Cartrack IPO

FREE 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

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