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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>As filed with the Securities
and Exchange Commission on June 13, 2023</b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><!-- Field: Rule-Page --><div style="text-align: center; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="text-align: center; font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">UNITED STATES</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Washington, D.C. 20549</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>FORM <ix:nonNumeric contextRef="c0" name="dei:DocumentType">20-F</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Mark One)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif"><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentRegistrationStatement">&#9744;</ix:nonNumeric>
</span><b>REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>OR</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:DocumentAnnualReport"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric> <b>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>For the fiscal year ended <ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-year-en" name="dei:DocumentPeriodEndDate"><ix:nonNumeric contextRef="c0" format="ixt:date-monthname-day-en" name="dei:CurrentFiscalYearEndDate">February 28</ix:nonNumeric>, <ix:nonNumeric contextRef="c0" name="dei:DocumentFiscalYearFocus">2023</ix:nonNumeric></ix:nonNumeric></b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentTransitionReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric> <b>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>For the transition period from</b>	__________<b>to	__________.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>OR</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:DocumentShellCompanyReport"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric> <b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Date of event requiring this shell company report_________</b></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Commission file number: <ix:nonNumeric contextRef="c0" name="dei:EntityFileNumber">001-40300</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span style="-sec-ix-hidden: hidden-fact-0">KAROOOOO LTD.</span></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Exact name of registrant as specified in its
charter)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine1"><b>1 Harbourfront Avenue</b></ix:nonNumeric>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressAddressLine2"><b>Keppel Bay Tower #14-07</b></ix:nonNumeric>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><ix:nonNumeric contextRef="c0" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry"><ix:nonNumeric contextRef="c0" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="c0" format="ixt-sec:edgarprovcountryen" name="dei:EntityIncorporationStateCountryCode">Singapore</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> <ix:nonNumeric contextRef="c0" name="dei:EntityAddressPostalZipCode">098632</ix:nonNumeric></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Address of principal executive office)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelName">Hoe Shin Goy</ix:nonNumeric>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Group Chief Financial Officer</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><ix:nonNumeric contextRef="c1" name="dei:EntityAddressAddressLine1"><b>17 Kallang Junction #06-05/06</b></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><ix:nonNumeric contextRef="c1" name="dei:EntityAddressCityOrTown"><ix:nonNumeric contextRef="c1" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">Singapore</ix:nonNumeric></ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:EntityAddressPostalZipCode">339274</ix:nonNumeric></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b><sup>	</sup>	Phone:
<ix:nonNumeric contextRef="c1" name="dei:CityAreaCode">+65</ix:nonNumeric> <ix:nonNumeric contextRef="c1" name="dei:LocalPhoneNumber">6255 4151</ix:nonNumeric></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Email: <ix:nonNumeric contextRef="c1" name="dei:ContactPersonnelEmailAddress">ir@karooooo.com</ix:nonNumeric></b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or to be registered pursuant
to Section 12(b) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 32%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title of each class</b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 32%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading Symbol</b></span></td> <td style="padding-bottom: 1.5pt; text-align: center; width: 2%; vertical-align: bottom">&#160;</td> <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 32%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name of each exchange on which registered</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(204,238,255)"> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:Security12bTitle"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, no par value per share</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><ix:nonNumeric contextRef="c0" name="dei:TradingSymbol"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KARO</span></ix:nonNumeric></td> <td style="text-align: center">&#160;</td> <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The <ix:nonNumeric contextRef="c0" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric> Capital Market</span></td></tr> </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities registered or to be registered pursuant
to Section 12(g) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>None</b>&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Title of Class)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>None</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>(Title of Class)</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p><div>

</div><!-- Field: Page; Sequence: 1; Options: NewSection --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate the number of outstanding shares of each
of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonFraction contextRef="c2" decimals="INF" format="ixt:num-dot-decimal" name="dei:EntityCommonStockSharesOutstanding" scale="0" unitRef="shares">30,951,106</ix:nonFraction> shares of Common Stock as of February
28, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.<sup>1</sup></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><ix:nonNumeric contextRef="c0" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span>
No <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">Large Accelerated Filer <span style="font-family: Times New Roman, Times, Serif">&#9744;
</span><ix:nonNumeric contextRef="c0" name="dei:EntityFilerCategory">Accelerated Filer</ix:nonNumeric> &#9746; Non-accelerated Filer <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Emerging
growth company <ix:nonNumeric contextRef="c0" format="ixt:fixed-true" name="dei:EntityEmergingGrowthCompany"><span style="font-family: Times New Roman, Times, Serif">&#9746;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange
Act. <ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityExTransitionPeriod"><span style="font-family: Times New Roman, Times, Serif">&#9744;</span></ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left">&#8224;</td><td style="text-align: justify">The term &#8220;new or revised financial accounting standard&#8221;
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</td>
</tr></table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;</span>
<ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:IcfrAuditorAttestationFlag">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span style="font-family: Times New Roman, Times, Serif">&#160;</span></i></b></p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant
recovery period pursuant to &#167;240.10D-1(b). &#9744;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> U.S. GAAP</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span> <ix:nonNumeric contextRef="c0" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric> as issued by the International Accounting Standards Board</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Other</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &#8220;Other&#8221; has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Item 17 <span style="font-family: Times New Roman, Times, Serif">&#9744;</span> Item 18</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Yes <span style="font-family: Times New Roman, Times, Serif">&#9744;
</span><ix:nonNumeric contextRef="c0" format="ixt:fixed-false" name="dei:EntityShellCompany">No</ix:nonNumeric> <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><!-- Field: Rule-Page --><div style="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><div style="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&#160;</div></div><!-- Field: /Rule-Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p><div>


