#1CARTRACK Initial Public Offering March 2021#2DISCLAIMER Karooooo Ltd. ("Karooooo," the "Company," "we" or "us") has filed a registration statement on Form F-1 (including a preliminary prospectus) with the Securities and Exchange Commission (the "SEC") for the offering to which this presentation relates. The registration statement has not yet become effective. Karooooo's ordinary shares may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. Before you invest, you should read the preliminary prospectus and the other documents Karooooo files with the SEC for more complete information about Karooooo and this offering. You can obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014; or BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by email at dg [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The information in this presentation is current only as of the date of this presentation and may have changed. We undertake no obligation to update any such information in light of new information, future events or otherwise. Forward-Looking Statements The information in this presentation (which includes any oral statements made in connection therewith, as applicable) includes "forward-looking statements." Forward-looking statements are based on our beliefs and assumptions and on information currently available to us, and include, without limitation, statements regarding our business, financial condition, strategy, results of operations, certain of our plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believe," "expect," "plan," "intend," "seek," "anticipate," "estimate," "predict," "potential," "assume," "continue," "may," "will," "should," "could," "shall," "risk" or the negative of these terms or similar expressions that are predictions of or indicate future events and future trends. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if our results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements are disclosed under the "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements" sections of the Registration Statement on Form F-1 filed on March 22, 2021. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this presentation. We disclaim any duty to update and do not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this presentation. Non-IFRS Financial Measures This presentation includes certain non-IFRS financial measures, including adjusted EBITDA, adjusted EBITDA margin, free cash flow and free cash flow margin. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative or superior to IFRS measures. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies. Please see the reconciliations included in this presentation. Market and Industry Data We include statements and information in this presentation concerning our industry ranking and the markets in which we operate, including our general expectations and market opportunity, which are based on information from independent industry organizations and other third-party sources (including a third-party market study, industry publications, surveys and forecasts). While Karooooo believes these third-party sources to be reliable as of the date of this presentation, we have not independently verified any third-party information and such information is inherently imprecise. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to a high degree of uncertainty and risk due to a variety of risks. