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the older m3's have the cutouts with a cover on them. i don't know if the newer ones have the cover or if it was never cut out. but i've never seen an m3 that didn't have the duct hole in the fender liner.
its possible you had your fender liner replaced with one that didn't have the brake duct cut out.
on the e39m5, you had to cut your own holes in the fender liner and install the factory ducts to route the air properly.
here's pics of my old 03..
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