</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ANNUAL REPORT</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center"><b>Page</b></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 90%"><a href="#a_001"><span style="font-size: 10pt">INTRODUCTION</span></a></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center">ii</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_002"><span style="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">iii</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_003"><span style="font-size: 10pt">PART I</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_004"><span style="font-size: 10pt">Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_005"><span style="font-size: 10pt">Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_006"><span style="font-size: 10pt">Item 3. KEY INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">1</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_007"><span style="font-size: 10pt">Item 4. INFORMATION ON THE COMPANY</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">36</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_008"><span style="font-size: 10pt">Item 4A. UNRESOLVED STAFF COMMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">51</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_009"><span style="font-size: 10pt">Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">52</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_010"><span style="font-size: 10pt">Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">76</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_011"><span style="font-size: 10pt">Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">81</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_012"><span style="font-size: 10pt">Item 8. FINANCIAL INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">84</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_013"><span style="font-size: 10pt">Item 9. THE OFFER AND LISTING</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">85</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_014"><span style="font-size: 10pt">Item 10. ADDITIONAL INFORMATION</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">86</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_015"><span style="font-size: 10pt">Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">95</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_016"><span style="font-size: 10pt">Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">96</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_017"><span style="font-size: 10pt">PART II</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_018"><span style="font-size: 10pt">Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_019"><span style="font-size: 10pt">Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_020"><span style="font-size: 10pt">Item 15. CONTROLS AND PROCEDURES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">97</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_021"><span style="font-size: 10pt">Item 16. RESERVED</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">98</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_022"><span style="font-size: 10pt">Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">98</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_023"><span style="font-size: 10pt">Item 16B. CODE OF ETHICS.</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">98</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_024"><span style="font-size: 10pt">Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">99</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_025"><span style="font-size: 10pt">Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">99</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_026"><span style="font-size: 10pt">Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">99</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_027"><span style="font-size: 10pt">Item 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">99</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_028"><span style="font-size: 10pt">Item 16G. CORPORATE GOVERNANCE</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">100</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_029"><span style="font-size: 10pt">Item 16H. MINE SAFETY DISCLOSURE</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">100</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_030"><span style="font-size: 10pt">Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">100</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_037">Item 16J. INSIDER TRADING POLICIES</a></td>
    <td>&#160;</td>
    <td style="text-align: center">100</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_031"><span style="font-size: 10pt">PART III</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">101</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_032"><span style="font-size: 10pt">ITEM 17. FINANCIAL STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">101</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_033"><span style="font-size: 10pt">ITEM 18. FINANCIAL STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">101</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_034"><span style="font-size: 10pt">ITEM 19. EXHIBITS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">101</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><a href="#a_035"><span style="font-size: 10pt">SIGNATURES</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">101</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><a href="#a_036"><span style="font-size: 10pt">CONSOLIDATED FINANCIAL STATEMENTS</span></a></td>
    <td>&#160;</td>
    <td style="text-align: center">F-1</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INTRODUCTION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended February 28, 2022, Karooooo
Ltd. (&#8220;Karooooo&#8221; or the &#8220;Company&#8221;) listed on the Nasdaq (April 01, 2021) and concluded an inward secondary listing
on the JSE by April 21, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at February 28, 2021, Karooooo was a privately owned company fully owned by Isaias (Zak) Jose Calisto (founder and CEO of Karooooo) and Cartrack
Holdings Proprietary Limited, previously known as Cartrack Holdings Limited (&#8220;CTK&#8221;) listed as a public company on the Johannesburg
Stock Exchange (JSE). Karooooo was a non-operating entity, with its only asset being its ownership of 203,328,943 ordinary shares, or
68.1%, of CTK&#8217;s 298,766,000 ordinary shares in issue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo listed on the Nasdaq on April 1, 2021
in connection with its initial public offering (&#8220;IPO&#8221;) in the United States. Following the IPO, Karooooo had 21,540,394 shares
in issue of which 20,332,894 were founder held shares. By April 21, 2021 Karooooo had bought out all of the minority shareholders of CTK
pursuant to a scheme of arrangement in South Africa and had delisted CTK from the JSE. Karooooo concluded an inward secondary listing
on the JSE on this date (April 21, 2021) and issued a further 9,410,712 shares to eligible CTK shareholders who elected to reinvest the
proceeds of the sale of their CTK shares pursuant to the scheme in shares of Karooooo, representing 99% of all minority CTK shareholders
bought out by Karooooo.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PRESENTATION OF FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, all financial information
contained in this annual report is prepared and presented in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;)
as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). Certain differences exist between IFRS and generally accepted
accounting principles in the United States of America (&#8220;U.S. GAAP&#8221;) which might be material to the financial information herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not prepared a reconciliation of our consolidated
financial statements and related footnote disclosures between IFRS and U.S. GAAP. Potential investors should consult their own professional
advisers for an understanding of the differences between IFRS and U.S. GAAP and how these differences might affect the financial information
herein.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our historical consolidated financial statements were prepared to give
effect to</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(i)</td><td style="text-align: justify">the common control transaction in which Karooooo Ltd. acquired
a controlling stake in CTK and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">(ii)</td><td style="text-align: justify">the conversion of a shareholder loan from our founder and
chief executive officer, Isaias (Zak) Jose Calisto, to Karooooo Ltd. into ordinary shares of Karooooo Ltd., which took place on November
18, 2020.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is currently no specific guidance on accounting
for common control transactions under IFRS as issued by the IASB. In the absence of specific guidance Karooooo Ltd. elected to apply the
&#8220;pooling of interests&#8221; method of accounting. Under &#8220;pooling of interests&#8221; the assets and liabilities of CTK were
carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control
transaction had occurred at the beginning of the earliest period presented.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All references in this annual report to &#8220;Group&#8221; or &#8220;Company&#8221;
refer to Karooooo Ltd. and its subsidiaries.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All references in this annual report to &#8220;U.S.
dollars,&#8221; &#8220;U.S.$,&#8221; &#8220;$&#8221; and &#8220;USD&#8221; refer to the currency of the United States of America, all
references to &#8220;R&#8221;, &#8220;rand&#8221; and &#8220;ZAR&#8221; refer to the currency of South Africa and all references to &#8220;S$&#8221;
or &#8220;Singapore dollar&#8221; refer to the currency of Singapore. Unless otherwise indicated, all references to currency amounts in
this annual report are in rand. Our fiscal year ends on February 28 or February 29 of each year. References in this annual report to a
fiscal year or a financial year, such as &#8220;fiscal year 2023,&#8221; relate to our fiscal year ended on February 28 or February 29,
as applicable, of that calendar year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->ii<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This annual report contains &#8220;forward-looking
statements.&#8221; 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 &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;seek,&#8221; &#8220;anticipate,&#8221;
&#8220;estimate,&#8221; &#8220;predict,&#8221; &#8220;potential,&#8221; &#8220;assume,&#8221; &#8220;continue,&#8221; &#8220;may,&#8221;
&#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;shall,&#8221; &#8220;risk&#8221; or the negative of these terms
or similar expressions that are predictions of or indicate future events and future trends.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 annual report. 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 annual report, those results or developments may not be indicative of results or
developments in subsequent periods.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Factors that may cause our actual results to differ
materially from those expressed or implied by the forward-looking statements in this annual report include, but are not limited to, the
risks described under &#8220;Risk Factors.&#8221; For example, factors that could cause actual results to vary from projected results
include, but are not limited to:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to acquire new customers and retain existing
customers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to acquire new subscribers and retain existing
subscribers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our expectations regarding the effects of a pandemic or widespread
outbreak of an illness, the Russia-Ukraine conflict, geopolitical tensions involving China, and similar
macroeconomic events, including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign
currency fluctuations, elevated inflation and interest rates and monetary policy changes, upon our and our customers&#8217; and partners&#8217;
respective businesses;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our anticipated growth strategies, including our ability
to increase sales to existing customers, the introduction of new solutions and international expansion;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to adapt to rapid technological change in our
industry;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our dependence on cellular networks;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">competition from industry consolidation;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">market adoption of software-as-a-service (&#8220;SaaS&#8221;)
fleet management platform;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">automotive market conditions and the evolving nature of the
automotive industry towards autonomous vehicles;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">expected changes in our profitability and certain cost or
expense items as a percentage of our revenue;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our dependence on certain key component suppliers and vendors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to maintain or enhance our brand recognition;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to maintain our key personnel or attract, train
and retain other highly qualified personnel;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the impact and evolving nature of laws and regulations relating
to the internet and data privacy;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to protect our intellectual property and proprietary
technologies and address any infringement claims;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">significant disruption in service on, or security breaches
of, our websites or computer systems;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">dependence on third-party technology and licenses;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fluctuations in the value of the South African rand and inflation
rates in the countries in which we conduct business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to access the capital markets in the future;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">other risk factors discussed under &#8220;Risk Factors&#8221;.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward-looking statements speak only as of the
date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release
publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated
events.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><div><a id="a_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART I</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Item 3. KEY INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>RESERVED</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>CAPITALIZATION AND INDEBTEDNESS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>REASONS FOR THE OFFER AND USE OF PROCEEDS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>RISK FACTORS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>You should carefully consider the risks and
uncertainties described below and the other information in this annual report before making an investment in our ordinary shares. Our
business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as
a result, the market price of our ordinary shares could decline and you could lose all or part of your investment. Additional risks and
uncertainties not currently known to us, or which we currently deem immaterial, may also adversely affect our business, financial condition
or results of operations. This annual report also contains forward-looking statements that involve risks and uncertainties. See &#8220;Special
Note Regarding Forward-Looking Statements&#8221;. Our actual results could differ materially and adversely from those anticipated in these
forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this annual report.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>A summary of the risk factors is followed by a detailed description
of each risk factor.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>RISK FACTOR SUMMARY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Business and Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may not be able to add new customers and retain existing customers, which could have
                                                                                       a material adverse effect on our ability to grow our business and increase revenue.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may not be able to retain or drive margin expansion with
our existing customers, which could adversely affect our financial results.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The effects of a pandemic or widespread outbreak of an illness,  the Russia-Ukraine conflict, geopolitical tensions involving China, and similar macroeconomic events,
including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign currency fluctuations,
elevated inflation and interest rates and monetary policy changes, could have a material adverse effect on our business, financial condition
and results of operations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our inability to adapt to rapid technological change in our
industry and related industries could impair our ability to remain competitive and adversely affect our results of operations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our inability to successfully recover should we experience
a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational
harm or legal liability.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The market for SaaS fleet management solutions is highly
fragmented and competitive. If we do not compete effectively in such markets, our operating results may be harmed.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">An increase in factory-fitted or embedded telematics technology
in new vehicles in our markets could result in reduced demand for our SaaS platform, which could have a material adverse effect on our
revenue.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our dependence on various lead generation programs could
adversely affect our operating results if we need to pay more for such programs or we are unable to attract new customers at the same
rate.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If we are unable to successfully convert customer sales leads
into customers on a cost-effective basis, our revenue and results of operations would be adversely affected.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Reliance on Third Parties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">The conduct of security officers engaged in stolen vehicle
recovery (&#8220;SVR&#8221;) operations in support of our services from time to time involves the use of force, which could expose the
Company to reputational harm or, potentially, civil and/or criminal liability.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We depend on certain key component suppliers and vendors
as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity and affect
hardware manufacturing output adversely affecting distribution.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Growth Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We have experienced growth in recent periods. If we fail
to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or address competitive
challenges adequately.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may not effectively execute on our expansion strategy,
which may adversely affect our ability to maintain our historical growth and earnings trends.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Investments into our SaaS platform and technology infrastructure
may not yield the desired results.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If we fail to maintain or enhance our brand recognition or
reputation, our business could be harmed.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our corporate culture has contributed to our success, and
if we cannot maintain this culture, we could lose the innovation, creativity and teamwork fostered by our culture, which could harm our
business.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Intellectual Property, Data Privacy and Cybersecurity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Evolving regulation and changes in applicable laws relating
to the Internet and data privacy may increase our expenditures related to compliance efforts or otherwise limit the solutions we can
offer, which may harm our business and adversely affect our financial condition.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Any significant disruption in service on our SaaS platform
or in our computer systems, through cybersecurity breaches, computer viruses or otherwise or disruption of our platform, could damage
our reputation and result in a loss of customers, which would harm our business and results of operations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Security or privacy breaches in our electronic transactions
or data may expose us to additional liability or result in a loss of customers, either of which events could harm our business.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Related to Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We may incur material losses and costs as a result of lawsuits
or claims that may be brought against us which are related to product liability, warranty, product recalls, client service interruptions
or other matters, and any litigation against us could be costly and time-consuming to defend and could harm our business, financial condition
and results of operations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Operations in South Africa and Other Emerging
Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We conduct a material amount of our business in foreign currencies,
which heightens our exposure to the risk of exchange rate fluctuations.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Investments in Singapore Companies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">We are incorporated in Singapore, and our shareholders may
have more difficulty in protecting their interests than they would as shareholders of a corporation incorporated in the United States.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Our stock price may fluctuate and you could lose all or a
significant part of your investment.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">As a foreign private issuer and &#8220;controlled company&#8221;
within the meaning of the Nasdaq rules, we are permitted to, and we will, rely on exemptions from certain corporate governance standards.
Our reliance on such exemptions may afford less protection to holders of our ordinary shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">If we fail, for any reason, to effectively or efficiently
maintain proper internal control procedures for compliance with Section 404 of the Sarbanes Oxley Act of 2002 (&#8220;SOX&#8221;), or
Section 404, such failure could materially and adversely affect our business, results of operations and financial condition.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>RISK FACTORS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Business and Operations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may not be able to add new customers
and retain existing customers, which could have a material adverse effect on our ability to grow our business and increase revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We market and sell our mobility data analytics
solutions to a wide range of customers, from consumers and sole proprietors to small and medium-sized businesses and large enterprises.
To grow our revenue, we must continue to add new customers and subscribers. We intend to increase new subscription sales by increasing
penetration in our existing markets and with existing customers, upgrading and enhancing our platform and solutions and by opportunistically
entering new markets that represent a potential source of demand. Our success in adding new customers may be tied to a number of factors,
including demand for our SaaS platform, the rate of new vehicle sales, the success of our sales and marketing campaigns, our ability to
generate leads, our relationships with channel partners, price and service competition, general economic conditions and, in the case of
our safety and security services, the real and perceived threat of vehicle theft and discounts offered by insurers for risk mitigation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Selling to consumers or sole proprietors and small
business customers may, in some instances, be more difficult than selling to medium-sized businesses and large enterprise customers. Consumers
and sole proprietors and small businesses may have higher default rates, are price sensitive, may be difficult to reach with targeted
sales campaigns and may have higher churn rates in part because of the scale of their businesses and the ease of switching solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the other hand, the typical sales cycle for
medium-sized businesses and large enterprises may be longer than that of our consumer and sole proprietor and small business customers.
These customers may have more complex business, operational, procurement and integration requirements and their scale may result in less
favorable contract terms. Our sales cycle runs from lead generation to the installation of the device. Our typical sales cycle for large
enterprises ranges from 3 to 24 months. Medium enterprise sales cycles run between 1 to 8 months with small business and sole proprietor
sale cycles running between 1 to 90 days. The consumer sales cycle runs between 1 and 60 days. A number of factors influence the length
and variability of our sales cycle, including the need to educate potential customers about the uses and benefits of our solutions, the
discretionary nature of purchasing and budget cycles, and the competitive nature of evaluation and purchasing approval processes. It may
be difficult for us to predict the timing of when we will enter into subscription contracts with medium-sized businesses and large enterprises
and how quickly such contracts can be implemented. This could make the timing of our revenues uncertain and difficult to predict.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may not be able to retain or drive margin expansion with our
existing customers, which could adversely affect our financial results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally sell our SaaS platform services pursuant
to subscription agreements with an initial minimum term of 36 months. The majority of these agreements provide for automatic renewal on
a month-to-month basis thereafter unless the customer elects otherwise. Our customers have no obligation to renew these agreements after
the expiration of the initial term or any renewal term. If our efforts to satisfy our existing customers are not successful, we may not
be able to retain them or expand our relationship with them and, as a result, our revenue and growth could be materially and adversely
affected. Customers may choose to cancel or not renew their subscriptions for a number of reasons, including the belief that our solutions
are not required for their personal or business needs or are otherwise not cost-effective, a desire to reduce discretionary spending,
a belief that our competitors&#8217; solutions provide better value, or economic downturn in their industries or the geography in which
they operate, and customers may not renew their subscriptions when they refresh their fleet with new vehicles. Large enterprise customers
may also decrease the number of vehicles covered by subscription contracts if their fleet sizes decrease. Additionally, our customers
may cancel or not renew for reasons entirely out of our control, such as the dissolution of their business or personal financial distress.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Part of our growth strategy is to retain customers and drive margin
expansion by providing enhanced and additional software solutions to our existing customers while keeping our costs low. Our ability to
provide an advanced software platform to existing customers in a cost-effective manner will depend in significant part on our ability
to anticipate industry evolution, practices and standards and to continue to enhance our platform and existing software solutions, such
as integration with fuel cards, GPS navigation devices, as well as various third-party software and products manufactured by original
equipment manufacturers, or OEMs, or partnership with vehicle insurance providers, or to introduce or acquire new software features on
a timely basis to keep pace with technological developments both within our industry and in related industries, including integration
with developing technologies and platforms such as artificial intelligence (&#8220;AI&#8221;), machine learning and big data analytics.
However, we may prove unsuccessful either in developing new software features or in expanding the third-party software and products with
which our SaaS platform integrates, and such third-party software and products may become incompatible or replace our solutions, and such
efforts may not be cost-effective - See &#8220;Our platform integrates with third-party technologies and if our platform becomes incompatible
with these technologies, our platform would lose functionality and flexibility and our customer acquisition and retention could be adversely
affected.&#8221; In addition, the success of any enhancement or new feature depends on several factors, including the timely completion,
introduction and market acceptance of the enhancement or feature. Any new software applications or features we develop or acquire might
not be introduced in a timely or cost-effective manner and might not achieve the broad market acceptance necessary to generate significant
revenue. If any of our competitors implements new technologies before we are able to implement them, better anticipates the innovation
and integration opportunities in related industries or implements them in a more cost-effective manner, those competitors may be able
to provide more effective or less expensive solutions than ours, which may also negatively affect our ability to retain our existing customers
and drive margin expansion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The effects of a pandemic or widespread
outbreak of an illness, the Russia-Ukraine conflict, geopolitical tensions involving China, and similar
macroeconomic events, including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign
currency fluctuations, elevated inflation and interest rates and monetary policy changes, could have a material adverse effect on our
business, financial condition and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our growth strategy involves the further expansion
of our operations and customer base internationally. Any extended period of global and economic disruption resulting from a pandemic,
the ongoing Russia-Ukraine conflict, other geopolitical tension and macroeconomic events such as financial institution failures, create
increased uncertainty and strain on the global economy and could have a material adverse effect on our business, financial condition and
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ongoing conflict between Russia and Ukraine
may adversely impact the economies of neighboring countries, such as Poland, in which we have a presence. Any increase in tensions between
China and Taiwan, or other countries, including threats of military actions or escalation of military activities, could adversely affect
our supply chain partners&#8217; operations in these areas &#8211; See &#8220; We depend on certain key component suppliers and vendors
as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity and affect
hardware manufacturing output adversely affecting distribution.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The evolving energy crisis in Europe, exacerbated
by the ongoing Russia-Ukraine conflict, could continue to significantly disrupt supply chains and cause uncertainty in the global economy,
which could negatively impact our business prospects. Similarly, in South Africa, protracted electricity rationing and planned blackouts,
due to the government owned power utility&#8217;s inability to meet electricity demand, have had, and could continue to have an adverse
effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to fluctuations in foreign exchange
rates between the South African rand, our reporting currency, and currencies of other countries where we market our solutions or source
our raw components, for example the Euro, Mozambican metical, the Singapore dollar and Polish zloty. Such fluctuations may result in significant
increases or decreases in our reported revenue and other results as expressed in South African rand, and in the reported value of our
assets, liabilities and cash flows &#8211; See &#8220;Risks Relating to Our Operations in South Africa and Other Emerging Markets&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of these risks may also have the effect
of heightening many of the other risks described in this &#8220;Risk Factors&#8221; section.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, the ongoing Russia-Ukraine conflict, other geopolitical
tension and macroeconomic events such as financial institution failures cause increased uncertainty and strain on the global economy.
Such events and circumstances are subject to fluctuations and may exacerbate other risks described in this &#8220;Risk Factors&#8221;
section or otherwise directly or indirectly impact our business in unpredictable ways.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our inability to adapt to rapid technological
change in our industry and related industries could impair our ability to remain competitive and adversely affect our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The industry in which we compete, and related
industries, are characterized by rapid technological change, frequent introductions of new applications and evolving industry standards.
In addition to the telematics or fleet management industry, we are subject to changes in the automotive software and technology industry
with rapid technological advancement to mobile handsets, multi-functional driver terminals, on-board cameras, advanced driver-assistance
systems (&#8220;ADAS&#8221;) and workflow management software. As the technology used in each of these industries evolves, we will face
new integration and competition challenges. For example, as mobile handsets have evolved to include GPS tracking technology, they have
become competitors against our solutions. Additionally, ADAS technology, with embedded AI, may have features that are similar to or overlap
with our solutions. Furthermore, major gains in fuel efficiency and electronic automobiles may lead to a relative decrease in the demonstrable
return on investment of our solutions as perceived by our customers. If we are unable to adapt to rapid technological change, it could
have a material adverse effect on our results of operations and our ability to remain competitive.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>Our platform integrates with third-party
technologies and if our platform becomes incompatible with these technologies, our platform would lose functionality and flexibility and
our customer acquisition and retention could be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our platform integrates with third-party software
and devices to allow our platform to perform key functions. For example, we offer integration with work-flow software products, such as
business intelligence software, enterprise resource planning systems, routing and scheduling and freight management logistics billing
systems, among others. Although to date this integration has been accomplished using application programming interfaces (&#8220;API&#8221;),
other open software interfaces and simple physical linkages, we cannot guarantee that this ease of integration will continue or that we
will be able to integrate with other products as easily or without additional cost. Newer vehicles and devices may be developed which
include different ports and do not allow for our platform to be integrated through simple physical linkages. Errors, viruses or bugs may
be present in third-party software that our customers use in conjunction with our platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes to third-party software that our customers
use in conjunction with our platform could also render our platform inoperable. Customers may conclude that our software is the cause
of these errors, bugs or viruses and terminate their subscriptions. The inability to easily integrate with, or any defects in, any third-party
software could result in increased costs, or in delays in software releases or updates to our platform until such issues have been resolved,
which could have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects
and could damage our reputation.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our software solutions rely on cellular
(GSM/LTE) and GNSS (including GPS, Glonass, Galileo) or regionally equivalent networks (including QZSS) and any disruption, failure or
increase in costs could impede our profitability and harm our financial results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Two critical links in our current solutions are
between telematics devices and GPS or equivalent Global Navigation Satellite Systems (&#8220;GNSS&#8221;) such as Glonass, Galileo and
Quasi-Zenith Satellite System (&#8220;QZSS&#8221;) and between telematics devices and cellular networks, which allow us to obtain location
data and transmit it to our system. Increases in the fees charged by cellular carriers for data transmission or changes in the cellular
networks, such as a cellular carrier discontinuing support of the network currently used by our telematics devices, requiring retrofitting
of our telematics devices could increase our costs and impact our profitability. We have initiated activities to migrate new installations
to the next generation of cellular network compatibility in order to maximize expected useful life of our telematics devices, however,
cellular carriers could in the future migrate allotted bandwidth from one network to another. Also, while we have included the ability
to store GPS data in our telematics devices in case of temporary cellular network connectivity failure, widespread disruptions or extended
failures of the cellular networks would materially and adversely affect our solutions&#8217; functionality and utility and harm our financial
results.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">GPS-equivalent services like Glonass, Galileo
and QZSS are satellite-based positioning systems consisting of a constellation of orbiting satellites. These satellites and their ground
support systems are complex electronic systems subject to electronic and mechanical failures and possible sabotage and it is not certain
that the various government agencies will remain committed to the operation and maintenance of such satellites over a long period. In
addition, technologies that rely on GPS or Glonass, Galileo and QZSS depend on the use of radio frequency bands and any modification of
the permitted uses of these bands may adversely affect the functionality of such satellites and, in turn, our solutions. The GPS satellites
and their ground control and monitoring stations are maintained and operated by the U.S. Department of Defense. The Department of Defense
does not currently charge users for access to the satellite signals, but we cannot assure you that they will not do so in the future.
It is also possible that agencies that operate GPS- equivalent services like Glonass, Galileo and QZSS begin to charge users for access.
Any such disruption, failure or increase in costs could impede the functionality and/or cost of our solutions which could have a material
adverse effect on our financial condition and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>The 5G market may take longer to
materialize than we expect or, if it does materialize rapidly, we may not be able to meet customer expectations and timelines.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Growth of the 5G market and its emerging standards,
including the newly defined 5G NR (New Radio) standard, is accelerating. If the market materializes faster than expected, we may have
difficulty introducing new solutions in a timely manner to meet customer demands. The 5G market may require us to design hardware that
meets certain technical specifications. We may have difficulty meeting such specifications in the expected timelines. 5G markets will
develop at different rates and we may encounter challenges to varying degrees in different countries. If are unable to manage challenges
related to 5G markets and related opportunities, it could have a material adverse effect on our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our inability to successfully recover should
we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions,
reputational harm or legal liability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should we experience a local or regional disaster
or other business continuity problem, such as an earthquake, hurricane, terrorist attack, pandemic, security breach, power loss, telecommunications
failure or other natural or man-made disaster, our continued success will depend, in part, on the availability of personnel, office facilities,
and the proper functioning of computer, telecommunication and other related systems and operations. We could potentially experience material
adverse interruptions to our operations or delivery of services to customers in a disaster recovery scenario.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, due to historic levels of relative
under-investment in infrastructure, in particular, electricity, the South African government owned power utility, Eskom, has continued
electricity rationing and planned blackouts due to its inability to meet electricity demand. Although we have made contingent arrangements
for use of generators at our various locations, the lack of a constant, reliable supply of electricity could have a material adverse effect
on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even with our disaster recovery arrangements,
our services could be interrupted. Our suppliers and customers are also subject to the risk of catastrophic events. In those events, our
ability to deliver our services in a timely manner, as well as the demand for our solutions, may be adversely impacted by factors outside
our control. If our systems were to fail or be negatively impacted as a result of a natural disaster, pandemic or other catastrophic event,
our ability to deliver our services to our customers would be impaired, our reputation could suffer and we could be subject to contractual
penalties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The market for SaaS fleet management solutions
is highly fragmented and competitive. If we do not compete effectively in such markets, our operating results may be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market for SaaS fleet management solutions,
including tracking and mobility solutions is highly fragmented, consisting of a significant number of vendors, competitive and rapidly
changing. Competition in such markets is based primarily on the level of difficulty in installing, using and maintaining solutions, total
cost of ownership, product performance, functionality, interoperability, brand and reputation, distribution channels, industries and the
financial resources of the vendor. We expect competition in such markets to intensify in the future with the introduction of new technologies
and market entrants.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market for SaaS fleet management solutions
is highly competitive. Our growth will depend in part on a combination of the continued growth in the market for these solutions, our
ability to increase our market share, and our customers&#8217; continued operation in the regions in which we operate. We compete with
a number of companies in each of the geographic markets in which we operate, some of which have established sizable market shares in the
relevant markets. We expect competition to intensify in the future with the introduction of new technologies, the use of mobile devices
and new market entrants from outside the telematics industry, such as enterprise software vendors or large technology companies expanding
into the space. As competition intensifies, we expect that price competition for telematics solutions, including SaaS fleet management
solutions will intensify, which could cause our revenues to decline and have a material adverse effect on our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For example, mobile service providers and global
software platforms, such as Google, provide limited services at lower prices or at no charge, such as basic GPS based mapping, tracking
and turn-by-turn navigation that could be expanded or further developed to more directly compete with our SaaS fleet management solutions.
In addition, wireless carriers, such as Verizon, offer SaaS fleet management solutions that benefit from the carrier&#8217;s scale and
cost advantages, which we may be unable to match. Similarly, vehicle OEMs may provide factory embedded or after-market installed devices
and effectively compete against us directly or indirectly by partnering with other fleet management service providers. Furthermore, companies
such as Google, Amazon and others, have substantially greater financial, technical and marketing resources, relationships with large vendor
partners, larger global presence, larger customer bases, longer operating histories, greater brand recognition and more established relationships
than we do and may decide to compete in the market for SaaS fleet management and telematics solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">Such competition could result in reduced
operating margins, increased sales and marketing expenses and the loss of market share, any of which could have a material adverse effect
on our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Industry consolidation may give our competitors advantages over
us, which could result in a loss of customers and/or a reduction in revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our competitors have made or may make
acquisitions or enter into partnerships or other strategic relationships to offer more comprehensive services or achieve greater economies
of scale. In addition, new entrants not currently considered competitors may enter our market through acquisitions, partnerships or strategic
relationships. Many potential entrants may have competitive advantages over us, such as greater name recognition, longer operating histories,
more varied services and larger marketing budgets, as well as greater financial, technical and other resources. Industry consolidation
may result in competitors with more compelling service offerings or greater pricing flexibility than we have or business practices that
make it more difficult for us to compete effectively, including on the basis of price, sales and marketing programs, technology or service
functionality. These pressures could result in a loss of subscribers and/or a reduction in revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Failure of businesses to adopt SaaS fleet management solutions
could reduce the demand for our platform.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We derive, and expect to continue to derive, substantial
revenue from the sale of subscriptions to customers choosing our SaaS platform. Widespread acceptance and usage of SaaS fleet management
solutions is critical to our future revenue growth and success. If the market for SaaS fleet management solutions fails to grow, or grows
more slowly than we currently anticipate, demand for our solutions would be negatively affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The market for SaaS fleet management solutions
is subject to changing customer demand and trends in preferences. Some of the potential factors that could affect interest in and demand
for fleet management solutions include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the effectiveness and reliability of the software platforms;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fluctuations in fuel and vehicle maintenance costs, which
are significant drivers of customer demand for SaaS fleet management solutions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">assumptions regarding general mobile workforce inefficiency
and the extent to which efficiency can be improved through SaaS fleet management solutions;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the level of governmental and regulatory burden on the fields
of transportation and occupational health and safety;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the price, performance, features, functionality and availability
of solutions that compete with ours; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to maintain high levels of customer satisfaction.</td>
</tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure of businesses to adopt SaaS fleet management
solutions could have a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>Automotive market conditions and
the evolving nature of the automotive industry towards autonomous vehicles could adversely affect demand for our solutions.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New vehicle sales may decline for various reasons,
including adverse changes in the general economic environment, a reduction in our customers&#8217; discretionary spending or an increase
in new vehicle tariffs, taxes or gas prices. A decline in vehicle production levels or labor disputes affecting the automobile industry
in the markets where we operate may also impact the volume of new vehicle sales. A decline in vehicle production levels or sales of new
vehicles in the markets in which we operate could result in a long-term decrease in the overall number of vehicles, and consequently,
a decrease in our total addressable market, resulting in reduced demand for our solutions which could have a material adverse effect on
our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The automotive industry is also increasingly focused
on the development of AD and ADAS technologies, including the utilization of artificial intelligence, with the goal of developing and
introducing a commercially viable, fully automated driving experience. There has also been an increase in consumer preferences for mobility
on demand (&#8220;MoD&#8221;) services, such as car and ride-sharing, as opposed to automobile ownership, which may result in a long-term
reduction in the number of vehicles per capita and sales of new vehicles. A reduction in the number of vehicles per capita and sales of
new vehicles could reduce our addressable market for solutions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The increase in MoD services has also attracted
increased competition from entrants outside the traditional automotive industry. If we do not continue to innovate to develop or acquire
new and compelling solutions that capitalize upon new technologies in response to OEM and consumer preferences, this could have a material
adverse effect on our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>An increase in factory-fitted or embedded
telematics technology in new vehicles in our markets could result in reduced demand for our SaaS platform, which could have a material
adverse effect on our revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain OEMs have begun embedding technology similar
to our own technology in new vehicles prior to their initial sale, resulting in products and services that may overlap with our SaaS platform.
This may preclude us from increasing sales to customers purchasing such vehicles. Our inability to market and sell our solutions to new
customers or partner with OEMs to embed our solutions into their devices prior to their initial sale could have a material adverse effect
on our ability to grow our subscriber base and increase revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our dependence on various lead generation
programs could adversely affect our operating results if we need to pay more for such programs or we are unable to attract new customers
at the same rate.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We use a number of lead generation channels to
promote our SaaS platform, along with inside sales and field sales teams. Significant increases in the costs of one or more of our lead
generation channels would increase our overall lead generation costs or cause us to choose less expensive and perhaps less effective channels.
For example, a portion of our potential customers locate our website through search engines and social media platforms, representing one
of the most efficient means for generating cost-effective customer leads. If search engine companies modify their search algorithms in
a manner that reduces the prominence of our listing, or if our competitors&#8217; search engine optimization efforts are more successful
than ours, fewer potential customers may click through to our website or lead pages. In addition, the cost of purchased listings has increased
in the past and may continue to increase in the future. Additionally, in regions where we are reliant on inside sales and field sales
teams, an increase in labor costs may increase our lead generation costs and cost of customer acquisition. As we add to or change the
mix of our lead generation strategies, we may need to expand into channels with significantly higher costs than our current channels,
which could have a material adverse effect on our cost of subscriber acquisition and results of operations. If we are unable to maintain
effective advertising programs, our ability to attract new customers could be materially and adversely affected, and our advertising and
marketing expenses could increase substantially further affecting our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>If we are unable to successfully convert
customer sales leads into customers on a cost-effective basis, our revenue and results of operations would be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate substantially all of our revenue from
the sale of subscriptions to our SaaS platform. In order to grow, we must continue to efficiently and cost effectively convert customer
leads, many of whom have not previously used SaaS fleet management platforms, into customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on our inside sales team and our field
sales representatives to drive cost-effective conversion of customer leads into customers. To execute our growth plan, we must continue
to attract and retain highly qualified inside sales and field sales personnel. We may experience difficulty in hiring, training and retaining
highly skilled inside sales and field sales personnel. An inability to convert customer sales leads into customers on a cost-effective
basis could have a material adverse effect on our financial condition and results of operations. See &#8220;&#8212;The loss of one or
more of our key management team members or personnel, or our failure to attract, train and retain other highly qualified personnel, could
harm our business,&#8221; below.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>An actual or perceived reduction
in vehicle theft may adversely impact demand for certain of our applications, which could result in a loss of customers and a decline
in growth.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Demand for our vehicle tracking and asset recovery
solutions is influenced by prevailing or expected vehicle theft rates. Vehicle theft rates may decline as a result of various factors,
such as the availability of improved security systems, implementation of improved or more effective law enforcement measures and improved
economic or political conditions in markets that have high theft rates. If vehicle theft rates in our markets decline significantly, or
if vehicle owners or insurance companies believe that vehicle theft rates have declined or are expected to decline, demand for some of
our SaaS platform applications may decline, which could result in a loss of customers and a decline in growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We are subject to the risk of defaults by our customers
and business partners.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Entering into subscription agreements with customers,
particularly consumers and sole proprietors whose credit may not be as strong as our large enterprise clients, exposes us to credit risk
in the event of customer defaults, and we may not be paid all amounts due under our subscription agreements. In deciding whether to enter
into subscription agreements with prospective customers, we may rely on information furnished by or on behalf of them. We may also rely
on representations of those prospective customers as to the accuracy and completeness of that information. The inaccuracy of such information
or representations affects our ability to accurately evaluate the credit risk of a customer, and an increase in the default rates of our
customers could have a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, recent bank failures in the United
States and Europe have caused uncertainty across the global banking sector and financial markets. If other banks and financial institutions
wind down and liquidate, enter receivership or become insolvent in the future in response to financial conditions affecting the banking
system and financial markets, our customers and business partners may face difficulties accessing cash, cash equivalents or financing,
which would lead to an increase in default rates and could have an adverse effect on our business, results of operations and financial
condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><b><i>We provide minimum service level
commitments to certain of our customers, and our failure to meet them could cause us to issue credits for future subscriptions, which
could harm our results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of our subscription agreements currently,
and may in the future, provide minimum service level commitments regarding items such as unit and platform uptime, functionality, platform
performance or operational turnaround times. If we are unable to meet the stated service level commitments for these subscribers or suffer
extended periods of service unavailability, we are or may be contractually obligated to provide these subscribers with credits for future
subscriptions, or provide services at no cost, which could adversely impact our revenue.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Reliance on Third Parties</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The conduct of security officers engaged
in stolen vehicle recovery (&#8220;SVR&#8221;) operations in support of our services from time to time involves the use of force, which
could expose the Company to reputational harm or, potentially, civil and/or criminal liability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We work with local law enforcement authorities
and licensed security officers to recover our customers&#8217; stolen vehicles. These recovery teams are armed and undergo training on
recovery procedures including confrontation measures and the controlled use of force in response to threats, including being the target
of gunfire by car theft suspects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SVR operations in South Africa, which are provided
in connection with our services, are conducted under an arm&#8217;s length agreement by a third-party service provider, which until August
2020 was 49% owned by CTK. On August 31, 2020, we sold our 49% interest in the business to the majority shareholder.</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our agreement requires the service provider to comply with local law
and our policies and procedures related to SVR operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since March 01, 2018, less than 0.05% of SVR operations
conducted on our behalf have resulted in injury or death, as a result of weapons discharge, with such operations resulting in one fatality
and three other injuries since then up until February 28, 2023. While in each of these incidents local law enforcement authorities determined
that the security personnel engaged in the action acted lawfully and in compliance with our policies and procedures, there can be no assurance
that a later determination will not find fault on the part of such security personnel.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of the nature of SVR operations, future
incidents in which force is required are likely to occur. If the security personnel engaged in such SVR operations are found to be at
fault in any similar incident in the future, it could result in civil and/or criminal liability for us, including monetary damages or
other penalties. Even if we are not found liable, we could suffer reputational harm if we are negatively associated with such incidents.
While we have policies and procedures in place governing the use of force by our service provider, there can be no assurance that these
policies and procedures, even if followed, would entirely mitigate any resulting reputational harm or civil and/or criminal liability
resulting from any incident.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our financial results are affected directly by the operating
results of our licensees and their employees, over whom we do not have direct control.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our operations in Botswana, Malawi, Rwanda, Eswatini
and Zimbabwe, which are conducted by independent businesses that are licensees pursuant to franchise agreements with us, comprised 0.1%
of our revenue in the year ended February 28, 2023 and 0.1% of our revenue in the year ended February 28, 2022. Our licensees generate
revenue in the form of hardware and subscription revenue billed to customers. Accordingly, our financial results depend in part upon the
operational and financial success of our licensees. We may have to terminate licensees due to various reasons, including non-payment.
Additionally, if licensees fail to renew their license agreements, or if we decide to restructure license agreements in order to induce
licensees to renew these agreements, then our revenues may decrease, and profitability from new licensees may be lower than in the past
due to reduced royalties and other incentives we may need to provide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely in part on our licensees and the manner
in which they operate their locations to develop and promote our business in Botswana, Malawi, Rwanda, Eswatini and Zimbabwe. In March
2023, for strategic reasons, we acquired 76% of Cartrack Swaziland (Proprietary) Limited (Eswatini), from its existing licensees. Although
we have developed criteria to evaluate and screen prospective licensees, we cannot be certain that our licensees will have the business
acumen or financial resources necessary to operate successful businesses in their franchise areas and local laws may limit our ability
to terminate or modify these franchise agreements. Moreover, despite our training, support and monitoring, licensees may not successfully
operate in a manner consistent with our standards and requirements or may not hire and train qualified personnel. The failure of our licensees
to operate their franchises successfully could have a material adverse effect on us, our reputation, our brand and our ability to attract
prospective licensees and could materially adversely affect our business, financial condition or results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our licensees and their employees could take actions that could
harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our licensees are independent businesses and the
employees who work for our licensees are not our employees, and we do not exercise control over their day-to-day operations. Our licensees
may not operate their businesses in a manner consistent with industry standards or may not attract and retain qualified employees. If
licensees were to provide diminished quality of service to customers, engage in fraud, misappropriation, misconduct or negligence or otherwise
violate the law, including with respect to any laws relating to sanctions, our brand and reputation may suffer materially, and we may
become subject to liability claims based upon such actions of our licensees and their employees.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brand value can be severely damaged even by isolated
incidents, particularly if the incidents receive considerable negative publicity or result in litigation. Some of these incidents may
relate to the way we manage our relationship with our licensees, our growth strategies or the ordinary course of our business or our licensees&#8217;
business. Other incidents may arise from events that are or may be beyond our control and may damage our brand, such as actions taken
(or not taken) by one or more licensees or their employees relating to health, safety, welfare or other matters; litigation and claims;
failure to maintain high ethical and social standards for all of our operations and activities; failure to comply with local laws and
regulations; and illegal activity targeted at us or others. Our brand value could diminish significantly if any such incidents or other
matters erode consumer confidence in us, which may result in a decrease in our revenue, which in turn would materially and adversely affect
our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We depend on certain key component suppliers
and vendors as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity
and affect hardware manufacturing output adversely affecting distribution.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The manufacturing of our core hardware requires
advanced production planning, including the purchase of specific components and evaluation of component-related design elements. We currently
purchase the latest Global System for Mobile Communications (&#8220;GSM&#8221;), including Long-Term Evolution (&#8220;LTE&#8221;), module
components of our hardware, semiconductors and other passive components from certain third-party suppliers, and we also source other hardware
and devices from third-party suppliers that integrate into our device agnostic SaaS platform. In addition, we currently depend principally
on certain third-party suppliers to supply and manufacture components of our hardware for our PC boards and to manufacture our GSM, LTE
and GNSS components. These modules and many of the other components used in the manufacture of our devices have extended lead times on
orders. We do not have contracts or volume commitments in place with our third-party suppliers but instead place purchase orders on a
periodic as-needed basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have in the past experienced and may in the
future experience component shortages, and the predictability of the availability of these components may be limited. For example, we
utilize semiconductor chips in certain of the hardware products that we manufacture. Over the last several fiscal years, there has been
an ongoing global silicon component shortage, which has resulted in increases in the cost of devices and components and delays in shipments
of goods across many industries, including components used in our IoT devices.&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Increases in the cost of devices or components,
or freight to transport those items, could negatively impact our ability to fulfill engineering design changes or customer demand, each
of which could adversely impact our results of operations.</p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While our hardware is designed such that components
may be interchanged in case of supply disruptions or unavailability, any interruptions or delays in the supply of components could require
us to identify and integrate our manufacturing logistics with an alternate supplier or use a substitute component. If the facilities of
one of our contract manufacturers were to suffer a major casualty event, it could take up to three months or longer to replace production
capacity. Interruption in the supply of components from our contract manufacturers could impair our production capacity, and further,
we may not have recourse against our suppliers through contractual representations, warranties, indemnification provisions or otherwise,
which could have a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These suppliers or vendors could fail to provide
equipment or service on a timely basis, or fail to meet our performance expectations, for a number of reasons, including, for example,
disruption to the global supply chain as a result of geopolitical factors, effects of a pandemic, natural disasters or the potential impacts
of global climate change.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have extended our supply orders in
terms of lead times and have made pre-emptive purchases to build out our inventory, we cannot guarantee that we will have sufficient inventory
for our needs. Any interruption or delay in the supply of any of these devices or components, or the inability to obtain these devices
or components from alternate sources at acceptable prices and within a reasonable amount of time, could harm our ability to onboard new
customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Growth Strategy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We have experienced growth in recent periods.
If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or address
competitive challenges adequately.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We increased the number of our full-time employees
from 3,508 at February 28, 2022 to 4,039 at February 28, 2023. Our subscription revenue increased from ZAR 2,568.2 million for the year
ended February 28, 2022 to ZAR 3,010.1 million for the year ended February 28, 2023 and our total subscribers increased from 1,525,972
at February 28, 2022 to 1,717,077 at February 28, 2023. Our growth has placed, and may continue to place, a significant pressure on our
managerial, administrative, operational, financial and other resources. We intend to further expand our overall business, customer base,
headcount and operations. Our global organization and workforce require substantial management effort to maintain. We will be required
to continue to improve our operational and financial controls and reporting procedures and we may not be able to do so effectively. As
such, we may be unable to manage our expenses effectively in the future, which may negatively impact our gross profit or operating expenses
in any particular quarter.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may not effectively execute on our expansion strategy, which
may adversely affect our ability to maintain our historical growth and earnings trends.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cartrack has grown rapidly over the last several
years. Companies that grow rapidly can experience significant difficulties as a result of rapid growth. Our primary expansion strategy
focuses on organic growth, including increased regional market penetration; however, we may not be able to successfully execute on these
aspects of our expansion strategy, which may cause our future growth rate to decline below our recent historical levels, or may prevent
us from growing at all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we operate in numerous jurisdictions and
our software platform and local company websites are designed for ease of localizations, we may find it difficult to localize our local
company website and software platform into certain foreign languages, and we may be required to invest significant resources in order
to do so into markets in which we do not yet operate. Furthermore, in addition to the expansion of our business into new geographical
markets, we are seeking to develop a range of mobility and monitoring solutions in select markets, such as Carzuka, a vehicle buying and
selling marketplace. We may not succeed in these efforts or achieve our customer acquisition or other goals. In some international markets,
customer preferences and buying behaviors may be different, and we may use business or pricing models that are different from our traditional
subscription model to provide our mobility data analytics solutions to customers in those markets or we may be unsuccessful in implementing
the appropriate business model. Our revenue from new markets may not exceed the costs of establishing, marketing, and maintaining our
international offerings.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, conducting expanded international operations would subject
us to new risks. These risks include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">localization of our SaaS platform and the specific features
and applications, including the addition of foreign languages and adaptation to new local practices and regulatory requirements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">lack of experience in other geographic markets;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">strong local competitors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the cost and burden of complying with, lack of familiarity
with, and unexpected changes in, foreign legal and regulatory requirements;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">difficulties in managing and staffing international operations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fluctuations in currency exchange rates or restrictions on
foreign currency;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">potentially adverse tax consequences, including the complexities
of transfer pricing, value-added or other tax systems, double taxation and restrictions and/or taxes on the repatriation of earnings;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">dependence on third parties, including commercial partners
with whom we do not have extensive experience;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">increased financial accounting and reporting burdens and
complexities;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">political, social, and economic instability, terrorist attacks,
pandemics and security concerns in general; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">reduced or varied protection for intellectual property rights
in some countries.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">Operating in international markets also
requires significant management attention and financial resources. The investment and additional resources required to establish operations
and manage growth in other countries may not produce desired levels of revenue or profitability.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various other factors, such as economic conditions
and competition may impede or restrict the growth of our operations. The success of our strategy also depends on our ability to manage
our growth effectively, which in turn depends on a number of factors, including our ability to adapt our credit, operational, technology
and governance infrastructure to accommodate expanded operations. Even if we are successful in continuing our growth, such growth may
not offer the same levels of potential profitability, and we may not be successful in controlling costs relative to revenue. As such,
we may not be able to achieve our long-term targets for expense management and profitability. Accordingly, our inability to maintain growth
or to effectively manage growth, could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Investments into our SaaS platform and technology infrastructure
may not yield the desired results.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have developed a scalable and proprietary SaaS
platform to facilitate and integrate our business operations, data gathering analysis and online marketing capabilities and have invested
significant capital and time into building and updating our SaaS platform and infrastructure. In order to remain competitive, we expect
to continue to make significant investments into our technology. However, there is no guarantee that the capital and resources we have
invested or will invest in the future will allow us to develop suitable SaaS platform enhancements or software applications or maintain
and expand our SaaS platform and technology infrastructure as intended, which could have a material adverse effect on our ability to compete
or require us to purchase expensive software solutions from third-party developers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our investments in our SaaS platform and technology
infrastructure do not yield the desired results, it could have a material adverse effect on our business, financial condition, results
of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>If we fail to maintain or enhance our brand recognition or reputation,
our business could be harmed.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that maintaining and enhancing our
brand and our reputation are critical to our relationships with our customers and to our ability to attract new customers. We also believe
that our brand and reputation will be increasingly important as competition in our market continues to develop. Our success in this area
will depend on a wide range of factors, some of which are beyond our control, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the efficacy of our marketing efforts;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to continue to offer stable, high-quality, innovative
and error- and bug-free applications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to retain existing customers and attract new
customers;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to maintain high customer service levels and
satisfaction;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">our ability to successfully differentiate our applications
from those of our competitors;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">actions of competitors and other third parties;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">positive or negative publicity;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">any misuse or perceived misuse of our applications;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">interruptions, delays or attacks on our platform or applications;
and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">litigation, legislative or regulatory-related developments.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our brand promotion activities are not successful,
our growth and results of operations may be harmed. Furthermore, negative publicity, whether or not justified, relating to events or activities
attributed to us, our employees, our partners or others associated with any of these parties, may tarnish our reputation and reduce the
value of our brand. Damage to our reputation and loss of brand equity may reduce demand for our applications and could have a material
adverse effect on our business, financial condition and results of operations. Moreover, any attempts to rebuild our reputation and restore
the value of our brand may be costly and time consuming, and such efforts may not ultimately be successful.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The loss of one or more of our key management
team members or personnel, or our failure to attract, train and retain other highly qualified personnel, could harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend on the continued service and performance
of our senior management team, including our founder and Chief Executive Officer, Isaias (Zak) Jose Calisto. In addition, the sales, customer
service-driven and research and development focus of our business is vital to our growth plan and the loss of key personnel could disrupt
our operations. To execute our growth plan, we must attract and retain highly qualified personnel. Competition for these employees is
intense, and we may not be successful in attracting and retaining qualified personnel with appropriate skills. This is particularly the
case in Southeast Asia where there is increased competition for qualified personnel with the appropriate language skills. In addition,
new hires require significant training and, in most cases, take significant time before they achieve full productivity. Our recent and
planned hires may not become as productive as we expect, and we may be unable to hire or retain sufficient numbers of qualified employees.
If we fail to attract, hire and train new personnel, or fail to retain, focus and motivate our current personnel, it could have a material
adverse effect on our business and growth prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Our corporate culture has contributed to
our success, and if we cannot maintain this culture, we could lose the innovation, creativity and teamwork fostered by our culture, which
could harm our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our vertically integrated and
customer-centric corporate culture has been an important contributor to our success, which we believe fosters innovation, creativity and
teamwork among our employees. As we continue to grow, we may have difficulties in maintaining or adapting our culture to sufficiently
meet the needs of our future and evolving operations, and we must be able to effectively integrate, develop and motivate a growing number
of employees. In addition, our ability to maintain our culture as a public company and a listed company in the United States, with the
attendant changes in policies, practices, corporate governance and management requirements may be challenging. Any failure to preserve
our culture, particularly if we are unable to preserve our culture across the various markets in which we operate, could also negatively
affect our ability to retain and recruit personnel, maintain our performance or execute on our business strategy, which could have a material
adverse effect on our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>We may expand by acquiring or investing
in other companies, which may divert our management&#8217;s attention, result in dilution to our shareholders, and consume resources that
are necessary to sustain our business.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may in the future acquire complementary platforms,
solutions, technologies, or businesses. We also may enter into relationships with other businesses to expand our portfolio of solutions
or our ability to provide our solutions in foreign jurisdictions. Negotiating these transactions can be time-consuming, difficult and
expensive, and our ability to complete these transactions may often be subject to conditions or approvals that are beyond our control.
Consequently, these transactions, even if undertaken and announced, may not close.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An acquisition, investment, joint venture, alliance
or new business relationship may result in unforeseen operating difficulties and expenditures. In particular, we may encounter difficulties
assimilating or integrating the businesses, technologies, solutions, personnel, or operations of acquired companies, particularly if the
key personnel of the acquired company choose not to work for us, the acquired company&#8217;s technology is not easily adapted to be compatible
with ours, or we have difficulty retaining the customers of any acquired business due to changes in management or otherwise. Acquisitions
may also disrupt our business, divert our resources, and require significant management attention that would otherwise be available for
the development of our business. Moreover, the anticipated benefits of any acquisition, investment, or business relationship may not be
realized or we may be exposed to unknown liabilities, including litigation against the companies we may acquire. For one or more of those
transactions, we may:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">issue additional equity securities that would dilute our
shareholders;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">use cash that we may need in the future to operate our business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">lose key personnel of any acquired business;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">face challenges in successfully integrating, operating and
managing acquired businesses and workforce and instilling our culture into new management and staff;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">incur debt on terms unfavorable to us or that we are unable
to repay or that may place burdensome restrictions on our operations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">incur large charges or substantial liabilities; or</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">become subject to adverse tax consequences, or substantial
depreciation, deferred compensation or other acquisition-related accounting charges. </td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these risks could harm our business and results
of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We have entered, and expect to continue to enter, into collaboration
agreements or partnerships and these activities involve risks and uncertainties.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered, and expect to continue to enter,
into collaboration agreements with local partners to the extent required pursuant to local laws and regulations in order to penetrate
certain geographic regions to effectively grow our business. Entering into collaborations or partnerships involves risks and uncertainties,
including the risk that a given partner could fail to satisfy its obligations, which may result in certain liabilities to us for guarantees
and other commitments. Further, since we may not exercise control over our current or future partners, we may not be able to require our
partners to take the actions that we believe are necessary to implement our business strategy. Additionally, differences in views among
partners may result in delayed decision-making or failure to agree on major issues. If any of these difficulties cause any of our partners
to deviate from our business strategy, or if this leads any of our collaborations or partnerships to fail to attract the intended customer
base, it could have a material adverse effect on our results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks Relating to Our Intellectual Property, Data Privacy and Cybersecurity</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Evolving regulation and changes in applicable
laws relating to the Internet and data privacy may increase our expenditures related to compliance efforts or otherwise limit the solutions
we can offer, which may harm our business and adversely affect our financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transmission of data over the Internet and
cellular networks is a critical component of our SaaS business model. As Internet commerce continues to evolve, increased regulation by
federal, state or foreign agencies becomes more likely, particularly in the areas of data privacy and data security. In addition, taxation
of services provided over the Internet or other charges imposed by government agencies or by private organizations for accessing the Internet
may be imposed. Any regulation imposing greater fees for Internet use or restricting information exchange over the Internet could result
in a decline in the profitability and viability of Internet-based services, which could harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our solutions enable us to collect, manage and
store a wide range of data related to fleet management, vehicle location and tracking and other telematics services such as fuel usage,
engine temperature, speed and mileage and, in the case of our field service application, includes customer information, job data, schedule
and invoice information. A valuable component of our solutions is our ability to analyze this data to present the user with actionable
business intelligence. We obtain our data from a variety of sources, including our customers and third-party sources or service providers.
We cannot assure you that the data we require for our proprietary data sets will be available from these sources in the future or that
the cost of such data will not increase. The United States and various state governments have adopted or proposed limitations on the collection,
distribution and use of personal information. Several foreign jurisdictions, including South Africa, Singapore and the European Union,
have adopted legislation (including directives or regulations) that increase or change the requirements governing data collection and
storage in these jurisdictions. Further, such data privacy laws and regulations may be amended in the future. Any failure to adhere to
or successfully implement processes in response to changing regulatory requirements in this area could result in legal liability or impairment
to our reputation in the marketplace, which could have a material adverse effect on our business, financial condition, results of operations
and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The current European Union legislation related
to data protection is the General Data Protection Regulation (&#8220;GDPR&#8221;), which came into effect on May 25, 2018. While we appointed
a Data Protection Officer to oversee and supervise our compliance with European data protection regulations and have obtained in certain
instances data privacy insurance policies and have taken steps to mitigate the risks of GDPR, we cannot provide any assurance that we
are in compliance with all aspects of European data protection regulations, including GDPR. Despite our ongoing efforts to bring practices
into compliance, we may not be successful either due to various factors within our control, such as limited financial or human resources,
or other factors outside of our control. For example, while we seek to enter into data processing agreements with third-parties with whom
we share data, or who share data with us, we may be unable to execute agreements with all such-third parties. It is also possible that
local data protection authorities may have different interpretations of the GDPR, leading to potential inconsistencies amongst various
EU member states.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In Singapore, the Personal Data Protection Act
2012, No. 26 of 2012 of Singapore generally requires organizations to give notice and obtain consents prior to collection, use or disclosure
of personal data (data, whether true or not, about an individual who can be identified from that data or other accessible information).
The Protection of Personal Information Act, No. 4 of 2013 (the &#8220;POPI Act&#8221;) applies to each of our South African subsidiaries.
We have updated and will continue to evaluate our group data protection and security policies, charters, and procedures to assist in
maintaining data privacy and data security in line with international practices. If our privacy or data security measures fail to comply,
or are perceived to fail to comply, with current or future laws and regulations, we may be subject to litigation, regulatory investigations
or other liabilities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Moreover, if future laws and regulations limit
our customers&#8217; ability to use and share this data or our ability to store, process and share data with our clients over the Internet,
demand for our solution could decrease, our costs could increase, and our results of operations and financial condition could be harmed.
For example, we will have to consider the potential implications of the new privacy law in California, the California Consumer Privacy
Act (&#8220;CCPA&#8221;), which creates new rights for consumers and will be widely applicable to businesses (regardless of location)
that collect personal information about California residents. The potential effects of this legislation are far reaching and may require
us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply. The CCPA also
provides for civil penalties for violations, as well as a private right of action for data breaches that may increase the volume of and
costs associated data breach litigation. The California Attorney General may also bring enforcement actions under the CCPA resulting in
financial penalties for violations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We also run an insurance agency or broking unit
