Sixt SE

Interim / Quarterly Report • Aug 20, 2008

1. Summary	2
2. Interim Group Management Report	3
2.1 General Developments in the Group	3
2.2 Vehicle Rental Business Unit	4
2.3 Leasing Business Unit	6
2.4 Sixt Shares	7
2.5 Opportunities and Risks	8
2.6 Report on Post-Balance Sheet Date Events	9
2.7 Outlook	10
3. Results of Operations, Net Assets and Financial Position	10
3.1 Results of Operations	10
3.2 Net Assets	12
3.3 Financial Position	13
3.4 Liquidity Position	13
3.5 Investments	14
3.6 Employees	14
4. Interim Consolidated Financial Statements as at 30 June 2008	15
4.1 Consolidated Income Statement	15
4.2 Consolidated Balance Sheet	16
4.3 Consolidated Statement of Changes in Equity	17
4.4 Consolidated Cash Flow Statement	18
5. Other Information about the Group (Notes)	19
5.1 Basis of Accounting	19
5.2 Basis of Consolidation	19
5.3 Explanations of Selected Items of the Consolidated Income Statement	20
5.4 Explanations of Selected Items of the Consolidated Balance Sheet	22
5.5 Group Segment Reporting	25
5.6 Explanations on the Consolidated Cash Flow Statement	26
5.7 Contingent Liabilities	26
5.8 Related Party Disclosures	26

1. Summary

• Consolidated operating revenue up 13.6% to EUR 737.3 million
• Growth exceeds market average in both business units in the first half of 2008
• Dynamic growth continues in other European countries
• Higher fleet costs and net finance costs main factors weighing on earnings
• EBIT up 9.3% to EUR 91.7 million
• H1 consolidated profit after minority interests up 1.9% to EUR 44.9 million
• Earnings per share slightly above previous year at EUR 1.79
• Revenue target for the full-year 2008 confirmed, earnings target revised in line with more difficult general conditions

In the first six months of 2008, the operating performance of Sixt Aktiengesellschaft, Germany's largest car rental company and one of Europe's leading mobility services providers, was satisfactory overall, even though the economy has lost some of its momentum. The Group continued on its growth path in both of its business units, Vehicle Rental and Leasing, achieving growth rates above the average of the relevant sectors. Consolidated operating revenue increased to EUR 737.3 million in the first six months, a year-on-year increase of 13.6%.

Earnings, by contrast, were weighed down by a rise in fleet costs, which could not be offset by higher rental prices, as had originally been expected, and by an increase in net finance costs. Moreover, the very strong first half of 2007 had included additional proceeds from real estate sales and higher net income year-on-year from the fair value measurement of derivatives used to hedge interest rates. Against this background, consolidated earnings before net finance costs and taxes (EBIT) rose by 9.3% in the first six months, although consolidated profit before taxes (EBT) declined by 6.9%. By contrast, consolidated profit for the period after minority interests rose by 1.9%, reaching another record of EUR 44.9 million.

In an environment that remains characterised by intense competition in vehicle rentals, which precludes price increases in the short term, and significant amplification of economic risks in Sixt's key markets and sectors, the Managing Board continues to expect consolidated operating revenue to rise in full-year 2008. From today's perspective, consolidated EBT is expected to reach a figure of around EUR 115 to 125 million.

2. Interim Group Management Report

2.1 General Developments in the Group

Total consolidated revenue for the Sixt Group reached EUR 854.6 million in the first six months of 2008, a significant increase of 14.7% over the same period of 2007 (EUR 745.2 million).

Consolidated operating revenue from rental and leasing business (excluding revenue from the sale of used leasing vehicles), which best reflects Sixt's business development, was EUR 737.3 million in the first half of 2008, 13.6% more than the EUR 649.0 million recorded in the prior-year period.

This dynamic growth in business is attributable to both business units, Vehicle Rental and Leasing. Foreign business was once again a growth driver: Foreign operating revenue grew by 22.4% in the first six months, from EUR 130.2 million to EUR 159.4 million. This lifted the international share of revenue from 20.1% to 21.6%.

Revenue from used leasing vehicle sales, which is generally subject to fluctuations, reached EUR 114.8 million in the period from January to June 2008, an increase of 22.1% (H1 2007: EUR 94.0 million).

The Sixt Group was thus able to continue its strong growth achieved in previous years. Growth rates in both business units exceeded the average in their respective sectors. The strengthening of the sales presence in the past few years, which is reflected in higher customer numbers and intensified business relations with existing customers, the continuous expansion of international business and the strength of the Sixt brand were among the main reasons for this dynamic growth.

Significant increases in Vehicle Rental's fleet costs impacted the second quarter in particular. These increases resulted firstly from the expansion of the rental fleet in order to meet the strong growth in demand, and secondly from cost increases, for example for repair services, vehicle preparation, or transport services. The additional costs could not be offset by the increase in rental prices, as had been expected at the beginning of the year. Moreover, the already excellent comparative results for H1 2007 had included proceeds from the sale of real estate amounting to EUR 3.7 million.

In spite of these factors, the Group increased its earnings before net finance costs and

taxes (EBIT) by 9.3% to EUR 91.7 million (H1 2007: EUR 83.9 million).

Consolidated profit before taxes (EBT) amounted to EUR 65.8 million in the first six months, compared with EUR 70.6 million in the same period of 2007. The 6.9% decline is due to significantly higher net finance costs, which were impacted by an increase in interest expense to finance the fleet as well as a year-on-year decline in net income from the fair value measurement of derivatives used to hedge interest rates.

While EBT declined in both business units in the first six months (see 2.2. and 2.3), EBT generated by other activities (mainly financing and holding company activities) rose from EUR 0.3 million to EUR 5.1 million.

Because of a reduction in the tax rate, the Group recorded consolidated profit after minority interests of EUR 44.9 million for the first half of 2008, thus exceeding by 1.9% the previous record of EUR 44.1 million achieved in the previous year.This corresponds to earnings per share (basic) of EUR 1.79 (H1 2007: EUR 1.77).

The Sixt Group's operating revenue in the second quarter was EUR 386.4 million, an increase of 13.8% compared with Q2 2007 (EUR 339.6 million). Total consolidated revenue amounted to EUR 448.7 million (Q2 2007: EUR 382.7 million; +17.3%).

