In this paper, we use data from the German PISA 2003 sample to study the effects of central exit examinations on student performance and student attitudes. Unlike earlier studies we use (i) a value-added measure to pin down the effect of central exit exams on learning in the last year before the exam and (ii) separate test scores for mathematical literacy and curriculum-based knowledge. The findings indicate that central exit exams improve curriculum-based knowledge but do not affect mathematical literacy. Students, although showing a better performance, are less intrinsically motivated in school. (Contains 5 tables.)