that sells short-term insurance policies and selected vehicle warranty and service plans to our customers. This results in us receiving
personally identifiable information with the customer&#8217;s consent. This information is increasingly subject to legislation and regulation.
This legislation and regulation are generally intended to protect individual privacy and the privacy and security of personal information.
We could be adversely affected if government regulations require us to significantly change our business practices with respect to this
type of information or if the insurance providers who use our marketplace violate applicable laws and regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Changes in applicable laws and regulations may
materially increase our direct and indirect compliance and other expenses of doing business, having a material adverse effect on our business,
financial condition and results of operations. If there were to be changes to statutory or regulatory requirements, we may be unable to
comply fully with or maintain all required licenses and approvals. Regulatory authorities have relatively broad discretion to grant, renew
and revoke licenses and approvals. If we do not have all requisite licenses and approvals, or do not comply with applicable statutory
and regulatory requirements, the regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities
or monetarily penalize us, which could have a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We cannot predict whether any proposed legislation
or regulatory changes will be adopted, or what impact, if any, such proposals or, if enacted, such laws could have on our business, results
of operations and financial condition. If we fail to comply with applicable laws and regulations, we may be subject to investigations,
criminal penalties or civil remedies, including fines, injunctions, loss of an operating license or approval, increased scrutiny or oversight
by regulatory authorities, the suspension of individual employees, limitations on engaging in a particular business or redress to customers.
The cost of compliance and the consequences of non-compliance could have a material adverse effect on our business, results of operations
and financial condition. In addition, a failure to comply with applicable laws and regulations could have a material adverse effect on
our business, results of operations and financial condition by exposing us to negative publicity and reputational damage or by harming
our customer or employee relationships.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In most jurisdictions, government regulatory authorities
have the power to interpret and amend applicable laws and regulations, and have discretion to grant, renew and revoke the various licenses
and approvals we need to conduct our activities. Such authorities may require us to incur substantial costs in order to comply with such
laws and regulations. Regulatory statutes are broad in scope and subject to differing interpretation. In some areas of our businesses,
we act on the basis of our own or the industry&#8217;s interpretations of applicable laws or regulations, which may conflict from jurisdiction
to jurisdiction. In the event those interpretations eventually prove different from the interpretations of regulatory authorities, we
may be penalized or precluded from carrying on our previous activities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Our software platform may contain undetected
defects or software errors, which could result in damage to our reputation, market rejection of our products, or adversely affect our
business, financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our continued growth depends in part on the ability
of our existing and potential customers to access our solutions and platform capabilities at any time and within an acceptable amount
of time. We have experienced, and may in the future experience, disruptions, outages, and other performance problems due to a variety
of factors, including infrastructure changes, introductions of new functionality, human or software errors, capacity constraints due to
an overwhelming number of users accessing our platform simultaneously, denial of service attacks, or other security-related incidents.
We must update our SaaS platform quickly to keep pace with the rapidly changing market including the third-party software and devices
with which our solutions integrate, and we have a history of frequently introducing new versions. Our solutions could contain undetected
errors or defects, especially when first introduced or when new versions are released that are difficult to detect and correct despite
third-party testing. Our solutions, including software, may not be free from errors or defects, which could result in damage to our reputation
or a material adverse effect on our results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">It may become increasingly difficult to maintain
and improve our performance, especially during peak usage times and as our solutions and platform capabilities become more complex and
our user traffic increases. If our platform is unavailable or if our users are unable to access our solutions and platform capabilities
within a reasonable amount of time or at all, we may experience a loss of customers, lost or delayed market acceptance of our platform
and solutions, delays in payment to us by customers, injury to our reputation and brand, legal claims against us, and the diversion of
our resources. In addition, to the extent that we do not effectively address capacity constraints, upgrade our systems as needed and continually
develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business, financial condition
and results of operations may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The operation of our hardware is controlled by
the firmware loaded on the hardware. We generally provide firmware updates to our customers by &#8220;over-the-air&#8221; wireless communication
of the updated firmware directly to our customers&#8217; telematics devices. If the firmware does not function as expected and prevents
the uploading of updated firmware, it would require direct servicing of the installed on-board computer by trained personnel resulting
in significant costs. Variations among communications protocols in the markets in which we operate enhance the risk of error in the remote
installation of firmware. Although we attempt to manage this risk by introducing firmware updates in stages so that the success of deployment
to a small number of telematics devices can be assessed before the installment risk is expanded to a larger customer base, there can be
no assurance that we will be successful in detecting firmware operation and integration problems or otherwise in managing our exposure
to remediation expense related to the deployment of firmware updates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Our &#8220;over-the-air&#8221; transmission
of firmware updates could permit a third party to disable our customers&#8217; telematics devices or introduce malware into our customers&#8217;
telematics devices, which could expose us to customer claims.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#8220;Over-the-air&#8221; transmission of our
firmware updates potentially provides the opportunity for a third party to modify or disable our customers&#8217; operating systems or
introduce malware into our customers&#8217; operating systems. While no such incidents have occurred to date, there can be no assurance
that they will not occur in the future. For example, a third party could attempt to introduce software modifications providing incorrect
location data and functionality or the deletion of data. Damage to our customers&#8217; telematics devices as a result of such incidents
could only be remedied through direct servicing of their installed telematics devices by trained personnel resulting in significant costs,
particularly if the incidents were widespread. Moreover, such incidents could expose us to claims by our customers under various theories
of liability, the outcome of which would be uncertain. Third party interference with our over-the-air transmission of firmware or with
our customers&#8217; telematics devices during such processes could have a material adverse effect our business, financial condition and
results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Any significant disruption in service
on our SaaS platform or in our computer systems, through cybersecurity breaches, computer viruses or otherwise or disruption of our platform,
could damage our reputation and result in a loss of customers, which would harm our business and results of operations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our brand, reputation, and ability to attract,
retain, and serve our customers are dependent upon the reliable performance of our service and our customers&#8217; ability to access
our solutions at all times. Our customers rely on our solutions to make operating decisions related to their fleet, as well as to measure,
store and analyze valuable data regarding their businesses. Our solutions are vulnerable to interruption and our data centers are vulnerable
to damage or interruption from human error, intentional bad acts, computer viruses or hackers, earthquakes, hurricanes, floods, fires,
war, terrorist attacks, power losses, hardware failures, systems failures, telecommunications failures, and similar events, any of which
could limit our customers&#8217; ability to access our solutions. Prolonged delays or unforeseen difficulties in connection with adding
capacity or upgrading our network architecture may cause our service quality to suffer. Any event that significantly disrupts our service
or exposes our data to misuse could damage our reputation and harm our business and results of operations, including reducing our revenue,
causing us to issue credits to customers, subjecting us to potential liability, harming our churn rates, or increasing our cost of acquiring
new customers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We host our solutions and serve all of our customers from our network
servers, which are principally located at third-party data center facilities in South Africa, Singapore, the Netherlands, United Arab
Emirates and France. While we control and have access to our servers and all of the components of our network that are located in our
external data centers, we do not control the operation of these facilities. Problems faced by our third-party data centers, with the telecommunications
network providers with whom we or they contract, or with the systems by which our telecommunications providers allocate capacity among
their customers, including us, could adversely affect the experience of our customers. Our third-party data center operators could decide
to close their facilities without adequate notice. In addition, any financial difficulties, such as bankruptcy, faced by our third-party
data center operators or any of the service providers with whom we or they contract may have negative effects on our business, the nature
and extent of which are difficult to predict. Our disaster recovery systems are located at our third-party hosting facilities. While we
are increasing redundancy, our systems have not been tested under actual disaster conditions and may not have sufficient capacity to recover
all data and services in the event of an outage. In the event of a disaster in which our disaster recovery systems are irreparably damaged
or destroyed, we would experience interruptions in access to our solutions. Any changes in third-party service levels at our data centers
or any errors, defects, disruptions, or other performance problems with our solutions could harm our reputation and may damage our data.
Interruptions in our services might reduce our revenue, cause us to issue credits or refunds to customers, subject us to potential liability,
or harm our customer retention rate. Compliance with the various data protection laws across nations is challenging due to the complex
and sometimes contradictory nature of the different regulatory regimes. Because data protection regulations are not uniform among the
various nations in which we operate, our ability to transmit consumer information across borders is limited by our ability to comply with
conditions and restrictions that vary from country to country. In countries with particularly strict data protection laws, we might not
be able to transmit data out of the country at all and may be required to host individual servers in each such country where we collect
data.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We have experienced, and may in the future experience,
disruptions, outages, and other performance problems due to a variety of factors, including infrastructure changes, introductions of new
functionality, human or software errors, capacity constraints due to an overwhelming number of users accessing our solutions and platform
capabilities simultaneously, denial of service attacks, or other security-related incidents. It may become increasingly difficult to maintain
and improve our performance, especially during peak usage times and as our solutions and platform capabilities become more complex and
our user traffic increases. If our solutions and platform capabilities are unavailable or if our users are unable to access our solutions
and platform capabilities within a reasonable amount of time or at all, we may experience a loss of customers, lost or delayed market
acceptance of our platform and solutions, delays in payment to us by customers, injury to our reputation and brand, legal claims against
us, and the diversion of our resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, to the extent that we do not effectively
address capacity constraints, upgrade our systems as needed and continually develop our technology and network architecture to accommodate
actual and anticipated changes in technology, our business, financial condition and results of operations may be adversely affected.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Cybersecurity incidents are increasing in frequency
and evolving in nature and include, but are not limited to, installation of malicious software, unauthorized access to data and other
electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information
and the corruption of data. Given the unpredictability of the timing, nature and scope of information technology disruptions, there can
be no assurance that the procedures and controls we employ will be sufficient to prevent security breaches from occurring and we could
be subject to manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have
a material adverse effect on our business, financial condition, results of operations and prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Security or privacy breaches in
our electronic transactions or data may expose us to additional liability or result in a loss of customers, either of which events could
harm our business.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Use of our solutions involve the storage, transmission
and processing of our customers&#8217; proprietary data, including potentially personal or identifying information. We may experience
data security breaches or unauthorized disclosures of personal, confidential or proprietary information. Any inability on our part to
protect the information security of our SaaS platform or the privacy of confidential information could have a material adverse effect
on our profitability by exposing us to additional liability, increasing our expenses relating to resolution of these breaches and deterring
users from using our solutions. Further, unauthorized access to, or security breaches of, our solutions could result in the loss, compromise
or corruption of data, loss of business, severe reputational damage adversely affecting customer or investor confidence, regulatory investigations
and orders, litigation, indemnity obligations, damages for contract breach, penalties for violation of applicable laws or regulations,
significant costs for remediation and other liabilities. For example, under the GDPR, substantial penalties for failure to comply with
the regulations can be imposed, including a fine of up to &#8364;20 million or up to 4% of the annual worldwide turnover, whichever is
greater. We have incurred and expect to incur significant expenses to prevent security breaches and achieve compliance with all applicable
laws and regulations including the GDPR, such as deploying additional personnel and protection technologies, training employees, and engaging
third-party experts and consultants. Our errors and omissions insurance coverage covering certain security and privacy damages and claim
expenses may not be sufficient to compensate for all liabilities we may incur.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, our and our third-party vendors&#8217;
systems, operations and information technology systems are vulnerable to damage or interruption from human error, physical break-ins,
unauthorized access, computer hackers, computer viruses, worms, malicious applications, distributed denial of service attacks, spurious
spam attacks, intentional acts of vandalism and similar events. We cannot assure you that our current security methods and measures will
effectively counter evolving security risks, prevent future slowdowns or disruptions, protect against extraordinary attacks while addressing
the security and privacy requirements of existing and future users. Any physical or electronic break-in or other security breach or compromise
of the information handled by us or our service provider may jeopardize the security or integrity of information in our computer systems
and networks or those of our customers and cause significant interruptions in our and our customers&#8217; operations. Although we have
developed systems and processes that are designed to protect customer information and prevent data loss and other security breaches, including
systems and processes designed to reduce the impact of a security breach at a third-party vendor, such measures cannot provide absolute
security. It is also possible that, despite existing safeguards, our personnel could misappropriate our customers&#8217; proprietary information
or data, exposing us to a risk of loss or litigation and possible liability. Customers and other end-users who rely on our solutions for
applications that are integral to their businesses may have a greater sensitivity to security vulnerabilities than customers for software
solutions generally. Any such access, breach, or other loss of information could result in legal claims or proceedings, liability under
applicable federal or state laws and regulatory penalties. Under certain applicable law, notice of breaches must be made to affected individuals,
and for extensive breaches, notice may need to be made to the media or state attorneys general. Such a notice could harm our reputation
and our ability to compete. Unauthorized access, loss, or dissemination could also damage our reputation or disrupt our operations, including
our ability to conduct our analyses, deliver results, provide customer assistance, conduct research and development activities, collect,
process, and prepare company financial information, and manage the administrative aspects of our business. Further, any system failures,
slowdowns or disruptions will likely result in unanticipated disruptions in service to our users, decreased levels of user satisfaction
and significant negative effects on our reputation, which could have a material adverse effect on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We rely on third-party encryption and authentication
technology to provide secure transmission of confidential information over the Internet, including customer bank account numbers. Advances
in technological capabilities, new discoveries in the field of cryptography or other events or developments could result in a compromise
or breach of the technology we use to protect sensitive transaction data. If we are unable to detect and prevent unauthorized use of bank
account numbers, our business could suffer. If any such compromise of our security, or the security of our customers, were to occur, it
could result in misappropriation of proprietary information or interruptions in operations and have a material adverse effect on our reputation
or the reputation of our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Our SaaS platform relies on specific
third-party software and any inability to license or use such software from third-parties could render our platform inoperable.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We rely on software and other intellectual property
licensed from third parties, including mapping software, business intelligence tools and data from third party vendors such as Google,
MapIT, Here and Sisense to develop and provide solutions to our customers. In addition, we may need to obtain future licenses from third
parties to use software or other intellectual property associated with our solutions. We cannot assure you that these licenses will be
available to us on acceptable terms, without significant price increases or at all. Any loss of the right or inability to obtain the right
to use any such software or other intellectual property required for the development and maintenance of our solutions could result in
interruptions in the provision of our solutions until equivalent technology is either developed by us, or, if available from others, is
identified, obtained, and integrated, which could harm our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Our use of open-source software may pose particular risks to
our proprietary software and systems.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We use open-source software in our proprietary
software and systems and intend to continue using open-source software in the future. The terms of many open-source licenses to which
we are subject have not been interpreted by Singapore, South Africa or U.S. courts or courts of other jurisdictions, and there is a risk
that those licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize
our solutions. The licenses applicable to our use of open-source software may require that source code that is developed using open-source
software be made available to the public and that any modifications or derivative works to certain open-source software continue to be
licensed under open-source licenses. Moreover, we cannot ensure that we have not incorporated additional open-source software in our software
in a manner that is inconsistent with the terms of the applicable license or our current policies and procedures. In that event, we could
be required to seek licenses from third parties in order to continue offering our solutions, to re-develop our solutions, to discontinue
sales of our solutions, or to release our proprietary software source code under the terms of an open-source license, any of which could
have a material adverse effect on our business.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Although we employ open-source software license
screening measures, if we were to combine our proprietary software products with open-source software in a certain manner we could, under
certain open-source licenses, be required to release the source code of our proprietary software products. If we fail to comply with these
licenses, we may be subject to certain requirements, including requirements that we offer our solutions that incorporate the open-source
software for no cost, that we make available source code for modifications or derivative works we create based upon, incorporating or
using the open-source software and that we license such modifications or derivative works under the terms of applicable open-source licenses.
If an author or other third party that distributes such open-source software were to allege that we had not complied with the conditions
of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could
be subject to significant damages, enjoined from the sale of our products that contained the open-source software and required to comply
with onerous conditions or restrictions on these products, which could disrupt the distribution and sale of these products.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">From time to time, there have been claims challenging
the rights in open-source software against companies that incorporate it into their products. We and our customers may face claims from
third parties claiming infringement of their intellectual property rights for what we believe to be permissive open-source software, or
demanding the release or license of the open-source software or derivative works that we developed using such software (which could include
our proprietary source code) or otherwise seeking to enforce the terms of the applicable open-source license. These claims could result
in litigation that could be costly to defend, have a negative effect on our business, financial condition and results of operations, and
could require us to purchase a costly license, publicly release the affected portions of our source code, be limited in or cease the sale
or use of the implicated software unless and until we can re-engineer such software to avoid infringement or change the use of, or remove,
the implicated open-source software, which could require us to devote additional research and development resources, or take other remedial
actions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition to risks related to license requirements,
use of certain open-source software can lead to greater risks than use of third-party commercial software, as open-source licensors generally
do not provide warranties, indemnities or other contractual protections with respect to the software (for example, non-infringement or
functionality). Some open-source projects have known vulnerabilities and architectural instabilities and are provided on an &#8220;as-is&#8221;
basis which, if not properly addressed, could negatively affect the performance of our product. Our use of open-source software may also
present additional security risks because the source code for open-source software is publicly available, which may make it easier for
hackers and other third parties to determine how to breach our website, our software platform and systems that rely on open-source software.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Any of these risks could be difficult to eliminate
or manage, and, if not addressed, could have a material adverse effect on our business, financial condition, results of operations and
prospects.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>If our SaaS platform does not comply with
quality standards set forth under our subscription agreements or we breach our obligations under our subscription agreements, our subscribers
may assert claims for reduced payments or seek damages from us.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Under our subscription contracts, we typically
provide certain representations and warranties to our subscribers, including, among others, that we have not knowingly incorporated any
intellectual property which infringes the rights of any third-party, the software being delivered has been developed as per the specifications
provided and is free from any patent defects and services will be provided with reasonable care.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In case of any breach of these representations
and warranties, we would be required to take certain remedial steps, including: modifying the solution, defending our subscribers in any
litigation arising from an intellectual property rights infringement claim by a third-party, providing functionally equivalent replacements
to the subscribers, rectifying the defect and indemnifying our subscribers for any direct losses arising from such a breach of representations
and warranties.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Such steps may involve significant monetary
costs and management time. Any inability to predict our performance and measure our productivity would further compound these risks and
expose us to additional liabilities. Our subscribers could seek significant compensation from us for the losses they suffer. Although
our subscription agreements typically contain provisions designed to limit our exposure to product liability claims, existing or future
laws or unfavorable judicial decisions could negate these limitations. Even if not successful, a product liability claim brought against
us would likely be time-consuming and costly and could seriously damage our reputation in the marketplace, making it harder for us to
sell our solutions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>An assertion by a third party that we are
infringing on its intellectual property could subject us to costly and time- consuming litigation or expensive licenses and our business
could be harmed.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The industries in which we operate are characterized
by the existence of entities, including leading companies, competitors, patent holding companies and non-practicing entities that hold
a large number of patents, copyrights, trademarks and trade secrets. Further, the industries are characterized by frequent litigation
based on allegations of infringement or other violations of intellectual property rights. Such entities may assert patent, copyright,
trademark or other intellectual property claims against us, our customers and partners, and those from whom we license technology and
intellectual property. Much of this litigation involves patent holding companies or other adverse patent owners who have no relevant product
revenues of their own. We do not have a patent portfolio of our own and even if we did, a patent portfolio may provide little or no deterrence
to such patent holding companies or non-practicing entities.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Legal proceedings involving intellectual property
rights are highly uncertain, and can involve complex legal and scientific questions. We cannot assure you that we will prevail in any
current or future intellectual property infringement or other litigation given the complex technical issues and inherent uncertainties
in such litigation. Defending such claims, regardless of their merit, could be time-consuming and distracting to management, result in
costly litigation or settlement, cause development delays, or require us to enter into royalty or licensing agreements. Insurance may
not cover or be insufficient for any such claim. In addition, we could be obligated to indemnify our customers against third parties&#8217;
claims of intellectual property infringement based on our solutions. If our solutions violate any third-party intellectual property rights,
we could be required to withdraw those solutions from the market, re-develop those solutions or seek to obtain licenses from third parties,
which might not be available on reasonable terms or at all. Any efforts to re-develop our solutions, obtain licenses from third parties
on favorable terms or license a substitute technology might not be successful and, in any case, might substantially increase our costs
and harm our business, financial condition and results of operations. Withdrawal of any of our solutions from the market could also harm
our business, financial condition and results of operations. Further, we may not have the ability to terminate or amend our supplier contracts
in connection with such solutions being withdrawn from the market, nor may we have recourse through representations, warranties, indemnification
provisions or otherwise in such supplier contracts.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, we incorporate open-source software
into our platform. Given the nature of open-source software, third parties might assert copyright and other intellectual property infringement
claims against us based on our use of certain open-source software programs, particularly in the United States. The terms of many open-source
licenses to which we are subject have not been interpreted by U.S. courts or courts of other jurisdictions, and there is a risk that those
licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize our solutions.
In that event, we could be required to seek licenses from third parties in order to continue offering our solutions, to re-develop our
solutions, to discontinue sales of our solutions, or to release our proprietary software source code under the terms of an open-source
license, any of which could have a material adverse effect on our business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>If we are unable to protect our intellectual property and proprietary
technologies, our business may be adversely affected.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our future success and competitive position depend
in large part on our ability to protect our intellectual property and proprietary technologies. We rely on a combination of trademark,
copyright, and trade secret laws, as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual
property rights, all of which provide only limited protection and may not currently or in the future provide us with a competitive advantage.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We enter into confidentiality agreements with
our employees, independent contractors and other individual advisors and enter into confidentiality agreements with licensees and other
third parties, including suppliers and partners. We have not entered into invention assignment agreements with licensees and third parties.
However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary
information, know-how and trade secrets. Moreover, no assurances can be given that these agreements effectively prevent access to, distribution,
use, misuse, misappropriation, reverse engineering or disclosure of confidential or proprietary information. Further, these agreements
may not provide adequate remedy in the event of unauthorized disclosure of confidential or proprietary information. In addition, others
may independently discover our trade secrets or develop similar technologies and processes, and, in either event we would not be able
to assert trade secret rights.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We also rely to a limited extent on trademark
and copyright law. We have no patents or patent applications. We cannot make any assurances that any future trademark registrations will
be issued for pending or future applications or that any registered trademarks will be enforceable or provide adequate protection of our
proprietary rights. Intellectual property rights protection is territorial in nature and therefore, successfully obtaining intellectual
property rights protection in one jurisdiction may not necessarily provide protection in another jurisdiction. For example, while we have
obtained certain registered trademarks in South Africa, Namibia, Nigeria and Tanzania, we have not obtained registered trademarks in all
of the jurisdictions in which we operate or plan to operate. Accordingly, we rely primarily on common law or unregistered rights in such
jurisdictions, which may not provide the same scope of protection as registered trademarks and may be insufficient for our business. In
addition, third-parties have filed, and may in the future file, for registration of trademarks similar or identical to our trademarks,
thereby impeding our ability to build brand identity and possibly leading to market confusion. In addition, there could be potential trade
name or trademark infringement claims brought by owners of other registered trademarks or trademarks that incorporate variations of our
registered or unregistered trademarks or trade names.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We cannot assure you that any patents or trademarks
will issue from any future patent or trademark applications, that any patents or trademarks that issue from such applications will give
us the protection that we seek, or that any such patents or trademarks will not be challenged, invalidated, or circumvented. Any patents
or trademarks that may issue in the future from future patent and trademark applications may not provide sufficiently broad protection
and may not be enforceable in actions against alleged infringers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Even upon intellectual property rights registration,
there is no certainty that our intellectual property rights will provide us with substantial protection or commercial benefit. Despite
our efforts to protect our intellectual property, some of our innovations may not be protectable, and our intellectual property rights
may offer insufficient protection from competition or unauthorized use, lapse or expire, be challenged, narrowed, invalidated, or misappropriated
by third-parties, or be deemed unenforceable or abandoned, which, could have a material adverse effect on our business, financial condition,
results of operations and prospects and the legal remedies available to us may not adequately compensate us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We cannot assure you that the steps we take will
be adequate to protect our technologies and intellectual property, any patent and trademark applications will lead to issued patents or
registered trademarks, others will not develop or patent similar or superior technologies or solutions, or that our trademarks and other
intellectual property will not be challenged, invalidated, or circumvented by others. Furthermore, effective patent, trademark, copyright,
and trade secret protection may not be available in every country in which our solutions are available or where we have employees or independent
contractors. In addition, the legal standards relating to the validity, enforceability, and scope of protection of intellectual property
rights in Internet-related industries are uncertain and still evolving. The steps we have taken and will take may not prevent unauthorized
use, reverse engineering, or misappropriation of our technologies and we may not be able to detect any of the foregoing. Defending and
enforcing our intellectual property rights may result in litigation, which can be costly and divert management attention and resources.
Any such litigation may not be successful even if such rights have been infringed, and an adverse decision could limit the scope of such
rights. If our efforts to protect our technologies and intellectual property are inadequate, the value of our intangible assets may be
diminished and competitors may be able to replicate our solutions and methods of operations. Any of the foregoing events could have a
material adverse effect on our business, financial condition, and results of operations.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>Risks Related to Legal Proceedings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>We may incur material losses and costs as
a result of lawsuits or claims that may be brought against us which are related to product liability, warranty, product recalls, client
service interruptions or other matters, and any litigation against us could be costly and time-consuming to defend and could harm our
business, financial condition and results of operations.</i></b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are exposed to product liability and warranty
claims in the normal course of business, in the event that our solutions actually or allegedly fail to perform as expected, or the use
of our solutions results, or is alleged to result, in bodily injury and/or property damage. Our safety and security services may be disabled
or prove to be ineffective as a result of techniques employed by car thieves or the discovery of technological weaknesses by such persons.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Additionally, we provide asset recovery warranty
coverage of up to ZAR 1.0 million on certain contracts in the event we fail to recover a stolen vehicle. If our recovery rate for stolen
vehicles falls, we may be subject to an increased number of claims. We could experience material warranty costs in the future and incur
significant costs to defend ourselves against these claims.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">If there were a systematic failure of any of our
solutions, we could suffer significant damage to our reputation and any product liability insurance we maintain might not be sufficient
to prevent us from suffering a material economic loss. While we carry insurance and maintain reserves for product liability claims, we
have not established a liability reserve under these warranties. Our insurance coverage may be inadequate if such claims do arise, and
any defense costs and liability not covered by insurance could have a material adverse impact on our financial condition, results of operations
or cash flow. A future claim could involve the imposition of punitive damages, the award of which, pursuant to local laws, may not be
covered by insurance. In addition, warranty and certain other claims are not typically covered by insurance. Any product liability or
warranty issues may adversely impact our reputation as a manufacturer of high-quality, effective and safe solutions and could have a material
adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Furthermore, we have in the past and may in the
future become subject to legal proceedings and claims that arise in the ordinary course of business, such as claims brought by our clients
or vendors in connection with commercial disputes or employment claims made by our current or former employees. Internal fraud, which
may include the stealing and dissemination of client personally identifiable information, may also create significant client distrust
and result in litigation against us. Actions taken by security officers involved in SVR operations as part of our services may also result
in legal proceedings and claims which could then result in reputational harm to us or criminal and/or civil liability, including monetary
damages or other penalties. See &#8220;Risk Factors&#8212; Risks Relating to Our Reliance on Third Parties&#8212;The conduct of security
officers engaged in SVR operations in support of our services from time to time involves the use of force, which could expose the Company
to reputational harm or, potentially, civil and/or criminal liability.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are unable to predict the outcome of such legal
proceedings. Such proceedings might result in substantial costs, regardless of the outcome, and may divert management&#8217;s attention
and resources, which might seriously harm our business, financial condition and results of operations. Insurance might not cover such
claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims, and might not continue to be
available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs,
potentially resulting in a material adverse effect on our business, financial condition, and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>Risks Relating to Our Operations in South Africa and Other Emerging
Markets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>We conduct a material amount of our business in foreign currencies,
which heightens our exposure to the risk of exchange rate fluctuations.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are subject to fluctuations in foreign exchange
rates between the South African rand, our reporting currency, and currencies of other countries where we market our solutions or source
our raw components, for example the Euro, Mozambican metical, the Singapore dollar and Polish zloty. Such fluctuations may result in significant
increases or decreases in our reported revenue and other results as expressed in South African rand, and in the reported value of our
assets, liabilities and cash flows. In addition, currency fluctuation may adversely affect receivables, payables, debt, firm commitments
and forecast transactions denominated in foreign currencies. In particular, translation risks arise where parts of the cost of sales are
not denominated in the same currency of such sales. The U.S. dollar/South African rand exchange rates have historically been volatile
and we expect this volatility to continue. Fluctuation in exchange rates, depreciation of local currencies, changes in monetary and/or
fiscal policy or inflation in the countries in which we operate could negatively impact the prices at which the ordinary shares trade
and have a material adverse effect on our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Exchange controls may restrict the ability of our subsidiaries
to convert or transfer sums in foreign currencies.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our ability to generate operating cash flows at
the holding company level depends on the ability of our subsidiaries, including Cartrack Holdings Proprietary Limited, to upstream funds.
In particular, companies operating in South Africa are subject to exchange control limitations. Exchange controls in South Africa are
administered by the South African Reserve Bank (&#8220;SARB&#8221;) pursuant to the Exchange Control Regulations, 1961, as amended, which
regulates transactions between South African residents and non-residents. While exchange controls have been relaxed in recent years and
may continue to be relaxed, South African companies remain subject to restrictions on their ability to export capital outside of the Common
Monetary Area, which includes South Africa, Namibia, Lesotho and Eswatini. In addition, as the cash flows of certain countries are highly
dependent on the export of certain raw materials, the ability to convert such currencies can be limited by the timing of payments for
such exports, which may require us to organize our currency conversions around such constraints. These restrictions may affect the manner
in which we finance our transactions outside South Africa and the geographic distribution of our debt.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We can offer no assurance that additional restrictions
on currency exchange will not be implemented in the future or that these restrictions will not limit the ability of our subsidiaries to
transfer cash to us, which could have a material adverse effect on our business, financial condition, results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>The markets in which we operate
are exposed to high inflation and interest rates which could increase our operating costs and thereby reduce our profitability.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The economies of countries in which we operate,
including South Africa, Mozambique, Tanzania, Kenya and Nigeria in the past have been, and in the future may continue to be, characterized
by rates of inflation and interest rates that are substantially higher than those prevailing in the United States and other highly developed
economies. High rates of inflation could increase our costs in such regions and decrease our operating margins. In particular, the inflation
rate in South Africa, where we have significant operations, is relatively high compared to developed, industrialized countries. As of
February 2023, the annual CPI stood at 7% compared to 5.7% in February 2022. Inflation in South Africa generally results in an increase
in our operational costs in rand. Higher and sustained inflation in the future, with a consequent increase in operational costs could
have a material adverse effect on our results of operations and our financial condition and could result in operations being discontinued
or reduced or rationalized, which could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Although higher interest rates would increase
the amount of income we earn on our cash balances, they would also adversely affect our ability to obtain cost-effective debt financing
in certain countries in which we operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>The laws and regulations which we are subject
to, such as U.S. and other anti-corruption laws, trade controls, economic sanctions and similar laws and regulations in the jurisdictions
which we operate, are complex and the regulatory and political regimes under which we operate are volatile. Our failure to comply with
the relevant laws and regulations could subject us to civil, criminal and administrative penalties and harm our reputation.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Doing business on a worldwide basis requires us
to comply with the laws and regulations of various foreign jurisdictions, including those not specifically related to our industry. These
laws and regulations place restrictions on our operations, trade practices, partners and investment decisions. In particular, our operations
are subject to U.S. and foreign anti-corruption and trade control laws and regulations, such as the Foreign Corrupt Practices Act (the
&#8220;FCPA&#8221;), export controls and economic sanctions programs, including those administered by the U.S. Treasury Department&#8217;s
Office of Foreign Assets Control (&#8220;OFAC&#8221;). As a result of doing business in foreign countries and with foreign partners, we
are exposed to a heightened risk of violating anti-corruption and trade control laws and sanctions regulations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The FCPA prohibits us from providing anything
of value to foreign officials for the purposes of obtaining or retaining business or securing any improper business advantage. It also
requires us to keep books and records that accurately and fairly reflect our transactions. As part of our business, we may deal with state-owned
business enterprises, the employees of which are considered foreign officials for purposes of the FCPA. In addition, the United Kingdom
Bribery Act (the &#8220;Bribery Act&#8221;) extends beyond bribery of foreign public officials and also apply to transactions with individuals
not employed by a government. The provisions of the Bribery Act are also more onerous than the FCPA in a number of other respects, including
jurisdiction, non- exemption of facilitation payments and penalties. Some of the international locations in which we operate lack a developed
legal system and have higher than normal levels of corruption.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Economic sanctions programs restrict our business
dealings with certain sanctioned countries, persons and entities, such as Zimbabwe, a country in which we conduct business.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Violations of anti-corruption and trade control
laws and sanctions regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures,
debarment from government contracts and revocations or restrictions of licenses, as well as criminal fines and imprisonment. We have established
policies and procedures designed to assist our compliance with applicable U.S. and international anti-corruption and trade control laws
and regulations, including the FCPA, the Bribery Act and trade controls and sanctions programs administered by OFAC, and have trained
our employees to comply with these laws and regulations. However, there can be no assurance that all of our employees, consultants, agents
or other associated persons will not take actions in violation of our policies and these laws and regulations, and that our policies and
procedures will effectively prevent us from violating these regulations in every transaction in which we may engage or provide a defense
to any alleged violation. In particular, we may be held liable for the actions that our local strategic partners take inside or outside
of the United States, even though our partners may not be subject to these laws. Such a violation, even if our policies prohibit it, could
have a material adverse effect on our reputation, business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our continued international expansion, including
in developing countries, and our development of new partnerships and joint venture relationships worldwide, could increase the risk of
FCPA, OFAC or Bribery Act violations in the future. Additionally, our software contains encryption technologies, certain types of which
are subject to U.S. and foreign export control regulations and, in some foreign countries, restrictions on importation and/or use. Any
failure on our part to comply with encryption or other applicable export control requirements could result in financial penalties or other
sanctions under the U.S. export regulations, including restrictions on future export activities, which could harm our business and results
of operations. Regulatory restrictions could impair our access to technologies needed to improve our solutions and may also limit or reduce
the demand for our solutions in certain geographic regions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Furthermore, we currently sell regulated insurance
products in South Africa through an authorized Financial Services Provider (&#8220;FSP&#8221;) that is a wholly owned subsidiary of ours.
FSPs are subject to a variety of regulations, including the Financial Advisory and Intermediary Services Act, No. 37 of 2002. We may from
time to time face challenges resulting from changes in applicable law and regulations in South Africa, or changes in approach to oversight
of our business from insurance or other regulators in South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Additionally, we have to comply with the South
African anti-corruption law, the Prevention and Combating of Corrupt Activities Act, No. 12 of 2004, as amended (&#8220;PRECCA&#8221;).
This law prohibits public and private bribery and criminalizes various categories of corrupt activities. PRECCA also contains a reporting
obligation to authorities of known or suspected corrupt activities which is triggered when the value of any known or suspected acts of
corruption exceeds ZAR 100,000. Failure to report said corrupt activities is a criminal offense under PRECCA and imposes significant penalties
on those convicted of corrupt activities. Regulation 43 of the South African Companies Act No. 71 of 2008 (&#8220;South African Companies
Act&#8221;) also contains a number of anti-corruption compliance obligations that we must adhere to.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Although we have policies and procedures in place
to comply with financial crime regulation, these policies and procedures may not prevent all situations of money laundering, bribery,
fraud or corruption, including actions by our employees, for which we might be held responsible. Any such event may have severe consequences,
including sanctions, fines and reputational consequences, which could have a material adverse effect on our business, financial condition,
results of operations and prospects.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Operating in emerging markets, such as South
Africa, subjects us to greater political, economic and market risks than those we would face if we only operated in more developed markets,
which could increase our operating costs.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">For the year ended February 28, 2023, 78% of our
revenue was derived from South Africa. Emerging markets, including South Africa, are subject to greater risks than more developed markets.
The political, economic and market conditions in many emerging markets present risks that could make it more difficult to operate our
business successfully. These risks include:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the strength of emerging market economies;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">fluctuations in interest rates;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">political and economic instability, including higher rates
of inflation and currency fluctuations;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">high levels of crime and unemployment;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">inconsistent supply or failure of infrastructure;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">higher levels of corruption, including bribery of public
officials;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">loss due to civil strife, acts of war or terrorism, guerrilla
activities and insurrection;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">a lack of well-developed legal systems which could make it
difficult for us to enforce our intellectual property and contractual rights;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">potential adverse changes in laws and regulatory practices,
including import and export license requirements and restrictions, tariffs, taxation and other laws or policies affecting foreign trade
or investment;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>restrictions on the right to convert or repatriate currency or export assets;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>introduction or changes to indigenization and empowerment programs;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>logistical and communications challenges;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>difficulties in staffing and managing operations and ensuring the safety of our employees;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td>greater risk of uncollectible accounts and longer collection cycles; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify; padding-right: 1pt">future downgrades of the debt ratings of the countries in which we operate, particularly in South Africa,
where the three major rating agencies have all downgraded South Africa&#8217;s sovereign debt credit rating below investment-grade status;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">If we are unable to effectively manage these risks, it could have a
material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We have operations in other African and Asian
countries, and governments in Africa and Asia have in the past intervened in the economies of their respective countries and occasionally
made significant changes in policy and regulations. Governmental actions have often involved, among other measures, nationalizations and
expropriations, price controls, currency devaluations, mandatory increases on wages and employee benefits, capital controls, limits on
imports and arbitrary interference with private ownership of contract rights. Our business, financial condition and results of operations
may be adversely affected by changes in government policies or regulations, including such factors as exchange rate and exchange control
policies, inflation control policies, price control policies, consumer protection policies, import duties and restrictions, liquidity
of domestic capital and lending markets, electricity rationing, tax policies, including tax increases and retroactive tax claims, and
other political, diplomatic, social and economic developments in or affecting the countries where we operate. In the future, the level
of intervention by African and Asian governments may continue to increase. It is difficult to predict the future political, economic and
market environment in these countries, and these or other measures could have a material adverse effect on the economy of the countries
in which we operate and, consequently, could have a material adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>We face the risk of disruption from
labor disputes and changes to labor laws, which could result in significant additional operating costs or alter our relationship with
our employees.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are required to comply with extensive labor
regulations in each of the countries in which we have employees, including with respect to wages, social security benefits and termination
payments. In particular, South African laws relating to labor regulate work time, provide for mandatory compensation in the event of termination
of employment for operational reasons, and impose monetary penalties for non-compliance with administrative and reporting requirements
in respect of affirmative action policies, could result in significant costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent amendments to the labor legislation in
South Africa have introduced more stringent requirements in relation to the relationship with employees. For example, under the Labour
Relations Amendment Act, No. 66 of 1995 (as amended) (the &#8220;LRA&#8221;), an employee on a fixed term contract must be permanently
employed unless the employer can establish justification for employment on a fixed term basis. The reasons available to an employer for
justifying a fixed term contract are limited. Temporary employees are required to be given the same pay and benefits as permanent employees,
including pensions and medical insurance coverage. The LRA provides strict penalties for failure to comply with its provisions and in
certain instances breach of the legislation amounts to a criminal offense.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Furthermore, the Employment Equity Act, No. 55
of 1998 (as amended) (the &#8220;EEA&#8221;) creates obligations and administrative requirements in respect of non-discrimination and
equity in employment matters. Fines of up to 10% of revenue may be imposed in the event of non-compliance with certain provisions of the
EEA.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, future changes to South African legislation
and regulations relating to labor may increase our costs or alter our relationship with our employees. Resulting disruptions could have
a material adverse effect on our business, results of operations and financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>If we do not achieve applicable black economic
empowerment objectives in our South African operations, we risk early termination of certain of our subscription contracts and the loss
of the corresponding revenue.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The South African government, through the Broad-Based
Black Economic Empowerment Act No, 53 of 2003 (as amended), and the codes of good practice and industry charters published pursuant thereto,
has established a legislative framework for the promotion of broad-based black economic empowerment, or &#8220;B-BBEE&#8221;. Achievement
of specified B-BBEE objectives is measured by a scorecard which establishes a weighting for the various objectives of B-BBEE, which include
procuring goods and services from black-owned businesses (or from businesses that have earned good B-BBEE scores) and achieving certain
levels of black South African employment and management participation, which is then translated to an entity&#8217;s &#8220;contributor
level&#8221;. Compliance may affect the ability of a company to secure contracts in the public and private sectors in South Africa. We
have four customers which require us to maintain specific/specified B-BBEE contributor levels as measured under the Amended Broad-Based
Black Economic Empowerment Information and Communication Technology Sector Code. We currently maintain a level 8 B-BBEE contributor level.
Customers with such requirements collectively represented 0.4% of our total revenue for the year ended February 28, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Recent amendments to the law, expected to be implemented in the latter
part of 2023, now empower the government to set specific equity targets by sector and region, where transformation initiatives have lagged.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Failing to achieve or maintain a specified B-BBEE
contributor level could affect our ability to maintain existing customers or to sell to large enterprise customers in South Africa, which
could have an adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Tax regulations and challenges by tax authorities could have
a material adverse effect on us and we may be subject to challenges by tax authorities.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We operate in a number of countries and are therefore
regularly examined by and remain subject to numerous tax regulations. Changes in our global mix of earnings could affect our effective
tax rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Furthermore, changes in tax laws could result
in higher tax-related expenses and payments. Legislative changes in any of the countries in which our businesses operate could materially
impact our tax receivables and liabilities as well as deferred tax assets and deferred tax liabilities. Additionally, the uncertain tax
environment in some regions in which our businesses operate may limit our ability to successfully challenge adverse determination by any
local tax authorities. Some of our businesses operate in countries with complex tax rules, which may be interpreted in a variety of ways
and could affect our effective tax rate. Future interpretations or developments of tax regimes or a higher than anticipated effective
tax rate could have a material adverse effect on our tax liability, return on investments and business operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, we and our businesses operate in,
are incorporated in and are tax residents of, various jurisdictions. The tax authorities in the various jurisdictions in which we and
our businesses operate, or are incorporated, may disagree with and challenge our assessments of our transactions, tax position, deductions,
exemptions, where we or our subsidiaries or businesses are tax resident, or other matters. If we, or our businesses, are unsuccessful
in responding to any such challenge from a tax authority, we, or our businesses, may be required to pay additional taxes, interest, fines
or penalties, we, or our businesses, may be subject to taxes for the same business in more than one jurisdiction or may also be subject
to higher tax rates, withholding or other taxes. A successful challenge could potentially result in payments to the relevant tax authority
of substantial amounts that could have a material adverse effect on our financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Even if we, or our businesses, are successful
in responding to challenges by taxing authorities, responding to such challenges may be expensive, consume time and other resources, or
divert management&#8217;s time and focus from our operations or businesses or from the operations of our businesses. Therefore, a challenge
as to our, or our businesses&#8217;, tax position or status or transactions, even if unsuccessful, may have a material adverse effect
on our business, financial condition, results of operations or liquidity or the business, financial condition, results of operations or
liquidity of our businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>A breach of any of the covenants or other
provisions contained in our credit facilities could result in an event of default, which could result in amounts outstanding under our
credit facilities becoming immediately due and payable as well as foreclosure by our lenders upon our critical assets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our Revolving Credit Facility, as defined below,
entered into between the wholly-owned subsidiary of Karooooo, Cartrack Holdings Proprietary Limited, and The Standard Bank of South Africa
Limited (&#8220;Standard Bank&#8221;) contains certain covenants, including without limitation, those limiting our and our guarantor subsidiaries&#8217;,
as applicable, ability to, among other things, incur indebtedness, incur liens, or sell or acquire assets or businesses.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our obligations under our credit facility agreement
with Standard Bank are secured by one of our significant subsidiaries and are secured by a lien on bank accounts, cash and cash equivalent
investments, intellectual property, insurance policies, insurance proceeds and a pledge of the shares of certain of our subsidiaries incorporated
in South Africa. A breach of any of these covenants or other provisions of our credit facilities could result in an event of default,
which if not cured or waived, could result in amounts outstanding under our credit facilities becoming immediately due and payable. In
the event that some or all of the amounts outstanding under our credit facilities are accelerated and become immediately due and payable,
we may not have the funds to repay, or the ability to refinance, such outstanding amounts under our credit facilities, or our lenders
could foreclose upon critical assets, which could have a material adverse effect on our business, results of operations and financial
condition.(Refer to disclosure of Revolving Credit Facility with Standard Bank on page 72)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Changes in practices of insurance
companies in the markets in which we provide our solutions could have an adverse effect on demand for products and services.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We depend in part on the practices of insurance
companies in some of our markets to support demand for our SaaS platform. For example, in South Africa, which is currently our largest
market based on new subscriber additions, insurance companies either mandate the installation of tracking devices as a prerequisite for
providing insurance coverage to owners of certain vehicles, or provide insurance premium discounts to encourage vehicle owners to subscribe
to vehicle tracking and mobile asset recovery solutions such as ours. We benefit from this continued practice in the South African and
certain other markets of:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">accepting mobile asset location technologies such as ours
as a preferred security product;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">providing premium discounts for using location and recovery
products and services such as ours; and</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">mandating the use of our products and services, or similar
products and services, for certain vehicles.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">If any of these policies or practices change,
revenues from sale of our solutions could decline, which could have a material adverse effect on our business, results of operations and
financial condition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>Risks Relating to Investments in Singapore Companies</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>We are incorporated in Singapore,
and our shareholders may have more difficulty in protecting their interests than they would as shareholders of a corporation incorporated
in the United States.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our corporate affairs are governed by our constitution
and by the laws governing companies incorporated in Singapore. The rights of our shareholders and the responsibilities of the members
of our board of directors under Singapore law may be different from those applicable to a corporation incorporated in the United States.
Therefore, our public shareholders may have more difficulty in protecting their interests in connection with actions taken by us, our
management, members of our board of directors or our controlling shareholder than they would as shareholders of a corporation incorporated
in the United States. For example, controlling shareholders in corporations incorporated in Delaware are subject to fiduciary duties while
controlling shareholders in Singapore companies are not subject to such duties.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, only persons who are registered as
shareholders in our register of members are recognized under Singapore law as our shareholders. Only registered shareholders have legal
standing to institute shareholder actions against us or otherwise seek to enforce their rights as shareholders. Investors in our ordinary
shares who are not specifically registered as shareholders in our register of members (for example, where such shareholders hold ordinary
shares indirectly through the depository trust company &#8220;DTC&#8221;) are required to be registered as shareholders in our register
of members in order to institute or enforce any legal proceedings or claims against us, our directors or our executive officers relating
to shareholder rights. The administrative process of becoming a registered shareholder could result in delays prejudicial to any such
legal proceeding or enforcement action. See Exhibit 2.2 &#8220;Description of Ordinary Shares&#8212;Comparison of Shareholder Rights&#8221;
for a discussion of certain differences between Singapore and Delaware corporation law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>It may be difficult for you to enforce any judgment obtained
in the United States against us, our directors, officers or our affiliates.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">A majority of our directors and officers reside
outside the United States. In addition, a majority of our assets and the assets of those persons are located outside the United States.
As a result, it may be difficult to enforce in the United States any judgment obtained in the United States against us or any of these
persons, including judgments based upon the civil liability provisions of the U.S. securities laws. In addition, in original actions brought
in courts in jurisdictions located outside the United States, it may be difficult for investors to enforce liabilities based upon U.S.
securities laws.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">There is no treaty between the United States and
Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for
the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely
upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. It is not clear whether a Singapore
court may impose civil liability on us or our directors and officers who reside in Singapore in an action brought in the Singapore courts
against us or such persons with respect to a violation solely of the federal securities laws of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, holders of book-entry interests in
the ordinary shares (for example, where such shareholders hold ordinary shares indirectly through the DTC) will be required to be registered
shareholders as reflected in our register of members in order to have standing to bring a shareholder action and, if successful, to enforce
a foreign judgment against us, our directors or our executive officers in the Singapore courts. Any such enforcement action would be subject
to applicable Singapore laws. The administrative process of becoming a registered shareholder could result in delays that could be prejudicial
to any legal proceeding or enforcement action. In making a determination as to enforceability of a judgment of a state court or a federal
court of the United States, the Singapore courts would have regard to, among others, whether the judgment was final and conclusive, given
by a court of law of competent jurisdiction, expressed to be for a fixed sum of money, whether it was procured by fraud, or in breach
of principles of natural justice, or whether the enforcement thereof would be contrary to public policy.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Accordingly, there can be no assurance
that the Singapore courts would enforce against us, our directors or our officers, judgments obtained in the United States which are predicated
upon the civil liability provisions of the federal securities laws of the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Subject to the general authority to allot
and issue new ordinary shares provided by our shareholders, the Singapore Companies Act and our constitution, our directors may allot
and issue new ordinary shares on terms and conditions and for such purposes as may be determined by our board of directors in its sole
discretion. Any issuance of new shares would dilute the percentage ownership of existing shareholders and could adversely impact the market
price of our ordinary shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Under Singapore law, we may only allot and issue
new ordinary shares with the prior approval of our shareholders in a general meeting. Subject to the general authority to allot and issue
new ordinary shares provided by our shareholders, the provisions of the Singapore Companies Act, and our constitution, we may allot and
issue new ordinary shares on such terms and conditions as our directors may think fit to impose. Such terms and conditions may be adverse
to the rights of holders of our ordinary shares. Any additional issuances of new ordinary shares could dilute the percentage ownership
of our existing shareholders and may adversely impact the market price of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Because new issuances of ordinary shares are subject
to shareholder approval, if a sufficient number of shares have not been approved for issuance in any given year, we may be delayed in
raising capital through equity offerings or delayed or prevented from consummating an acquisition using our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Assuming shareholders have approved the issuance
of new shares, we may seek to raise capital in the future, including to fund acquisitions, future investments and other growth opportunities.
We may, for these and other purposes, issue additional ordinary shares or securities convertible into ordinary shares. Any additional
issuances of new ordinary shares could dilute the percentage ownership of our existing shareholders and may also adversely impact the
market price of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>We are subject to the laws of Singapore, which differ in certain
material respects from the laws of the United States.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">As a Singapore-incorporated company, we are required
to comply with the laws of Singapore, certain of which are capable of extra-territorial application, as well as our constitution. In particular,
we are required to comply with certain provisions of the Securities and Futures Act, Chapter 289 of Singapore, which prohibit certain
forms of market conduct and information disclosures, and impose criminal and civil penalties on corporations, directors and officers in
respect of any breach of such provisions. In addition, the Singapore Code on Take-Overs and Mergers, or &#8220;Singapore Take-Over Code&#8221;,
which specifies, among other things, certain circumstances in which a general offer is to be made upon a change in control of a Singapore-incorporated
public company, and further specifies the manner and price at which voluntary and mandatory general offers are to be made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The laws of Singapore and of the United States
differ in certain significant respects. The rights of our shareholders and the obligations of our directors and officers under Singapore
law may be different from those applicable to U.S. corporations, including those incorporated in Delaware, in material respects, and our
shareholders may have more difficulty and less clarity in protecting their interests in connection with actions taken by our management,
members of our board of directors or our controlling shareholders than would otherwise apply to U.S. corporations, including those incorporated
in Delaware. See Exhibit 2.2 &#8220;Description of Ordinary Shares&#8212;Comparison of Shareholder Rights&#8221; for a discussion of certain
differences between Singapore and Delaware corporation law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, the application of Singapore law,
in particular, the Singapore Companies Act may, in certain circumstances, impose more restrictions on us, our shareholders, directors
and officers than would otherwise be applicable to U.S. corporations, including those incorporated in Delaware. For example, the Singapore
Companies Act requires a director to act with reasonable degree of diligence in the discharge of the duties of his office and, in certain
circumstances, imposes criminal liability for specified contraventions of particular statutory requirements or prohibitions. In addition,
pursuant to the provisions of the Singapore Companies Act, shareholders holding 10% or more of the total number of paid-up shares as at
the date of the deposit carrying the right of voting at general meetings (disregarding paid-up shares held as treasury shares) may by
depositing a requisition, require our directors to convene an extraordinary general meeting. If our directors do not within 21 days after
the date of deposit of the requisition proceed to convene a meeting, the requisitioning shareholders, or any of them representing more
than 50% of the total voting rights represented of all of them, may themselves, proceed to convene such meeting, and we will be liable
for the reasonable expenses incurred by such requisitioning shareholders. We are also required by the Singapore Companies Act to deduct
corresponding amounts from fees or other remuneration payable by us to such of the directors as are in default.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Singapore take-over laws contain provisions that may vary from
those in other jurisdictions.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The Singapore Take-Over Code applies to, among
others, corporations with a primary listing of their equity securities in Singapore. While the Singapore Take-Over Code is drafted with,
among others, listed public companies in mind, unlisted public companies with more than 50 (fifty) shareholders and net tangible assets
of S$5.0 million or more, must also observe the letter and spirit of the general principles and rules of the Singapore Take-Over Code,
wherever this is possible and appropriate. Public companies with a primary listing overseas may apply to Securities Industry Council (&#8220;SIC&#8221;)
to waive the application of the Singapore Take-Over Code. As at the date of this annual report, no application has been made to SIC to
waive the application of the Singapore Take-Over Code in relation to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In this regard, the Singapore Take-Over Code contains
certain provisions that may possibly delay, deter or prevent a future take-over or change in control of us. Under the Singapore Take-Over
Code, except with the consent of SIC, any person acquiring an interest, whether by a series of transactions over a period of time or not,
either on his own or together with parties acting in concert with him, in 30% or more of our voting shares is required to extend a take-over
offer for all remaining voting shares in accordance with the procedural and other requirements under the Singapore Take-Over Code.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Except with the consent of SIC, such a take-over
offer is also required to be made if a person holding between 30% and 50% (both inclusive) of our voting shares, either on his own or
together with parties acting in concert with him, acquires additional voting shares representing more than 1% of our voting shares in
any six-month period. While the Singapore Take-Over Code seeks to ensure an equality of treatment among shareholders in take-over or merger
situations, its provisions could substantially impede the ability of the shareholders to benefit from a change of control and, as a result,
may adversely affect the market price of the ordinary shares and the ability to realize any benefit from a potential change of control.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b>Risks Relating to Our Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Our stock price may fluctuate and you could lose all or a significant
part of your investment.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">The market price of our ordinary shares may be influenced by many factors,
some of which are beyond our control, including:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">actual or anticipated variations in our operating results;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the failure of financial analysts to cover our ordinary shares;</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in financial estimates by financial analysts, or any failure by us to meet or exceed any of these
estimates, or changes in the recommendations of any financial analysts that elect to follow our ordinary shares or the shares of our competitors;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">changes in market valuations of similar companies;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships
or joint ventures;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">future sales of our shares by us or our shareholders;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">investor perceptions of us and the industry in which we operate;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">general economic, industry or market conditions; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">the other factors described in this &#8220;Risk Factors&#8221; section.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In addition, the stock market in general has experienced
substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular
companies affected. These broad market and industry factors may materially harm the market price of our ordinary shares, regardless of
our operating performance. In the past, following periods of volatility in the market price of certain companies&#8217; securities, securities
class action litigation has been instituted against these companies. This type of litigation, if instituted against us, could have a material
adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>The ordinary shares are traded on more than one stock exchange
and this may result in price variations between the markets.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The ordinary shares are listed on each of the
Nasdaq and the JSE. Trading in the ordinary shares therefore will take place in different currencies (U.S. dollars on the Nasdaq and South
African Rand on the JSE), and at different times (resulting from different time zones, different trading days and different public holidays
in the United States and South Africa). The trading prices of the ordinary shares on these two markets may differ as a result of these,
or other, factors. Any decrease in the price of ordinary shares one either of these markets could cause a decrease in the trading prices
of ordinary shares on the other market.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Sales of substantial amounts of
our ordinary shares in the public market, or the perception that these sales may occur, could cause the market price of our ordinary shares
to decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Sales of substantial amounts of our ordinary shares
in the public market, or the perception that these sales may occur, could cause the market price of our ordinary shares to decline. This
could also impair our ability to raise additional capital through the sale of our equity securities. We are authorized to issue an unlimited
number of shares as there is no concept of authorized share capital under Singapore law. Moreover, we have entered into a registration
rights agreement pursuant to which we have granted demand and piggyback registration rights to our Chief Executive Officer, Isaias (Zak)
Jose Calisto.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>Although we have paid dividends
in the past, our ability to pay dividends in the future depends on many factors and we cannot guarantee you that we will continue to pay
dividends in the future.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The payment and timing of dividends in cash or
other distributions (such as a return of capital to shareholders through share buy-backs, for example) are determined by the board after
considering factors that include: earnings and free cash flow; current and anticipated capital requirements; economic conditions; contractual,
legal, tax and regulatory restrictions (including covenants contained in any financing agreements); the ability of group subsidiaries
to distribute funds to Karooooo; and such other factors the board may deem relevant. We aim to reinvest retained earnings to the extent
that it aligns with the group&#8217;s required return on incrementally reinvested capital, return on equity, and short- to medium-term
growth strategy. The board may, by ordinary resolution, declare dividends at a general meeting of its shareholders, but no dividend shall
be payable except out of our profits, and the amount of any such dividend shall not exceed the amount recommended by the board of directors.
Subject to Karooooo&#8217;s constitution and in accordance with the Singapore Companies Act, the board of directors may, without the approval
of shareholders, declare and pay interim dividends, but any final dividends the board declares must be approved by an ordinary resolution
at a general meeting of shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We cannot provide assurances regarding the amount
or timing of dividend payments and may decide not to pay dividends in the future. As a result, you should not rely on an investment in
our ordinary shares to provide dividend income and if we do not pay dividends, capital appreciation, if any, of our ordinary shares will
be a shareholder&#8217;s sole source of gain in the near future. See &#8220;Dividends and Dividend Policy.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>If securities or industry analysts do not
publish research, or publish inaccurate or unfavorable research, about our business, the price of our ordinary shares and our trading
volume could decline.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The trading market for our ordinary shares will
depend in part on the research and reports that securities or industry analysts publish about us or our business. Securities and industry
analysts do not currently, and may never, publish research on our company. If no or too few securities or industry analysts commence coverage
of our company, the trading price for our ordinary shares would likely be negatively affected. In the event securities or industry analysts
initiate coverage, if one or more of the analysts who cover us downgrade our ordinary shares or publish inaccurate or unfavorable research
about our business, the price of our ordinary shares would likely decline. If one or more of these analysts cease coverage of our company
or fail to publish reports on us regularly, demand for our ordinary shares could decrease, which might cause the price of our ordinary
shares and trading volume to decline.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Requirements associated with being a public company in the United
States require significant company resources and management attention.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">As a U.S. public company, we incur significant
additional legal, accounting, reporting, compliance and other expenses as a result of having publicly traded ordinary shares in the United
States. We also incur costs including, but not limited to, costs and expenses for directors&#8217; fees, increased directors and officers
insurance, investor relations, and various other costs relating to being a public company registered in the United States.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We also incur costs associated with United States
corporate governance requirements, including requirements under SOX, as well as rules implemented by the SEC, Nasdaq and the JSE. These
rules and regulations increase our legal and financial compliance costs and make some management and corporate governance activities more
time-consuming and costly, particularly after we are no longer an &#8220;emerging growth company.&#8221; These rules and regulations make
it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced
policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. This could have an adverse impact
on our ability to recruit and retain a qualified independent board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Our senior management and other personnel have
devoted, and will need to continue to devote, a substantial amount of time and attention away from revenue producing activities to management
and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty
in both retaining professionals and managing and growing our businesses. Furthermore, new rules and regulations relating to disclosure,
financial reporting and controls and corporate governance, or varying interpretations of existing rules and regulations, could be adopted
by the SEC, Nasdaq or other regulatory bodies and exchange entities from time to time, and could result in a significant increase in legal,
accounting and compliance costs and make certain activities more time-consuming and costly. Any of these effects could have a material
adverse effect on our business, financial condition and results of operations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">For as long as we are an &#8220;emerging growth
company&#8221; under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness
of our internal control over financial reporting pursuant to Section 404 of SOX. We could be an emerging growth company for up to five
years from our IPO. See &#8220;Summary&#8212;Implications of Being an Emerging Growth Company,&#8221; below.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">