Due to higher fleet costs, and because of the proceeds from the sale of real estate had been included in the prior-year quarter, second-quarter EBT of EUR 30.4 million was 11.1% lower than in Q2 2007 (EUR 34.1 million). For the period from April to June, the Group's quarterly profit after minority interests was EUR 20.1 million (Q2 2007: EUR 21.4 million; -6,1%).

2.2 Vehicle Rental Business Unit

With growth estimated at around 5% per year, the European vehicle rental market is still a growth market, although it continues to be characterised by intense competition. What is more, increasing signs of a crisis in the overall economic development in Sixt's key markets, such as Germany, France, or Spain, have led to heightened cost awareness among businesses and consumers. In view of this, the price increases intended for the current year could not be implemented to the extent planned. Indications of positive price trends initially recorded at the beginning of the year have not proved sustainable. For this reason it was not possible to offset the – in some cases significant – additional fleet costs.

With a presence in the core countries, i.e. Germany, France, Spain, the UK, Benelux, Austria and Switzerland, the mobility services provider covers well over 70% of the European market through subsidiaries. In the other European countries and in other regions, the Sixt brand is represented by a close-knit network of franchisees. In total, this means that Sixt has vehicle rental activities in more than 85 countries.

The expansion and strengthening of the international business and enhanced service quality were again given high priority in the second quarter. For example, the Sixt counter at the important Palma de Mallorca airport location is now situated directly in the terminal building, eliminating the need to take a shuttle bus. In addition, Sixt offers an innovative Internet-based advance check-in system, which can cut waiting times and journeys for customers when renting cars on the holiday island.

In order to meet the changing mobility requirements of many people, Sixt launched the SIXTI Car Club in Berlin with its low-cost SIXTI brand. This car-sharing concept is tailored to the mobility needs of young and price-conscious city dwellers, who are being prompted by rising upkeep costs to look for alternatives to owning a vehicle. Members of the SIXTI Car Club can rent from an attractive range of vehicles at very low hourly or daily rates. If the pilot project in Berlin meets expectations, there are plans to extend the car rental club to other major cities in Germany and abroad.

Sixt set standards in the tourism industry by launching the Group's new Internet presence in the second quarter, thus accommodating the web's increasing importance as a booking channel and communication platform. The new site, www.sixt.de, deploys innovative web technology in order to make using the website simpler and faster.

The high quality standard of Sixt Vehicle Rental is also recognised by the fact that Sixt has again been voted Germany's best car rental company – for the third time in succession. The "Autoflotte Flotten-Award" is awarded annually by the readers of the independent "Autoflotte" trade magazine.

The number of rental offices of Sixt Vehicle Rental was 1,789 worldwide, a net increase of 105 compared with 1,684 offices at the end of 2007. Most of the new offices were opened in the Sixt corporate countries, especially in France. In Germany, the number of rental offices rose to 538 compared with 517 at the end of 2007.

Sixt continued to expand its rental fleet in the first half of 2008 in order to accommodate the growing business volume. The average rental fleet in the Group (in Germany and abroad) in the first six months was 68,900 vehicles, compared with an average of 62,700 in full-year 2007. 47,700 of these vehicles were based in the German market (full-year 2007: 43,200) and 21,200 in the other Sixt corporate countries (full-year 2007: 19,500).

In the first six months of 2008, the Business Unit's rental revenue grew by 13.0%, and thus faster than the industry average, to EUR 531.0 million (H1 2007: EUR 470.0 million). Sixt continued to record double-digit growth both in Germany and abroad. In Germany, rental revenue was EUR 392.5 million, 10.2% more than the EUR 356.0 million generated in the first half of 2007. Rental revenue generated abroad grew by 21.5% to EUR 138.5 million in the same period (H1 2007: EUR 114.0 million). Sixt generated particularly high growth rates in France and Spain.

For Q2 on a stand-alone basis, rental revenue advanced by a total of 12.4% to EUR 278.9 million (Q2 2007: EUR 248.0 million).

At EUR 57.9 million, the Vehicle Rental Business Unit's EBT for the first half was 12.2% below the figure for the same period last year (EUR 66.0 million). The return on sales was 10.9%, down from the excellent 14.0% achieved in the prior-year period. Secondquarter EBT was EUR 28.7 million, a decline of 17.5% compared with Q2 2007 (EUR 34.8 million).

As explained earlier, the decline in earnings was due to a significant extent to increased fleet costs as a result of the expanded fleet and general price increases for fleet-related services, as well as to a rise in net finance costs.

2.3 Leasing Business Unit

Sixt is one of the largest German vendor-neutral, non-bank full-service leasing companies, offering corporate and private customers a wide range of supplemental services in addition to pure finance leasing in order to reduce their mobility costs. Sixt benefits from the trend that leasing is increasingly seen as a more cost-effective financing alternative than the purchase of vehicles, and offers a combination of favourable terms, objective advice and attractive services. Proof of Sixt Leasing's strong performance is that it was the winner in a test conducted by the magazine of the German consumer association "Stiftung Warentest", which was published in the second quarter. According to the test result, the full service leasing provider offered a cost-effective way to obtain a new vehicle for 10 out of 11 car models tested.

As at 30 June 2008, Sixt Leasing had 64,900 leasing contracts (excluding franchisees), a small net decline from the number as at the end of 2007 (65,500). Full-service leasing solutions, the core business of Sixt Leasing, accounted for around 92% of the total.

The Business Unit's revenue grew dynamically in the first half of 2008. Leasing revenue climbed by 15.3% to EUR 206.3 million (H1 2007: EUR 179.0 million). In Germany, revenue was up 13.9% to EUR 185.4 million (H1 2007: EUR 162.8 million). Foreign revenue – Sixt has its own subsidiaries in Austria, Switzerland and France – increased to EUR 20.9 million between January and June, up 28.7% on the first six months of 2007 (EUR 16.2 million).

Second-quarter leasing revenue grew to EUR 107.5 million, an increase of 17.3% over the same quarter of 2007 (EUR 91.6 million).

