[cn90]

Step #19 here shows you how to do it:
http://www.bimmerboard.com/forums/posts/199986

The leak is from rubber hose getting old and not so much from Oetiker.

Cut the rubber hose a bit, then use a screw-type clamp, any brand is fine.

 

[cn90]

Whatever you do, "Green" is low pressure, "Red" is high pressure:

Another view of the Low Pressure Hose, for this "Green" Hose, use any Trans Hose designed for ATF and screw-type clamp. If you use generic hose, then make sure it does not touch anything else (such as drive belts, or alternator pulley).
The High Pressure Hoses (Red Arrow) are crimped type with banjo connection and are designed for HIGH pressure:

 

[cn90]

Once the Air Filter Housing is out, the rest is like a walk in the park:

 

[cn90]

Hey guys. I'm about to start working on the same thing. I'm going to guess that there is going to be a lot of fluid lost when disconnecting the hoses and replacing with new hose clamps. Is there a DIY procedure for adding the new ATF? Do you have to drain all of the fluid? If so, where do you drain from and how much fluid will I need to refill the system? Is it just a fill and go or does it require anything else?

If you replace the LOW pressure hose, then this is the procedure:
1. Remove Plastic Splash shield under the car (8-mm sockets)
2. Locate the PS Hose (the low pressure hose), cut the factory clamp and drain fluid into a container. About 0.5 qts will come out.
3. Remove Air Filter/Air Mass Housing, it will require some wiggling but it will come out (see pic above).
4. Replace Hose.
5. Fill PS Reservoir with fresh ATF (Dexron-III or Mobil1 ATF).
6. Start the engine and check for leaks.
7. To bleed air out, turn Steering Wheel completely R and completely L a few times so any bubble in the system comes up to the reservoir.
8. Stop the engine and check PS fluid level again.

You are done!