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Trademarks and Trade Names In our key markets, we have rights to use, or hold, certain trademarks relating to Cartrack, or the respective applications for trademark registration are underway. We do not hold or have rights to any other additional patents, trademarks or licenses, that, if absent, would have had a material adverse effect on our business operations. Solely for convenience, trademarks and trade names referred to in this presentation may appear without the "e" or "** symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' tradenames, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Each trademark, trade name or service mark of any other company appearing in this presentation is the property of its respective holder. ( 2#3OFFERING SUMMARY ( Issuer Proposed exchange/ticker Shares offered Over-allotment Assumed initial public offering price(¹) Use of proceeds Lock-up Bookrunners Co-managers Karooooo Ltd. Nasdaq: KARO 4,000,000 (2,500,000 Primary and 1,500,000 Secondary) 600,000 (Primary) $47.52 General corporate purposes including the growth and expansion of Cartrack, such as R&D(2) 180 days - Selling Shareholder, Directors and Officers Morgan Stanley, BofA Securities, William Blair Canaccord Genuity, Raymond James, Stifel Nicolaus (1)Based on the closing price of Cartrack Holdings Limited on March 19, 2021 on the JSE and the rand/U.S. dollar exchange rate of R14.7310 as of March 19, 2021, as adjusted for a ten to one share consolidation. The initial public offering price will be based on the closing price of Cartrack Holdings Limited on the JSE, as adjusted for a ten to one share consolidation, and the rand/U.S. dollar exchange on the pricing date. (2) Assuming full participation in Reinvestment as defined in the Registration Statement on Form F-1 filed on March 22, 2021 by eligible Cartrack shareholders. A portion of the proceeds may be used to repay outstanding indebtedness, if participation in the Reinvestment is less than 100% 3#4( KAROO000 NASDAQ TICKER "KARO" (1) Post Karooooo/Cartrack scheme of arrangement (1) 100% CARTRACK Founded in South Africa, now headquartered in Singapore#5( Richard Schubert Chief Operating Officer Previously Chief Technology Officer PRESENTERS Zak Calisto Founder, Chief Executive Officer & Board Member Morné Grundlingh Chief Financial Officer & Board Member 5#6( In our view, all vehicles will be connected & data will drive all aspects of mobility in the future OUR MISSION To build the leading mobility SaaS platform that maximizes the value of data 6#7A HISTORY OF CONSISTENT ORGANIC GROWTH ( 961 Total Subscribers 000s 990 Scale 1,039 1,089 1,127 1,134 1,175 1,246 1,306 ( FY2019 F12020 FY2020 FY2020 FY2020 FY2021 FY2021 FY2021 FY2021 462 (1¹)As of February 28 2021 per "Recent Developments in the F-1 Growth Total Revenue ZAR M 468 470 493 511 535 551 589 G? FY2019 FY2020 FY2030 FY2020 FY2020 FY2021 FY2021 FY2021 128 Profitability Operating Profit ZAR M 159 147 163 163 182 185 198 FY2019 FY2020 FY2020 FY2020 FY2020 FY2021 FY2021 FY2021 WITH STRONG FINANCIAL DISCIPLINE 7#8( OUR TRACK RECORD OF EXECUTION (1) 1.3M+ Active subscribers in 23 countries (3) (1,2,5) -163M USD ARR ZAR 2.4Bn (3) (¹)As of February 28, 2021 per "Recent Developments in the F-1 (2)Exchange rate of 14.6250 ZAR (South African Rand):USD as of February 28,2021 (3) For the 9 months ended November 30, 2020 34% 51% Operating profit margin Adjusted EBITDA margin (3) 98% Subscription revenue Rule of 40 Beaten (4) 70,000+ COMMERICAL CUSTOMERS (4) Subscription revenue YoY growth + net profit divided by subscription revenue sum to greater than 40 in FY2020 and Q3 FY2021 (5) ARR is defined as the annual run-rate subscription revenue of subscription agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that month and multiplying by 12" 8#9Launched in South Africa with Track & Trace focus 2004 Launched entry level Cloud Fleet Management ( 2007 Telematics industry evolution CONTINUOUS INNOVATION Closed System with Limited Connectivity Pre-2014 2G/3G 2008 100K subscribers Proprietary hardware focus Limited functionality Expansion into Europe 2009-2010 