Revenue from the sale of used leasing vehicles amounted to EUR 114.8 million in the first six months, compared with EUR 94.0 million in the prior-year period. This is an increase of 22.1%, driven by higher sales in the second quarter. In this context it should be noted that revenue from the sale of vehicles can be subject to significant fluctuations in some cases, for example with regard to revenue shifts in individual quarters or depending on chosen methods of refinancing.

At EUR 2.8 million, the Leasing Business Unit's EBT for the first six months was down on the previous year (EUR 4.3 million). A small loss of EUR 0.5 million was reported in the second quarter (Q2 2007: profit EUR 1.2 million). It should be noted in this regard that the higher interest costs cannot be passed on to customers immediately, but only after a time lag. In addition, the weaker used vehicle market and higher costs for advertising and marketing campaigns reduced profits.

2.4 Sixt Shares

The turbulence on the international financial markets caused by the US mortgage crisis continued to have a negative impact on stock markets in the second quarter. There were increasing signs that the crisis was spreading to other sectors outside the banking industry, resulting in heightened uncertainty among investors.

The price of Sixt ordinary shares initially showed a slight upward trend in the second quarter, reaching EUR 35.50, their high for the year, on 19 May 2008 (all information based on Xetra closing prices). The share price started to slide again in June. Shares closed at EUR 25.12 on 30 June 2008. This resulted in second-quarter share performance of –11.1%. For long periods of the quarter under review, Sixt ordinary shares outperformed their benchmark index, the SDAX, and only lost their advantage at the end. Between April and June, the SDAX, in which Sixt ordinary shares are listed, lost 5.5% compared with the end of the first quarter, closing at 4.242 points on 30 June.

The movements in the price of preference shares of Sixt AG in the second quarter of 2008 were similar to those of ordinary shares. After edging up to their high for the year of EUR 28.15 reached on 8 May 2008, prices started to retreat again in May. On 30 June 2008, the share price closed at EUR 22.04, a decline of 7.5% compared with the end of the first quarter.

2.5 Opportunities and Risks

The opportunity and risk profile of the Sixt Group in the first six months of 2008 has not changed significantly as against the information provided in the Group Management Report in the 2007 Annual Report. This Annual Report contains extensive details of the risks facing the Company and its risk management system. Above and beyond this, the following changes in the year to date should be noted:

The risks of a more pronounced economic downturn in Europe, in particular in Sixt's key markets, such as Germany, France, Spain, or the UK, have increased in the past few months, after the economy had still proved robust in the first quarter, especially in Germany. The European Central Bank (ECB) writes in its Monthly Bulletin for July that the uncertainty surrounding the economic outlook remains high, owing not least to the high levels of commodity prices. According to the Bank, "downside risks prevail" due to the dampening impact on consumption and investment of further unanticipated increases in energy and food prices.

Sixt's business is affected by economic conditions, especially in the vehicle rental segment, because the general economic environment changes the travel behaviour of business and private customers. Further deterioration in Europe's economic environment could have a negative impact on companies' and private households' willingness to invest and lead among other things to reduced spending on travel and mobility services. Further worsening of the macroeconomic environment could therefore adversely affect the results of operations, net assets and financial position of the Sixt Group.

In the first half of 2008, Sixt recorded a significant increase in Vehicle Rental's fleet costs. Currently, the higher costs can be passed on to customers in the form of higher prices only to an extremely limited extent, if at all. There are currently no signs that this situation will change in the foreseeable future.

In the past few weeks, leading international automobile manufacturers revised downwards their expectations for the 2008 financial year and announced personnel and capacity reductions combined with efficiency and cost saving programmes. In particular the financial crisis, the sharp rises in commodity and energy costs, as well as fundamental changes in the demand behaviour of consumers call for in some cases radical, strategic and product-based countermeasures. It cannot be ruled out that these developments will impact the way automobile manufacturer interact with car rental companies and on the terms and conditions that can be negotiated for vehicle purchases and returns.

Competition in the leasing business has intensified further since the beginning of the year. Especially providers allied with vendors and banks are attempting to gain further market share and strengthen leasing as a sales channel in the short term by implementing aggressive pricing policies. Continuing interest rate rises and the downturn in the German used vehicle market are making it difficult for the whole leasing sector to generate reasonable margins for new business.

Sixt does not currently expect these general conditions to improve in the short term.

The turbulence on the international capital and financial markets stemming from the mortgage crisis in the USA intensified in the second quarter. Signs of improvement in March and April did not prove sustainable. The banking sector again had to recognise substantial write-downs on assets in the second quarter. It cannot be ruled out that subsequent quarters will also be negatively affected. For this reason, there continues to be a risk that, for a while, some of the banks will only be able to fulfil their economic financing function to a limited extent.

Sixt continues to have a robust financing structure, which provides sufficient scope for financing. The Managing Board currently does not expect the ongoing market turbulence to have a negative impact on the Group's financing options.

2.6 Report on Post-Balance Sheet Date Events

No events of special significance for the net assets, financial position and results of operations of the Sixt Group occurred after the reporting date of 30 June 2008.

Sixt Aktiengesellschaft 9

2.7 Outlook

In the Managing Board's opinion, Sixt Group continues to be well positioned for 2008 from a strategic and financial perspective. However, the economic environment for Sixt's business has deteriorated, so that greater caution seems appropriate when estimating future demand for mobility services.

For the Sixt Group, the Managing Board continues to expect that operating growth in both business units will translate into higher consolidated operating revenue in 2008.

Due to the ongoing intensive competition in vehicle rental, it cannot be expected that higher prices will gain acceptance in the market in the near term. In the Leasing Business Unit, the sharp increase in financing costs can only be passed on to customers with a time lag, and the German used vehicle market has deteriorated further.

In view of this, the Managing Board currently expects consolidated EBT to reach a figure of around EUR 115 to 125 million.

This forecast assumes that there are no negative events with a major impact on the Group.

3. Results of Operations, Net Assets and Financial Position

3.1 Results of Operations

Other operating income of the Group amounted to EUR 8.1 million in the first half of the year, just over one third less than in the prior-year period (EUR 12.6 million), primarily because of non-recurring income from the sale of properties no longer needed for operations in Q2 2007.