</p><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Furthermore, after the date we are no longer an
emerging growth company, our independent registered public accounting firm will only be required to attest to the effectiveness of our
internal control over financial reporting depending on our market capitalization. Even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm may still decline to attest to our management&#8217;s
assessment or may issue a report that is qualified if it is not satisfied with our controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, in connection with the
implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies
that we may not be able to remediate in time to meet the deadline imposed by SOX for compliance with the requirements of Section 404.
Failure to comply with Section 404 could subject us to regulatory scrutiny and sanctions, impair our ability to raise capital, cause investors
to lose confidence in the accuracy and completeness of our financial reports and negatively affect our share price.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>As a foreign private issuer and &#8220;controlled
company&#8221; within the meaning of the Nasdaq rules, we are permitted to, and we will, rely on exemptions from certain corporate governance
standards. Our reliance on such exemptions may afford less protection to holders of our ordinary shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Nasdaq&#8217;s corporate governance rules require
listed companies to have, among other things, a majority of independent directors and independent director oversight of executive compensation,
nomination of directors and corporate governance matters. As a foreign private issuer, we are permitted to, and we will, follow home country
practice in lieu of the above requirements. While a majority of the directors on our board of directors are independent directors and
all of our board committees consist entirely of independent directors, as long as we rely on the foreign private issuer exemption to certain
of the Nasdaq corporate governance standards, a majority of the directors on our board of directors are not required to be independent
directors, and that certain of our board committees do not have to consist entirely of independent directors. Therefore, to the extent
we rely on such exemptions in the future, our board of directors&#8217; approach to governance may be different from that of a board of
directors consisting of a majority of independent directors, and, as a result, the management oversight of our company may be more limited
than if we were subject to all of the Nasdaq corporate governance standards.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In the event we no longer qualify as a foreign
private issuer, we intend to rely on the &#8220;controlled company&#8221; exemption under the Nasdaq corporate governance rules. A &#8220;controlled
company&#8221; under the Nasdaq corporate governance rules is a company of which more than 50% of the voting power is held by an individual,
group or another company. Our controlling shareholder controls a majority of the combined voting power of our outstanding ordinary shares,
making us a &#8220;controlled company&#8221; within the meaning of the Nasdaq corporate governance rules. As a controlled company, we
would be eligible to elect not to comply with certain of the Nasdaq corporate governance standards, including the requirement that a majority
of directors on our board of directors are independent directors and that certain of our board committees consist entirely of independent
directors. We may utilize some of these exemptions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Accordingly, our shareholders will not
have the same protection afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance standards, and
the ability of our independent directors to influence our business policies and affairs may be reduced.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>If we fail, for any reason, to effectively
or efficiently maintain proper internal control procedures for compliance with Section 404 of SOX, or Section 404, such failure could
materially and adversely affect our business, results of operations and financial condition.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Section 404(a) of SOX, or Section 404(a), requires
that beginning with this annual report, management assess and report annually on the effectiveness of our internal control over financial
reporting and identify any material weaknesses in our internal control over financial reporting and identify any material weaknesses in
our internal control over financial reporting. Although Section 404(b) of SOX, or Section 404(b), requires our independent registered
public accounting firm to issue an annual report that addresses the effectiveness of our internal control over financial reporting, we
have opted to rely on the exemptions provided in the JOBS Act, and consequently will not be required to comply with SEC rules that implement
Section 404(b) until such time as we are no longer an EGC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Based on our Section 404(a) assessment, our management
concluded that, as of February 28, 2023, our internal control over financial reporting was effective. If it is determined that we are
not in compliance with Section 404 in the future, we will be required to implement new internal control procedures and re-evaluate our
financial reporting. We may experience higher than anticipated operating expenses as well as outside auditor fees during the implementation
of these changes and thereafter. We may need to hire additional qualified personnel in order for us to maintain compliance with Section
404. During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404,
we may identify weaknesses and deficiencies in our internal control over financial reporting. If we fail, for any reason, to implement
these changes effectively or efficiently, such failure could harm our operations, financial reporting or financial results and the trading
price of our ordinary shares, expose us to increased risk of fraud or misuse of corporate assets, subject us to regulatory investigations
and civil or criminal sanctions and could result in our conclusion that our internal control over financial reporting is not effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>Insiders have substantial control over us and may have interests
that are different from the interests of our other shareholders.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">Certain of our major shareholders may have interests
that are different from, or are in addition to, the interests of our other shareholders. In particular, our Chief Executive Officer and
certain of his affiliates, may be deemed to beneficially own approximately 74.85% of our issued and outstanding shares. For so long as
such shareholders continue to own a significant percentage of our ordinary shares, they will be able to significantly influence the composition
of our board of directors and the approval of actions requiring shareholder approval through their voting power. Additionally, as a consequence
of our &#8220;staggered&#8221; board of directors, as further described in Item 6.C. &#8220;Board Practices&#8212;Board Composition,&#8221;
only a minority of the board of directors will be considered for election at any annual meeting and such shareholders, because of their
ownership position, will have considerable influence regarding the outcome of the election. Accordingly, for such period of time, they
will have significant influence with respect to our management, business plans and policies, including the appointment and removal of
our officers. In particular, for so long as such shareholders continue to own a significant percentage of our ordinary shares, they may
be able to cause or prevent a change of control of our company and could preclude any unsolicited acquisition of our company. The concentration
of ownership could deprive you of an opportunity to receive a premium for your ordinary shares as part of a sale of our company and ultimately
might affect the market price of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>We may lose our foreign private issuer status
which would then require us to comply with the Exchange Act&#8217;s domestic reporting regime and cause us to incur significant legal,
accounting and other expenses.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In order to maintain our current status as a foreign
private issuer, either (a) more than 50% of our outstanding voting securities must be either directly or indirectly owned of record by
non-residents of the United States or (b) if more than 50% of our outstanding voting securities are owned either directly or indirectly
owned of record by residents of the United States, (i) a majority of our executive officers or directors may not be U.S. citizens or residents,
(ii) more than 50% of our assets cannot be located in the United States and (iii) our business must be administered principally outside
the United States. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable
to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We would be required
under current SEC rules to prepare our financial statements in accordance with GAAP, rather than IFRS, and modify certain of our policies
to comply with corporate governance practices associated with U.S. domestic issuers. Such conversion of our financial statements to GAAP
would involve significant time and cost. We may also be required to make changes in our corporate governance practices in accordance with
various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the
reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the costs we will incur as a foreign private
issuer.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><b><i>We are an &#8220;emerging growth company&#8221;
and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares
less attractive to investors.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We are an &#8220;emerging growth company,&#8221;
as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not &#8220;emerging growth companies&#8221; including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404(b) of SOX. We cannot predict if investors will find our ordinary shares less
attractive because we will rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may
be a less active trading market for our ordinary shares and our share price may be more volatile.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><b><i>There can be no assurance that we will not be a passive foreign
investment company, or PFIC, for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors
in our ordinary shares.</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In general, a non-U.S. corporation is a PFIC for
U.S. federal income tax purposes for any taxable year in which (i) 50% or more of the value of its assets (generally determined based
on the average of the quarterly values of its gross assets) consists of assets that produce, or are held for the production of, passive
income, or (ii) 75% or more of its gross income consists of passive income. For purposes of the above calculations, a non-U.S. corporation
that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate
share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive
income generally includes dividends, interest, certain rents and royalties and gains from the sale or exchange of investment property.
Cash is generally a passive asset for these purposes. Goodwill is generally characterized as an active asset to the extent it is associated
with business activities that produce active income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Based on the composition of our income and assets and the value of
our assets, including the value of our goodwill, we believe that we were not a PFIC for our taxable year ended February 28, 2023. However,
our PFIC status for any taxable year is an annual factual determination that can be made only after the end of that year, and depend on
the composition of our income and assets and the value of our assets from time to time (including the value of our goodwill, which may
be determined in part by reference to the market price of the ordinary shares, which has been, and could continue to be, volatile). We
hold a significant amount of cash and cash equivalents and our PFIC status for any taxable year may also depend on how, and how quickly,
we use them. Because the value of our goodwill may be determined by reference to our market capitalization, we could become a PFIC for
any taxable year if the price of our ordinary shares declines significantly while we hold a substantial amount of cash, cash equivalents
and financial investments. In addition, the application of the PFIC rules is subject to certain uncertainties and the proper characterization
of some of our income and assets is not entirely clear. Accordingly, there can be no assurance that we will not be a PFIC for our current
or any future taxable year. If we were a PFIC for any taxable year during which a U.S. taxpayer owned ordinary shares, the U.S. taxpayer
generally would be subject to adverse U.S. federal income tax consequences, including increased tax liability on disposition gains and
&#8220;excess distributions&#8221; and additional reporting requirements. See &#8220;Tax Considerations&#8212;Material U.S. Federal Income
Tax Considerations&#8212;Passive Foreign Investment Company Rules.&#8221;</p><div>