Launched Fleet Optimization Platform 2013 JSE IPO 2014 Fleet Management "SaaS" with Connectivity Focus 2014-2018 Expansion into Asia Pacific # 2014-2015 3G/4G LTE SaaS focus Fleet optimization 2019 1M subscribers 2019-Future 5G P Beta launch of Next Generation Platform 1 2020 Data Enabled Platform Configurable solutions Artificial intelligence Data monetization 2021 1.3M+ subscribers#10( $ High Operating Costs WORKS WE SOLVE PROBLEMS Unproductive Use of Resources Fragmented & Inefficient Workflows Growing vehicle population with an increasing demand for digitalization ermark erm A Safety & Eco Compliance Get Go 10#11A LARGE, UNDERPENETRATED MARKET 2018-2026 EXPECTED CAGR: 26% Global SAM Europe: $6.5Bn USD APAC & ME: $4.8Bn USD Africa: $0.9Bn USD ( Global TAM $50.4Bn $12.2Bn Global SAM Europe: $40.3Bn USD APAC & ME: $30.0Bn USD Africa: $7.1Bn USD 2018 (1)The Global Automotive Telematics Market. Source: Allied Market Research, 2019 Global TAM $320.6Bn $77.4Bn 2026 11#12CONTINUED INTERNATIONAL EXPANSION UNDER COVID '000s Subscribers / ZAR M SOUTH AFRICA Subscribers Subscription Revenue AFRICA- OTHER Subscribers Subscription Revenue EUROPE Subscribers Subscription Revenue ASIA, MIDDLE EAST, USA Subscribers Subscription Revenue (3 FY2019 746 1,117 56 98 83 142 76 164 FY2020 YOY change 869 1,384 60 107 99 168 99 228 17% 24% 7% 10% 20% 18% 30% 39% Q3 FY2020 841 1,013 60 81 95 124 92 167 Q3 FY2021 962 1,182 62 78 108 164 115 211 YoY change 14% 17% 3% (3%) 13% 32% 25% 26% 12#13OUR SUCCESS ACROSS INDUSTRIES South Africa Rest of Africa Europe Asia ( ANGLO AMERICAN DE BEERS TOYOTA Central Cervejas e Bebidas MAN King Price INSURANCE PERSONAL COMMERCIAL LITE AVIS LAFARGE SA Taxi driving our nation forward COURTER Spartan EGUY Truck Hire 2 MANTRAC CAT mave Ry-ce GE telefurgo alquiler de furgonetas LEASING SONAEMC BASIA BREWERY Grab Rentals LCR G INCORPORATED LEY CHOON GROUP BRIDGE TAXI FINANCE cfao S MOTORS SOUTH AFRICA MULTICHOICE green SuperSport World of Chargions NCBA GEMFIELDS Lim Siang Huat ORIX galaxy JMV € HINO produtos hospitalares SINGAPORE PRISON SERVICE 13#14WE CONTEXTUALIZE BILLIONS OF DATA POINTS & DRIVE EXCEPTIONAL VALUE FOR CUSTOMERS DATA COLLECTION & AGGREGATION 50Bn+ data points monthly(¹) Proprietary in-vehicle Smart-Devices Third-Party & OEM in-vehicle Smart-Devices ( Data storage & processing APIs & third party systems receive & push data REAL-TIME DATA DRIVING INSTANT VALUE (1)For the 6 month period ended January 30, 2021 Telematics fleet management Al powered video telematics Communicator MiFleet DATA CONTEXTUALIZATION ARTIFICIAL INTELLIGENCE DIFFERENTIATED DATA-DRIVEN SaaS PLATFORM DATA ANALYTICS MONETIZATION Business intelligence Predictive analytics Insurance Know The Driver Carzuka 14#15ONE POWERFUL & DIFFERENTIATED PLATFORM Insurance Carzuka ( 100 EN INSURANCE BUY & SELL CARS CARTRACK FINES & LICENCE Map List Dashboard Reports Mifleet Communicator Compliance Know The Driver 154 AM Carof (HO) 8 J O CUPON *** Feature-rich & vertically integrated Know The Driver Compliance Communicator MiFleet Business Intelligence Al Video and Fleet Telematics 15#16( OUR PLATFORM ADVANTAGES Easy-to-use & implement O Rapid innovation Seamless unified platform Strong customer success helpdesks Massive data scale Reliable & secure CONTINUOUSLY ADDING NEW FEATURES 16#17( X COMMUNICATOR Effortlessly plan, create, manage and optimize delivery or on-site jobs to deliver high-quality customer service 90% Verde XXXX Soon due for maintenance Total costs in January 2020 $20,375 -13% -10% 114 [!!] ATA LO A MIFLEET Integrate, digitalize and automate fleet admin, maintenance, cost analysis and compliance e 17#18( BUSINESS INTELLIGENCE Track trends, compare vehicles and drivers, pinpoint inefficiencies and benchmark your fleet Distracted driving • AI