Fleet expenses and the cost of lease assets rose by 18.4%, and thus faster than revenue, reaching EUR 353.0 million in the six-month period (H1 2007: EUR 298.1 million). The additional costs were partly due to the growth in operating business and in part to general price increases, e.g. for repairs, vehicle preparations, or transports. Furthermore, higher revenue from the sale of used leasing vehicles led to higher expenses from the disposal of residual values, which are also included in this item. In the second quarter, fleet expenses and the cost of lease assets rose by 27.6% to EUR 194.4 million (Q2 2007: EUR 152.4 million).

Personnel expenses for the period January to June 2008 grew by a total of 14.7% to EUR 64.4 million (H1 2007: EUR 56.1 million). This increase, which is roughly in line with revenue growth, reflects the expansion of the workforce in line with the expansion of operating business.

At EUR 188.5 million, depreciation and amortisation for the first half of the year was 27.0% higher than the figure for the same period of the previous year (EUR 148.5 million). This significant increase is attributable to the fact that on average more rental and leasing fleet vehicles were recognised on the balance sheet in the period under review than in the same period of 2007.

Other operating expenses declined by 3.6% to EUR 165.1 million (H1 2007: EUR 171.2 million). This was attributable primarily to lower leasing expenses in connection with the fleet refinancing measures (operating leases). Increases in other cost items, such as commissions and marketing, track the rapid expansion of operations.

In spite of the additional fleet costs, consolidated earnings before net finance costs and taxes (EBIT) grew by 9.3% in the first six months, from EUR 83.9 million to EUR 91.7 million. In Q2 2008, EBIT grew by 4.9 % to EUR 40.7 million (Q2 2007: EUR 38.8 million).

Net finance costs rose to EUR 25.9 million in the first six months, a significant increase over the EUR 13.3 million incurred in the same period of 2007. This is primarily due to an increase in interest expenses on bank liabilities to refinance the rental and leasing fleet. Net finance costs also include net income of EUR 3.9 million from derivatives used to hedge interest rates in the period under review; this income was significantly lower than in the first half of 2007 (EUR 7.7 million).

As a result, the Group reported EBT of EUR 65.8 million in the first six months, 6.9% below the prior-year figure (EUR 70.6 million). In the second quarter, EBT amounted to EUR 30.4 million, 11.1% less than in Q2 2007 (EUR 34.1 million).

The tax rate declined from 37.6% in the first half of 2007 to 31.7% in the first six months of 2008. As a result, consolidated profit after minority interests reached EUR 44.9 million for the first six months, 1.9% higher than in the same period of 2007 (H1 2007: EUR 44.1 million). As in the prior-year period, the portion of consolidated profit attributable to minority interests was not material. For Q2 on a stand-alone basis, the Group reported profit after minority interests of EUR 20.1 million (Q2 2007: EUR 21.4 million).

On the basis of 25.08 million outstanding shares (weighted average for the first six months for ordinary and preference shares; previous year: 24.93 million shares), earnings per share (basic) for the six-month period amounted to EUR 1.79, after EUR 1.77 in the prior-year period. Diluted six-month earnings per share amounted to EUR 1.78 (previous year: EUR 1.74), reflecting the dilutive effect of convertible bonds issued to employees.

3.2 Net Assets

The Group's total assets amounted to EUR 2.45 billion as at 30 June 2008, almost EUR 407 million or 19.9% more than at the end of the previous financial year (EUR 2.05 billion).

The increase in total assets is mainly due to the expansion of the rental and leasing fleets and the increasing use of on-balance-sheet financing.

Within non-current assets, lease assets, which amounted to EUR 852.6 million, continue to be the most significant item. Reflecting growth in the leasing business, this was EUR 102.6 million or 13.7% higher than at the end of the previous year (EUR 750.0 million). There were no significant changes between the two reporting dates in the other items under non-current assets.

Rental vehicles are the largest item under current assets; they grew by EUR 219.7 million or 24.0%, from EUR 915.8 million at the end of the 2007 financial year to EUR 1,135.5 million. The sharp increase is due to further significant growth in the rental business, which led to a larger number of vehicles in the portfolio in the period under review.

The rise in trade receivables by EUR 54.2 million or 29.3% from EUR 184.8 million to EUR 239.0 million is attributable to the significant increase in business volume as well as to reporting date effects.

3.3 Financial Position

Liabilities

Non-current liabilities and provisions amounted to EUR 716.5 million as at 30 June 2008, only marginally above the EUR 712.6 million reported at the end of 2007. Financial liabilities continue to be the key item; they amounted to EUR 698.7 million (31 December 2007: EUR 698.5 million). This item also includes the 2005 bond issue (nominal value EUR 225 million) and the profit participation capital issued in 2004 (nominal value EUR 100 million). For a detailed breakdown of financial liabilities by type and maturity, please refer to the notes to this Interim Report.

Current liabilities and provisions increased by a total of EUR 386.1 million or 44.2% to EUR 1.26 billion. The rise is primarily due to the growth-driven increase in financial liabilities, which climbed by EUR 288.0 million, from EUR 384.7 million at the end of 2007 to EUR 672.7 million. The rise in trade liabilities by EUR 128.1 million from EUR 317.5 million to EUR 445.6 million reflects the growth in operating business as well as reporting date effects.

Equity

The Sixt Group's equity totalled EUR 477.6 million at the end of June 2008, EUR 16.6 million more than at the end of the previous financial year (EUR 461.0 million). In this context, it should be noted that the dividend for financial year 2007 was paid in the second quarter, resulting in a cash outflow of EUR 29.7 million.

In spite of the growth in operating business, the equity ratio remained at a solid level of 19.5% (31 December 2007: 22.5%), again significantly exceeding the average for the rental and leasing sector.

3.4 Liquidity Position

As at the end of the first half of 2008, the Sixt Group reported cash flows before changes in working capital of EUR 232.9 million (H1 2007: EUR 190.0 million). Including working capital, net cash flows used in operating activities amounted to EUR 95.8 million in the first six months. The increase in net cash flows used as against the prior-year period (EUR 61.4 million) is primarily due to a comparatively higher increase in trade receivables and a comparatively smaller increase in trade payables.

Net cash flows used in investing activities amounted to EUR 172.0 million (H1 2007: EUR 103.8 million). The increase in net cash flows used as against the prior-year period is primarily due to an increase in cash flows used for investments to expand the volume of lease assets.

