Cartrack IPO

RECONCILIATION 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

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