766.490,53 0,60% 179 0,19%

55,000 - 60,000 5.207.136,82 0,36% 97 0,10%

> 60,000 8.275.567,32 0,57% 123 0,13%

Total 1.462.298.117,49 100% 93.687 100%

WA: 15.608,34

Min: 748,79

Max: 176.813,09

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 12 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

11.a Original aggregate lease balance (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

0

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

300.000.000

350.000.000

400.000.000

0 - 5,000

5,000 - 10,000

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 40,000

40,000 - 45,000

45,000 - 50,000

50,000 - 55,000

55,000 - 60,000

> 60,000

ori

gin

al ag

gre

gate

lease b

ala

nce

group in EUR

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 13 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

12. Current aggregate discounted lease balance Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

group in EUR

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

0 - 5,000 89.057.932,80 11,13% 34.360 36,42%

5,000 - 10,000 225.843.773,48 28,23% 30.845 32,69%

10,000 - 15,000 191.431.624,88 23,93% 15.688 16,63%

15,000 - 20,000 124.412.038,11 15,55% 7.284 7,72%

20,000 - 25,000 71.152.371,11 8,89% 3.232 3,43%

25,000 - 30,000 33.328.268,98 4,17% 1.219 1,29%

30,000 - 35,000 27.086.743,85 3,39% 842 0,89%

35,000 - 40,000 16.290.922,66 2,04% 437 0,46%

40,000 - 45,000 9.034.801,78 1,13% 214 0,23%

45,000 - 50,000 5.103.105,89 0,64% 108 0,11%

50,000 - 55,000 3.230.294,83 0,40% 62 0,07%

55,000 - 60,000 1.384.709,20 0,17% 24 0,03%

> 60,000 2.642.670,57 0,33% 37 0,04%

Total 799.999.258,14 100% 94.352 100%

WA: 8.414,76

Min: 64,73

Max: 159.829,65

*including 665 contracts that have been fully repaid in the current period

12.a. Loan to Value

Distribution by Original

LTV (%)

aggregate

discounted lease

balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

< 55 200.784,13 0,03% 59 0,06%

> 55 - 65 3.109.568,75 0,39% 823 0,87%

> 65 - 75 17.637.920,92 2,20% 3.923 4,16%> 75 - 85 65.882.360,65 8,24% 11.591 12,28%

> 85 - 95 119.997.727,79 15,00% 15.983 16,94%

> 95 - 105 593.146.682,27 74,14% 61.950 65,66%

> 105 24.213,63 0,00% 23 0,02%

Total 799.999.258,14 100% 94.352 100%

WA: 94,82%

Min: 40,14%

Max: 116,49%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 14 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

12.a Current aggregate discounted lease balance (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

0

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

0 - 5,000

5,000 - 10,000

10,000 - 15,000

15,000 - 20,000

20,000 - 25,000

25,000 - 30,000

30,000 - 35,000

35,000 - 40,000

40,000 - 45,000

45,000 - 50,000

50,000 - 55,000

55,000 - 60,000

> 60,000

Cu

rren

t ag

gre

gate

dis

co

un

ted

lease

group in EUR

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 15 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

13. Concentration by lessee Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

group in EUR

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

1 410.201,70 0,05% 61 0,06%

2 316.957,15 0,04% 31 0,03% 3 299.890,20 0,04% 40 0,04%

4 269.238,07 0,03% 39 0,04%

5 268.405,30 0,03% 25 0,03%

6 240.183,25 0,03% 24 0,03%

7 233.398,86 0,03% 15 0,02%

8 218.507,63 0,03% 61 0,06%

9 214.741,68 0,03% 25 0,03%

10 199.453,62 0,02% 50 0,05%11 191.007,59 0,02% 9 0,01%

12 189.499,60 0,02% 18 0,02%

13 184.628,22 0,02% 20 0,02%

14 183.207,88 0,02% 15 0,02%

15 182.552,92 0,02% 18 0,02%

16 181.377,05 0,02% 17 0,02%

17 174.272,34 0,02% 14 0,01%

18 163.100,67 0,02% 14 0,01%

19 161.441,53 0,02% 10 0,01%

20 159.829,65 0,02% 1 0,00%

Total 4.441.894,91 0,56% 507 0,54%

799.999.258,14Total Portfolio Balance

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 16 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