Due to reporting date effects, net cash flows from financing activities were EUR 259.9 million, a higher figure than in the first half of 2007 (EUR 170.5 million). In the period under review, the net cash flows were mainly due to the increased use of short-term loans to finance the expansion of the fleet; in the previous year, by contrast, non-current financial liabilities had been impacted in particular by the raising of new borrower's note loans.

The effect of exchange rate changes on cash and cash equivalents was EUR 0.3 million at the reporting date (H1 2007: EUR 0.2 million).

Overall, total cash flows resulted in a decline of cash and cash equivalents as at 30 June 2008 by EUR 7.6 million over the prior-year reporting date figure (H1 2007: increase of EUR 5.5 million).

3.5 Investments

In the first six months of 2008, Sixt added around 84,700 vehicles (H1 2007: 69,400) with a total value of approximately EUR 1.90 billion (H1 2007: EUR 1.65 billion) to its rental and leasing fleets in response to continued growth in business. This represents a 22% increase in the number of vehicles. The value of the vehicles increased by just over 15%. Sixt continues to expect investments for full-year 2008 to at least match those of 2007 (EUR 3.2 billion).

3.6 Employees

Employees	H1	H1	Change	Change
	2008	2007	in staff	in %
Germany	1,942	1,636	+ 306	+ 18.7
Abroad	752	589	+ 163	+ 27.7
Group total	2,694	2,225	+ 469	+ 21.1

Sixt again expanded the Group's workforce in line with the dynamic growth in operations in order to safeguard and extend its high service quality. The number of employees in the Group reached an average of 2,694 in the first half of 2008, a year-on-year increase

of 469 (21.1%). The number of employees in Germany increased by an average of 306 to 1,942. The workforce in other countries grew by a net 163 people, primarily due to further expansion of activities in Spain.

4. Interim Consolidated Financial Statements as at 30 June 2008

4.1 Consolidated Income Statement

EUR thou.	H1	H1	Q2	Q2
	2008	2007	2008	2007
Revenue	854,611	745,227	448,753	382,662
Other operating income	8,077	12,577	4,355	8,435
Fleet expenses and cost of lease assets	352,951	298,104	194,397	152,407
Personnel expenses	64,376	56,131	32,762	28,497
Depreciation and amortisation expense1)	188,539	148,469	100,577	84,163
Other operating expenses	165,118	171,201	84,691	87,252
Profit from operating activities (EBIT)	91,704	83,899	40,681	38,778
Net finance costs (net interest expense and net income from financial assets)	-25,942	-13,258	-10,360	-4,671
Profit before taxes (EBT)	65,762	70,641	30,321	34,107
Income tax expense	20,859	26,539	10,225	12,681
Consolidated profit for the period	44,903	44,102	20,096	21,426
Of which attributable to minority interests	-44	-2	-31	-4
Of which attributable to shareholders of Sixt AG	44,947	44,104	20,127	21,430
Earnings per share in EUR (basic)	1.79	1.77	0.80	0.86
Earnings per share in EUR (diluted)	1.78	1.74	0.80	0.85
Average number of shares 2) (basic / weighted)	25,078,350	24,930,217
Average number of shares 2) (diluted / weighted)	25,278,950	25,308,617

1) of which depreciation of rental vehicles (EUR thou.):

H1 2008: 119,782 (H1 2007: 96,887), Q2 2008: 65,759 (Q2 2007: 57,719) of which depreciation of lease assets (EUR thou.):

H1 2008: 64,781 (H1 2007: 48,189), Q2 2008: 32,763 (Q2 2007: 24,697)

2) Number of ordinary and preference shares, weighted average in the period

4.2 Consolidated Balance Sheet

Assets	Interim report	Consolidated
		financial statements
EUR thou.	30 June 2008	31 December 2007
Current assets
Cash and cash equivalents	19,045	26,669
Income tax receivables	7,991	6,351
Current other receivables and assets	70,269	61,691
Trade receivables	239,046	184,839
Inventories	31,788	12,003
Rental vehicles	1,135,483	915,844
Total current assets	1,503,622	1,207,397
Non-current assets
Deferred tax assets	7,184	5,328
Non-current other receivables and assets	19,558	14,480
Non-current financial assets	1,336	1,336
Lease assets	852,557	749,966
Investment property	3,236	3,254
Property and equipment	42,730	41,952
Intangible assets	4,988	4,872
Goodwill
	18,442	18,442
Total non-current assets Total assets	950,031 2,453,653	839,630 2,047,027
Equity and liabilities EUR thou.	Interim report 30 June 2008	Consolidated financial statements 31 December 2007
Current liabilities and provisions
Current other liabilities	34,910	38,662
Current finance lease liabilities	32,849	55,415
Trade payables	445,646	317,516
Current financial liabilities	672,726	384,675
Income tax provisions
	33,714	37,546
Current other provisions	39,664	39,564
Total current liabilities and provisions	1,259,509	873,378
Non-current liabilities and provisions
Deferred tax liabilities	15,876	11,993
Non-current other liabilities	804	1,051
Non-current financial liabilities	698,647	698,532
Non-current other provisions	1,172	1,089
Total non-current liabilities and provisions	716,499	712,665
Equity
Subscribed capital
Capital reserves	64,569	64,127
	196,282	192,789
Other reserves (including retained earnings)
Minority interests	216,783	204,032
Total equity	11 477,645	36 460,984

EUR thou.	Subscribed capital	Capital reserves	Other reserves1)	Equity attributable to shareholders of Sixt AG	Minority interests	Total equity
1 January 2007	63,760	189,671	139,465	392,896	35	392,931
Capital increase	367	2,519		2,886		2,886
Consolidated profit H1 2007			44,104	44,104	-2	44,102
Dividend payments for 2006			-26,320	-26,320		-26,320
Currency translation differences			-158	-158		-158
Other changes		240	-329	-89		-89
30 June 2007	64,127	192,430	156,762	413,319	33	413,352
EUR thou.	Subscribed capital	Capital reserves	Other reserves1)	Equity attributable to shareholders of Sixt AG	Minority interests	Total equity
1 January 2008	64,127	192,789	204,032	460,948	36	460,984
Capital increase	442	2,506		2,948		2,948
Consolidated profit H1 2008			44,947	44,947	-44	44,903
Dividend payments for 2007			-29,730	-29,730		-29,730
Currency translation differences			-1,897	-1,897		-1,897
Other changes		987	-569	418	19	437
30 June 2008	64,569	196,282	216,783	477,634	11	477,645
1) including retained earnings
Statement of recognised income and expense EUR thou.				30 June 2008		30 June 2007
Recognised directly in equity Currency translation					-1,897	-158
Consolidated profit for the period					44,903	44,102
Recognised income and expense					43,006	43,944

of which attributable to minority interests -44 -2 of which attributable to shareholders of Sixt AG 43,050 43,946