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</div><div><a id="a_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Item 4. INFORMATION ABOUT THE COMPANY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>HISTORY AND DEVELOPMENT OF THE COMPANY</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">We were founded in 2001 in South Africa
with an initial focus on SVR services in the region. We have strategically grown our business and are now a global provider of leading
smart transportation management and analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2020, we moved our global headquarters to Singapore,
where we believe we have access to the talent and capital to maintain and further our technological and operational leadership in the
industry. Since our founding, we have gained vast expertise and enhanced our business in the following areas:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify">Developing new software applications such as fleet management, mobile asset accounting, workforce management and insurance solutions;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Developing capabilities in data management at scale as well as a broad range of communication technologies and protocols;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Expanding our sales and marketing focus to include commercial fleets of all sizes; and</td></tr></table><div>

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<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify; padding-right: 1pt">Expanding our geographic footprint to meet the needs of our customers who are increasingly global with
larger, more complex fleets and requirements.</td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our single user interface and fully integrated
cloud-based platform runs on internally developed and cost-effective smart IoT devices, enabling us to deliver a unified and comprehensive
service to our customers while maintaining control of our cost structure. Our discreet, sophisticated smart devices stream data to the
platform, facilitating informed decisions about optimal asset efficiency and productivity, including live tracking and location of assets.
Customers utilize the platform through an easily accessible web-based portal or mobile application, which is designed to be easy to deploy
across customers&#8217; entire mobile asset fleets. Our devices can be installed in a range of mobile assets independent of asset procurement,
allowing our customers to integrate our solutions in existing or new vehicles. Our platform includes a wide range of reliable services
to effectively serve the needs of a geographically diverse range of clients. Where appropriate, partnerships with third party technology
providers are established to create incremental value to customers in the markets we serve.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of a limited strategy to distribute our
SaaS platform through independent business owners, our solutions are sold through independent licensees in Botswana, Malawi, Rwanda, Eswatini
and Zimbabwe, who enter into franchise agreements and have exclusive geographic licenses to market and sell our solutions in exchange
for royalty payments. Revenue generated by licensees was 0.1% of our total revenue for the year ended February 28, 2023, 0.1% of our total
revenue for the year ended February 28, 2022 and 0.2% of our total revenue for the year ended February 28, 2021.</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>BUSINESS OVERVIEW</b></td>
</tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.1pt 0pt -0.25in; text-indent: 16.6pt"><b>Overview</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cartrack is a global provider of leading real-time mobility data analytics
solutions for smart transportation.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our view, all vehicles will be connected, and
data will drive all aspects of mobility in the future and our mission is to build the leading mobility SaaS platform that maximizes the
value of data.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We offer a full-stack smart mobility SaaS platform
for connected vehicles and other assets and provide customers with differentiated insights and analytics to optimize their business operations
and workforce, increase efficiency and decrease costs, improve safety, monitor environmental impact, assist with regulatory compliance
and manage risk.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is vertically integrated, which affords
us complete autonomy with regards to the development of the capabilities and features that differentiate our applications as well as the
speed of our innovation. Since we own and control almost every aspect of our smart device design, platform innovation and software application
development, client acquisition and onboarding, customer service and the management of our back-end support, we are able to move quickly
without any significant third-party dependencies and inefficiencies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">We serve customers in 25 countries across
five continents, supporting more than 1.7 million subscribers as of February 28, 2023 and our highly scalable platform serves large multinational
enterprises and individual consumers alike, enabling us to address a large, growing and underpenetrated global market. We collect an average
of over 125 billion data points per month and have maintained a consistent platform uptime of 99.9%.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our proprietary SaaS platform acts as a central
nervous system for connected vehicles and other mobile assets, such as construction equipment, generators, refrigeration units, trailers
and boats. Our platform collects, processes, and analyzes data via two-way communication with our proprietary hardware technology or third-party
devices in each vehicle or other asset, providing our users with visibility into their fleets from a single, user friendly interface with
reporting and tracking capabilities that deliver actionable insights in real-time. Our intuitive web-based applications provide a comprehensive
set of software features for managing fleets and related workforces without the need for customers to incur upfront information technology
costs and include advanced functionality such as real-time high speed video streaming.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide customers with the flexibility to deploy
our solutions across a range of vehicles, including electric vehicles, and other assets and to use our platform alone or in conjunction
with the systems of OEM&#8217;s and other third parties. We are committed to the continued enhancement of our customer experience and
retention by driving innovation in the platform, adding functionality, new software features and integration with OEM solutions. The benefits
of our platform to our customers include increased productivity, efficiency, sustainability, and regulatory compliance. We empower our
customers, which range from consumers to large enterprise fleets, with actionable intelligence to enhance profitability, better serve
their customers, and strengthen safety and security. We define customers at the enterprise or consumer level and subscribers as each vehicle
or asset we service.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our principal expenditure includes costs related to Sales and Marketing,
General and Administration and Research and Development, as more fully described further on in this Annual Report. Capital expenditure,
including commitments, are also described further below.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Platform and its Key Strengths</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have built one platform with vertically integrated operations and
we offer a:-</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Broad array of mobility applications</i></b>.
Cartrack offers real-time connectivity services through mobile devices to manage the deployment of people and vehicles and the tasks that
they are required to perform. This includes communications, analytics, accounting, live video streaming, workforce management and an array
of medical and roadside assistance services that are applicable to taxi/ridesharing, public transit systems and logistics businesses.
With fleet management, mobile asset accounting, workforce management, and a broad set of additional software features, we offer a highly
functional, unified platform for smart transportation management and analytics delivered through a single screen.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Highly scalable vertical SaaS</b>. Cartrack&#8217;s
cloud architecture enables us to quickly and reliably add thousands of mobile subscriptions and integrate their corresponding data streams
each month, including data from sources such as OEMs and other third-party devices. Our easy-to-use interfaces for iOS and Android, as
well as our online platform for desktop, make it seamless for users to switch between devices, and our internally developed SaaS platform
caters to all types of vehicle propulsion methods (internal combustion, hybrid, and electric) and allows for flexible integration with
all major OEM hardware and software platforms.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large and growing global infrastructure. </b>Our
business is fully vertically integrated in the design, development, production, and deployment of its hardware and software offerings.
Unlike many of our competitors, almost all of our systems and products that we use are proprietary. Our vertically-integrated model allows
us to provide our customers with the benefits of lower costs and greater flexibility without third-party vendor lock-in. Our R&amp;D center
in Singapore is staffed exclusively by our employees and is positioned to ensure our continued access to world-class talent in Southeast
Asia. To provide leading service in installations, customer support, and vehicle recovery, we have established a comprehensive branch
network of automotive technicians with rapid-response capabilities in each of the 25 countries in which we or our licensees operate. Our
more than 1000 mobile workshops serve customers globally around-the-clock. Our customer focused approach to service is key to our leadership
position in the industry.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Deep domain expertise, industry knowledge,
and institutional intellectual property</b>. Our experienced R&amp;D and management teams have accumulated vast experience in the fields
of data operations, GSM, radio frequency, and satellites, as well as emerging and next-generation technologies such as LPWAN and V2X communications.
Each of our proprietary smart devices is compact, facilitating effective concealment, and is transferable from one vehicle to another.
Personal safety considerations, specialized fleet management, and regulatory compliance will continue to require the design and development
of proprietary hardware. Our trained automotive technicians carry out installations with electronic connections kept at a minimum so as
not to interfere with the vehicle&#8217;s electronic systems. Our products and installations are endorsed by a number of insurers and
motor vehicle manufacturers.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Culture of service and innovation. </i></b>The
values at the heart of our culture &#8212; accountability, integrity, service orientation, relationships, and entrepreneurial leadership
&#8212; are core drivers of our success. As we have grown from a small South African company to a global enterprise with more than one
million subscribers, we have maintained a start-up culture that eschews hierarchy and where individual ownership and agility remain key
features of our everyday behaviors and operations. We have a highly proven service delivery track record and are known for being quick
to deploy and fast to respond.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Key Benefits to Our Customers</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The relatively low monthly cost and material return
on investment realized by our customers favorably positions us in both weak and strong macroeconomic environments. Our platform provides
the following key benefits to our customers:</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Lower operating costs. </i></b>Research
by the U.S. Department of Transportation shows implementing telematics can reduce unsafe driving by 60%, which can translate into profit
margin increases of 30% in commercial fleets as well as reduced emissions. Telematics insurance has also reduced car accidents by around
35% in recent years, according to Allied Market Research. We believe that the AI-enabled real-time feedback through our platform coaches
drivers to engage in behavior that lowers fuel consumption, reduces maintenance costs, and improves on-road safety.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increased workforce and asset productivity</i></b>.
Real-time fleet oversight and analysis of data can assist fleet managers in planning better routes and times for vehicles to be on the
road, as well as planning maintenance through alerting and scheduling. Route management and traffic mapping, powered by our platform,
can reduce the distance covered by each vehicle. By providing an integrated platform for data, analytics and communications, driver and
dispatch teams can work together more efficiently and empower management with greater insight into key performance indicators of asset
and employee performance such as utilization, service intervals, and billable hours.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stability and reliability. </i></b>Cartrack
utilizes the GSM/LTE network, to facilitate reliable communication between our platform and telematics devices. This technology enables
recovery teams to accurately locate stolen vehicles and allows customers to track the movement of their vehicles via the web or mobile
applications. GPS satellite technology provides users with accurate positioning and monitoring of the vehicle fleet. Secondary radio homing
beacons enable air and ground response teams to locate vehicles in areas where coverage may be sparse. Customers also further benefit
from our consistent 99.9% system uptime for the year ended February 28, 2023.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Road safety and accident management. </i></b>The
World Bank Group estimates that, on average, a 25% reduction in road traffic deaths raises per capita real GDP by several percentage
points in the growth markets we target, illustrating the importance of improving driver habits and monitoring commercial vehicles.
Powered by industry leading AI, we provide comprehensive driver behavior monitoring and measurement applications which are easily
integrated into vehicles to extract and analyze significant amounts of data to improve driver behavior. In addition, deployment of
in-vehicle telematics sensors to monitor activity on road and within a vehicle provides performance benefits and critical data in
the event of a collision.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Opportunity</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is a significantly underpenetrated global
opportunity in mobility data analytics for smart transportation. According to Allied Market Research, the market opportunity in automotive
telematics in commercial vehicles alone is expected to grow from $33.4 billion in 2018 to $219.1 billion in 2026, representing a CAGR
of 28%. On-the-ground operations present an attractive opportunity and may account for more than 40% of global GDP, based on market research
&amp; analysis from multiple third-party sources including Berg Insight, Trailer and Cargo Container Tracking, 2020; IDC, Worldwide Video
Surveillance Camera Forecast, 2021&#8211;2025, July 2021; IDC, Worldwide Global DataSphere IoT Device and Data Forecast, 2020&#8211;2024.
We believe a large portion of spending in this space today is for outdated telematics offerings that do not provide the next-generation
capabilities required by today&#8217;s customers across a broad range of transportation and mobility use cases. In 2020, Fitch Solutions
estimated there will be more than 1.5 billion vehicles in the world, including more than 392 million commercial vehicles, increasing to
2 billion total vehicles by 2029, including more than 500 million commercial vehicles. McKinsey &amp; Company found that around 15% of
vehicles come with telematics installed as standard, suggesting under-penetration of a significant global opportunity. Additionally, we
are identifying new avenues of growth from our data analysis and monetization. We have expanded our SaaS platform into insurance and the
buying and selling of vehicles, and plan to continue to expand into tyres, batteries and the maintenance of vehicles We continue to serve
consumers across South Africa and are well positioned to launch and scale similar offerings opportunistically in other geographies.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our Growth Strategy</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our long-term growth is driven by five key factors:</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Growth of connected devices. </i></b>We
are enhancing our SaaS platform to be device and service provider agnostic as we further develop smart mobility capabilities, partnering
with the world&#8217;s leading companies in pay-as-a-service transportation. Increasing global access to these devices will further drive
demand for our solutions and services. Our platform is complementary to OEM and third-party telematics systems and we conduct aftermarket
installations in collaboration with OEMs.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Deeper insights from data. </i></b>Our customers
are increasingly reliant on our SaaS platform to optimize business intelligence relating to both assets and people on a global scale.
In order to capitalize on this rapidly growing trend, we will continue to invest in technology and operating capacity across markets.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Global demand. </i></b>We have seen a notable
rise in demand for connected vehicles, devices and mobility data across the globe, enabling our expansion across geographic regions. All
markets remain underpenetrated, and we are capitalizing on opportunities to provide scalable, customer-centric solutions that rapidly
deliver value to enterprise customers and consumers alike.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>New platform enhancements. </i></b>We continue
to expand our platform to address our customers&#8217; most critical business priorities. R&amp;D investments allow us to meet growing
expectations from customers for deeper insights quickly. We offer an easy-to-use administrative and vehicle cost accounting software called
MiFleet and a mobile enabled workforce management solution called the Communicator, which can effectively manage business processes like
stock control, electronic proof-of-delivery and invoicing. Recent enhancements to our platform include business intelligence and OEM integrations,
our buying and selling cars platform, and advanced jobs and messaging via our Communicator routing application.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Significant barriers to entry. </i></b>We
enjoy a strong competitive advantage due to the global fragmentation of our market, upfront capital requirements for the development and
deployment of global infrastructure and to fund cash investments in device and installation costs, and the significant R&amp;D expenditure
necessary to keep pace with technological developments. The industry has shifted from upfront payment for hardware and installations to
recurring SaaS subscription contract models where the service provider retains the ownership of the device, and we have capitalized on
this shift to reinforce customer retention. This high demand for SaaS solutions with no upfront fees increases the challenge facing new
entrants and vendors lacking scale.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to pursue the following growth strategies:</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Increase subscription sales to existing
customers. </i></b>We believe our longstanding commitment to R&amp;D investment positions us favorably to continue to deploy technologically
advanced solutions increasingly in demand among customers of all sizes worldwide. Our customer base of more than one million subscribers
represents a significant opportunity for further subscription sales expansion. Many of the growth drivers for new subscriptions will also
lead to the growth of our offering within existing customers. Our scalable platform and vertically integrated infrastructure will enable
us to onboard new customers quickly and easily and make new software features immediately available to our customer base worldwide.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expand our customer base. </i></b>Our market
penetration is low worldwide. We believe there is substantial opportunity to grow our customer base. We expect growth in customer demand
to come from mobile asset growth and a broad range of emerging smart mobility use cases, where we expect robust demand for SaaS based
data analytics solutions to optimize operations. We believe demand growth will be in excess of global fleet growth forecasts due to increased
market penetration opportunities resulting from the realization of the benefits associated with adopting mobility offerings. We anticipate
demand increases for safety and security services by governments, business, and individuals due to increasing crime rates in key markets.
We serve a broad range of customers and industries and will continue to focus on growing our subscriber base among them.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expand our geographic presence worldwide.
</i></b>While South Africa remains an important market for us, we expect more robust subscriber growth from the Asia-Pacific and Middle
East regions, due to populous, fast-growing economies, a favorable competitive climate, including low penetration rates and unsophisticated
competing solutions, and established operations that have now gained scale. We expect growth from the unmet need for improved road safety
and decreased pollution levels, particularly in the Asia-Pacific and Middle East regions where vehicle populations are expected to show
a material increase along with already elevated traffic congestion and pollution levels. We are looking to further increase our footprint
in Europe, and our U.S. operations are small but highly strategic in nature. As the breadth of our offering increases over time, we believe
we will be able to efficiently deploy our offering across our existing multinational customers&#8217; fleets as we enter new regions where
they already operate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Expand our consumer platform and services</i></b>.
We intend to expand our consumer offering into both Europe and the Asia-Pacific and Middle East region as demand grows for consumer services.
For example, in Europe, the demand for accident notification and medical emergency response is growing and at our current scale, we can
add these services to our business very efficiently.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Our SaaS Cloud Platform</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our single platform offers a range of scalable
mobile asset management and workforce optimization applications to address the needs of our diverse customer segments. We offer a comprehensive
set of software features for data analysis, mobile asset tracking, and oversight for managers to protect, connect, and report on every
asset in a fleet.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our platform is accessible to users via web interface
and mobile applications, with services offered via monthly subscription. Our applications are tightly integrated to avoid the need for
multiple interfaces, and include free application programming interface (&#8220;API&#8221;) integrations with enterprise resource planning
(&#8220;ERP&#8221;) systems.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal components of our SaaS platform include the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Commercial Applications</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Fleet Telematics
                                            </i></b>The comprehensive Fleet Management SaaS Platform provides customers with real-time
                                            insight into their asset base through live tracking on a roadmap interface; using proprietary
                                            smart IoT devices that allow for powerful vehicle integration and the use of peripheral sensors
                                            all geared towards delivering:</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Real-time, accurate GPS positioning enabling location management,
fuel management and fraud detection, maintenance management, eco-driving, vehicle utilization, time and attendance, and cold chain management</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Integration of real-time data into back-office systems</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Detailed driver management with advanced scorecards to manage
the risk and performance of drivers</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Real-time alerts for maintenance and engine diagnostics</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>LiveVision </i></b>enables comprehensive pro-active risk management and fleet visibility via an AI enabled two-camera video
telematics system or a four-camera live streaming vehicle video system:</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">The AI enabled camera delivers live warnings to proactively
mitigate the risk of driver fatigue, driver distraction and collisions and includes the monitoring of safe driving distances</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Live on-board cameras enable video selection, replay, and
analysis, enabling driver coaching and performance improvement</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Increased driver visibility reduces extraneous driving costs,
reduces driver liability, increases driver safety, and further empowers fleet control</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>MiFleet Advanced Fleet Administration and Business Intelligence (&#8220;BI&#8221;) </i></b>provides cost management and administration
capabilities:</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Provides insight into all asset-related costs, such as purchasing, fuel, fines and insurance for each asset in a fleet</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Provides actionable intelligence for driver optimization through powerful BI</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Karooooo
                                            Logistics</i></b> (<i>formerly Picup</i>) provides a software application enabling the management
                                            of last mile delivery and general operational logistics. This technology addresses the challenges
                                            of on-the-ground distribution for large enterprises requiring systems integrations, payment
                                            gateways, third-party long-haul services and crowd-sourced drivers in order to scale and
                                            meet their operational needs.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Trace and locate drivers and mobile assets in real-time</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Drive powerful and highly controlled workflows, for example, stock control, invoicing, electronic proof-of-delivery, and mobile workforce
management</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Up-to-date destinations and navigation integration, allowing drivers to spend more time focusing on job completion rather than finding
a destination</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Quick communication to drivers via synchronized task list and built-in messaging systems</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>


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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Cartrack
                                            Field Service </i></b><span style="font-style: normal; font-weight: normal">provides</span>
                                            a software application enabling the management of field and or on site workers.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Trace and locate field workers and mobile assets in real-time</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Manage workflows, for example, stock control, invoicing, electronic proof-of-job-completion</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Up-to-date destinations and navigation integration, allowing workforce to spend more time focusing on job completion rather than finding
a destination</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Quick communication to field workers via synchronized task list and built-in messaging systems</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Business Intelligence </i></b>offers users a high-level view of fleet statistics, including analysis of key indicators and granular
detail of asset-specific data.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Asset Tracking </i></b>provides a way to track and trace moveable assets to reduce losses, automate inventory management, and
improve workforce efficiency, equipment utilization, and regulatory compliance.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Asset Recovery</i></b>. Our SVR and asset recovery services assist vehicle owners and insurance
companies with the recovery of vehicles and other assets that have been, or have been alleged to have been, stolen. This service includes
around-the-clock assistance with real-time tracking, dedicated technical teams, early warning alert systems, ground and air recovery teams
dedicated exclusively to Cartrack operating under local law licenses, specialized technologies for both GSM and radio frequency and repatriation
assistance across international borders. Our recovery success rate is considered by management to be achieved through the high reliability
standards of our SaaS Platform, our smart in-vehicle devices, specialized installation techniques, miniaturization, and a dedicated team
of rapid response recovery agents.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Insurance Telematics </i></b>allows insurers to tailor premiums for commercial and consumer customers using analytics our platform
provides. This data also can be used to better reconstruct accident scenes, making it more efficient to evaluate claims and resulting
in lower premiums.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consumer Applications</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Protector </i></b>is an all-encompassing safety package for all consumer vehicles. Following the installation of the Cartrack
telematics device, consumers can access a diverse set of software features and benefits, including:</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">a mobile application for real time movement management and communication;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Asset Recovery;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Ambulance Assist (facilitating emergency medical outreach and response);</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Crash Alert (as described below);</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">a Limited Asset Recovery Warranty pay out in the unlikely event of the vehicle not being recovered;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">a power event notification provides alerts upon vehicle battery disconnect;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">an ignition sensor remotely reads ignition status and detects improper use;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify; padding-right: 1pt">Crash Alert is a 24/7 monitoring system, which immediately triggers a dispatch for emergency services in
response to a detected collision or accident.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">&#9679;</td><td style="text-align: justify"><b><i>Car Watch </i></b>is a mobile application that lets users track and watch their vehicles from a distance. It includes alert
notifications and the ability to sound an alarm remotely after unauthorized movements.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Insurance Telematics </i></b>allows insurers to tailor premiums for commercial and consumer customers
using analytics our platform provides. This data also can be used to better reconstruct accident scenes, making it more efficient to evaluate
claims and drive behavioral change resulting in safer drivers, reduced risk and lower premiums.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Specialist Mobility Solutions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify; padding-right: 1pt"><b><i>Bike Track </i></b>offers a GPS-based solution providing a comprehensive set of fleet management
software features for commercial motorbike fleets. It includes a unique power management system that ensures bike batteries will not have
to be discharged.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Credit Management </i></b>predicts payment cycles and facilitate active credit management for asset-based
vehicle finance including accident reconstruction and driver behavior reporting for maintenance services and fraud detection. Real-time
alarms and alerts are used to protect and secure assets.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Electronic Monitoring. </i></b>In Singapore, we provide an end-to-end electronic monitoring services
(&#8220;EMS&#8221;) application that allows law enforcement agencies to monitor persons of interest, such as offenders on extended supervision,
parole, home detention, or community detention, including released prisoners in halfway care or who are in the process of being reintegrated
into society.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Next-Generation Mobility Solutions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are constantly innovating to offer a range of additional mobility
and monitoring solutions in select markets:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify; padding-right: 1pt"><b><i>Carzuka</i></b>, our vehicle buying and selling marketplace is designed to allow clients to source,
buy and sell vehicles efficiently and cost effectively with peace of mind. This marketplace includes vehicles sold by third parties as
well as vehicles purchased and reconditioned by Cartrack.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify; padding-right: 1pt">The global addressable market for used cars is anticipated to grow from 115 million vehicles in 2019 to
275 million vehicles in 2030 with South Africa making up 1.2 million of the used car market in 2019 according to industry sources.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify">Significant revenue growth in the second half of this financial year is a welcome justification of
                                                                                                              our belief in the sustainability of Carzuka&#8217;s agile, data-enhanced and highly scalable business model. We continue to exercise
                                                                                                              caution and pragmatism as we invest to grow this business.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>Cartrack Insurance Agency</i></b>. Our insurtech multi-quote or aggregator platform offering customers
the ability to obtain a fast online quote from a panel of independent insurers at competitive rates or if they choose, they can talk to
a qualified consultant to advise on the appropriate insurance at the right price;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><b><i>On-Demand Rideshare Taxi Application</i></b>. We have developed a rideshare application that is currently deployed in the United
Arab Emirates, and has been developed for localization in multiple geographies.</td></tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Smart IoT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers deploy our smart devices to collect
real-time data from their vehicles and transmit this information to secure data centers for processing which we manage via the Cartrack
Private Cloud. Our platform components are designed to operate using a diverse array of communication technologies, including radio, satellite,
and network protocols such as Sigfox and LoRa. We generally design, develop and manufacture our devices and firmware in order to ensure
their modularity and interoperability with our core subscription offering. We seek to drive device costs down over time in order to reduce
the upfront investment required by our customers. In addition to sales of these devices to customers, we offer customers the option of
a SaaS-based subscription model with no up-front payment, reducing the capital investment required to access our solutions.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our solutions are both flexible and relevant across
all industries and fleet sizes, and have the capability to track other types of assets. Our technology has proven to be scalable, with
many use cases and subscribers in many countries. This has given us large amounts of data, which we have in turn learned to process quickly
and reliably. As we continue to grow, we plan to leverage our data by integrating data science and AI more deeply into our platform. In
a system that can watch fleets and drivers for our customers, operators can spend more time optimizing their businesses in other ways.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe our modular, proprietary designs give
us an advantage over competitors who rely on third-party commodity telematics devices because we are able to provide more solutions through
our devices tailored to our customers&#8217; needs. Our devices can access and leverage CANBUS data, a system which enables communication
between various parts of a vehicle, such as the engine control unit and airbags, which can be commercialized through collaborations with
OEMs.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our Customers</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We divide our subscriber base into the following
five categories across a range of industries: (i) consumers and sole proprietors, (ii) small businesses, (iii) medium-sized businesses,
(iv) large enterprises and (v) other connected devices. We define consumers and sole proprietors as individuals or business owners whose
vehicles are used for personal and/or business use; these customers typically have between one to five vehicles under subscription with
us. We define small businesses as commercial customers with up to 24 vehicle subscriptions with us. We define medium-sized businesses
as fleets with between 25 and 99 vehicle subscriptions with us and large enterprises as having fleets with 100 or more vehicle subscriptions
with us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our strategy for generating scale in a region
is to initially build customer volume. We subsequently target larger business customers. Excellence in service to our customers is core
to our values and culture. As of February 28, 2023 Karooooo had more than 105,000 commercial customers compared to more than 88,000 as
of February 28, 2022 driven by new customer additions and maintaining our high customer retention rate. We believe that we have a satisfied
customer base given our high customer retention rate. We maintain a strong focus on internally monitoring and continuously enhancing our
customer satisfaction levels. We provide 24/7 customer support as part of our subscription and our internal teams are proactive in assisting
customers over the phone. Additional assistance is also available via phone, chat or email.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Representative customers by geographical regions are listed below:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>South Africa</b>: Anglo American De Beers Group,
MAN Automotive South Africa, King Price Insurance, Avis Car Rental, The Courier Guy, SA Taxi Finance, Bridge Taxi Finance, Spartan Truck
Hire, MultiChoice, SuperSport, Toyota Motors (including Hino), Clicks, Dis-Chem Pharmacies, Pick n Pay.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Africa</b>: CAT/MANTRAC, Moove, Gemfields Group,
Ryce Leasing, NCBA Kenya, Toyota Motors (including Hino), Aids Healthcare Foundation, Rentworks, AMS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Europe</b>: Central Cervejas e Bebidas, La Farge, Telefurgo, SONAE,
MC Green, Galaxy JMV, Jeronimo Martins, Biedronka.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Asia-Pacific, Middle East and USA</b>: Grab
Rentals, Singapore Prison Service, Asia Brewery Inc.,Ley Choon Group, Orix, Lim Siang Huat, GetGo, Huationg, Unilever, KFC, CAT/MANTRAC,
Hertz, Five Star, Dizon Farms, Lumens, Goldbell, Singapore, Coca-Cola.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
strategy to generate scale in the region is to target subscriber volume with consumers and sole proprietors and small businesses as we
build our distribution and customer care model in such region. We then move to target the medium-sized businesses and large enterprises
in such region. In all regions, we sell subscriptions of our solutions through our direct sales force.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sales</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
sell subscriptions to our SaaS fleet management platform through our direct sales organization. Maintaining direct control of our sales
force allows us to efficiently target individual consumers and sole proprietors, small to medium-sized businesses with local fleets,
and large enterprise fleets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
focus of our sales efforts is to drive a high volume of transactions through a standardized and highly repeatable methodology. We focus
on the core challenges that fleet operators face in managing their fleet. We are able to provide our prospects with an anticipated return
on investment, or ROI, calculation that enables us to tangibly demonstrate the benefits of our solutions and how they address the challenges
that our prospects face. We highlight the insights that fleet operators gain from our reports and real-time alerts and how they can use
those insights to improve productivity, increase operating profitability and solve key business problems. We believe we effectively sell
our solutions to large customers because our platform is competitively priced, easy to use, stable and delivers the required actionable
insights. We are also able to rapidly deploy our devices into a large fleet, making switching quick and easy. Additionally, the ease
of use of our platform allows us to meet our customers to integrate our solutions with relative simplicity.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have dedicated sales and marketing teams in each region using the following sales channels, depending on our customers&#8217; needs
and fleet sizes:</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inside
sales and web sales</i>. We sell via our internal teams to both consumers and commercial prospects. This is our primary sales channel
and a key component of our go-to-market strategy and the teams have typically increased their sales productivity while lowering the aggregate
cost of subscriber acquisition to date. Our sales agents conduct their selling activities telephonically, in some cases using live web
demonstrations to convert sales leads to customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Field
sales. </i>Our field sales team of relationship managers meet face-to-face with prospects and focuses on sales to small businesses, medium-sized
businesses and large enterprises. The field sales team is supported by a team of inside sales representatives.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the direct selling methods set forth above, our field sales teams, with support from our inside sales team, work closely
with automobile dealerships, insurance companies and insurance brokers to generate channel-based opportunities for us to acquire new
customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
both the inside sales teams and field sales teams focus on assisting customers that are adding devices through fleet expansion or broader
use of additional applications or software features across their fleet. They monitor customer usage to ensure that our customers are
deriving the maximum benefit from our offering.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Marketing</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
marketing programs target both individual consumers, business owners and decision-making managers in multiple industries that operate
fleets of commercial vehicles. Our marketing strategy is focused on lead generation and reinforcing customer engagement and thought leadership.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lead
generation is a core function of our business processes. We generate leads through a combination of internet-driven inbound activities
and traditional outbound marketing activities.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Inbound
leads</i>. Our inbound leads are largely generated through digital or internet-based marketing efforts. This involves extensive search
engine marketing, search engine optimization, email marketing, direct internet traffic, social media platforms and purchased lead generations.
Our demand generation programs vary depending on our target customer, industry or fleet size, and include marketing activities, such
as integrated programs on the internet, outbound marketing campaigns targeted to prospects in key industries and geographies, attendance
and sponsorship of trade shows, email lead generation and prospect follow up, and traditional public relations and website properties.
We make use of social media to engage customers and prospects to generate interest, demand and leads.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Outbound
leads</i>. Our outbound lead generation involves a variety of traditional marketing activities, including, customer referral, purchased
leads, direct mail, email marketing, cold calling, advertising, trade shows and in-person events, and telemarketing. We accumulate marketing
lists through a variety of sources, including purchased lists selected by industry and geographic demographics. We filter prospects by
using industry knowledge to identify quality targets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Technology</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
designed our SaaS Cloud platform architecture for global access via an internet browser or mobile application. Updates to our platform
are distributed instantaneously to all of our customers over the internet. Our solutions have been specifically built to deliver:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
                                            consistent, intuitive end-user experience to limit the need for training and to encourage
                                            high levels of end-user adoption and engagement;</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">turnkey,
                                            out-of-the-box functionality;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">flexibility
                                            to design customized reports and alerts that enable our customers to gain insights into their
                                            existing fleet and mobile assets;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">integration
                                            with other systems such as OEM systems, fuel cards, GPS navigation devices, and customer
                                            information technology systems, such as work order management and enterprise resource management
                                            systems;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">scalability
                                            to match the needs of our growing customer base and their fleets; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rigorous
                                            security standards and high levels of system performance and availability demanded by our
                                            customers.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
fleet management platform is comprised of a telematics device that incorporates off-the-shelf components, including a cellular modem,
GPS receiver and memory capacity sufficient to run our proprietary firmware, which reports vehicle coordinates, time, speed, ignition
status, and mileage from satellite readings. This information is collected using an event-based algorithm (allowing the events collected
to provide a road hugging presentation on the mapping layers) and then sent to our receivers at third-party data centers via a commercial
cellular network. The information is then processed and delivered to our customers providing a wide range of live reporting, mapping,
and alerts designed to give customers business intelligence. This information can be accessed by our customers via an internet browser
or mobile application as well as be sent to customers by email, an XML feed, or internet services.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
SaaS platform is deployed using a multi-tenanted architecture that scales rapidly to support additional new subscribers through the addition
of incremental commodity processing and storage hardware. This architecture flexibility allows us to sustain high levels of uptime without
degradation of system performance despite significant subscriber growth. Our existing architecture and infrastructure have been designed
with sufficient capacity to meet our current and anticipated future needs.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use many frameworks, most notably REACT developed by Facebook, and write the majority of our software in industry-standard software programming
languages, such as JavaScript, python, PHP and C/C++. All software is deployed for our relational database management system. Apart from
these and other third-party industry standard technologies, our fleet management solutions have been specifically built and upgraded
by our in-house development team.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
responsibilities of our research and development organization, which consists of 163 full-time employees, include platform management,
platform development, quality assurance, and technology operations. Our investment in research and development is core to our business
strategy and a key differentiator in the competitive landscape. All of our research and development activities are performed in-house.
Our primary research and development organization is based in Singapore. We also have research and development operations in South Africa
(where the first versions of our solutions were developed), and Portugal. Based on feedback from our customers and prospects, we work
to expand our platform offerings while enhancing and maintaining our core solution technology to adapt to new regulatory compliance requirements,
user demands, and emerging trends in the industry. We develop new functionality with a view to full platform deployment for use by all
of our customers and avoid bespoke development.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
physically host our cloud-based SaaS platform for our customers principally in five secure third-party data centers located in South
Africa, Singapore, the Netherlands, and the United Arab Emirates. These data centers provide us with both physical security, including
around-the-clock security personnel, biometric access controls and systems security, including firewalls, encryption, redundant power
and environmental controls. Our data centers maintained over 99.9% system uptime during the year ended February 28, 2023. We believe
that our third-party hosting facilities are adequate for our current needs and that suitable additional capacity will be available as
needed to accommodate planned expansion of our operations. We believe our agreements with these third-party data centers are generally
consistent with competitive market terms and conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
platform technology also includes switches, routers, load balancers, IDS/IPS and application firewalls from top-tier suppliers to serve
as the networking infrastructure and high levels of security infrastructure for the network environment. We use rack-mounted servers
to run our solutions and for content caching. We use storage area network (&#8220;SAN&#8221;) hardware with fiber channel and solid-state
drives at our data center locations. These SAN systems have been architected for high performance and data-loss protection, and we believe
that these systems have the capacity and scalability to support our anticipated growth for the foreseeable future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
leverage a large team of employed installers worldwide to install our telematics devices. On some occasions we may call on third parties
to assist with installation. Upon contracting with a new customer, we dispatch the nearest installer to the customer&#8217;s place of
business or a central location for installation of our telematics devices. Typically, the full installation cycle is accomplished within
two to five days from the date of contract. If a telematics device malfunctions in the field, we also use our installers to replace the
device.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competition</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rapidly evolving market for our solutions is competitive and highly
fragmented in certain of our regions, particularly by geography and customer segment. We compete with point-to-point solution providers
as well as other companies with service offerings designed to address similar needs as our solutions that range from small, regional providers
to midsized multinational providers to large global providers. Many of our competitors offer fleet or mobile asset management software
solutions to particular industry segments or in limited geographic regions. For example, we compete with Verizon Connect, WebFleet by
Bridgestone (formerly TomTom), Masternaut (a Michelin Group Company) and Fleet Complete for commercial fleet management in Europe; we
compete with Tracker, Netstar, MiX Telematics, Geotab and CTrack for both consumers and commercial customers in South Africa; and we compete
with a large and fragmented group of competitors in Asia and Africa. Many larger competitors have entered the market in recent years through
acquisitions of competing solutions, such as telecommunications provider Verizon acquiring Fleetmatics, as well as tyre companies Bridgestone
and Michelin acquiring TomTom and Masternaut, respectively. Some of our actual and potential competitors may enjoy competitive advantages
over us, such as greater name recognition, longer operating histories, more varied services, and larger marketing budgets, as well as
greater financial, technical, and other resources.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the key competitive factors in our market include:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ease
                                            of onboarding, initial setup and use;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">platform
                                            functionality, performance and reliability (speed and stability);</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">relevant
                                            features that best meet the needs of fleet operators;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
                                            intelligence capabilities;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">technology
                                            architecture scalability; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cost.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our efficient customer acquisition model, data driven business intelligence approach to fleet management, SaaS delivery
model, deep domain expertise and large user base enable us to compete effectively. We believe that many of our competitors rely on up-front
hardware sales to finance their operations. Their business models are a significant investment hurdle for certain customers. Additionally,
many of these competitive offerings are difficult to deploy and use and lack other features required by customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our competitors have made or may make acquisitions or enter into partnerships or other strategic relationships to offer a more comprehensive
service than we do. These combinations may make it more difficult for us to compete effectively, including on the basis of price, sales
and marketing programs, technology, or service functionality. We expect these trends to continue as companies attempt to strengthen or
maintain their market positions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is not materially affected by seasonal trends.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
intellectual property rights are important to our business. We rely on a combination of trademark, copyright, and trade secret laws,
as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual property rights. We also
license technology from third parties. We believe our license agreements for third-party software and other intellectual property are
generally consistent with industry standard terms and conditions. See &#8220;Risk Factors&#8212;Our SaaS platform relies on specific
third-party software and any inability to license or use such software from third-parties could render our platform inoperable.&#8221;
Although the protection afforded by trademark, copyright, and trade secret laws, written agreements and common law may provide some advantages,
we believe that the following factors help us to maintain a competitive advantage: the technological skills of our research and development
personnel; frequent enhancements to our solutions; and continued expansion of our proprietary technology.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Human
Capital</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at February 28, 2023, we had 4,039 full-time employees of which 2,816 are located in South Africa, 221 are located in Africa-Other, 288
are located in Europe, and 714 are located in Asia-Pacific, Middle East and USA.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have a team-oriented culture and encourage candor from our employees, which we believe helps us to succeed and drive operational excellence.
We also seek to, and have a history of, promoting from within our organization as well as hiring top talent from outside of our company
to expand our capabilities. We aim to hire individuals who share our passion, commitment and entrepreneurial spirit. We are also committed
to diversity and inclusion because we believe that diversity leads to better outcomes for our business and enables us to better meet
the needs of our customers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ORGANIZATIONAL
STRUCTURE</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table lists the entities which are controlled by the group.</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: center">Country of</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center">% holding</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Company Name</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Held by</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 25%; font-weight: bold; text-align: left">Karooooo Ltd</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 9%; font-weight: bold; text-align: right">100.0</td><td style="width: 1%; font-weight: bold; text-align: left">&#160;</td><td style="width: 1%; font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Karooooo Management Company Pte. Ltd.</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Karooooo Proprietary Ltd</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">-</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Karooooo Technologies Proprietary Limited<sup>2</sup></b></span></td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cartrack Management Services Limited</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cartrack Insurance Agency Proprietary Limited<sup>3</sup></b></span></td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cartrack Namibia Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold">Namibia</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold">Singapore</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">Cartrack Holdings Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">100.0</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font-weight: bold; text-align: left">Cartrack Proprietary Limited</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">South Africa</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font-weight: bold; text-align: left">Cartrack Technologies LLC</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">Kingdom of Saudi Arabia</td><td style="font-weight: bold">&#160;</td>
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dormant</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>2</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Cartrack Technologies Proprietary Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>3</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Drive and Save Proprietary Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>4</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Cartrack Holdings Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>5</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Retriever Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>6</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Veraspan Proprietary Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>7</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
                                            known as Zonke Bonke Telecoms Proprietary Limited</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>8</sup></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously
known as Picup Technologies Proprietary Limited</span></td>
</tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><sup>9</sup></p></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Liquidated on May 19, 2022</p></td></tr>
     </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>10</sup></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%
of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo
Management Company Pte Limited, a wholly owned subsidiary of Karooooo Limited.</span></td>
</tr></table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>






