Cartrack IPO

RECONCILIATION 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

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