4.3 Consolidated Statement of Changes in Equity

4.4 Consolidated Cash Flow Statement

EUR thou.	H1 2008	H1 2007
Operating activities
Consolidated profit for the period	44.903	44.102
Amortisation of intangible assets	849	716
Depreciation of property and equipment and investment property	3.127	2.677
Depreciation of lease assets	64.781	48.189
Depreciation of rental vehicles	119.782	96.887
Gain/loss on disposal of intangible assets, property and equipment	-264	-2.418
Other non-cash income and expense	-240	-153
Cash flow	232.938	190.000
Change in non-current other receivables and assets	-5.078	-8.493
Change in deferred tax assets	-1.856	171
Change in rental vehicles, net	-339.421	-367.482
Change in inventories	-19.785	-14.004
Change in trade receivables	-54.207	-11.655
Change in current other receivables and assets	-8.578	1.432
Change in income tax receivables	-1.640	110
Change in non-current other provisions	83	-583
Change in non-current other liabilities	-247	-2.217
Change in deferred tax liabilities	3.883	2.789
Change in current other provisions	100	7.427
Change in income tax provisions	-3.832	7.370
Change in trade payables	128.130	142.661
Change in current other liabilities	-26.318	-8.886
Net cash flows used in operating activities	-95.828	-61.360
Investing activities
Proceeds from disposal of intangible assets, property and equipment	1.820	3.768
Proceeds from disposal of lease assets	100.384	90.491
Payments to acquire intangible assets, property and equipment	-6.409	-4.775
Payments to acquire lease assets	-267.755	-193.306
Payments to acquire non-current financial assets	-	-25
Change in intangible assets, property and equipment attributable to changes in reporting entity structure	-	-4
Change in non-current financial assets attributable to changes in reporting entity structure	-	30
Net cash flows used in investing activities	-171.960	-103.821
Financing activities
Increase in subscribed capital	442	367
Increase in capital reserves	3.493	2.759
Change in other reserves and minority interests	-2.447	-487
Dividends paid	-29.730	-26.320
Change in current financial liabilities	288.051	65.567
Change in non-current financial liabilities	115	128.597
Net cash flows from financing activities	259.924	170.483
Net change in cash and cash equivalents	-7.864	5.302
Effect of exchange rate changes on cash and cash equivalents	240	153
Cash and cash equivalents at 1 January	26.669	19.126
Cash and cash equivalents at 30 June	19.045	24.581

5. Other Information about the Group (Notes)

5.1 Basis of Accounting

The consolidated financial statements of Sixt Aktiengesellschaft as at 31 December 2007 were prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the EU and effective at the closing date.

The same accounting policies are applied in the interim consolidated financial statements as at 30 June 2008, which were prepared on the basis of International Accounting Standard (IAS) 34 (Interim Financial Reporting), as in the 2007 consolidated financial statements. Preparation of the interim consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities and provisions, as well as of income and expenses. Actual amounts may differ from these estimates. A detailed description of the accounting principles, consolidation methods and accounting policies used is published in the notes to the consolidated financial statements in the 2007 Annual Report. The results presented in the interim financial reports are not necessarily indicative of the results of future reporting periods or of the full financial year. The interim consolidated financial statements were prepared in euros.

The accompanying interim consolidated financial statements have not been audited or reviewed by the Company's auditors, Deloitte & Touche GmbH, Wirtschaftsprüfungsgesellschaft.

5.2 Basis of Consolidation

Sixt Aktiengesellschaft, domiciled in Zugspitzstrasse 1, 82049 Pullach, Germany, is entered in section B of the commercial register at the Munich Local Court, under the number 79160.

There were no changes in the basis of consolidation as against the end of financial year 2007. As against 30 June 2007, the basis of consolidation changed in two instances, as follows: Sixt Verwaltungsgesellschaft mit beschränkter Haftung & Co. Gamma Immobilien KG, Pullach, and Sixt Verwaltungsgesellschaft mit beschränkter Haftung & Co. Epsilon Immobilien KG, Pullach, were initially consolidated as at 31 December 2007.

5.3 Explanations of Selected Items of the Consolidated Income Statement

Revenue

Revenue is broken down as follows:

EUR million	H1 2008	H1 2007	Change in %	Q2 2008	Q2 2007	Change in %
Operating revenue	737.3	649.0	+ 13.6	386.4	339.6	+ 13.8
thereof Vehicle Rental	531.0	470.0	+ 13.0	278.9	248.0	+ 12.4
thereof Leasing	206.3	179.0	+ 15.3	107.5	91.6	+ 17.3
Leasing sales revenue	114.8	94.0	+ 22.1	61.1	42.0	+ 45.5
Other revenue	2.5	2.2	+ 16.0	1.2	1.1	+ 9.0
Consolidated revenue	854.6	745.2	+ 14.7	448.7	382.7	+ 17.3

Fleet expenses and cost of lease assets

Fleet expenses and cost of lease assets are broken down as follows:

EUR million	H1 2008	H1 2007	Change in %
Repairs, maintenance, reconditioning	84.2	71.1	+ 18.3
Fuel	69.0	55.1	+ 25.3
Insurance	27.5	27.7	- 0.8
Transportation	18.5	14.7	+ 26.7
Other, including selling expenses	153.8	129.5	+ 18.8
Group total	353.0	298.1	+ 18.4

Expenses of EUR 134.3 million (H1 2007: EUR 116.2 million) are attributable to the Vehicle Rental Business Unit, and EUR 218.7 million (H1 2007: EUR 181.9 million) to the Leasing Business Unit.