</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROPERTY,
PLANT AND EQUIPMENT</b></span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office in Singapore consists of approximately 1,625 square meters of space under a lease that expired in April
2023. We entered into a lease agreement for premises at 17 Kallang Junction #06-05/06 Singapore 339274 upon the terms set out below.
Construction of our South African central office in Johannesburg, South Africa is well underway. In the interim, we
entered into lease agreements for office space at two locations as set out below.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>





</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; width: 25%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lessee</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lessor</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; padding-left: 0.25in; text-indent: -0.25in; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Address</b></span></td>
    <td style="width: 2%">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; padding-left: 0.125in; width: 23%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo Management Company &#160;Pte Ltd</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SB (17KJ) Investment Pte Ltd &#160;</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17 Kallang Junction #06-<br/>
05/06 Singapore 339274</span></td>
    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 04, 2023 to October 03, 2028</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand 222 Republic Road (Pty) Ltd &#160;</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cnr
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    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 01, 2022 to December 31, 2024</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cartrack Proprietary Limited &#160; &#160;</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.125in; text-indent: -0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Growthpoint Properties Limited &#160; &#160;</span></td>
    <td>&#160;</td>
    <td style="padding-left: 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grosvenor Corner, 195 Jan Smuts Avenue, Rosebank, Johannesburg, Gauteng, S.A.</span></td>
    <td>&#160;</td>
    <td style="text-align: center; padding-left: 0.125in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 01, 2021 to November 30, 2024 &#160;</span></td></tr>
  </table><div>


</div><div><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use these facilities for finance, legal, human resources, information technology, sales, marketing, manufacturing and other administrative
functions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have six data center sites providing coverage and high-speed access to all customers. The locations of the data centers are
in the Netherlands, United Arab Emirates (Dubai), Singapore, France and two in South Africa.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our facilities are adequate for our current needs and that suitable additional or substitute space will be available as
needed to accommodate any potential expansion of our operations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div><a id="a_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
4A. UNRESOLVED STAFF COMMENTS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><div><a id="a_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p><div>

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<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING
RESULTS</b></span></td>
</tr></table><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial
statements and the notes thereto, included elsewhere in this annual report, as well as the information presented under &#8220;Presentation
of Financial Information.&#8221; The following discussion and analysis includes forward-looking statements. These forward-looking statements
are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or
implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to,
those discussed elsewhere in this annual report. See &#8220;Special Note Regarding Forward-Looking Statements&#8221; and &#8220;Risk
Factors.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo,
headquartered in Singapore, is a leading provider of an on-the-ground operations Internet of Things (&#8220;IoT&#8221;) software-as-a-service
(&#8220;SaaS&#8221;) cloud that maximizes the value of data by providing insightful real-time data analytics and business intelligence
reports. Its offering extends beyond connected vehicles and equipment, assisting diverse enterprise customers in digitally transforming
their on-the-ground operations, including systems integrations, fleet administration, field worker management, video-based safety, risk
mitigation, delivery management and ESG compliance and reporting. Our business is vertically integrated, which affords us complete autonomy
with regards to the development of the capabilities and features that differentiate our applications as well as the speed of our innovation.
Since we own and control almost every aspect of our smart device design, platform innovation and software application development, client
acquisition and onboarding, customer service and the management of our back-end support, we are able to move quickly without any significant
third-party dependencies and inefficiencies.</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo
Limited (&#8220;Karooooo&#8221;), owns 100% of Cartrack, 100% of Carzuka and 70.1% of Karooooo Logistics.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">We serve customers in 25 countries across
five continents, supporting more than 1.7 million subscribers as of February 28, 2023 and our highly scalable platform serves large multinational
enterprises and individual consumers alike, enabling us to address a large, growing and underpenetrated global market. As of February
28, 2023, we had more than 105,000 commercial customers (Fiscal 2022: 88,000+).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the financial year ended February 28, 2022, the group was organized into geographical business units and had four reportable segments
by geography. There was only one reportable business segment, the Cartrack business segment. However, with the new business setup and
new business acquired in financial year February 28, 2022, for management purposes, the group organized its business units based on its
products and services into the following reportable segments:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cartrack
                                            </b>is a provider of an on-the-ground operational Internet of Things (&#8220;IoT&#8221;)
                                            Software-as-a-service (&#8220;SaaS&#8221;) cloud that maximizes the value of transportation,
                                            operations and workflow data by providing insightful real-time data analytics to connected
                                            vehicles and equipment.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Carzuka
                                            </b>is a physical and e-commerce vehicle buying and selling marketplace which allows customers
                                            to source, buy and sell vehicles efficiently and cost effectively.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Karooooo
                                            Logistics </b>provides a software application enabling the management of last mile delivery
                                            and general operational logistics. This technology addresses the challenges of on-the-ground
                                            distribution for large enterprises requiring systems integrations, payment gateways, third-party
                                            long-haul services and crowd-sourced drivers in order to scale and meet their operational
                                            needs.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
our founding, Cartrack has gained vast expertise and enhanced our business in the following areas:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing
                                            new software applications such as fleet management, mobile asset accounting, workforce management,
                                            and insurance solutions;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assisting
                                            diverse enterprise customers in digitally transforming their on-the-ground operations, including
                                            systems integrations, fleet administration, field worker management, video-based safety,
                                            risk mitigation, delivery management and ESG compliance and reporting.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developing
                                            capabilities in data management at scale as well as a broad range of communication technologies
                                            and protocols;</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expanding
                                            our sales and marketing focus to include commercial fleets of all sizes; and</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expanding
                                            our geographic footprint.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
single user interface and fully integrated cloud-based SaaS platform runs on internally developed and cost-effective smart IoT devices,
enabling us to deliver a unified and comprehensive service to our customers while maintaining control of our cost structure. Our discrete,
sophisticated smart devices stream data to the platform, facilitating informed decisions about optimal asset efficiency and productivity,
including live tracking and location of assets. Customers utilize the platform through an easily accessible web-based portal or mobile
application, which is designed to be easy to deploy across customers&#8217; entire mobile asset fleets. Our devices can be installed
in a range of mobile assets independent of asset procurement, allowing our customers to integrate our solutions in existing or new vehicles.
Our platform includes a wide range of reliable services to effectively serve the needs of a geographically diverse range of clients.
Where appropriate, partnerships with third party technology providers are established to create incremental value to customers in the
markets we serve.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that maintaining strong financial discipline and prudent investment of capital provides a strong foundation for growth. For the
year ended February 28, 2023, we grew our subscribers to 1,717,077 (FY2022: 1,525,972) despite challenging macro-economic conditions.
Our business has experienced scale, growth, strong profitability, cash generation and capital efficiency in recent years. For the year
ended February 28, 2023, we generated subscription revenues of ZAR 3,010.1 million compared to subscription revenues of ZAR 2,568.2 million
for the year ended February 28, 2022, reflecting year-over-year growth of 17%. Cartrack&#8217;s subscription revenue represented 98%
of Cartrack&#8217;s total revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo&#8217;s
profit for the year was ZAR 608.8 million and ZAR 476.6 million, for the years ended February 28, 2023 and February 28, 2022, respectively,
reflecting a year-over-year increase of 28%. This result includes Carzuka&#8217;s operating losses of ZAR 37.8 million in FY 2023 (FY
2022: ZAR13.3 million) due to our investment in infrastructure and brand building. We continue to exercise caution and pragmatism as
we invest to grow Carzuka and Karooooo Logistics, supported by the group&#8217;s strong cash flow generative business model and the ability
to leverage the untapped network effects of the Cartrack platform. The business models of Karooooo Logistics and Carzuka have delivered
promising early results supporting scalability and good growth potential in the future.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo&#8217;s
Adjusted EBITDA (a non-IFRS measure) for the year was ZAR 1,426.8 million and ZAR 1,211.8 million for the years ended February 28, 2023
and February 28, 2022, respectively, reflecting year-over-year growth of 18%.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
we believe strong net cash generated from operating activities is an important factor in supporting our robust business model and indicates
our ability to provide the capital necessary to invest in subscriber growth, territorial expansion, Carzuka and Karooooo Logistics. For
the years ended February 28, 2023 and February 28, 2022, respectively, Karooooo generated net cash from operating activities of ZAR 1,126.7
million and ZAR 931.7 million, reflecting a year-over-year increase of 21%. This result was achieved notwithstanding the group&#8217;s
strategic investment in expansion, brand building and customer acquisition for long-term, sustainable growth.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the segment revenue, operating profit, operating profit margin, adjusted EBITDA and adjusted EBITDA margin
for the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="62" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Year
    Ended February 28</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Cartrack</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Carzuka</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    %</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">3</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(7</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)<span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">25</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">25</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">Adjusted
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,456,217</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,227,798</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">19</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1,945</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(35,680</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(13,205</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2,808</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">1,211,785</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">18</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 9pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(2)</p></td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">We define Adjusted EBITDA, a non-IFRS measure, as profit less finance
income plus finance costs, fair value changes to derivative assets, taxation, depreciation and amortization, plus once-off IPO costs in
2022 and 2021, plus a write-off of capitalized commission assets of ZAR 15.3 million through profit and loss in 2022. A reconciliation
from segment operating profit to segment adjusted EBITDA is presented below.</p></td></tr>
     </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                            excluding the ZAR 15.3 million relating to the write-off of capitalized commission assets
                                            in the fourth quarter of fiscal 2022, Cartrack&#8217;s:</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
                                            and administration operating expenses increased 10% to ZAR 524.3 million, in line with management
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.4pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.4pt"></p><div>

</div><!-- Field: Page; Sequence: 59; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.4pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reconciliation
of segment operating profit to segment adjusted EBITDA (a non-IFRS measure)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cartrack</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Carzuka</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Logistics</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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 Consolidated</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Factors
Affecting Our Results of Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our performance and future success depend on a number of factors that present significant opportunities for us but also
pose risks and challenges, including those discussed below and in the section of this annual report titled &#8220;Risk Factors.&#8221;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subscriber
Growth</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
derive substantially all of our revenue from the sale of subscriptions to our SaaS cloud. We are focused on growing our subscription
revenue by acquiring subscriptions from new customers and retaining and expanding subscriptions with existing customers, as we seek to
utilize innovative feature enhancements on our SaaS cloud and value-added services as part of our customer acquisition and retention
strategy.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
measure our success by our net subscriber base growth. We calculate net subscriber growth as the difference between gross subscriber
additions and gross subscriber churn over a given period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customer
Growth and Customer Retention</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
rely on our proprietary internal systems and processes as well as our own sales teams to drive customer growth and minimize third-party
risks in acquiring customers. Customer growth is a key driver of subscriber growth (vehicles under subscription contracts).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
offer our SaaS Cloud platform to a broad range of customers seeking a variety of mobility solutions. Neither our ability to acquire nor
retain customers is dependent on any specific industry, and we have not historically been materially exposed or vulnerable to cyclical
or niche business sectors. Moreover, as a result of this industry agnostic approach and our generally consistent average Revenue per
subscriber (&#8220;ARPU&#8221;) in each region, our customer mix has not materially affected our results of operations. We do, however,
monitor our customer mix to ensure that our sales and marketing efforts continue to be effective and evaluate exposure to customer concentration
or other material risks in our subscriber base.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to capitalize on the growth opportunities in our other regional markets, with subscribers currently located in 25 countries worldwide.
In addition to driving subscription revenue growth, we believe that our presence across multiple geographic markets and our exposure
to multiple industry sectors can mitigate the risk of changing economic conditions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign
Currency Fluctuations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conduct business in multiple countries and currencies, and as a result, the Group is exposed to currency risk to the extent that sales,
purchases, and borrowings of the foreign operations are denominated in a currency other than the respective functional currencies of
Group companies (comprising the Company and its subsidiaries). The functional currencies of Group companies are primarily the ZAR, USD,
Euro (EUR), Mozambican metical (MZN), the Singapore dollar (SGD) and Polish zloty (PLN).</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Refer
to the Risk Factors note on foreign currencies on page 23 and Note 31.2 (c) on Currency Risk on page F-52)</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Business Metrics</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
review a number of operating and financial metrics, including the following key business metrics, to evaluate the performance of our
business, identify trends, formulate business plans, make strategic decisions and assess operational efficiencies. Our calculation of
the key business metrics and other measures discussed below may differ from other similarly titled metrics used by other companies, securities
analysts or investors.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
of Subscribers and Subscription Revenue</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have demonstrated a history of growing our subscriber base through growth in customers as a result of our proprietary platform with next-generation
functionality and software features, sales-centric culture and competitive pricing. We believe that our ability to attract a range of
diversified new customers and grow our subscriber base is key to building a sustainable business model.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We define our number of subscribers at the end
of any particular period as the total number of connected vehicles and equipment using our platform at the end of such period. For the
years ended February 28, 2023, and February 28, 2022, Cartrack had 1,717,077 and 1,525,972 subscribers, respectively, which represents
net subscriber growth of 191,105 or a 13% increase from period to period as a result of gross subscriber additions of 449,291 and gross
subscriber churn of 258,186.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 28, 2022, and February 28, 2021,
Karooooo had 1,525,972 and 1,306,000 subscribers, respectively, which represents net subscriber growth of 219,972 or a 17% increase from
period to period as a result of gross subscriber sales of 448,160 and gross subscriber churn of 228,188.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
number of subscribers on our platform directly drives our subscription revenue, which made up 86% of total group&#8217;s revenue for
the fiscal year ended February 28, 2023.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription revenue is a key metric we use to
evaluate our business, since Karooooo derives substantially all of its revenue from the sale of subscriptions to its next-generation SaaS
cloud platform.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended February 28, 2023, February
28, 2022 and February 28, 2021, Karooooo&#8217;s subscription revenue was ZAR 3,010.1 million, ZAR 2,568.2 million and ZAR 2,209.0 million,
respectively, which represents a 17% and 16% increase respectively compared to the prior period, as a result of resilient subscriber growth.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="width: 9%; text-align: right">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 61; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annualized
Recurring Revenue (&#8220;SaaS ARR&#8221;) (a non-IFRS measure)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use SaaS ARR, a non-IFRS measure, as a measure of our revenue trend and an indicator of our future revenue opportunity from existing
recurring customer contracts, assuming zero cancellations. We define SaaS ARR 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. SaaS ARR is not adjusted for the impact of any known or projected future customer cancellations, service
upgrades or downgrades or price increases or decreases.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of actual revenue that we recognize over any 12-month period is likely to differ from SaaS ARR at the beginning of that period,
sometimes significantly. This may occur due to subsequent changes in our pricing, service cancellations, upgrades or downgrades and acquisitions
or divestitures.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
calculation of SaaS ARR may differ from similarly titled metrics presented by other companies. The following table shows our SaaS ARR
for each of the periods presented calculated using subscription revenue for the last month in each period:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="width: 28%; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="width: 1%">&#160;</td>
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at February 28, 2023 and February 28, 2022,
SaaS ARR was ZAR 3,235.2 million and ZAR 2,727.6 million, respectively, which represents a 19% increase from period to period, as a result
of strong subscriber growth and a 3% increase in ARPU due to adverse currency fluctuations. We believe that the SaaS ARR growth has been
trending well as we aim to continue to grow our subscriber base and ARR.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at February 28, 2022 and February 28, 2021, SaaS ARR was ZAR 2,727.6 million and ZAR 2,377.1 million, respectively, which represents
a 15% increase from period to period, as a result of strong subscriber growth offset by a 2% decrease in ARPU due to adverse currency
fluctuations.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average
Revenue Per Subscriber (&#8220;ARPU&#8221;)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARPU
measures the monetization of Karooooo&#8217;s platform and is an indicator of pricing efficiency, competitiveness and market positioning.
On an annual basis, ARPU is calculated as the average of the four quarterly ARPUs in that year. Cartrack&#8217;s ARPU has been fairly
consistent since inception more than 15 years ago. Management believes that ARPU of approximately ZAR 150 provides attractive margins
and sustainable growth in most countries.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows our historical ARPU for each of the periods presented:</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -16.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 62; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Adjusted
Earnings Before Interest Depreciation Taxation and Amortization (&#8220;Adjusted EBITDA&#8221;) (a non-IFRS measure)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our results determined in accordance with IFRS, we believe Adjusted EBITDA, a non-IFRS measure, is useful in evaluating our
operating performance.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use Adjusted EBITDA in our operational and financial decision-making and believe Adjusted EBITDA is useful to investors because similar
measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate our competitors
and to measure profitability.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We define Adjusted EBITDA, a non-IFRS measure,
as profit less finance income plus finance costs, fair value changes to derivative assets, taxation, depreciation and amortization, plus
once-off IPO costs in 2022 and 2021, plus a write-off of capitalized commission assets of ZAR 15.3 million through profit and loss in
2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
non-IFRS financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should
not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Investors are encouraged
to review the related IFRS financial measure and the reconciliation of Adjusted EBITDA to profit, its most directly comparable IFRS financial
measure, and not to rely on any single financial measure to evaluate our business.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">10</td><td style="text-align: left">%</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">41</td><td style="text-align: left">%</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">44</td><td style="text-align: left">%</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the financial year ended February 28, 2022, the Group uncovered collusion between a few insurance brokers and certain staff members.
This resulted in a write-off of capitalized commission assets, of ZAR 15.3 million through profit or loss. The write-off was recognized
in general and administration operating expenses for the year ended February 28, 2022. The error was corrected prospectively as the impact
to prior periods is not material.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended February 28, 2023 and February
28, 2022, Adjusted EBITDA was ZAR 1,426.8 million and ZAR 1,211.8 million, respectively, which represents an 18% increase period over
period, primarily due to consistent profitability as a result of robust subscriber and subscription revenue growth offset by investment
for growth. This result includes Carzuka&#8217;s losses of ZAR 43.8 million (FY 2022: ZAR 12.4 million loss) incurred in the period. Karooooo
is investing for the future in building Carzuka and Karooooo Logistics for scale, supported by the group&#8217;s strong cash flow generative
business model and the ability to leverage the untapped network effects of the Cartrack platform. The business models of Karooooo Logistics
and Carzuka have delivered promising early results supporting scalability and good growth potential in the future.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the years ended February 28, 2022 and February
28, 2021, Adjusted EBITDA was ZAR 1,211.8 million and ZAR 1,125.4 million, respectively, which represents an 8% increase period over period,
primarily due to consistent profitability as a result of robust subscriber and subscription revenue growth offset by investment for growth.
This result includes Carzuka&#8217;s and Karooooo Logistics&#8217;s losses incurred in the period (2021: Nil).</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Free
Cash Flow and Free Cash Flow Margin (a non-IFRS measure)</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to our results determined in accordance with IFRS, we believe free cash flow and free cash flow margin, which are non-IFRS measures,
are useful in evaluating our operating performance. Free cash flow is a non-IFRS financial measure that we calculate as net cash generated
from operating activities less purchases of property, plant and equipment. Free cash flow margin is calculated as free cash flow divided
by revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that free cash flow and free cash flow
margin are useful indicators of liquidity and the ability of the group to turn revenues into free cash flow, respectively, that provide
information to management and investors about the amount of cash generated from our operations that, after the investments in property
and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening
our financial position.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
non-IFRS financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should
not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. In particular, free cash
flow does not reflect any restrictions on the transfer of cash and cash equivalents within the group or any requirement to repay the
group&#8217;s borrowings and does not take into account cash flows that are available from disposals or the issue of shares.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management therefore takes such factors into account,
in addition to free cash flow when determining the resources available for acquisitions and for distribution to shareholders. Investors
are encouraged to review the related IFRS financial measure and the reconciliation of this non-IFRS financial measure to its most directly
comparable IFRS financial measure, and not to rely on any single financial measure to evaluate our business.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">20</td><td style="text-align: left">%</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
calculate free cash flow as net cash generated from operating activities less purchases of property, plant and equipment. Free cash flow
margin is calculated as free cash flow divided by revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended February 28, 2023 and February 28, 2022, free cash flow was ZAR 547.0 million and ZAR 379.1 million, respectively, which
represents a 44% increase period over period and an increase in net cash generated from operating activities at ZAR 1,126.7 million (2022:
ZAR 931.7 million) This result was achieved notwithstanding the group&#8217;s strategic investment in expansion, brand building and customer
acquisition for long-term, sustainable growth.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended February 28, 2022 and February 28, 2021, free cash flow was ZAR 379.1 million and ZAR 459.8 million, respectively, which
represents a 18% decrease period over period primarily due to a 1% decrease in net cash generated from operating activities at ZAR 931.7
million (2021: ZAR 937.9 million) given Karooooo&#8217;s continued and strategic investment into customer acquisition and long-term growth
and strategic decisions to increase its investment into property, plant and equipment and infrastructure (predominantly
being telematics devices and components) with ZAR 552.6 million invested during 2022, 16% more than the ZAR 478.0 million invested in
2021.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Free cash flow margin was 16% and 14%, respectively,
for the years ended February 28, 2023 and February 28, 2022 and was 14% and 20%, respectively, for the years ended February 28, 2022 and
February 28, 2021.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Components
of Our Results of Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Revenue</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue is substantially derived from the provision of mobility data analytics solutions on a subscription-based model typically under
monthly SaaS subscription contracts. Our revenue is driven primarily by the number of assets under subscription to our SaaS platform
and the price per asset under subscription contracts. Hardware sales, including sales to our licensees, installation revenue and royalties
we receive from our licensees make up a minimal component of total revenue. Our initial per subscriber (or vehicle) contract terms are
generally 36 months with automatic monthly renewals thereafter and may not be cancelled without penalty prior to the completion of the
initial term. The average duration of our subscription contracts is 60 months. In some instances, we charge our customers for a ratable
portion of the contract on a periodic basis, generally in advance on a monthly basis and in certain regions we apply annual escalations
to the contract pricing. However, our customers may prepay all or part of their contractual obligations for the full initial contract
term.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cost
of Sales</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of sales consists primarily of costs related to the depreciation and amortization of capitalized subscriber acquisition costs, which
includes the telematics device, the cost of the installation and direct commissions paid to our sales staff. Other components of cost
of sales include non-capitalized automotive technician costs, machine to machine (&#8220;M2M&#8221;) network communications costs and
the costs of delivering safety and asset recovery services to our customers, including such costs incurred by our licensees. We capitalize
the cost of installed telematics devices and direct sales commissions and depreciate these costs over the expected useful life of the
subscriber, which is currently 60 months. We pay commissions to our sales staff only once a telematics device is installed and activated.
If a customer subscription agreement is cancelled prior to the end of the expected useful life of the subscriber, the depreciation period
is accelerated resulting in the carrying capitalized value being expensed in the then-current period. If an installed telematics device
requires replacement for defect, the cost is taken as an expense in the replacement period. Less significant cost of sales items include
expenditures incurred in connection with our asset recovery warranty program, (which is determined based on historical loss data observed
over a period of at least the past five years) and mapping costs. Our cost of sales is generally driven by the number of assets under
subscription and solutions provided. We expect the cost of sales in absolute terms to increase with subscriber growth. Cost of sales
also includes the cost of vehicles bought for and sold via the Carzuka platform.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Income</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
income substantially consists of the profit on sales of fixed assets and other less significant items.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Expenses</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
operating expenses consist of sales and marketing, research and development, general and administration and expected credit losses on
financial assets.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expenses consist primarily of wages and benefits for sales and marketing personnel, and other marketing, advertising and
promotional costs. Marketing and advertising costs consist primarily of pay-per-click advertising with search engines, social media advertising
and other online and traditional advertising media, as well as the costs to create and produce these advertisements. Marketing and advertising
costs are expensed as incurred.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect sales and marketing expenses to increase in absolute terms and to continue to be one of the largest components of operating expenses.
Moreover, although sales and marketing expenses may fluctuate as a percentage of subscription revenue from period to period, our long-term
target is for sales and marketing expenses to increase as a percentage of our subscription revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General
and Administration</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administration expenses consist primarily of wages and benefits for administrative services, human resources, internal information
technology support, executive, legal, finance and accounting personnel; professional fees; expenses for business application software
licenses; non-income related taxes; other corporate expenses, such as insurance; and general office related expenses, such as rent and
utilities.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, general and administration expenses consist of depreciation relating to other property, plant and equipment, excluding
those related to subscriber acquisition costs, which are included in cost of sales, and the amortization of intangible assets relating
to purchased computer software infrastructure.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect that administration and other expenses will increase as we continue to add personnel in connection with the anticipated growth
of our business. In addition, we anticipate that we will also incur additional personnel expenses, professional service fees, including
auditing and legal fees, and insurance costs related to operating as a public company in the United States of America. However, notwithstanding
these additional expenses, our long-term target is to reduce general and administration expenses as a percentage of subscription revenue.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development expenses consist of wages and benefits for hardware engineers, product management and software development personnel,
technology experimental costs and the amortization of intangible assets relating to capitalized development costs. We have focused our
research and development efforts on improving ease of use, functionality and technological scalability of our SaaS platform as well as
on expanding and developing new offerings. The majority of our research and development employees are located in Singapore, South Africa
and Portugal. Research and development costs that qualify for capitalization, such as costs related to new generation smart devices and
our SaaS platform, are capitalized and amortized over 3 years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that continued investment in our technology is important for our future growth, and as a result, we expect research and development
expenses to increase in absolute dollars, although they may fluctuate as a percentage of subscription revenue from period to period.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected
Credit Losses on Financial Assets</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
credit losses on financial assets consist of bad debts expensed, the movement on the expected credit loss provision and any bad debts
recovered.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO
costs</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
relating directly to the IPO.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance
Income</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
income consists of interest earned on positive bank balances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Finance
Costs</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
costs consist of interest paid on bank overdraft facilities, interest bearing loans, lease obligations and interest charges on outstanding
taxes.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
consists primarily of current and deferred income tax and a minimal component of withholding tax.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Controlling
Interest</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
non-controlling interest principally relates to a portion of Karooooo&#8217;s subsidiaries not owned by the parent, Karooooo. Subsequent
to the acquisition of the remaining 31.9% stake in Cartrack Holdings Proprietary Limited on April 21, 2021, there is no material non-controlling
interest as at February 28, 2023 and February 28, 2022.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our results of operations for the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Y-o-Y %</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021 <sup>(3)</sup></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Consolidated Statement of Profit and Loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="text-align: right">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: right">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
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    <td style="width: 40%">Revenue</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,234,672</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(922,561</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(670,523</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">34</td><td style="padding-bottom: 1.5pt; text-align: left">%</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">38</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Gross profit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">123,887</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,272,395</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.125in; text-indent: -0.125in">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>









</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjusted
earnings per share, a non-IFRS measure, is defined as earnings per share in accordance with IFRS excluding the impact of non-recurring
expenses relating to the IPO and a write-off of capitalized commission assets. For the year ended February 28, 2022, IPO costs of ZAR
10.3 million were expensed (2021: ZAR 25.6 million) and ZAR 15.3 million (2021: Nil) of capitalized commission assets were written off
through profit and loss in 2022. A reconciliation from earnings per share to Adjusted earnings per share, a non-IFRS measure, is presented.</span></td>
</tr><tr style="vertical-align: top; text-align: justify">
<td style="text-align: left">(3)</td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;</p>
</td></tr>
     </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -16.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Comparison
of Results for the Year Ended February 28, 2023 and February 28, 2022</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cartrack&#8217;s subscription revenue
increased by ZAR 441.9 million, or 17%, to ZAR 3,010.1 million for the year ended February 28, 2023 from ZAR 2,568.2 million for the
year ended February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net subscriber growth was impacted by challenging
trading conditions in South Africa as consumers exercised increased caution amidst looming inflationary pressure causing the growth to
slow down by 13% from 219,972 for the year ended February 28, 2022 to 191,105 for the year ended February 28, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Carzuka generated ZAR 250.8 million (2022: ZAR
67.3 million). This growth is welcome justification of our belief in the sustainability of its agile, data-enhanced and highly scalable
business model. It is also a testament to Karooooo&#8217;s customer-centric innovation in solving unique mobility needs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo Logistics delivered significant revenue
growth to ZAR 179.6 million (2022: ZAR 42.0 million), up 327%. Karooooo Logistics focuses on delivery-as-a-service (&#8220;Daas&#8221;)
through selected third-party sourced drivers and logistics companies, and charges per delivery. The business model has been highly scalable
and is delivering solid growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of Sales</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo&#8217;s cost of sales increased ZAR 312.1
million, or 34%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was primarily due to Cartrack&#8217;s
cost of sales increasing by ZAR 42.9 million, or 5%. Increased cost of sales of ZAR 269.2 million relating to Carzuka and Karooooo Logistics
for the year ended February 28, 2023 compared to ZAR 90.4 million for the year ended February 28, 2022. is in line with the increase in
revenue.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 68; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
Income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other income increased ZAR 8.0 million, or 434%,
for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was due to a higher gain on disposal of property,
plant and equipment and an increase in sundry income in the current year.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Operating
Expenses</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses increased ZAR 274.0 million,
or 24%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, impacted by Karooooo Logistics and Carzuka
operating expenses of ZAR 42.2 million and ZAR 62.0 million respectively incurred in the year ended February 28, 2023, compared to ZAR
13.8 million and ZAR 21.4 million respectively in the year ended February 28, 2022. Cartrack&#8217;s operating expenses increased ZAR
205.1 million, or 19%, for the year ended February 28, 2023 compared to the year ended February 28, 2022 were predominantly contributed
by ZAR 12.4 million in foreign exchange losses as a result of volatile exchange rates and an increase of ZAR 89.5 million in salary expenses,
given Cartrack&#8217;s continued preparation for future growth.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
expenses for the year ended February 28, 2022 were negatively impacted during the fourth quarter when Cartrack management uncovered collusion
between a few insurance brokers and certain staff members. This resulted in a write-off of capitalized commission assets of ZAR 15.3
million through profit and loss in 2022. The write-off was recognized in general and administration operating expenses in the fourth
quarter of the year ended February 28, 2022. The error was corrected prospectively as the impact to prior periods is not material. Internal
mitigation procedures have been implemented, criminal charges against parties involved have been laid with the South African Police Service
(SAPS) and relevant staff members have been dismissed. </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
increase in operating expenses is set forth in more detail below: </span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Sales
and Marketing</i></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 52%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,505</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo&#8217;s sales and marketing operating
expenses increased by ZAR 97.9 million or 29% for the year ended February 28, 2023 compared to the year ended February 28, 2022, impacted
by Karooooo Logistics and Carzuka, sales and marketing operating expenses of ZAR 0.7 million and ZAR 35.0 million, respectively, incurred
in the year ended February 28, 2023, compared to ZAR 0.4 million and ZAR 11.1 million, respectively, in the year ended February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cartrack&#8217;s sales and marketing operating
expenses increased ZAR 73.8 million, or 23%, for the year ended February 28, 2023 compared to the year ended February 28, 2022 with a
significant recruitment drive focused mainly on sales and customer experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing basic salaries are a major
component of the cost of acquiring new customers and are not expensed over the expected life span of a customer, but rather when incurred.
This component increased ZAR 36.9 million, or 17%, for the year ended February 28, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment in sales and marketing expenditure
which will generally take approximately 6 months to translate into customer acquisition. We believe that the continued and strategic investment
in enhancing our vertically integrated sales and marketing capabilities to leverage our go-to-market strategy drives customer acquisition
and places us well for long term growth and margin expansion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 69; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General and Administration</i> &#160; &#160; &#160; &#160; &#160; &#160; &#160;</span></p><div>



