This part is listed by BMW as BMW part number 11721707619 (11-72-1-707-619) and is described as Control Valve for Secondary Air Injection on E39 540i (1999, 2000, 2001, 2002, 2003) and E38 740i/740iL (1999-2001).
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BMW Fitments:
5 Series
E39 (97-03) > 540i
7 Series
E38 (95-01) > 740i
E38 (95-01) > 740iL