Other operating expenses

Other operating expenses are broken down as follows:

EUR million	H1 2008	H1 2007	Change in %
Leasing expenses	79.4	86.7	- 8.5
Commissions	25.8	22.7	+ 13.9
Expenses for buildings	17.7	15.1	+ 16.8
Other selling and marketing expenses	16.0	14.2	+ 12.5
Expenses from write-downs of receivables	0.8	7.6	- 89.2
Miscellaneous	25.4	24.9	+ 2.2
Group total	165.1	171.2	- 3.6

Net finance costs

Net finance costs of EUR 25.9 million (H1 2007: EUR 13.3 million) contained net interest expense of EUR 27.0 million (H1 2007: EUR 14.1 million). This included a net gain on interest rate hedging transactions amounting to EUR 3.9 million (H1 2007: EUR 7.7 million). Net interest expense was primarily driven by the significant growth in the fleet size, which was increasingly financed through loans, and by higher interest rates.

Income tax expense

The income tax expense is composed of current income taxes in the amount of EUR 19.1 million (H1 2007: EUR 23.4 million) and deferred taxes of EUR 1.8 million (H1 2007: EUR 3.1 million). Based on its profit before taxes (EBT), the Sixt Group's tax rate was 31.7% in the period under review (H1 2007: 37.6%).

Earnings per share

Earnings per share are as follows:

	H1 2008	H1 2007
EUR thou.	44,947	44,104
EUR thou.	29,240	28,889
EUR thou.	15,707	15,215
	16,472,200	16,472,200
	8,606,150	8,458,017
EUR	1.78	1.75
EUR	1.83	1.80

Diluted earnings per share		H1 2008	H1 2007
Adjusted consolidated profit for the period	EUR thou.	44,957	44,123
Profit attributable to ordinary shares	EUR thou.	29,240	28,889
Profit attributable to preference shares	EUR thou.	15,717	15,234
Weighted average number of ordinary shares		16,472,200	16,472,200
Weighted average number of preference shares		8,806,750	8,836,417
Earnings per ordinary share	EUR	1.78	1.75
Earnings per preference share	EUR	1.78	1.72

The profit attributable to preference shares includes the additional dividend of EUR 0.02 per preference share, which is payable in accordance with the Articles of Association for preference shares entitled to dividends in the financial year. The weighted average number of shares is calculated on the basis of the proportionate number of shares per month for each class of shares. The earnings per share are calculated by dividing the profit attributable to each class of shares by the weighted average number of shares per class of shares. Diluted earnings per share take account of the interest expense, adjusted for attributable taxes, on convertible bonds issued to employees and the total number of preference shares that could be issued when the associated conversion rights are exercised at the applicable exercise date.

5.4 Explanations of Selected Items of the Consolidated Balance Sheet

Current other receivables and assets

Current other receivables and assets falling due within one year can be broken down as follows:

EUR million	30 June 2008	31 Dec. 2007
Current finance lease receivables	6.6	10.0
Receivables from affiliated companies and from other investees	2.8	0.9
Recoverable taxes	39.9	28.0
Insurance claims	6.2	8.5
Prepaid expenses	16.1	14.5
Other assets	6.7	6.1
Group total	78.3	68.0

The recoverable taxes item includes income tax receivables of EUR 8.0 million (31 December 2007: EUR 6.4 million).

Rental vehicles

The rental vehicles item increased again by EUR 219.7 million from EUR 915.8 million as at 31 December 2007 to EUR 1,135.5 million as at 30 June 2008. The main reason for the increase is the rise in the number of rental vehicles in the period under review.

Non-current other receivables and assets

Non-current other receivables and assets mainly include the non-current portion of finance lease receivables amounting to EUR 12.7 million (31 December 2007: EUR 11.0 million) and interest rate derivatives with positive fair values amounting to EUR 6.1 million (31 December 2007: EUR 2.8 million). The notional value of all derivatives used was EUR 350 million as at 30 June 2008 (31 December 2007: EUR 350 million).

Lease assets

Lease assets increased by EUR 102.6 million to EUR 852.6 million as at the reporting date (31 December 2007: EUR 750.0 million). This was driven by the growth in new operating business and the increasing use of on-balance-sheet financing for the lease assets.

Current financial liabilities

Current financial liabilities falling due within one year are broken down as follows:

EUR million	30 June 2008	31 Dec. 2007
Liabilities to banks	627.5	352.8
Borrower's note loans / Commercial papers	31.5	8.0
Other liabilities	13.7	23.9
Group total	672.7	384.7

As at the end of 2007, the other liabilities item consisted mainly of deferred interest.

Current other provisions

As at the end of 2007, current other provisions consist mainly of provisions for taxes, legal costs, rental operations and staff provisions.

Non-current financial liabilities

The non-current financial liabilities have residual terms of more than one year and are broken down as follows:

EUR million	Residual term of 1 – 5 years		Residual term of more than 5 years
	30 June 2008	31 Dec. 2007	30 June 2008	31 Dec. 2007
Bonds	225.3	225.2	0.7	0.7
Profit participation certificates	99.0	98.7	-	-
Borrower's note loans	136.5	136.4	205.9	205.9
Liabilities to banks	27.5	27.4	3.8	4.2
Group total	488.3	487.7	210.4	210.8

As before, the amount reported for bonds relates mainly to the bond issued in 2005 (nominal value EUR 225 million). The profit participation certificates relate to the profit participation capital issued in 2004 (nominal value EUR 100 million).

Equity

The share capital of Sixt Aktiengesellschaft rose by EUR 442,368 as against 31 December 2007 to EUR 64,569,216. This increase is a result of the conversion in June of convertible bonds issued to employees. 172,800 preference shares had been converted by the reporting date.

The share capital is composed of:

	No-par value shares	Nominal value in EUR
Ordinary shares	16,472,200	42,168,832
Non-voting preference shares	8,750,150	22,400,384
Balance at 30 June 2008	25,222,350	64,569,216

The Annual General Meeting authorised the Company on 19 June 2008, as specified in the proposed resolution, to acquire ordinary bearer shares and/or preference bearer shares of the Company in the amount of up to 10% of the Company's share capital at the time of the authorization in the period up to 18 December 2009. The authorisation has not been used to date.