VIDEO & FLEET TELEMATICS +15% 18 prof art to the previous perat Gain control of vehicles, drivers and cargo with real- time visibility and establish a safety first culture with preventative alerts and effective driver coaching 18#19( KNOW THE DRIVER Holistic risk management solution driving increased compliance and enabling developmental finance, insurance and other services CARTRACK Temperature range throughout entire delivery 23°F to 25°F 002 Emission Overview (in Tuna) 592.1 laking that afya -62% ECO & COMPLIANCE Effortless compliance, improved fuel economy, reduced food spoilage and actionable fleet eco-efficiency scoring 19#20FLEET OWNERS AND DRIVERS LOVE US SNUR 0 ing ( Get Go Driving OEM Customer Service MAN The Car Sharing Economy GetGo Constwing LCR LION CITY RENTALS CHALLENGE: Optimizing vehicle maintenance & driver performance SOLUTION: • Digitalized offering with a user-friendly dashboard o Manage & improve customer productivity o Reduce fuel consumption o Increase maintenance revenue CHALLENGE: Scaling car sharing . SOLUTION: • App-based wireless key technology 200+ vehicles shared with 14,000+ subscribers Increased revenue Pricing models built on data Optimised vehicle hygiene cleaning schedules Risk management with real-time vehicle diagnostics & predictive maintenance 20#21FLEET OWNERS AND DRIVERS LOVE US ( Mining Safety & Compliance ANGLO AMERICAN DE BEERS Credit Underwriting & Asset Management BRIDGE TAXI FINANCE CHALLENGE: Compliance with health, safety & environmental regulations & accident prevention SOLUTION: • Comprehensive safety of their personnel Integrated cameras, anti-collision technology & driver prevention lock Driver behavior management towards zero harm in road transportation INDUSTRY: • Transporting 15M+ people daily 250,000+ minibus taxis Dominant mode of public transport in South Africa 80,000+ active minibus taxi subscribers on our base CHALLENGE: • Financing perceived high risk small entrepreneurs SOLUTION: • Visibility on affordability based on productivity & route tariffs . Analytical reports allow us to predict vehicle life expectancy & condition of vehicle Real-time emergency alerts 21#22E-COMMERCE ADOPTION IS TRANSFORMING CAR BUYING ( Carzuka A seamless, personalized and secure end-to-end vehicle buying and selling experience South Africa South Africa's Used Car Market -1.2M South Africa 2019 Beta-phase testing in progress Expected full launch in HY 2021 Carzuka Advantages • Leverage off our proven digital marketing capabilities • Powerful analytics that leverage of Cartrack's 1.3M+ subscribers data pool(2) • Vehicle profiling and certification • Visibility of Cartrack customer defleeting allowing first point of contact Customer profiling to understand needs and demand • Established network of trusted dealerships (1) PS Market Research. 2019. Used Car Global Industry Analysis and applying Transunion, E-natis (double counting eliminated) & Lightstone data (2) As of February 28 2021 per "Recent Developments in the F-1 22#23( 00 WHY WE WIN Intuitive, comprehensive & differentiated Saas SaaS platform Vertically-integrated business model Fast & agile decision-making H XX High customer ROI Strong brand in our key markets Customer-centric culture with high referrals WE PARTNER WITH OUR CUSTOMERS 23#24( GO-TO-MARKET STRATEGY Consumers & Sole Proprietors 1-60 day sales cycle Small Businesses 1-90 day sales cycle Largely Underpenetrated Market Focus on customer acquisition Medium Sized Businesses 1-8 month sales cycle Penetrated Market Large Enterprises 3-24 month sales cycle Focus on increasing ARPU 24#25CUSTOMER GROWTH DESPITE COVID-19 Small Businesses 1 - 24 vehicles Medium-Sized Businesses 25-99 vehicles Large Enterprises 100+ vehicles ( Consumers & Sole Proprietors 1-5 vehicles 397,227 FY 2019 