</div><p style="margin: 0">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.4pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            convenience purposes only, amounts in South African rand as at February 28, 2023 have been
                                            translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange
                                            rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of
                                            the Board of Governors of the Federal Reserve System. These translations should not be considered
                                            representations that any such amounts have been, could have been or could be converted at
                                            that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
                                            about recent fluctuations in exchange rates.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.4pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-right: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excluding
                                            the impact of the write-off of capitalized commission assets of ZAR 15.3 million incurred
                                            in the fourth quarter of the year ended February 28, 2022, Karooooo&#8217;s general and administration
                                            operating expenses as a percentage of subscription is 21%.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo&#8217;s general and administration operating
expenses increased by 27% to ZAR 704.6 million for the year ended February 28, 2023 from ZAR 555.3 million for the year ended February
28, 2022. The increase of ZAR 149.3 million includes Karooooo Logistics&#8217; and Carzuka&#8217;s general and administration operating
expenses of ZAR 35.8 million and ZAR 22.5 million, respectively, incurred in the year ended February 28, 2023, compared to ZAR 10.4 million
and ZAR 5.3 million, respectively, incurred in the year ended February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Research and Development</i> &#160; &#160; &#160; &#160; &#160; &#160; &#160;</span></p><div>



</div><p style="margin: 0">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Y-o-Y %</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(U.S.$</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
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    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">thousands&#160;<sup>(1)</sup>)</span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 52%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
about recent fluctuations in exchange rates.</span></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo&#8217;s research and development operating
expenses increased by ZAR 27.8 million or 19% for the year ended February 28, 2023 compared to the year ended February 28, 2022 primarily
due to an increase in Cartrack&#8217;s research and development operating expenses by ZAR 25.7 million, or 18%, for the year ended February
28, 2023 compared to the year ended February 28, 2022 as the group continued its investment for improvement, enrichment and expansion
of its connected cloud during the year ended February 28, 2023. Carzuka and Karooooo Logistics&#8217;s research and development operating
expenses were ZAR 4.3 million and ZAR 5.7 million, respectively, incurred in the year ended February 28, 2023, compared to USD 4.9 million
and ZAR 3.0 million, respectively, incurred in the year ended February 28, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Expected
Credit Losses on Financial Assets</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
credit losses on financial assets decreased ZAR 0.9 million, or 1%, for the year ended February 28, 2023 compared to the year ended February
28, 2022. The method in providing for expected credit losses is consistent with prior years.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 70; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
Income</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
income increased ZAR 17.2 million, or 282%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was
primarily due to an increase in interest earned on positive bank balances during the course of the year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Finance
Costs</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finance
costs decreased ZAR 2.2 million, or 18%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was
primarily due to marginally lower loan balances.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
total effective tax rate for the year ended February 28, 2023 was 31.9%, which increased from 30.1% for the year ended February 28, 2022.
This was primarily due to more taxes incurred in the year ended February 28, 2023, partly attributable to some operating entities becoming
profitable and as a result, taxable during the year.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no dividends tax in Singapore.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 24 to the accompanying consolidated financial statements included elsewhere in this annual report for a detailed reconciliation
of the tax expense.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Controlling
Interest</i></b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Profit attributable to non-controlling interest,
relates to a portion of Karooooo&#8217;s subsidiaries not owned by the parent and decreased by ZAR 15.0 million, or 56%, for the year
ended February 28, 2023 compared to the year ended February 28, 2022.</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Segment
Information</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (&#8220;CODM&#8221;).
The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the
Group Chief Executive Officer (&#8220;CEO&#8221;), who makes strategic decisions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to the financial year ended February 28,
2022, the group was organized into geographical business units and had four reportable segments by geography. There was only one reportable
business segment, the Cartrack business segment. However, with the new business setup and new business acquired in the financial year
ended February 28, 2022, for management purposes, the group organized its business units based on its products and services into the following
reportable segments:</p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cartrack
                                            is a provider of an on-the-ground operational Internet of Things (&#8220;IoT&#8221;) Software-as-a-service
                                            (&#8220;SaaS&#8221;) cloud that maximizes the value of transportation, operations and workflow
                                            data by providing insightful real-time data analytics to connected vehicles and equipment.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carzuka
                                            is a physical and e-commerce vehicle buying and selling marketplace which allows customers
                                            to source, buy and sell vehicles efficiently and cost effectively.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo
                                            Logistics provides a software application enabling the management of last mile delivery and
                                            general operational logistics. This technology addresses the challenges of on-the-ground
                                            distribution for large enterprises requiring systems integrations, payment gateways, third-party
                                            long-haul services and crowd-sourced drivers in order to scale and meet their operational
                                            needs.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CODM monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and
performance assessment. Segment performance is evaluated based on subscription revenue, total revenue and operating profit or loss.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
segment information was provided to the CEO. See Note 4 to the accompanying consolidated financial statements included elsewhere
in this annual report for Segment related information.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 71; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the geographical region by subscriber numbers, subscription revenue and total revenue for the Cartrack business
unit at the end of the periods presented.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">167,733</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.4pt"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
                                            convenience purposes only, amounts in South African rand as at February 28, 2023 have been
                                            translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange
                                            rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of
                                            the Board of Governors of the Federal Reserve System. These translations should not be considered
                                            representations that any such amounts have been, could have been or could be converted at
                                            that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information
                                            about recent fluctuations in exchange rates.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>South
Africa</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo
was able to leverage its strong market position and well-established national distribution network to deliver strong subscriber
growth in the year, contributing to Karooooo&#8217;s robust financial performance. Revenue for South Africa increased ZAR 286.2
million, or 14%, for the year ended February 28, 2023 driven by a 15% increase in subscription revenue of ZAR 291.0 million as a
result of net subscriber growth of 129,374 subscribers.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Africa-Other</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
region remains a positive cash generator and is strategic to Karooooo&#8217;s South Africa operations. The number of subscribers
increased 8% to 73,150 for the year ended February 28, 2023 (2022: 67,965). This translates to growth in subscription revenue by ZAR
28.6 million or 32%. This year, we were able to recoup income from customers impacted by COVID-19 that were not billed for an extended
period, which bolstered the revenue. Significant operational reorganization, which we began in the fourth quarter of the year ended February
28, 2022, gained traction during the year. This yielded encouraging customer additions.</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 72; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Europe</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue for Europe increased ZAR 27.4 million,
or 12%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, primarily driven by subscriber growth of 13%
to 143,878 subscribers across the region at February 28, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><b>Asia-Pacific, Middle East and USA</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue for Asia-Pacific, Middle East and USA
increased ZAR 96.2 million, or 33%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. Subscription revenue
growth was driven by the number of subscribers in this region increasing 28% to 185,147 commercial subscribers at February 28, 2023 (2022:145,143).
Considering that Southeast Asia economies only began to open up toward the end of the first quarter of the fiscal year, we are pleased
with the traction gained in this region. As the second largest contributor to the group, we view Southeast Asia as the group&#8217;s most
compelling regional growth opportunity in the medium to long term.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our investment in the United States is strategic
in nature, as it continues to yield key insights that have positively contributed to the group.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Recent Accounting Pronouncements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A discussion of new accounting guidance that we
have recently adopted, as well as accounting guidance that has been recently issued but not yet adopted by us, is included below and in
Note 3 &#8212; New standards and interpretations of our consolidated financial statements included elsewhere in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 73; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The new and amended standards and interpretations
that are issued, but not yet effective, up to the date of issuance of the Group&#8217;s financial statements which could be relevant to
the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, when they become effective.
At the date of authorization of the financial statements, the Group continues to assess and evaluate the impact to its financials on the
initial adoption of these new accounting standards and interpretations and its related applicable period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 17%; border-bottom: black 1.5pt solid; padding-top: 0.3pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual periods<br/>
beginning on/after</b></span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td style="padding-top: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts</span></td>
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    <td style="padding-top: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments to IAS 8: Definition of Accounting Estimates</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</span></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</span></td></tr>
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    <td style="padding-top: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies</span></td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</span></td></tr>
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    <td style="padding-top: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt">&#160;</td>
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  <tr style="vertical-align: top; ">
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    <td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</span></td></tr>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</span></td></tr>
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    <td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Emerging Growth Company</i></b></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a company with less than US$1.07 billion in
revenue during our last fiscal year, we qualify as an &#8220;emerging growth company&#8221; as defined in the JOBS Act. An emerging growth
company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies.
These provisions include an exemption from the auditor attestation requirement in the assessment of our internal control over financial
reporting pursuant to the Sarbanes-Oxley Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may take advantage of these provisions
for up to five years from our IPO or such earlier time that we are no longer an emerging growth company. We would cease to be an
emerging growth company upon (A) the last day of the fiscal year in which we had more than US$1.07 billion in annual revenue, (B)
the date on which we are deemed to be a &#8220;large accelerated filer&#8221; under the rules of the SEC, which means the market
value of our ordinary shares held by non-affiliates exceeds US$700.0 million as of the prior June 30<sup>th</sup>, or (C) the date
on which we have issued more than US$1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage
of some but not all of these reduced burdens. To the extent that we take advantage of these reduced reporting burdens, the
information that we provide shareholders may be different than you might obtain from other public companies in which you hold equity
interests.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>LIQUIDITY AND CAPITAL RESOURCES</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal sources of liquidity are our cash
generated from operations, cash and cash equivalents on hand and borrowings available under our revolving credit facility. Cash and cash
equivalents consist primarily of cash on deposit with banks. Cash and cash equivalents totaled ZAR 965.8 million as of February 28, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our cash generated from operations,
cash and cash equivalents on hand and availability under our revolving credit facility will be sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months. In addition, we may choose to raise additional funds at any
time through equity or debt financing arrangements, if required for additional working capital, capital expenditures or other strategic
investments. Our belief concerning liquidity is based on currently available information. To the extent this information proves to be
inaccurate, or if circumstances change, future availability of credit or other sources of financing may be reduced, and our liquidity
could be adversely affected. Our future capital requirements and the adequacy of available funds will depend on many factors, including
those described in the section of this annual report titled &#8220;Risk Factors.&#8221; Depending on the severity and direct impact of
these factors on us, we may be unable to secure additional financing to meet our operating requirements on terms favorable to us, or at
all.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">(420,026</td><td style="text-align: left">)</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.4pt"></td><td style="width: 16.6pt">(1)</td><td style="text-align: justify">For convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated
to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations
that any such amounts have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221;
for further information about recent fluctuations in exchange rates.</td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>(2)</td><td style="text-align: justify">Net cash utilized from investing for the year ended February 28, 2021
includes the reclassification of ZAR 220.9 million in inventory movement to the purchase of property, plant and equipment.</td></tr>
                                                                              <tr style="vertical-align: top">
<td>&#160;</td><td><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(3)</p></td><td style="text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;</p>
</td></tr>
                                                                              </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -16.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Operating Activities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Strong net cash generated from operating activities
is an important factor in supporting our robust business model, and is an indication of our ability to provide the capital necessary to
invest in subscriber growth and territorial expansion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash generated from operating activities increased
ZAR 195.0 million, or 21%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, primarily due to an increase
in cash generated from operations before working capital changes of ZAR 219.5 million and a net increase in working capital of ZAR 8.4
million due to an increase in trade receivables, increase in inventories, and a decrease in deferred revenue. The increase in cash inflows
associated with the increase in net finance income received amounted to ZAR 21.1 million and an increase in taxation paid of ZAR 54.1
million.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investing Activities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash utilized by investing activities decreased
ZAR 36.0 million, or 5%, for the year ended February 28, 2023 compared to the prior period, primarily due to the acquisition of subsidiaries
in 2022 and offset by 5% increase, of ZAR 27.0 million, in the investment in property, plant and equipment compared to the prior period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Financing Activities</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net cash generated from financing activities decreased
ZAR 755.0 million for the year ended February 28, 2023 compared to the prior period as a dividend of ZAR 331.3 million was paid in the
year ended February 28, 2023. Net cash generated from financing activities was also impacted by an increase in cash outflow of ZAR 9.4
million for the year ended February 28, 2023 relating to lease liabilities repayment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Other Financial Assets</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at February 28, 2023, the group recognized
a derivative &#8211; call option of ZAR 0.4 million (FY2022: ZAR 1.4 million) and nil (FY2022: ZAR 15.3 million) for a derivative &#8211;
put option relating to its acquisition of Karooooo Logistics. The call option is an agreement with the non-controlling shareholders of
Karooooo Logistics to acquire an additional 13% interest, is exercisable from September 1, 2024 and expires on February 29, 2028.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The put option is an agreement entered into with
the ultimate controlling shareholders to grant the group the right to sell its interest in Karooooo Logistics. The put option expired
on August 31, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(Refer to Note 14 to the Consolidated Annual Financial
Statements, &#8220;Other financial asset&#8221; on Page F-37 and Note 28 on &#8220;Acquisition of subsidiary&#8221; on Page F-46)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">On December 29, 2020, prior to Karooooo&#8217;s corporate action during
the year ended February 28, 2022, the group received US$58.5 million (ZAR 882.4 million) from a related party (Orient Victoria Pte Ltd)
for the sole purpose of facilitating the guarantee required for Karooooo to implement the corporate action in connection with its IPO
in the United States. This amount has been classified as other financial assets and is excluded from cash and cash equivalents in the
statement of cash flows. (Refer to Note 14 to the Consolidated Annual Financial Statements, &#8220;Other financial assets&#8221; on Page
F-37). This loan and all interest due had been repaid in full, terminating this related party transaction.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Term Loan Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Term Loan Facility with Rand Merchant Bank was terminated and all
outstanding borrowings were repaid in full in February 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Euro Denominated Loan</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our wholly owned subsidiary, Cartrack Portugal,
S.A., has a &#8364;1.5 million loan from Caixa Geral de Depositos S.A. pursuant to the loan agreement dated December 14, 2018 by and between
Cartrack Portugal S.A. and Caixa Geral de Depositos S.A. The loan bears interest at a rate of 3.00% plus 12-month Euribor and payment
on the loan is due in equal monthly installments over a five-year period. As of February 28, 2023, ZAR 5.7 million remained outstanding
under the loan.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Revolving Credit Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>General</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2021, Cartrack Proprietary Limited
entered into a revolving credit facility agreement (the &#8220;Revolving Credit Facility&#8221;) with The Standard Bank of South Africa
Limited (&#8220;Standard Bank&#8221;). The Revolving Credit Facility consists of a ZAR 925.0 million revolving credit funding facility,
which includes an uncommitted term facility of ZAR 850.0 million and a committed term facility of ZAR 75.0 million. Each facility matures
in a period of three years from the utilization date. At February 28, 2023, nil (2022: ZAR 20.0 million) was utilized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Interest Rate</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Both facilities bear interest at the Johannesburg
Interbank Average Rate plus 2.05%, provided that with respect to the uncommitted term facility, such rate is subject to variation as determined
by Standard Bank in its sole discretion dependent on prevailing market conditions at the time of utilization, as notified by the Standard
Bank to the Cartrack Proprietary Limited by no later than the applicable utilization date. Cartrack Proprietary Limited has no obligations
to prepay loans under our Revolving Credit Facility and may voluntarily prepay the Revolving Credit Facility, in whole or in part, subject
to certain penalties and restrictions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Covenants</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Revolving Credit Facility contains certain
financial maintenance covenants as well as customary negative covenants, including, but not limited to, restrictions on Cartrack Proprietary
Limited and its restricted subsidiaries&#8217; ability to merge and consolidate with other companies, incur indebtedness, make investments,
grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets or enter
into transactions with affiliates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Events of Default</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Revolving Credit Facility provides that, upon
the occurrence of certain events of default, Cartrack Proprietary Limited&#8217;s obligations under the agreement may be accelerated.
Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, breach of the
financial maintenance covenants, cross-defaults to other material indebtedness, the suspension or cessation of a material part of the
business of Cartrack Proprietary Limited, litigation which is reasonably likely to have a material adverse effect and other customary
events of default.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Security and Guarantees</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cartrack
Proprietary Limited&#8217;s borrowings under the Revolving Credit Facility are guaranteed by Cartrack Holdings Proprietary Limited and
Cartrack Manufacturing Proprietary Limited.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Security has been provided in the form of a pledge and cession by the
borrower and the guarantors of certain rights in favor of the lender.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Overdraft Facility</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2021, Cartrack Proprietary Limited
entered into an unsecured ZAR 75.0 million overdraft facility with Mercantile Bank, a division of Capitec Bank Limited (&#8220;Mercantile
Bank&#8221;), pursuant to the Addendum to the Short-Term Facility Letter dated February 12, 2021 by and between Cartrack Proprietary Limited
and Mercantile Bank (the &#8220;Overdraft Facility&#8221;). Amounts due under the Overdraft Facility bear interest at Mercantile Bank&#8217;s
prime lending rate, which as of the date of this annual report was 11.75%, and the overdraft facility expires on June 30, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 28, 2023, nil (2022: ZAR 13.7 million)
of the facility had been utilized.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Mortgage bond</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A mortgage bond of ZAR 54 million is registered
in favor of First Rand Bank Limited over the Remaining extent of Erf 160, Rosebank and Portion 6 of Erf 161, Rosebank, registered in the
name of Purple Rain Properties No 444 Proprietary Limited (&#8220;Purple Rain&#8221;). Cartrack Proprietary Limited has signed a limited
suretyship of ZAR 60 million for the mortgage bond. Interest levied by First Rand Bank Limited is at a rate of prime less 1.15% and repayable
in equal monthly installments over a period of 60 months.  The final repayment date is December 2025. Covenants are reviewed annually
unless loan instalments are not met timeously. The next review date is October 31, 2023. From the inception date to the date of this report,
Purple Rain has not breached the LTV covenant of 77%. As the leases on the properties had been cancelled in preparation of the demolition
and redevelopment of the properties, the DSC covenant will be assessed based on the financials of Cartrack Proprietary Limited as surety
for the income stream in the absence of a lease.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Off-Balance Sheet Arrangements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not engage in any off-balance sheet activities
or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance
entities.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Contractual Obligations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following table summarizes our contractual obligations as of February
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below analyses the group&#8217;s financial
liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity
date. The amounts disclosed in the table are the contractual undiscounted cash flows and include contractual interest payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Less than</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">1 year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">3 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">4 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&gt;5 years</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">At February 28, 2023</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="width: 28%; text-align: left">Term loans</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">17,596</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">15,751</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#8211;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">37,454</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,084</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">11,180</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">10,271</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">130,500</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Trade and other payables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">329,481</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8211;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8211;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8211;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our disclosure in respect of research and
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>TREND INFORMATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Item 4.B. &#8220;Information on the Company&#8212;Business
Overview,&#8221; Item 5.A. &#8220;Operating and Financial Review and Prospectus&#8212;Operating Results&#8221; and Item 5.B. &#8220;Operating
and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8221; within this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Quarterly Financial Information and Other Information</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth our unaudited quarterly
operational and financial information for each of the nine most recent quarters for the period ended February 28, 2023.We have prepared
the unaudited quarterly operational and financial information on a consistent basis with the consolidated financial statements included
elsewhere in this annual report. In the opinion of management, the unaudited quarterly operational and financial information reflects
all necessary adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of this data. This information
should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this annual report. The
results of historical periods are not necessarily indicative of results for a full year or for any future period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-left: 9pt; text-align: right; text-indent: -9pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; padding-left: 9pt; text-align: right; text-indent: -9pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">24</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(274,534</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(88,693</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(84,710</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(79,888</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(79,968</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(95,959</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(131,857</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(132,537</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(162,258</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(155,189</td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(36,308</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(37,277</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(42,912</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(41,541</td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0in"></td><td style="width: 0.25in"><span style="font-size: 12pt"><sup>(1)</sup></span></td><td style="text-align: justify"><span style="font-size: 10pt">Included in the fourth quarter of the year ended February 28, 2022 is the
write-off of capitalized commission assets, of ZAR 15.3 million through profit or loss. The write-off was recognized in general and administration
operating expenses for the year ended February 28, 2022. The error was corrected prospectively as the impact to prior periods is not material.</span></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt; text-align: justify; text-indent: -16.6pt"><sup>&#160;</sup></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>CRITICAL ACCOUNTING ESTIMATES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements, which have been prepared in conformity with IFRS. The
preparation of our consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments
that affect the reported amounts and related disclosures. We believe that the estimates, assumptions and judgments involved in the accounting
policies described below have the greatest potential impact on our financial statements and, therefore, we consider these to be our critical
accounting policies. Accordingly, we evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these
estimates under different assumptions and conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Useful Life of Capitalized Telematics Devices, Capitalized Commission
Assets and Revenue Recognition from Deferred Revenue</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We complete a detailed assessment annually on
the expected life cycle of subscriber contracts across the group. The continued growth in our customer base over the past few years
has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of subscriber
contracts with customers. On the basis of such information, there has been no change to the estimated average useful life of 60 months
of a subscriber contract for the year ended February 28, 2023. Contracts which terminate prior to 60 months result in accelerated depreciation
of the underlying capitalized telematics devices and capitalized commission assets being recognized immediately.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Goodwill</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We test goodwill for impairment on an annual basis.
The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations are performed
internally by the group and require the use of various estimates and assumptions regarding discount rates and the future financial performance
of the cash-generating units.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to Note 2.1 to the accompanying consolidated
financial statements included elsewhere in this annual report for information about the critical accounting policies, as well as Note
2.2 for a description of our other significant accounting policies.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>DIRECTORS AND SENIOR MANAGEMENT</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 16.6pt"><b>Board of Directors</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 16.6pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding the current members
of our board of directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 43%"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 12%"><span style="font-size: 10pt"><b>Age</b></span></td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 43%"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Isaias (Zak) Jose Calisto</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">56</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Hoe Shin Goy</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">43</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Executive Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Siew Koon Lim</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">64</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Andrew Leong</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">48</span></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Kim White</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">47</span></td>
    <td>&#160;</td>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in; text-align: justify"><span style="font-size: 10pt"><b>Board
Diversity Matrix (as at February 28, 2023)</b></span></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 80%"><span style="font-size: 10pt">Country of Principal Executive Offices &#8220;Home Country&#8221;</span></td>
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    <td style="text-align: center; width: 18%"><span style="font-size: 10pt">Singapore</span></td>
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  <tr style="vertical-align: bottom; ">
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    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Disclosure Prohibited Under Home Country Law</span></td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Total number of Directors</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">5</span></td>
    <td>&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">Did not</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td>&#160;</td>
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    <td colspan="3" style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="3" style="font-weight: bold; text-align: center">disclose</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Part I: Gender Identity</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Directors</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 9%; text-align: center">3</td><td style="width: 1%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 9%; text-align: center">0</td><td style="width: 1%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td><td style="width: 9%; text-align: center">0</td><td style="width: 1%; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Part II: Demographic Background</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Underrepresented Individual in Home Country Jurisdiction</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">0</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>LGBTQ+</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">0</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Did Not Disclose Demographic Background</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">0</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td></tr>
  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Executive Officers</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The table below sets forth information regarding individuals who serve
as executive officers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 43%"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 12%"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 43%"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Isaias (Zak) Jose Calisto</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">56</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Executive Officer</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Hoe Shin Goy</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">43</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Financial Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Juan Marais </span><span style="font-size: 12pt"><sup>(1)</sup></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">54</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Sales Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 0.4pt"></td><td style="width: 16.6pt">1.</td><td style="padding-right: 1pt">Mr. Marais is included above as executive officer by virtue of his shareholding in Karooooo. Mr.
                                                               Marais is the beneficial owner of 3,140,000 shares through One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and
                                                               outstanding shares of the Company.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Senior Management</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding members of our
current senior management team.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; width: 43%"><span style="font-size: 10pt"><b>Name</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 12%"><span style="font-size: 10pt"><b>Age</b></span></td>
    <td style="padding-bottom: 1.5pt; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; width: 43%"><span style="font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Richard Schubert</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">49</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Operating Officer</span></td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-size: 10pt">Carmen Calisto</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">26</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Strategy and Marketing Officer</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-size: 10pt">Pedro Ventura</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">35</span></td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">Chief Technology Officer</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">
</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth certain biographical
information with respect to our directors, executive officers and senior management. Unless otherwise stated, the business address for
our directors, executive officers and senior management is 17 Kallang Junction #06-05/06 Singapore 339274.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Isaias (Zak) Jose Calisto </i></b>is our
Chief Executive Officer and has been a member of our board of directors since May 2018. He has been the Chief Executive Officer of the
group since its founding in 2001. Before founding the Company, Mr. Calisto was a Member of Vehicle Tracking Services, a company specializing
in the distribution of telematics services, from 1994 through 2001. Prior to that, Mr. Calisto was a Member of Cell Communications, a
company specializing in the distribution of telecommunication services, from 1994 to 1996. Mr. Calisto also completed an accelerated training
program at Standard Bank, Africa&#8217;s largest lender by assets, from 1986 through 1991. Mr. Calisto studied at the University of South
Africa and University of the Witwatersrand.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Hoe Shin Goy</b> was appointed as Karooooo&#8217;s
CFO on June 30, 2022. Hoe Shin is a registered Chartered Accountant based in Singapore. Hoe Shin joined Ernst &amp; Young LLP in 2004
and was with the firm until 2009. She has extensive experience in audit, full spectrum finance and group financial reporting throughout
the span of her career. Hoe Shin was the Director of Consolidation and Group Reporting for DFS Group, under the Selective Retailing Maison
of LVMH<i>.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Siew Koon Ong </i></b>(Siew Koon Lim) was
appointed to our board in July 2021 and is currently Karooooo&#8217;s Lead Independent Director and the Chair of the Audit and Risk Committee.
Mrs. Lim holds a Bachelor of Accountancy degree from the National University of Singapore and is a Chartered Accountant and fellow member
of the Institute of Singapore Chartered Accountants. Mrs. Lim has 38 years of experience in providing audit and business advisory services
to local companies as well as major public listed companies in a wide range of industries, including banks. She has led initial public
offerings of companies in the retail and lifestyle, manufacturing, construction and property development industries. Mrs. Lim joined Ernst
&amp; Young LLP (then known as Ernst &amp; Whinney) in April 1982 and was a partner of the firm from July 1998 to June 2019, acting as
Chief Financial Officer for a period of 3 years with the responsibility for the firm&#8217;s financial and management accounts. Mrs. Lim
is also an independent director of Nanofilm Technologies International Limited, which is listed on the Mainboard of the SGX, serving as
the Lead Independent Director and Chairperson of the Audit Committee and member of the Risk Committee and Nominating Committee. Mrs. Lim
is also an independent director of Maribank (Singapore) Pte Ltd, one of the four digital banks in Singapore. At Maribank, she is the Lead
Independent Director and Chairperson of the Audit Committee. She also sits on the Risk Committee and Remuneration and Nominating Committee
at Maribank. In addition to Mrs. Lim&#8217;s global financial expertise and deep understanding of regulatory and technical compliance
in a listed environment, we believe her extensive local knowledge and experience qualifies her to serve as a member of the Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Andrew Leong </i></b>has been a member of
our board of directors since February 2021 and is currently the co- founder and the Chief Executive Officer of Videre Security Solutions,
a software company established in 2016, providing data analytics and cyber security to Singapore. Mr. Leong started his career in Singapore&#8217;s
Intelligence Agency in 1998 and was head of the cybersecurity division from 1999 until 2005. From 2005 until 2015, Mr. Leong was the Managing
Director of Chameleon Associates Pte. Ltd., a company specializing in risk mitigation utilizing predictive profiling. Mr. Leong holds
a Bachelor of Applied Sciences in computer engineering from the Nanyang Technology University, Singapore. We believe that Mr. Leong is
well qualified to serve as a member of our board of directors given his extensive experience in artificial intelligence and data analytics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Kim White </i></b>was appointed to our board
on June 25, 2021. Mrs. White served as a member of the board of directors of Cartrack Holdings Limited since 2014. Mrs White also served as Chairman of the Audit
and Risk Committee and member of the Remuneration Committee for Cartrack Holdings Limited during this time. Mrs. White started her career
at RSM South Africa and then founded KCE Consulting, an audit and advisory firm, in 2001. Mrs. White currently holds the position of managing
director at this firm. Mrs White holds a Bachelor of accounting science degree, an Honours degree in Accounting Science, a post-graduate
certificate in Advanced taxation, a post-graduate certificate in International taxation, a certified financial planner diploma and a MBA
from Guglielmo Marconi University, Italy. Mrs. White is a registered Chartered Accountant (South Africa). We believe Mrs. White is well
qualified to serve as a member of our board of directors given her extensive knowledge, leadership, and experience.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Juan Marais </i></b>is our Chief Sales Officer.
Before joining Cartrack Holdings Limited in this role in 2004, he was the Chief Executive Officer of Advancor (Pty) Ltd., an insurance
brokerage, from 2001 to 2004. Prior to that, Mr. Marais was the Chief Executive Officer of Finance Mart (Pty) Ltd., a financial services
company, from 1998 to 2001. Mr. Marais began his career in the insurance industry at Broadstreet Financial Advisory Services, where he
was a Managing Member from 1993 to 1998. Mr. Marais holds a Certification in Financial Planning from Milpark Business School.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Richard Schubert </i></b>is our Chief Operating
Officer. Mr. Schubert joined Cartrack Holdings Limited in 2007 and has held this role at Cartrack Holdings Limited since 2017, and prior
to that, served as Chief Information Officer from 2007 through 2017. Mr. Schubert holds a National Higher Diploma in Electronic Engineering
from the Technikon of the Witwatersrand.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Carmen Calisto </i></b>joined Cartrack Holdings
Limited in February 2020 as Group Chief Marketing Officer. Before joining Cartrack Holdings Limited in this role, she was a Media Activation
Executive at Essence Global from 2019-2020, a global data and measurement-driven full-service agency. Prior to that, Ms. Calisto interned
as an Actuarial Marketer with the Cartrack Group and an Actuarial Advisor at Ernst &amp; Young. She holds a BSc (Honours) in Actuarial
Science from Cass Business School and an MSc in Strategic Marketing from Imperial College London.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Pedro Ventura </i></b>is our Chief Technology
Officer. Mr. Ventura joined Cartrack Holdings Limited in 2015 as a senior Software Engineer and he was promoted to Chief Technical Officer
in November 2020 assuming full responsibility for the strategic and technical direction of Research and Development and our IT infrastructure.
Prior to joining Cartrack Holdings Limited, Mr. Ventura held various senior roles in technology and software development including being
the founder of Internet Business Solutions &amp; Technologies S.A., an Internet based start-up. Mr. Ventura studied Computer Engineering
at the Instituto Superior T&#233;cnico in Lisbon.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Family Relationships</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Carmen Calisto is the daughter of Isaias (Zak) Jose Calisto.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>COMPENSATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Directors and Executive Officer Compensation footnote</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information about
the aggregate compensation, including benefits in kind, accrued or paid to our executive officers and directors with respect to the years
ended February 2023 and 2022 for services in all capacities:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>



</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><span style="font-size: 10pt"><b>2023<sup>(2)</sup></b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(U.S.$</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center"><span style="font-size: 10pt">thousands <sup>(1)</sup>)</span></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">(in R thousands)</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Short-term employee benefits</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">903</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">16,557</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">13,109</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Post-employment benefits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">21</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">378</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">276</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">924</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">16,935</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">13,385</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table><div>



