On the link to the Pistonheads "build your own M4" competition, there was sports exhaust optional. That was an official cooperation with BMW and they had their own microsite with BMW configurator.
So, from that it seems like there absolutely will be a Sports Exhaust.
BTW, it could be had with different exhaust tips in that configurator, one of the options was the carbon fibre that was seen on the Pebble Beach concept.
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