This is the hanger used to mount the center exhaust section to the body of the car. Since exhaust systems are usually pretty heavy, the rubber mounts wear easily. Worn hangers will cause the exhaust to shift around too much and may bang, clunk, or vibrate. A Genuine BMW part. Most cars take two.
BMW Fitments:
3 Series
E46 (99-05) > M3
3 Series
E90 / E91 / E92 / E93 (06-13) > M3
5 Series
E39 (97-03) > M5 (00-03)
5 Series
E60 / E61 (04-10) > M5
5 Series
F10 / F11 (11-16) > M5 (2013-2016)
6 Series
E63 / E64 (04-10) > M6
6 Series
F12 / F13 (12-18) > M6
Z Series
E52 Z8 (00-03) > Z8 Roadster (2000-2003)
Z Series
E85 / E86 Z4 (03-08) > Z4 M