5.5 Group Segment Reporting

The Sixt Group is active in the two main business areas of Vehicle Rental and Leasing. When combined, the revenue from these activities, excluding vehicle sales revenue, is also described as "operating revenue". Activities that cannot be allocated to these segments, such as financing, holding company activities, real estate leasing, or ecommerce transactions, are combined in the Other segment. The segment information for the first six months of 2008 (compared with the first six months of 2007) is as follows:

Business area	Rental		Leasing		Other	Reconciliation			Group
EUR million	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
External revenue	531.0	470.0	321.1	273.0	2.5	2.2	0.0	0.0	854.6	745.2
Internal revenue	3.8	3.6	25.7	13.1	1.5	1.4	-31.0	-18.1	0.0	0.0
Total revenue	534.8	473.6	346.8	286.1	4.0	3.6	-31.0	-18.1	854.6	745.2
Depreciation/ amortisation	123.4	100.1	64.8	48.2	0.3	0.2	0.0	0.0	188.5	148.5
EBIT1)	74.2	72.2	20.7	15.0	-3.2	-3.3	0.0	0.0	91.7	83.9
Net finance costs2)	-16.3	-6.2	-17.9	-10.7	8.3	3.6	0.0	0.0	-25.9	-13.3
EBT3)	57.9	66.0	2.8	4.3	5.1	0.3	0.0	0.0	65.8	70.6
Investments4)	5.8	4.3	267.9	193.4	0.5	0.4	0.0	0.0	274.2	198.1
Segment assets	1,481.5	1,185.3	1,023.5	735.8	1,187.5	1,131.6	-1,254.0	-1,135.6	2,438.5	1,917.1
Segment liabilities	1,302.4	1,015.4	942.5	661.3	824.3	797.4	-1,142.8	-1,024.5	1,926.4	1,449.6
Employees5)	2,399	1,966	264	244	31	15	0	0	2,694	2,225

Region		Germany		Abroad		Reconciliation		Group
EUR million	2008	2007	2008	2007	2008	2007	2008	2007
Total revenue	693.4	610.9	163.8	136.6	-2.6	-2.3	854.6	745.2
Investments4)	252.9	173.1	21.3	25.0	0.0	0.0	274.2	198.1
Segment assets	2,096.4	1,624.7	538.0	436.1	-195.9	-143.7	2,438.5	1,917.1

1) Corresponds to profit from operating activities (EBIT)

2) Corresponds to net interest/investment income or expense 3) Corresponds to profit before taxes (EBT)

4) Excluding rental vehicles

5) Annual average

5.6 Explanations on the Consolidated Cash Flow Statement

The cash flow statement shows the change in cash and cash equivalents in the financial year to date. In accordance with IAS 7 (Cash Flow Statements), a distinction is made between cash flows from each of operating, investing and financing activities. Cash and cash equivalents correspond to the relevant item in the balance sheet. The changes in income tax receivables and provisions for income taxes are presented separately in the balance sheet in contrast to the previous year. Current other liabilities include minority interests in equity and in the net profit or loss of consolidated partnerships. In accordance with IAS 7.31 and IAS 7.35, net cash used in operating activities includes the following inflows and outflows of cash:

EUR million	H1 2008	H1 2007
Interest received	0.9	0.6
Interest paid	41.1	29.7
Dividends received	1.0	0.8
Income taxes paid	25.7	16.1

5.7 Contingent Liabilities

There were no material changes in contingent liabilities resulting from guarantees or similar obligations in the period under review as against the 2007 consolidated financial statements.

5.8 Related Party Disclosures

The Sixt Group has receivables from and liabilities to various unconsolidated Group companies for the purposes of intercompany settlements and financing. Interest is paid on the resulting balances on an arm's length basis at a uniform interest rate fixed within the Group. This is reported under Other current receivables and assets and Other current liabilities.

The following provides an overview of significant account balances arising out of such relationships:

Substantial receivables existed from Sixt e-ventures GmbH (EUR 1.5 million, 31 December 2007: EUR 0 million) and from Stockflock GmbH (EUR 0.4 million, 31 December 2007: EUR 0 million).

Substantial liabilities were recognised in respect of Sixt Aéroport SARL (EUR 0.3 million, 31 December 2007: EUR 0.3 million), Sixt Acquisition et Service SARL (EUR 0.3 million, 31 December 2007: EUR 0.3 million) Sixti SARL (EUR 0.3 million, 31 December 2007: EUR 0.3 million) and Carmondo GmbH (EUR 0.3 million, 31 December 2007: receivable of EUR 0.2 million). The volume of transactions with these related parties is insignificant. They are conducted at arm's length and result from the normal course of business.

The Group rents two properties belonging to the Sixt family for its operations. Rental expenses in the period from January to June 2008 were less than EUR 0.1 million, as in the prior-year period. For his services as Chairman of the Managing Board, Erich Sixt receives remuneration which, in accordance with the resolution passed by the Annual General Meeting on 14 July 2005, is not published individually.

As at 30 June 2008, Erich Sixt Vermögensverwaltung GmbH, in which Erich Sixt is the sole shareholder, held an unchanged 56.8% (9,355,911 shares) of the ordinary shares in Sixt Aktiengesellschaft.

6. Responsibility Statement by the Company's Legal Representatives

in accordance with section 37y of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act ) in conjunction with section 37w(2) no. 3 of the WpHG

"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year."

Pullach, 14 August 2008

Sixt Aktiengesellschaft The Managing Board

Erich Sixt Karsten Odemann Detlev Pätsch Hans-Norbert Topp

Contact:

Sixt Aktiengesellschaft Zugspitzstrasse 1 82049 Pullach Germany

InvestorRelations@sixt.de

Phone +49 (0)89/7 44 44-5104 Fax +49 (0)89/7 44 44-85104

www.sixt.com

Reservation Centre +49 (0)180/5 25 25 25 (€0.14/min. from the German fixed-line network. Mobile phone costs may vary.)

Editorial Service

Frank Elsner Kommunikation für Unternehmen GmbH, Westerkappeln

Published by: Sixt Aktiengesellschaft Zugspitzstrasse 1 82049 Pullach Germany