14. Geographical distribution Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

poste code area

aggregate discounted

lase balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

post code area 0 36.724.575,09 4,59% 3.409 4,74%

post code area 1 39.959.297,47 4,99% 3.728 5,19%

post code area 2 71.635.510,28 8,95% 6.442 8,97%post code area 3 69.076.896,89 8,63% 6.387 8,89%

post code area 4 95.240.214,84 11,91% 8.409 11,70%

post code area 5 89.861.014,90 11,23% 7.824 10,89%

post code area 6 104.215.763,23 13,03% 9.512 13,24%

post code area 7 97.418.526,98 12,18% 8.553 11,90%

post code area 8 120.759.912,70 15,10% 10.852 15,10%

post code area 9 75.107.539,30 9,39% 6.731 9,37%

total 799.999.251,68 100% 71.847 100%

Portfolio as of: 31. Jan. 13

poste code area

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

post code area 0 36.954.007,20 4,62% 4.496 4,77%

post code area 1 40.595.740,49 5,07% 5.029 5,33%

post code area 2 72.940.070,06 9,12% 8.545 9,06%

post code area 3 69.434.438,37 8,68% 8.499 9,01%

post code area 4 94.853.114,36 11,86% 10.942 11,60%post code area 5 88.481.081,23 11,06% 9.996 10,59%

post code area 6 103.954.448,03 12,99% 12.571 13,32%

post code area 7 97.772.743,33 12,22% 11.216 11,89%

post code area 8 121.371.038,25 15,17% 14.306 15,16%

post code area 9 73.642.576,82 9,21% 8.752 9,28%

total 799.999.258,14 100% 94.352 100%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 17 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

14.a Geographical distribution (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

0

20.000.000

40.000.000

60.000.000

80.000.000

100.000.000

120.000.000

140.000.000

post code area 0 post code area 1 post code area 2 post code area 3 post code area 4 post code area 5 post code area 6 post code area 7 post code area 8 post code area 9

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BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 18 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

15. Object type Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

car type

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

new cars** 723.811.038,16 90,48% 64.297 89,49%

used cars 76.188.213,52 9,52% 7.550 10,51%

total 799.999.251,68 100% 71.847 100%

** include, for the avoidance of doubt, demonstration cars

customer group

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

private individual 131.793.281,03 16,47% 17.586 24,48%

commercial 668.205.970,65 83,53% 54.261 75,52%

total 799.999.251,68 100% 71.847 100%

Portfolio as of: 31. Jan. 13

car type

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

new cars** 729.026.668,89 91,13% 84.519 89,58%

used cars 70.972.589,25 8,87% 9.833 10,42%

total 799.999.258,14 100% 94.352 100%

** include, for the avoidance of doubt, demonstration cars

customer group

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

private individual 140.531.801,48 17,57% 26.733 28,33%

commercial 659.467.456,66 82,43% 67.619 71,67%

total 799.999.258,14 100% 94.352 100%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 19 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

16. Delinquencies Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

days past due

aggregate

discounted lease

balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

1 - 30 - 0,00% - 0,00%

31 - 60 - 0,00% - 0,00%

61 - 90 - 0,00% - 0,00%

91 - 120 - 0,00% - 0,00%

> 120 - 0,00% - 0,00%

Total 0,00 0,00% 0 0,00%

Portfolio as of: 31. Jan. 13

days past due

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

1 - 30 3.609.740,29 0,45% 405 0,43%

31 - 60 1.259.191,84 0,16% 137 0,15%

61 - 90 792.496,32 0,10% 78 0,08%

91 - 120 309.431,58 0,04% 40 0,04%

> 120 782.642,70 0,10% 157 0,17%

Total 6.753.502,73 0,84% 817 0,87%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 20 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

16.a Delinquencies Analysis Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Performing Delinquencies

31-60 days past due 61-90 days past due 91-120 days past due >120 days past due

in EUR in EUR in EUR in EURJul 12 799.999.728 0 0 0 0

Aug 12 799.155.837 843.890 0 0 0

Sep 12 798.377.931 1.160.910 461.127 0 0

Okt 12 797.977.452 1.131.487 582.102 306.721 1.480

Nov 12 797.570.999 1.166.050 756.103 284.046 222.493

Dez 12 796.999.951 1.285.779 715.476 574.805 423.484

Jan 13 796.855.496 1.259.192 792.496 309.432 782.643

Monthly Periodin EUR

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 21 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

17. Seasoning Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

in months

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

<= 6 285.125.124,22 35,64% 15.642 21,77%

> 6 - <= 12 277.725.094,88 34,72% 20.344 28,32%> 12 - <= 24 223.416.153,00 27,93% 29.676 41,30%

