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What does the horseshoe warning signal with a exclamation point in middle mean 2006 BMW x5?

Brake Pad Wear Indicator

The horseshoe-shaped warning light with an exclamation point in the center indicates that one or more of the brake pads are worn and need to be replaced. Continue to drive with worn brake pads can cause the rotors to be damaged and increase your risk of an accident. It is recommended to have your brake pads inspected and replaced as soon as possible.