485,843 FY 2020 553,225 03 FY2021 54,368 Car Rental Industry Largest Customer FY 2019 61,754 FY 2020 68,505 Q3 FY2021 Low industry & customer concentration risk Revenue <1.1% (1) <1.9%(1) 1,787 FY 2019 2,189 FY 2020 2,343 03 FY2021 95% 341 FY 2019 409 FY 2020 427 03 FY2021 Commercial Customer Retention Rate(2) Over 65 have 500+ vehicles(¹) (1)As of November 30 2020 (2) Customer retention rate for small, medium and large enterprises calculated over a 3-year average as of November 30, 2020 by comparing the number of customers at the end of a year that had been with us at the start of that year 25#26( INNOVATE • Lead with product innovation to drive customer demand OUR GROWTH STRATEGY IMPLEMENT • Localize to customer needs & culture • Build the Cartrack team GROW Acquire high volume of small & medium enterprise customers • Maximize customer ROI • Leverage customer referrals EXPAND • Leverage economies of scale Target large enterprise fleets Open new countries . Continue to Innovate & Build Distribution 26#27A SOLID & EXPERIENCED MANAGEMENT TEAM WITH A WINNING CULTURE ( Zak Calisto Chief Executive Officer & Founder Wei Ling Tan Joint Chief People Officer Pedro Ventura Chief Technology Officer Neo Nkobo Joint Chief People Officer Innovative Morné Grundlingh Richard Schubert Chief Financial Chief Operating Officer Officer Harry Louw CEO South Africa Fatima Hassim Chief Financial Controller Brendan Horan Investor Relations & Assistant to CEO Joshua Victor Deputy CEO South Africa Customer-centric Juan Marais Joint Chief Revenue Officer Hong Yap Lau Group Consolidation Officer Carmen Calisto Chief Marketing & Joint Revenue Officer Siok Lan Lai Group Internal Systems Officer Business savvy 27#28INVESTMENT HIGHLIGHTS ( AA ww Large & growing market opportunity with a long runway for sustainable growth Integrated cloud software platform for enterprises and consumers (1) Proven scalability with 1.3M+ subscribers generating 50Bn+ data points per month Innovative culture with a track record of delivering new applications as customer needs evolve Multiple levers for expansion that will contribute to sustained growth Positioned for accelerated growth with consistent strong historical operating & EBITDA margins Founder-led management team with experience operating as a public company in South Africa (1) As of February 28 2021 per "Recent Developments" in the F-1 (2) For the 6 month period ended January 30, 2021 28#29ATTRACTIVE LONG-TERM FINANCIAL MODEL ( SaaS Model with Stable Average Revenue Per Subscriber Low Cost of Acquiring a Subscriber Strong Comparative Benefits from Economies of Scale High Margins & Cash Generation 29#30( 禀 98% Subscription revenue(1) High Revenue Visibility 1.3M+ As of February 2021 (3) Total Subscribers KEY METRICS $ -$163M USD ARR(2,3) Strong Subscriptions jivi AM -60 Months Subscriber Life Expectancy A 51% High EBITDA margins(1) High Profitability 95% Customer retention rate(4) Loyal Customers For the 9 months ended November 30, 2020 (2)Exchange rate of 14.6250 ZAR USD as of February 28, 2021 (3) As of February 28 2021 per "Recent Developments in the F-1 (4) Customer retention rate for small, medium & large enterprises calculated over a 3-year average as of November 30, 2020 by comparing the number of customers at the end of a year that had been with us at start of that year 30#31OUR ORGANIC SUBSCRIPTION REVENUE GROWTH (1) 98% Subscription Revenue ( (1)For 9 months ended November 30, 2020 (2) Exchange rate of 15.43 ZAR:USD as of November 30, 2020 24% YOY growth rate 1,521 FY 2019 $122M USD(2) 1,888 ZAR M FY 2020 1,385 Q3 FY2020 18% YOY growth rate 1,635 03 FY2021 31#32ROBUST ARR GROWTH DURING PANDEMIC ( 18% under Covid-19 YOY growth rate 2,021 ARR ZAR M As of February 2020 (1)As of February 28 2021 per "Recent Developments