> 24 - <= 36 13.358.982,29 1,67% 6.044 8,41%

> 36 - <= 42 238.398,09 0,03% 89 0,12%

> 42 - <= 48 80.920,09 0,01% 28 0,04%

> 48 - <= 53 54.579,11 0,01% 24 0,03%

> 53 - 0,00% - 0,00%

Total 799.999.251,68 100% 71.847 100%

WA Seasoning Term: 9,55

Min: 1,00Max: 52,00

Portfolio as of: 31. Jan. 13

group

in months

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

<= 6 122.849.596,07 15,36% 6.208 6,58%

> 6 - <= 12 257.460.380,58 32,18% 19.385 20,55%

> 12 - <= 24 359.130.670,85 44,89% 45.057 47,75%

> 24 - <= 36 60.044.581,12 7,51% 23.401 24,80%

> 36 - <= 42 278.597,67 0,03% 123 0,13%> 42 - <= 48 170.044,82 0,02% 117 0,12%

> 48 - <= 53 28.638,62 0,00% 20 0,02%

> 53 36.748,41 0,00% 41 0,04%

Total 799.999.258,14 100% 94.352 100%

WA Seasoning Term: 13,58

Min: 1,00

Max: 59,00

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 22 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

17.a Seasoning (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

-

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

300.000.000

350.000.000

400.000.000

<= 6 > 6 - <= 12 > 12 - <= 24 > 24 - <= 36 > 36 - <= 42 > 42 - <= 48 > 48 - <= 53 > 53

Ag

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Seasoning in months

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 23 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

18. Remaining term Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

in months

aggregate discounted

lease balance

in EUR

aggregate discounted

lease balance

in percent of total

number

of contracts

number of contracts

in percent of total

<= 6 291.781,71 0,04% 241 0,34%

> 6 - <= 12 19.595.049,36 2,45% 8.458 11,77%

> 12 - <= 24 250.913.923,33 31,36% 31.912 44,42%> 24 - <= 36 487.139.652,03 60,89% 29.593 41,19%

> 36 - <= 42 17.004.903,23 2,13% 744 1,04%

> 42 - <= 48 15.833.186,98 1,98% 587 0,82%

> 48 - <= 53 5.268.587,99 0,66% 193 0,27%

> 53 3.952.167,05 0,49% 119 0,17%

Total 799.999.251,68 100% 71.847 100%

WA Remaining Term 27,30

Min 6,00

Max 59,00

Portfolio as of: 31. Jan. 13

group

in months

current aggregate

discounted lease balance

in EUR

current aggregate

discounted lease balance

in percent of total

number

of contracts*

number of contracts

in percent of total

<= 6 8.905.175,05 1,11% 9.912 10,51%

> 6 - <= 12 57.765.852,96 7,22% 17.575 18,63%

> 12 - <= 24 370.045.139,87 46,26% 44.485 47,15%

> 24 - <= 36 334.792.817,32 41,85% 21.164 22,43%

> 36 - <= 42 16.243.285,93 2,03% 752 0,80%

> 42 - <= 48 7.786.422,06 0,97% 304 0,32%> 48 - <= 53 3.218.309,99 0,40% 125 0,13%

> 53 1.242.254,96 0,16% 35 0,04%

Total 799.999.258,14 100% 94.352 100%

WA Remaining Term 23,19

Min 1,00

Max 59,00

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 24 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

18.a Remaining term (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

-

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

300.000.000

350.000.000

400.000.000

<= 6 > 6 - <= 12 > 12 - <= 24 > 24 - <= 36 > 36 - <= 42 > 42 - <= 48 > 48 - <= 53 > 53

Ag

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Remaining term in months

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 25 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

19. Original term Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

in months

aggregate discounted

lease balance

in EUR

aggregate discounted

lease balance

in percent of total

number

of contracts

number of contracts

in percent of total

<= 6 - 0,00% - 0,00%

> 6 - <= 12 243.671,35 0,03% 129 0,18%

> 12 - <= 24 17.177.118,35 2,15% 2.965 4,13%> 24 - <= 36 717.454.920,71 89,68% 65.258 90,83%

