From the E34 M5 egroup:
"..To increase filling ratio, the inlet cooling can be optimized. Cooler air
results in more dense air and that leads to more pony's. Nowak does that to
the E39 M5 and that yields an extra 20-25 ponys. Another restriction to the
E39 M5 is that it uses the exhaust manifolds of the 4.4 ltr. Nowak and Hartge have develloped their own exhaust manifolds and that leads to an extra 50hp."
This was posted in response to an inquiry from an E34 owner about modifications. The poster, Raymond W., lives in Europe. I thought the exhaust manifold information was interesting.