in the F-1 2,377" As of February 2021 . Strong ARR growth despite Covid-19 due to agile adaptability • Quarter ending May FY2021 most affected by hard lockdowns · > Despite this we still achieved robust ARR growth Subscriber growth accelerated in HY2021 > All-time record for subscriber growth & financial performance with 70,916 net new subscribers added to platform in the 3 months ended November 30, 2020 32#33ACCELERATING ADJUSTED EBITDA WITH A POSITIVE CASH FLOW Adjusted EBITDA(1) ZAR M Adjusted EBITDA Margin(¹) 27% YOY growth rate 738 FY 2019 44% $61M USD(3) 937 FY 2020 48% 699 Q3 FY2020 49% 22% YOY growth rate 855 Q3 FY2021 51% FCF Margin(2) 50 FY 2019 3% FCF(2) ZAR M $33M USD(0) 513 FY 2020 26% 361 Q3 FY2020 25% 14% YOY growth rate 411 Q3 FY2021 25% m) Adjusted EBITDA & adjusted EBITDA margin are non-IFRS metrics. Please see appendix for reconciliation to closest metric calculated in accordance with IFRS 20 Free cash flow defined as net cash generated from operating activities less purchase of property, plant & equipment. Free cash flow & free cash flow margin are non-IFRS metrics. Please see appendix for reconciliation to closest metric calculated in accordance with IFRS. Exchange rate of 15.43 ZAR:USD as of November 30, 2020 33#34BALANCE SHEET ( Balance sheet summary ZAR M Total cash Total capitalized assets(1) Total assets Total deferred revenue Total debt Total liabilities FY2019 52 677 1,529 239 692 (1)Capitalized assets include capitalized telematics devices & intangible assets FY2020 147 894 1,845 209 23 620 Q3 FY2021 88 955 2,002 248 18 807 34#35SCALING OUR SUBSCRIBER BASE ( 502,894 FY 2016 22% CAGR Pre-pandemic 2016-2020 600,610 (1)As of February 28 2021 per "Recent Developments in the F-1 Total Active Subscribers FY 2017 751,380 FY 2018 16% YoY Growth Rate Despite Covid-19 960,798 FY 2019 1,126,515 FY 2020 1,306,000 FY 2021 (1) 35#36OUR LOW COST OF ACQUIRING A SUBSCRIBER ». 2,359 545 305 1,509 FY 2019 Total Unit Cost of Acquiring a Subscriber ZAR CapEx 1,814 2,008 520 221 1,267 FY 2020 CapEx 1,488 2,031 514 226 1,291 Q3 FY2020 CapEx 1,517 2,148 638 289 1,221 Q3 FY2021 CapEx 1,510 Sales and Marketing Opex Non-capitalized Sales Commission Capitalized Telematics Devices Capitalized 36#37LONG-TERM FINANCIAL GOALS WITHOUT ADDITIONAL PLATFORM VERTICALS Reflect our accelerated and aggressive growth strategy Gross margin Research & development as a % of Subscription Revenue Total capital allocated to Research & development as a % of Subscription Revenue(2) Sales & marketing as a % of Subscription Revenue General & administrative as a % of Subscription Revenue Operating profit margin Adjusted EBITDA margin % ( Actual FY2019 71% 3% 4% 12% 29% 30% 44% Actual FY2020 70% 2% 4% 10% 24% 33% 49% Actual Q3 FY2021 72% 3% 5% 10% 23% 34% 51% Long-term targets(1) 69-72% 4-6% 5-7% 17-19% 12-16% 32-36% 50-54% (1) The long-term targets on this slide reflect the company's long-term goals and are not projections or estimates of future results. The company's ability to achieve any such long-term targets is subject to various risks and uncertainties Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from these targets, and there can be no assurance that the company will achieve any such targets within any particular timeframe, or at all. See slide 2 for further information on forward-looking statements. (2) Refer to pg. 46 for reconciliation of total capital allocated to R&D 37#38INVESTMENT HIGHLIGHTS ( AA ww Large & growing market opportunity with a long runway for sustainable growth Integrated cloud software platform for enterprises and consumers (1) Proven scalability with 1.3M+ subscribers generating 50Bn+ data points per month Innovative culture with a track record of delivering new applications as customer needs evolve Multiple levers