> 36 - <= 42 1.532.868,21 0,19% 112 0,16%

> 42 - <= 48 48.062.603,03 6,01% 2.705 3,76%

> 48 - <= 53 351.900,02 0,04% 14 0,02%

> 53 15.176.170,01 1,90% 664 0,92%

Total 799.999.251,68 100% 71.847 100%

WA Original Term 36,85

Min: 9,00

Max: 60,00

Portfolio as of: 31. Jan. 13

group

in months

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

<= 6 - 0,00% - 0,00%

> 6 - <= 12 415.531,14 0,05% 216 0,23%

> 12 - <= 24 23.259.806,08 2,91% 4.630 4,91%

> 24 - <= 36 709.834.110,59 88,73% 84.925 90,01%

> 36 - <= 42 1.904.601,49 0,24% 169 0,18%

> 42 - <= 48 47.283.182,66 5,91% 3.459 3,67%> 48 - <= 53 287.074,19 0,04% 18 0,02%

> 53 17.014.951,99 2,13% 935 0,99%

Total 799.999.258,14 100% 94.352 100%

WA Original Term 36,77

Min: 9,00

Max: 60,00

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 26 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

19.a Original term (graph) Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

-

100.000.000

200.000.000

300.000.000

400.000.000

500.000.000

600.000.000

700.000.000

800.000.000

<= 6 > 6 - <= 12 > 12 - <= 24 > 24 - <= 36 > 36 - <= 42 > 42 - <= 48 > 48 - <= 53 > 53

Ag

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Original term in months

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 27 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

20. Vehicle class Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

BMW 1 series 72.837.066,27 9,10% 11.173 15,55%

BMW 3 series 176.785.417,25 22,10% 17.369 24,17%BMW 5 series 229.547.100,64 28,69% 15.804 22,00%

BMW 6 series 6.871.282,24 0,86% 314 0,44%

BMW 7 series 26.378.542,17 3,30% 1.633 2,27%

Mini 42.452.992,91 5,31% 6.821 9,49%

X - model 226.850.624,06 28,36% 16.989 23,65%

Z - model 15.046.289,60 1,88% 1.440 2,00%

others (incl. Motorcycles) 3.229.936,54 0,40% 304 0,42%

Total 799.999.251,68 100% 71.847 100%

Portfolio as of: 31. Jan. 13

group

current aggregate

discounted lease balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

BMW 1 series 79.278.471,54 9,91% 17.120 18,14%

BMW 3 series 157.541.628,89 19,69% 21.345 22,62%

BMW 5 series 221.622.964,78 27,70% 18.861 19,99%

BMW 6 series 17.687.913,43 2,21% 652 0,69%BMW 7 series 36.936.425,14 4,62% 2.276 2,41%

Mini 48.068.957,18 6,01% 11.075 11,74%

X - model 221.634.092,17 27,70% 20.860 22,11%

Z - model 12.962.045,08 1,62% 1.703 1,80%

others (incl. Motorcycles) 4.266.759,93 0,53% 460 0,49%

Total 799.999.258,14 100% 94.352 100%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 28 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

21. Distribution by type of payment Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

Direct debit 794.539.735,63 99,32% 71.367 99,33%

Self payment 5.459.516,05 0,68% 480 0,67%

Total 799.999.251,68 100% 71.847 100%

Portfolio as of: 31. Jan. 13

group

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

Direct debit 792.177.465,50 99,02% 93.472 99,07%

Self payment 7.821.792,64 0,98% 880 0,93%

Total 799.999.258,14 100% 94.352 100%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 29 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

22. Distribution of contracts per Lessee Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio

group

aggregate discounted

lease balance

in EUR

aggregate

discounted lease

balance

in percent of total

number

of contracts

number of contracts

in percent of total

1 621.325.999,55 77,67% 57.226 79,65%

2-4 143.837.156,92 17,98% 11.423 15,90%5-7 19.702.629,03 2,46% 1.633 2,27%

8-10 6.340.204,32 0,79% 613 0,85%

>10 8.793.261,86 1,10% 952 1,33%

Total 799.999.251,68 100% 71.847 100%

Portfolio as of: 31. Jan. 13

group

current aggregate

discounted lease

balance

in EUR

current aggregate

discounted lease

balance

in percent of total

number

of contracts*

number of contracts

in percent of total

1 609.591.188,10 76,20% 74.554 79,02%

2-4 152.623.909,36 19,08% 15.186 16,10%

5-7 19.804.845,87 2,48% 2.165 2,29%

8-10 8.414.255,26 1,05% 959 1,02%>10 9.565.059,55 1,20% 1.488 1,58%

Total 799.999.258,14 100% 94.352 100%

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 30 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

23.Replenishment Conditions Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Vehicle Type ConditionAggregate Discounted

