This part is listed by BMW as BMW part number 51718159426 (51 71 8 159 426) and is described as Spoiler Splash Panel, Right side (passenger side on US / left hand drive models), as used on the E39 5 series. This black plastic undertray piece was used on all standard / non-M style (stock) bumpers. You'll find this piece on all E39 5 Series for the 1997, 1998, 1999, 2001, 2002, and 2003 model years. It is an important piece as it helps integrate the front bumper cover, connecting to the edge of the wheel well splash panel, and extending to meet the lower engine cover, at the driver's side.
Not for cars with M Sport / M Aerodynamics package. If your car has an M5 style bumper, this isn't the correct splash panel piece, as this is just for the standard style bumper (the most common E39 bumper).
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BMW Fitments:
5 Series
E39 (97-03) > 525i
E39 (97-03) > 528i 97-98
E39 (97-03) > 528i 99-00
E39 (97-03) > 530i
E39 (97-03) > 540i