for expansion that will contribute to sustained growth Positioned for accelerated growth with consistent strong historical operating & EBITDA margins Founder-led management team with experience operating as a public company in South Africal (1) As of February 28 2021 per "Recent Developments" in the F-1 (2) For the 6 month period ended January 30, 2021 38#39CARTRACK Thank You#40CARTRACK Appendix#41KEY INCOME STATEMENT METRICS Reflecting our historical growth trajectory & robust operating metrics Annual Recurring Revenue (ZAR '000s) Average monthly Revenue per Subscriber (ZAR) YOY Subscription Revenue Growth Gross Margin Research & Development as a % of Subscription Revenue Sales & Marketing as a % of Subscription Revenue General & Administrative as a % of Subscription Revenue Operating Profit Margin Adjusted EBITDA margin FCF margin (1)Cartrack Holdings Limited Summarized financial results FY2019 FY19 1,674,522 148 30% (1) 71% 3% 12% 29% 30% 44% 3% FY20 2,021,880 151 24% 70% 2% 10% 24% 33% 49% 26% Q3 FY20 2,020,420 150 N/A 70% 2% 10% 24% 33% 49% 25% Q3 FY21 2,372,705 153 18% 72% 3% 10% 23% 34% 51% 25% 41#42FREE CASH FLOW BRIDGE ( ZAR (000s) Revenue Subscription revenue Cash flow from operations Purchase of PPE Free cash flow(1) Free cash flow margin FY2019 1,693 1,521 472 (422) 50 3% ("Free cash flow defined as net cash generated from operating activities less purchase of property, plant and equipment FY2020 1,942 1,888 901 (389) 513 26% Q3 FY2020 1,431 1,385 665 (304) 361 25% Q3 FY2021 1,675 1,635 714 (304) 411 25% 42#43RECONCILIATION OF PROFIT TO ADJUSTED EBITDA ZAR ('000) Profit for the year Less: Finance Income Add: Finance Costs Add: Taxation Add: Depreciation and Amortization EBITDA Add: Corporate Adjusted EBITDA ( FY19 361,048 (2,749) 31,438 110,182 238,515 738,434 FY20 443,526 (2,592) 16,831 173,157 295,762 10,801 937,485 Q3 FY20 329 419 (1,606) 14,238 126,329 219,990 10,604 698,974 Q3 FY21 394 864 (3,852) 4,833 170,130 289,065 301 855,341 43#44RECONCILIATION OF FREE CASH FLOW & FREE CASH FLOW MARGIN ZAR ('000) Net Cash Generated from Operating Activities Less: Purchase of Property, Plant and Equipment Free Cash Flow Net Cash Generated from Operating Activities as % of Revenue Less: Purchase of Property, Plant and Equipment as % of revenue Free Cash Flow Margin % ( FY19 472,258 (422,061) 50,197 27.9% 24.9% 3.0% FY20 901,224 (388,723) 512,501 46.4% 20.0% 26.4% Q3 FY20 664,465 (303,888) 360,577 46.4% 21.2% 25.2% Q3 FY21 714,234 (303,719) 410,515 42.6% 18.1% 24.5% 44#45RECONCILIATION OF EBITDA & OPERATING EXPENSE Karooooo vs. Cartrack ZAR ('000) EBITDA Karooooo Add: Corporate / Karooooo expenses Adjusted EBITDA Cartrack EBITDA Margin Karooooo Adjusted EBITDA Margin Cartrack Operating Expenses General & Administration Expenses General & Administration Expenses as a % of Subscription Revenue Adjusted for Karooooo Expenses Adjusted General & Administration Expenses General & Administration Expenses as a % of Subscription Revenue FY2019 738,434 738,434 44% 44% 443,562 29.2% 443,562 29.2% FY2020 926,684 10,801 937,485 48% 48% 460,402 24.4% (10,801) 449,601 23.8% Q3 FY2020 688,370 10,604 698,974 48% 49% 334,525 24.2% (10,604) 323,921 23.4% Q3 FY2021 855,040 301 855,341 51% 51% 371,351 22.7% (301) 371,050 22.7% 45#46RECONCILIATION OF RESEARCH & DEVELOPMENT CAPITAL ALLOCATION & EXPENSED ( ZAR (M) Subscription Revenue R&D: Operating Expenses R&D: Capitalized Total Capital Allocated to R&D Total R&D Capital Allocated as a % of Subscription Revenue R&D: Operating Expenses R&D: Amortization of Capitalized R&D included in G&A Total R&D Expensed Total R&D Expensed as a % of Subscription Revenue FY2019 1,521 48.3 13.6 61.9 4% 48.3 48.3 3% FY2020 1,888 44.9 31.2 76.1 4% 44.9 9.2 54.1 3% Q3 FY2021 1,635 54.2 30.9 85.1 5% 54.2 16.2 70.4 4% 46