Lease Balance

Percentage of Aggregate

Discounted Lease Balance

Limit of Aggregate

Discounted Lease BalanceCondition met: Yes/no

New Vehicles (incl demonstration cars) 729.026.668,89 91,13% >= 82% yes

Client Type ConditionAggregate Discounted

Lease Balance

Percentage of Aggregate

Discounted Lease Balance

Limit of Aggregate

Discounted Lease BalanceCondition met: Yes/no

Privat 140.531.801,48 17,57% >= 10% yes

Brand ConditionAggregate Discounted

Lease Balance

Percentage of Aggregate

Discounted Lease Balance

Limit of Aggregate

Discounted Lease BalanceCondition met: Yes/no

non-BMW brands and non-MINI brands 4.266.759,93 0,53% <= 5% yes

Lessee ConditionAggregate Discounted

Lease Balance

Percentage of Aggregate

Discounted Lease Balance

Limit of Aggregate

Discounted Lease BalanceCondition met: Yes/no

Single Lessee Limit 410.201,70 0,05% <= €1,500,000 yes

Remaining Maturity ConditionAggregate Discounted

Lease Balance

Percentage of Aggregate

Discounted Lease Balance

Limit of Aggregate

Discounted Lease BalanceCondition met: Yes/no

>= 37 months 16.243.285,93 2,03% <= 30% yes

>= 43 months 7.786.422,06 0,97% <= 28% yes

>= 49 and <= 53 months 3.218.309,99 0,40% <= 17% yes

>= 54 months 1.242.254,96 0,16% <= 12% yes

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 31 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

24. Amortisation M onthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Initial Portfolio Current Portfolio

period

principal balance

in EUR period

principal balance

in EUR

Reduction

in EUR 799.999.251,68 799.999.258,14

1 768.496.523,27 1 759.015.584,64 40.983.673,50

2 736.889.311,19 2 718.603.926,86 40.411.657,78

3 705.177.270,45 3 678.364.413,88 40.239.512,98

4 673.360.051,81 4 638.417.767,22 39.946.646,66

5 641.437.304,38 5 598.882.837,51 39.534.929,71

6 609.408.692,42 6 559.867.882,99 39.014.954,52

7 577.390.181,06 7 521.194.843,65 38.673.039,34

8 545.425.275,62 8 483.276.332,84 37.918.510,81

9 513.594.707,10 9 446.170.430,05 37.105.902,79

, 10 481.965.248,84 10 410.088.562,56 36.081.867,49

11 450.623.413,37 11 375.768.215,15 34.320.347,41

12 419.677.391,90 12 342.090.263,80 33.677.951,35

13 389.211.515,51 13 309.261.033,06 32.829.230,74

14 359.062.733,66 14 278.174.193,77 31.086.839,29

15 329.604.971,46 15 248.567.289,30 29.606.904,47

16 300.889.267,27 16 220.643.958,67 27.923.330,63

17 273.121.889,50 17 194.626.025,55 26.017.933,12

18 246.958.580,69 18 170.087.395,10 24.538.630,45

19 221.387.443,33 19 146.819.362,69 23.268.032,41

20 196.586.904,27 20 125.852.169,68 20.967.193,01

21 173.365.394,69 21 106.621.970,80 19.230.198,88

22 151.490.903,94 22 89.429.317,23 17.192.653,57

23 131.133.114,21 23 74.823.919,24 14.605.397,99

24 112.420.610,08 24 60.989.336,88 13.834.582,36

25 95.018.725,37 25 48.321.071,96 12.668.264,92

26 78.710.354,65 26 38.694.633,29 9.626.438,67

27 64.371.700,66 27 30.971.940,27 7.722.693,02

28 51.580.716,92 28 24.680.164,75 6.291.775,52

29 40.614.062,08 29 19.622.224,67 5.057.940,08

30 31.888.769,96 30 15.139.756,96 4.482.467,71

31 23.869.515,00 31 11.592.711,50 3.547.045,46

32 16.904.152,84 32 9.240.537,12 2.352.174,38

33 12.648.642,30 33 7.226.358,35 2.014.178,77

34 10.094.748,67 34 5.603.938,63 1.622.419,72

35 8.801.058,16 35 4.802.180,59 801.758,04

36 7.744.993,88 36 4.046.688,75 755.491,84

37 6.758.548,03 37 3.356.423,77 690.264,98

38 5.839.465,08 38 2.781.341,57 575.082,20

39 5.009.795,06 39 2.305.865,71 475.475,86

39 4.253.920,09 40 1.920.727,93 385.137,78

39 3.588.077,27 41 1.588.673,63 332.054,30

42 3.004.140,51 42 1.294.113,44 294.560,19

43 2.460.200,72 43 1.041.899,49 252.213,95

44 1.975.852,60 44 841.864,19 200.035,30

45 1.590.696,75 45 671.237,49 170.626,70

46 1.295.061,28 46 530.423,33 140.814,16

47 1.079.631,27 47 417.265,53 113.157,80

48 884.232,35 48 314.589,76 102.675,77

49 707.458,26 49 225.507,55 89.082,21

50 547.420,71 50 157.916,22 67.591,33

51 416.798,65 51 109.782,92 48.133,30

52 308.461,98 52 76.415,14 33.367,78

53 222.735,77 53 50.032,85 26.382,29

54 153.616,76 54 28.702,81 21.330,04

55 93.960,49 55 15.294,58 13.408,23

56 44.900,01 56 8.548,85 6.745,73

57 13.495,49 57 3.763,89 4.784,96

58 - 58 - 3.763,89

59 - 59 -

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 32 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

25. Priority of Payments Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Priority of Payments*

Available Distribution Amount + 89.876.798,71

Taxes - 0,00

Trustee Payment - 0,00

Senior Expenses - 31.029,44

Swap Net Payment - 176.866,66

Class A Interest - 391.649,44

Class B Interest - 35.105,92

Cash Reserve - 44.000.000,00

Replenishment Amount - 43.317.120,64

Principal Class A - 0,00 Principal Class B - 0,00

Swap Termination Event - 0,00

Subordinated Loan Interest - 55.355,67

Subordinated Loan Principal - 0,00

Seller - 1.868.929,08

*all Amounts in EUR

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 33 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

26. Transaction costs Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Transaction Costs Class A Class B Subordinated Loan Total

Senior Expenses 31.029,44

Interest accrued for the Period in EUR 391.649,44 35.105,92 55.355,67 482.111,03

Interest payments for the Period in EUR 391.649,44 35.105,92 55.355,67 482.111,03

Cumulative Interest Payments in EUR 2.744.778,40 242.686,24 382.349,01 3.369.813,65

Unpaid Interest for the Period in EUR 0,00 0,00 0,00 0,00

Cumulative Unpaid Interest in EUR 0,00 0,00 0,00 0,00

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 34 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

27. Ratings Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Fitch DBRS S&P

Notes - current ratings

Class A AAA AAA AAA

Class B AA- A(high) A+

Fitch DBRS S&P Trigger breached

Transaction Parties - current ratings

BMW AG long term n/a n/a A no

short term n/a n/a A-1 no

Paying Agent / Interest Determination Agent: BNP Paribas Securities Services (Lux. Branch) long term A+ n/a AA- no

short term F1+ n/a A-1+ no

Issuer Account Bank / Data Trustee: BNP Paribas Securities Services (Frankfurt Branch) long term A+ n/a AA- no

short term F1+ n/a A-1+ no

Swap Provider: DZ Bank AG long term A+ n/a AA- no

short term F1+ n/a A-1+ no

Fitch DBRS S&P

Transaction Parties - required ratings

BMW AG long term n/a n/a BBB+

short term n/a n/a A-2

Paying Agent / Interest Determination Agent: BNP Paribas Securities Services (Lux. Branch) long term A A A+

short term F1 R1 A-1

Issuer Account Bank / Data Trustee: BNP Paribas Securities Services (Frankfurt Branch) long term A A A+

short term F1 R1 A-1

Swap Provider: DZ BANK AG long term A A n/a

short term F1 R1 A-1

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 35 of 36

Bavarian Sky S.A., Compartment 3 Reporting Date 11. Feb. 13

Monthly Investor Report Payment Date 15. Feb. 13

Period No 7

28. Swap counterparty data Monthly Period Jan 2013

Interest Period from 15. Jan. 13 to 15. Feb. 13 = 31 days

Swap counterparty data

Swap counterparty provider DZ Bank AG

Swap termination event no

Swap data

Swap type

Notional amount in EUR 800.000.000,00

Fixed rate 0,38%

Floating rate (Euribor) 0,11%

Net swap payments (- from SPV / + to SPV) in EUR -176.866,66

Fixed floating interest rate swap

BMW Financial Services

Heidemannstrasse 164

80939 Munich

Germany Page 36 of 36