</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">For convenience purposes only, amounts in South African rand
as at February 28, 2023 have been translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for
U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.
These translations should not be considered representations that any such amounts have been, could have been or could be converted at
that or any other exchange rate. See &#8220;Exchange Rates&#8221; for further information about recent fluctuations in exchange rates.</td>
</tr></table><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Aggregate information disclosed includes directors and executive management
given Karooooo&#8217;s IPO in the United States and the incorporation of an international headquarter in Singapore with a centralized
management function. The Group CEO and CFO drive the Group&#8217;s strategy implementation, operation and direction with focus on sustainability
and top and bottom-line growth. In 2022 Mr. Marais was included as executive officer by virtue of his shareholding in Karooooo. Mr. Marais
is the beneficial owner of 3,140,000 shares through One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and outstanding shares
of the Company.</p></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.6pt">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>BOARD PRACTICES Board Composition</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Board Composition</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is composed of five members,
of whom Siew Koon Lim, Andrew Leong and Kim White qualify as &#8220;independent&#8221; under Nasdaq listing rules. Our constitution provides
that our board of directors initially be divided into three classes with staggered terms over a three-year period. Only Class I directors
were subject to re-election at the first annual meeting of stockholders held after the Nasdaq listing, with the other classes continuing
for the remainder of their respective terms. Our current directors are divided among the three classes as follows:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the Class I director that retired at the first annual meeting of stockholders held after the Nasdaq listing, Andrew Leong, was re-elected
for a term of three years;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the Class II directors are Kim White and Siew Koon Lim, who were both re-elected at the AGM held on August 26, 2021 for a term of
three years; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>the Class III directors are Isaias (Zak) Jose Calisto and Hoe Shin Goy, and their terms will expire at the third annual meeting of
stockholders held after the Nasdaq listing, which will be held on July 12, 2023.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At each annual meeting of stockholders, upon the
expiration of the term of a class of directors, the successor to each such director in the class will be elected to serve from the time
of election and qualification until the third annual meeting following his or her election and until his or her successor is duly elected
and qualified, in accordance with our amended and restated certificate of incorporation. Any additional directorships resulting from an
increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist
of one-third of our directors.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This classification of our board of directors
may have the effect of delaying or preventing changes in control of our company. For additional information regarding our board of directors,
see Exhibit 2.2 &#8220;Description of Ordinary Shares&#8212;Election and Reelection of Directors.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Siew Koon Lim was appointed as an additional director
in accordance with article 92 of our Constitution, which required her to retire at the first annual general meeting of shareholders following
her appointment. She was re-elected for a term of three years and also fulfils the position of Lead Independent Director, tasked to oversee
governance and ensure independent decision-making by the board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into service contracts with
any directors of our company or any of our subsidiaries providing for benefits upon termination of employment.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Audit Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee, which consists of Siew Koon
Lim, Andrew Leong and Kim White assists the board in overseeing our accounting and financial reporting processes, the audits of our financial
statements and business risk analysis. In addition, the audit committee is directly responsible for the appointment, compensation, retention
and oversight of the work of our independent registered public accounting firm. The audit committee is also responsible for reviewing
and determining whether to approve certain transactions with related parties. See Item 7.B. &#8220;Related Party Transactions&#8212;Related
Person Transaction Policy.&#8221; The board of directors has determined that Siew Koon Lim qualifies as an &#8220;audit committee financial
expert,&#8221; as such term is defined in the rules of the SEC, and that Siew Koon Lim, Andrew Leong and Kim White are independent, as defined under the rules of the SEC and the Nasdaq applicable to foreign private issuers. Siew Koon Lim acts as chairman
of our audit committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Compensation and Nomination Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The compensation and nomination committee consists
of Andrew Leong, Siew Koon Lim and Kim White, who are all independent non-executive directors, and assists the board in identifying and
nominating candidates for election to the board of directors; reviews and recommends the compensation arrangements for the executive members
of our board of directors and administers any equity compensation plan. Andrew Leong is the appointed director to act as chairman of our
compensation and nomination committee. Although the CEO and CFO are invitees to the meetings to provide input on management performance
and to motivate and explain the remuneration of our people and present proposals for general increases and bonuses, they are not members
of this committee and therefore have no vote.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This committee is also charged with evaluating
individual director performance, the performance of the sub-committees and the board as a whole, which is done on an annual basis.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Duties of Directors and attendance of meetings</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Singapore law, members of the board of directors
of a Singapore company owe certain fiduciary duties towards the company, including a duty to act in good faith in the best interests of
the company, a duty to act honestly and to use reasonable diligence in the discharge of the duties of their office. Directors generally
owe fiduciary duties to the company, and not to the company&#8217;s individual shareholders. Our shareholders may not have a direct cause
of action against our directors. The company has a right to seek damages if a duty owed by directors is breached.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The directors have, without exception, attended all board meetings
held during the reporting period.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Foreign Private Issuer and Controlled Company Exemptions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, under the Nasdaq corporate governance
standards, foreign private issuers, as defined by the rules adopted under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), are permitted to follow home country corporate governance practices instead of the corporate governance practices of the
Nasdaq. Accordingly, we follow certain corporate governance practices of our home country, Singapore, in lieu of certain of the corporate
governance requirements of the Nasdaq in respect of the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(e)(2) of Nasdaq listing rules that companies must adopt a formal written charter or board resolution,
as applicable, addressing the nominations process and such related matters as may be required under the U.S. federal securities laws;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors
governed by a compensation committee charter oversee executive compensation;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings
with only the independent directors present;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(c) of Nasdaq listing rules that a quorum must consist of at least 331&#8725;3 percent of the outstanding
shares of a listed company&#8217;s common voting stock; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5610 of Nasdaq listing rules that a company must have adopted one or more codes of conduct applicable
to all directors, officers and employees, and that such codes are publicly available.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event we no longer qualify as a foreign
private issuer, we intend to rely on the &#8220;controlled company&#8221; exemption under the NASDAQ corporate governance rules. A &#8220;controlled
company&#8221; under the Nasdaq corporate governance rules is a company of which more than 50% of the voting power is held by an individual,
group or another company. Our controlling shareholder and chief executive officer, Zak Calisto, controls a majority of the combined voting
power of our outstanding ordinary shares, and will be able to nominate a majority of directors for election to our board of directors.
Accordingly, we would be eligible to, and, in the event we no longer qualify as a foreign private issuer, we intend to, take advantage
of certain exemptions under the Nasdaq corporate governance rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &#8220;foreign private issuer&#8221; exemption
and the &#8220;controlled company&#8221; exemption do not modify the independence requirements for the audit committee, and we comply
with the requirements of the Sarbanes-Oxley Act and the Nasdaq rules, which require that our audit committee be composed of at least three
directors, all of whom are independent.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If at any time we cease to be a &#8220;controlled
company&#8221; or a &#8220;foreign private issuer&#8221; under the rules of the Nasdaq and the Exchange Act, as applicable, our board
of directors will take all action necessary to comply with the NASDAQ corporate governance rules.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to our status as a foreign private issuer
and our intent to follow certain home country corporate governance practices, our shareholders will not have the same protections afforded
to shareholders of companies that are subject to all the Nasdaq corporate governance standards. See Exhibit 2.2 &#8220;Description of
Ordinary Shares.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>EMPLOYEES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at February 28, 2023, we had 4,039 full-time
employees, of which 2,816 are located in South Africa, 221 are located in Africa-Other, 288 are located in Europe, and 714 are located
in Asia-Pacific, Middle East and USA. None of our employees are represented by a labor union or covered by a collective bargaining agreement.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a team-oriented culture and encourage
candor from our employees, which we believe helps us to succeed and drive operational excellence. We also seek to, and have a history
of, promoting from within our organization as well as hiring top talent from outside of our company to expand our capabilities. We aim
to hire individuals who share our passion, commitment and entrepreneurial spirit. We are also committed to diversity and inclusion because
we believe that diversity leads to better outcomes for our business and enables us to better meet the needs of our customers.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>SHARE OWNERSHIP</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For information regarding the share ownership
of our directors and executive officers, please refer to Item 6.B. &#8220;&#8212;Compensation&#8221; and Item 7.A. &#8220;Major Shareholders
and Related Party Transactions&#8212;Major Shareholders.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>F.</b></td><td style="text-align: justify"><b>DISCLOSURE OF A REGISTRANT&#8217;S ACTION TO RECOVER ERRONEOUSLY
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</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 125pt">&#160;</p><div>

</div><div><a id="a_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>MAJOR SHAREHOLDERS</b></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information as at May 19, 2023 regarding
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the table below, the percentage
ownership calculations are based on 30,951,106 ordinary shares outstanding as of May 20, 2022. To the extent different, beneficial ownership
determined in accordance with the rules of the SEC, including voting or investment power with respect to the securities, is described
in the footnotes to the table.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">7.03</td><td style="padding-bottom: 1.5pt; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt">Total Ordinary Shares</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">30,951,106</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(1)</td><td style="text-align: justify">Mr. Calisto owns 20,028,811 shares, or 64.71%. However, Mr.
Calisto and One Spire (Pty) Ltd. have agreed that if Mr. Calisto&#8217;s beneficial ownership falls to below 51% of the issued and outstanding
shares of the Company, then One Spire (Pty) Ltd. will cast all votes in respect of the ordinary shares that One Spire (Pty) Ltd. beneficially
owns as directed by Mr. Calisto. As a result, in accordance with the rules of the SEC, Mr. Marais&#8217; 3,140,000 shares may be deemed
to be beneficially owned by Mr. Calisto. Therefore, Mr. Calisto may be deemed to beneficially own 23,168,811 shares or 74.85%. Mr. Calisto
disclaims beneficial ownership of Mr. Marais&#8217; 3,140,000 ordinary shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(2)</td><td style="text-align: justify">Mr. Marais is the beneficial owner of 3,140,000 shares through
One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and outstanding shares of the Company. Mr. Marais and Jennie Allen are
directors of One Spire (Pty) Ltd., and accordingly, Mr. Marais and Ms. Allen share voting and investment power over the shares held by
One Spire (Pty) Ltd. Mr. Calisto and One Spire (Pty) Ltd. have agreed that if Mr. Calisto&#8217;s beneficial ownership falls to below
51% of the issued and outstanding shares of the Company, then One Spire (Pty) Ltd. will cast all votes in respect of the ordinary shares
that One Spire (Pty) Ltd. beneficially owns as directed by Mr. Calisto. As a result, in accordance with the rules of the SEC, Mr. Calisto
may be deemed to beneficially own such shares. Mr. Calisto disclaims beneficial ownership of such ordinary shares.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(3)</td><td style="text-align: justify">Gobi Capital LLC is controlled by Bo Shan. Gobi Capital LLC
and Bo Shan disclaim beneficial ownership of the ordinary shares listed above except to the extent of any pecuniary interest therein.
The business address of Gobi Capital LLC is 909 Montgomery Street, Suite 400, San Francisco, CA 94133.</td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at May 19, 2023, we had 2 holders of record
of our ordinary shares, 1 of which was located in the United States, holding approximately 24,232,652 of our total issued ordinary shares.
The U.S. shareholder of record is CEDE &amp; CO., a nominee of The Depository Trust Company. We believe that the shares held by CEDE &amp;
CO. include ordinary shares beneficially owned by both holders in the United States and non-U.S. beneficial owners. The share register
in South Africa holds 6,718,454 ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>RELATED PARTY TRANSACTIONS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Related Person Transaction Policy</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have adopted a policy requiring approval by
the audit committee, subject to certain exceptions, of certain transactions between us and a related person (as defined below). Transactions
subject to the policy would include the following transactions in which a related person has or will have a direct or indirect material
interest:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">any transaction or series of transactions with a related person that is material to us or the related person, or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top; text-align: justify">
<td style="text-align: justify; width: 0.25in"></td><td style="width: 0.25in; text-align: justify">&#9679;</td><td style="text-align: justify"><p style="margin-top: 0; margin-bottom: 0">any
transactions that are unusual in their nature or conditions, involving goods, services, or tangible or intangible assets, to which we
are a party.</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"></p></td>
</tr></table><div>


</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">For purposes of the policy, &#8220;related person&#8221; means:</p><div>

</div><p style="text-align: justify; margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">any director or executive officer of (i) the Company or (ii) an affiliated entity of the Company;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">any immediate family member of a director or executive officer of (i) the Company or (ii) an affiliated entity of the Company;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">any nominee for director of (i) the Company or (ii) an affiliated entity of the Company and the immediate family members of such nominee;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">a 10% beneficial owner of the Company&#8217;s voting securities or any immediate family member of such owner; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">enterprises in which a substantial interest in the voting power is owned, directly or indirectly by a person described in any of the
immediately preceding four bullet points or over which such a person is able to exercise significant influence.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Related Party Transactions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information below describes related party
transactions we have entered into, which are material to the company or the related party, or any transactions that are unusual in their
nature or conditions, involving goods, services or tangible or intangible assets, to which the company or any of its affiliates was a
party.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional information about our related party transactions is included
in Note 30 to the audited consolidated financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Property leases</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Up to December 2021, we leased offices at 166
Jan Smuts Avenue, Rosebank, Johannesburg, 2196, South Africa and at 11 Keyes Avenue, Rosebank, Johannesburg, 2196, South Africa, with
approximately 6,356 square meters of space in total, pursuant to lease agreements (the &#8220;Lease Agreements&#8221;) by and between
Purple Rain, and each of (i) Cartrack Proprietary Limited, (ii) Cartrack Manufacturing Proprietary Limited and (iii) Found Proprietary
Limited, each dated as at March 1, 2020. Purple Rain was an entity in which our Chief Executive Officer, Isaias (Zak) Jose Calisto, owned
an 85% stake. Under the Lease Agreements, the aggregate amount of payments paid to Purple Rain were ZAR 7.2 million, ZAR 12.4 million
and ZAR 16.4 million for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Lease Agreements were terminated during
fiscal 2022 and the shares of Purple Rain were acquired by Cartrack Holdings Proprietary Limited, terminating the only material
related party transaction within the group - more detail below &#8220;acquisitions&#8221;. Following a decision to demolish the
existing buildings we entered into lease agreements for office space at two locations as set out in Item 4.D, &#8220;Property, Plant
and Equipment&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Put Option</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When Karooooo acquired 70.1% of Karooooo Logistics
(Picup) in September 2021, Karooooo entered into a Put Option Agreement with our Chief Executive Officer, Isaias (Zak) Jose Calisto, the
ultimate controlling shareholder of Karooooo, to grant Karooooo the right to sell all its interest in Karooooo Logistics to Isaias (Zak)
Jose Calisto. The put option expired on August 31, 2022. As this was a transaction between Karooooo and the ultimate controlling shareholder
of Karooooo, Isaias (Zak) Jose Calisto, the fair value and subsequent changes in fair value of the put option is recognized directly against
retained earnings, amounting to ZAR 15.3 million. Refer to FS &#8211; page F-37.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Registration Rights Agreement</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Offering, we entered into
a registration rights agreement with our Chief Executive Officer, Isaias (Zak) Jose Calisto. The registration rights agreement grants
Mr. Calisto and his designees specified registration rights in connection with any transfer of ordinary shares issuable to us or our affiliates
upon conversion of any shares. As a result, Mr. Calisto may require us to use reasonable best efforts to effect the registration under
the Securities Act of our ordinary shares that he or his affiliates own, in each case at our own expense. The registration rights agreement
also provides that we will indemnify Mr. Calisto in connection with the registration of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Loan Arrangements</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given our commitment to South Africa&#8217;s broad-based
Black economic codes of good practice, we entered into an Enterprise Development Loan Agreement with Bumbene House (Proprietary) Limited
in February 2020 under which we provided Bumbene House (Proprietary) Limited with a loan in an aggregate amount of ZAR 11.0 million. The
loan was extended by a further ZAR 8.4 million during the 2021 financial year and another ZAR 6.4 million during the 2023 financial year.
Our Chief Executive Officer, Isaias (Zak) Jose Calisto, serves as a trustee of the Kubu Trust that owns 100% of Bumbene House (Proprietary)
Limited. Amounts due under this loan bear no interest, have no fixed terms of repayment and are repayable on demand. As at February 28,
2023, ZAR 25.8 million of this loan remained outstanding in full.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 22, 2020, the Company entered into
an agreement with a related party (Orient Victoria Pte Ltd), whereby the related party agreed to lend and advance up to USD 65 million
for the sole purpose of facilitating the Company&#8217;s acquisition of the remaining interest in the subsidiary, CTK. The related party
loan bore interest at a rate of 1.25% and was repayable as soon as possible and prior to the Company paying any dividends. On December
29, 2020, the Company received a USD 58.5 million (ZAR 882.4 million) loan from Orient Victoria Pte Ltd. This loan was fully repaid, with
interest, on April 22, 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Acquisitions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Karooooo Logistics (Pty) Ltd: </b>In September
2021, the group strategically acquired 70.1% of the shares and voting interest in Karooooo Logistics (Picup), a logistics cloud-based
disruptive technology company located in South Africa. The acquisition may be a related party transaction given that Isaias (Zak) Jose
Calisto, founder and CEO of Karooooo, had been working with Picup prior to its acquisition by the group, to build the Picup business for
scale, including through a ZAR 4.5 million loan from Onecell Holdings (Pty) Ltd of which Mr J Marais and Mr Calisto hold substantial voting
interests, and Mr Calisto is a director, given the timing of the approval of the transaction. The loan was intended as a once-off short-term
bridge financing for Picup prior to final acquisition approvals, and was fully repaid in September 2021 following the completion of the
acquisition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr J Marais, Mr Calisto and Onecell Holdings (Pty) Ltd had no interest
in Picup prior to the acquisition.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Cartrack&#8217;s mobility open eco system platform
allows for seamless integration into third party systems, Karooooo Logistics has been working with Cartrack to address the challenges
of last-mile delivery through an integrated offering. Karooooo Logistics simplifies transport operations and helps mitigate the risks
associated with logistics, specifically in relation to meeting tight delivery timeframes. Cartrack customers are now able to manage their
own fleets and workflows, interact with specialist courier companies, as well as a network of vetted crowd-sourced drivers, thus enabling
them to efficiently scale their e-commerce business, deliveries and general logistic needs. The platform allows enterprises and transporters
to plan and allocate their loads, access real-time tracking and proof of delivery with automated payments.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Purple Rain Properties (Pty) Ltd (&#8220;Purple
Rain&#8221;): </b>In February 2022, the group acquired 100% of the shares and voting interest in Purple Rain for a nominal consideration
of ZAR 100 which equaled the net asset value and issued share capital of Purple Rain at the time. See Note 28 to the accompanying consolidated
financial statements included elsewhere in this annual report for further information.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Transaction is a related party transaction
due to Mr J Marais and Mr Calisto indirectly owning Purple Rain through their interest in Onecell Holdings (Pty) Ltd, a private company
registered in South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Purple Rain&#8217;s only asset is the properties
at the location of the office space utilized by Cartrack businesses in Johannesburg, South Africa prior to this acquisition and redevelopment.
Independent valuation appraisals of these properties had been concluded.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Given Karooooo&#8217;s consistent annual growth
rate since inception, its existing leased office premises in Johannesburg South Africa, Cartrack Corner, situated at 11 Keyes Avenue Rosebank
(&#8220;office premises&#8221;), no longer provided adequate space to accommodate the expected growth.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent to the acquisition the office buildings
have been demolished and the properties consolidated to enable the erection of a head office suite for South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full total cost for the redevelopment of the
office premises, including the site, is estimated to be ZAR 404.1 million. The complete asset estimated to be ZAR 404.1 million equates
to an estimated monthly long term lease cost of ZAR 115 per square meter, in comparison to the current market rate of ZAR 140 per square
meter with an annual escalation of 8%. The new offices, including 404 parking bays, will have a built-up area of approximately 31,800
square meters. Whilst the redevelopment is taking place, expected to be 2 years, Cartrack has temporarily leased offices opposite its
current offices in Rosebank, Johannesburg and another location in Johannesburg South Africa, as set out in Item 4.D &#8220;Property, Plant
and Equipment&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>INTERESTS OF EXPERTS AND COUNSEL</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 207pt">&#160;</p><div>

</div><div><a id="a_012"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Item 8. FINANCIAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See Item 18. &#8220;FINANCIAL STATEMENTS&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>LEGAL PROCEEDINGS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To our knowledge, we are not currently a party
to any legal proceeding that would have a material adverse effect on our financial condition, results of operations, or liquidity, nor
are we aware of any pending legal proceedings, which may have a material adverse effect on our financial condition, results of operations,
or liquidity. From time to time in the future, we may become involved in legal proceedings arising in the ordinary course of our business.
Litigation is subject to many uncertainties, the outcome of individual litigated matters is not predictable with assurance, and it is
reasonably possible that some of these matters may be decided unfavorably to us.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>DIVIDENDS AND DIVIDEND POLICY</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends are declared at the discretion of our
board of directors and we cannot assure you that we will pay any dividends to holders of our ordinary shares, or as to the amount of any
such dividends if our board of directors determines to do so.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group did not pay any dividends during Fiscal 2022 (Fiscal 2021:
ZAR 418 million).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The board recognizes the importance to the group of investment in achieving
growth at scale and endeavors to avoid swings in dividend profile.The payment and timing of dividends in cash or other distributions
(such as a return of capital to shareholders through share buy-backs, for example) are determined by the board after considering factors
that include: earnings and free cash flow; current and anticipated capital requirements; economic conditions; contractual, legal, tax
and regulatory restrictions (including covenants contained in any financing agreements), the ability of group subsidiaries to distribute
funds to Karooooo and such other factors the board may deem relevant. Karooooo aims to reinvest retained earnings to the extent that it
aligns with the group&#8217;s required return on incrementally reinvested capital, return on equity, and short- to medium-term growth
strategy. See &#8220;Risk Factors&#8212;Although Karooooo has paid dividends in the past, our ability to pay dividends in the future depends
on many factors and we cannot guarantee you that we will continue to pay dividends in the future.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board may, by ordinary resolution, declare
dividends at a general meeting of its shareholders, but no dividend shall be payable except out of our profits, and the amount of any
such dividend shall not exceed the amount recommended by the board of directors. Subject to Karooooo&#8217;s constitution and in accordance
with the Singapore Companies Act, the board of directors may, without the approval of shareholders, declare and pay interim dividends,
but any final dividends the board declares must be approved by an ordinary resolution at a general meeting of shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the stated dividend policy
above, an interim dividend of 60 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo&#8217;s 2023 financial year,
was paid, out of Karooooo&#8217;s retained earnings, on September 12, 2022 to shareholders on record as at the close of business on September
02, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 8, 2023, the board declared an interim
dividend of 85 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo&#8217;s 2024 financial year, which will be paid
on July 3, 2023 to shareholders on record as at the close of business on June 23, 2023. Although Karooooo&#8217;s reporting currency is
ZAR, its statutory filings in Singapore are reported in USD, as a result of which dividends are declared in USD.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>SIGNIFICANT CHANGES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See Note 38 in the notes to the consolidated financial
statements attached to this annual report for discussion of subsequent events since the date of our most recent audited financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_013"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Item 9. THE OFFER AND LISTING</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>OFFER AND LISTING DETAILS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The principal market in which our ordinary shares trade is the Nasdaq
Capital Market under the symbol &#8220;KARO&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The secondary market in which our ordinary shares trade is the Johannesburg
Stock Exchange (&#8220;JSE&#8221;) under the symbol &#8220;KRO&#8221;.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>PLAN OF DISTRIBUTION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>MARKETS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>SELLING SHAREHOLDERS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>DILUTION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt"><b>F.</b></td><td><b>EXPENSES OF THE ISSUE</b></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_014"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<b>Item 10. ADDITIONAL INFORMATION</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>SHARE CAPITAL</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>MEMORANDUM AND ARTICLES OF ASSOCIATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The information required by this section, including
a summary of certain key provisions of our constitution, has been included previously in our Registration Statement on Form F-1 (Registration
No. 333-253625) as filed under the Securities Act with the SEC on February 26, 2021 and has not changed since, and therefore is incorporated
by reference to that Registration Statement. A copy of our constitution is attached as Exhibit 1.1 to this annual report. For additional
information on our memorandum and articles of association, please see Exhibit 2.2 &#8220;Description of Ordinary Shares&#8221; to this
annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>MATERIAL CONTRACTS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not entered into any material contracts
other than in the ordinary course of business and other than as may be described in Item 5.B. &#8220;Operating and Financial Review and
Prospects&#8212;Liquidity and Capital Resources,&#8221; Item 7.B. &#8220;Major Shareholders and Related Party Transactions&#8212;Related
Party Transactions&#8221; or elsewhere in this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>EXCHANGE CONTROLS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There are no governmental laws, decrees, regulations or other legislation
of Singapore that may affect:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the import or export of capital including the availability of cash and cash equivalents for use by the Company, or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the remittance of dividends, interests or other payments to non-resident holders of the Company&#8217;s securities other than those
deriving from the U.S.-Singapore double taxation treaty.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.4pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risks associated with exchange controls experienced in the ordinary
course of business are described in Item 3.D. &#8220;Key Information&#8212;Risk Factors.&#8221;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>E.</b></td><td style="text-align: justify"><b>TAXATION</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>TAX CONSIDERATIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The following are material Singaporean, South
African and U.S. federal income tax considerations relevant to an investment in our ordinary shares. This discussion does not address
all of the tax consequences that may be relevant in light of the investor&#8217;s particular circumstances. Potential investors should
consult their tax advisers regarding the Singaporean, South African, U.S. federal, state and local, and non-U.S. tax consequences of owning
and disposing of our ordinary shares in their particular circumstances.</i></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Singaporean Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements made herein regarding taxation
are general in nature and based on certain aspects of current tax laws of Singapore and administrative guidelines issued by the relevant
authorities in force as of the date of this annual report and are subject to any changes in such laws or administrative guidelines, or
in the interpretation of these laws or guidelines, occurring after such date, which changes could be made on a retrospective basis. These
laws and guidelines are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with
the explanations or conclusions set out below. The statements below are not to be regarded as advice on the tax position of any holder
of our ordinary shares or of any person acquiring, selling or otherwise dealing with our ordinary shares or on any tax implications arising
from the acquisition, sale or other dealings in respect of our ordinary shares. The statements made herein do not purport to be a comprehensive
or exhaustive description of all of the tax considerations that may be relevant to a decision to purchase, own or dispose of our ordinary
shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers
in securities) may be subject to special rules. Holders of our ordinary shares are advised to consult their own tax advisers as to the
Singapore or other tax consequences of the acquisition, ownership of or disposal of our ordinary shares. The statements below regarding
the Singapore tax treatment of dividends received in respect of our ordinary shares are based on the assumption that the Company is tax
resident in Singapore for Singapore income tax purposes. It is emphasized that neither the Company nor any other persons involved in this
annual report accepts responsibility for any tax effects or liabilities resulting from the subscription for, purchase, holding or disposal
of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Individual Income Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An individual is a tax resident in Singapore in
a year of assessment if, in the preceding year, he was physically present in Singapore or exercised an employment in Singapore (other
than as a director of a company) for 183 days or more, or if he resides in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Individual taxpayers who are Singapore tax residents
are subject to Singapore income tax on income accruing in or derived from Singapore. All foreign-sourced income received in Singapore
on or after January 01, 2004 by a Singapore tax resident individual (except for income received through a partnership in Singapore) is
exempt from Singapore income tax if the Comptroller of Income Tax in Singapore (&#8220;Comptroller&#8221;) is satisfied that the tax exemption
would be beneficial to the individual. A Singapore tax resident individual is taxed at progressive rates ranging from 0% to 22% up to
YA2023. With effect from YA2024, the maximum tax rate for tax resident is 24%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-resident individuals, subject to certain exceptions and conditions,
are subject to Singapore income tax on income accruing in or derived from Singapore at the rate of 22% up to year of assessment (&#8220;YA&#8221;)
2023. With effect from YA2024, the non-resident tax rate is 24%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Corporate Income Tax</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A corporate taxpayer is regarded as resident in
Singapore for Singapore tax purposes if the control and management of its business is exercised in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Corporate taxpayers who are Singapore tax residents
are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign-sourced
income received or deemed to be received in Singapore. Foreign-sourced income in the form of dividends, branch profits or after June 01,
2003 are exempt from tax if certain prescribed conditions are met, including the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(i)</td><td style="text-align: justify">such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received;
and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">(ii)</td><td style="text-align: justify">at the time the income is received in Singapore, the highest rate of tax of a similar character to income
tax (by whatever name called) levied under the law of the territory from which the income is received on any gains or profits from any
trade or business carried on by any company in that territory at that time is not less than 15%.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Certain concessions and clarifications have also been announced by
the Inland Revenue Authority of Singapore (&#8220;IRAS&#8221;) with respect to such conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-resident corporate taxpayer is subject to
income tax on income that is accrued in or derived from Singapore, and on foreign-sourced income received or deemed received in Singapore,
subject to certain exceptions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The corporate tax rate in Singapore is currently
17%. In addition, three-quarters of up to the first S$10,000 of a company&#8217;s annual normal chargeable income, and one-half of up
to the next S$190,000, is exempt from corporate tax from the YA2020 onwards. The remaining chargeable
income (after the tax exemption) will be fully taxable at the prevailing corporate tax rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New companies will also, subject to certain conditions
and exceptions, be eligible for tax exemption on three-quarters of up to the first S$100,000 of a company&#8217;s annual normal chargeable
income, and one-half of up to the next S$100,000, a year for each of the Company&#8217;s first three YAs from YA2020 onwards. The remaining
chargeable income (after the tax exemption) will be taxed at the applicable corporate tax rate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Dividend Distributions</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All Singapore-resident companies are currently under the one-tier corporate
tax system (&#8220;one-tier system&#8221;).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends received in respect of our ordinary
shares by either a resident or non-resident of Singapore are not subject to Singapore withholding tax, on the basis that we are a tax
resident of Singapore and under the one-tier system.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the one-tier system, the tax on corporate
profits is final and dividends paid by a Singapore resident company are tax exempt in the hands of a shareholder, regardless of whether
the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Gains on Disposal of our Ordinary Shares</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore does not impose tax on capital gains.
There are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. Gains
arising from the disposal of our ordinary shares may be construed to be of an income nature and subject to Singapore income tax, especially
if they arise from activities which the IRAS regards as the carrying on of a trade or business in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ordinary shares who apply, or who
are required to apply, the Singapore Financial Reporting Standard (&#8220;FRS&#8221;) 39, FRS 109 or Singapore Financial Reporting Standard
(International) 9 (&#8220;SFRS(I) 9&#8221;) (as the case may be) may for the purposes of Singapore income tax be required to recognize
gains or losses (not being gains or losses in the nature of capital) in accordance with the provisions of FRS 39, FRS 109 or SFRS(I) 9
(as modified by the applicable provisions of Singapore income tax law) even though no sale or disposal of our ordinary shares is made.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ordinary shares who may be subject
to this tax treatment should consult their accounting and tax advisers regarding the Singapore income tax consequences of their acquisition,
holding and disposal of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Stamp Duty</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where our ordinary shares evidenced in certificated
form are acquired in Singapore, stamp duty is payable on the instrument of their transfer at the rate of 0.2% of the consideration for,
or market value of, our ordinary shares, whichever is higher.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stamp duty is borne by the purchaser unless there
is an agreement to the contrary. Where an instrument of transfer is executed outside Singapore or no instrument of transfer is executed,
no stamp duty is generally payable on the acquisition of our ordinary shares. However, stamp duty may be payable if the instrument of
transfer is executed outside Singapore and is received in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to recent amendments to the Stamp Duties
Act, Chapter 312 of Singapore, stamp duty is payable on certain electronic instruments that effect a transfer of interest in our ordinary
shares, where such instruments are regarded or deemed to be executed in Singapore, or executed outside Singapore and received in Singapore.
In this regard, an electronic instrument that is executed outside Singapore is received in Singapore if (a) it is retrieved or accessed
by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c)
an electronic copy of it is stored on a computer in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On the basis that any transfer instruments in
respect of any interests in our ordinary shares (whether traded on Nasdaq or JSE) are executed outside Singapore through the transfer
agent(s), share registrar(s) and/or administrative depositary agent(s) in the United States and/or South Africa for registration in our
share register(s) and/or administrative depositary register(s) (including branch register(s) of members) maintained in the United States
and/or South Africa respectively, no stamp duty should be payable in Singapore on such transfers to the extent that the instruments of
transfer (including electronic instruments) are not received in Singapore and all electronic records and any information relating to such
transfers are not electronically received by persons in Singapore, stored on any server or device in Singapore or made accessible to any
person in Singapore.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Estate Duty</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Singapore estate duty was abolished with respect to all deaths occurring
on or after February 15, 2008.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Goods and Services Tax (&#8220;GST&#8221;)</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The sale of our ordinary shares by a GST-registered
investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any
input GST incurred by the GST-registered investor in making an exempt supply is generally not recoverable from the Singapore Comptroller
of GST.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where our ordinary shares are sold by a GST-registered
investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person
belonging outside Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply
subject to GST at 0%. Any input GST incurred by the GST-registered investor in making such a supply in the course of or furtherance of
a business may be fully recoverable from the Singapore Comptroller of GST. Investors should seek their own tax advice on the recoverability
of GST incurred on expenses in connection with the purchase and sale of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Services consisting of arranging, brokering, underwriting
or advising on the issue, allotment or transfer of ownership of our ordinary shares rendered by a GST-registered person to an investor
belonging in Singapore for GST purposes in connection with the investor&#8217;s purchase, sale or holding of our ordinary shares will
be subject to GST at the standard rate of 7.0%. Similar services rendered by a GST registered person contractually to and for the direct
benefit of an investor belonging outside Singapore should generally, subject to the satisfaction of certain conditions, be subject to
GST at 0%.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Singapore&#8217;s GST
will be raised in 2 phases, with the first increase from 7% to 8% taking place from January 01, 2023 and the second increase to 9% will
take place from January 01, 2024.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>South African Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary describes the principal
South African income tax considerations generally applicable to the acquisition, holding and disposal of the Company&#8217;s ordinary
shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based on the current provisions
of the South African Income Tax Act No. 58 of 1962 (&#8220;Income Tax Act&#8221;), and the prevailing practice adopted by the South African
Revenue Service (&#8220;SARS&#8221;), published in writing prior to the date hereof. This summary does not consider legislative proposals
to amend the Income Tax Act. This summary is of a general nature only and is not intended to be legal or tax advice to any particular
shareholder. This summary is not exhaustive of all South African income tax considerations. Accordingly, shareholders should consult their
own tax advisors as to the tax consequences under the tax laws of the country of which they are resident or otherwise subject to tax.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this registration statement, the term
&#8220;SA Corporate&#8221; means a person in section 64F(1)(a) of the Income Tax Act being &#8220;a company which is a resident&#8221;
for tax purposes in South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this registration statement, the term
&#8220;Regulated Intermediary&#8221; means a regulated intermediary as contemplated in section 64D of the Income Tax Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For tax years ending before March 31, 2023, the
Corporate Income Tax rate applicable to the corporate income of both resident and non-resident companies is 28%. This rate will be reduced
to 27% with effect for years of assessment ending on or after March 31, 2023.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>SA Tax Resident Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SA Tax Resident Shareholders (i.e. shareholders
of the Company who are subject to income tax in South Africa on their worldwide income) will initially be reflected in the administrative
depositary share register in South Africa and will not hold their shares through DTC. SA Tax Resident Shareholders who choose to hold
their shares through DTC will need to ensure they have sufficient single discretionary allowance in respect of individuals and trusts
or foreign direct investment allowance for SA Corporates.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">South African dividend tax at 20% will be withheld
on any cash dividends declared and paid by the Company to SA Tax Resident Shareholders holding Company ordinary shares listed on the JSE,
subject to any applicable exemptions that may apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No South African dividend tax will be withheld
on any cash dividends declared and paid by the Company to SA Tax Resident Shareholders holding Company ordinary shares through DTC. Such
dividends will be subject to income tax in South Africa in the hands of the SA Tax Resident Shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A controlled foreign company (&#8220;CFC&#8221;)
is a non-South African company in which more than 50% of the participation rights/voting rights are directly or indirectly held/exercisable
by SA Tax Residents who are not headquarter companies. Certain profits of CFCs are included in the taxable income of certain SA Tax Resident
ordinary shareholders.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Company&#8217;s shares are not held more than 50% by SA Tax Resident
ordinary shareholders and thus the Company is not currently a CFC.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shareholder base of the Company, classified
either as SA Tax Resident Shareholders or non-SA Tax Resident Shareholders, may vary over time. Where the Company achieves CFC status
in future, only those SA Tax Resident Shareholders holding, alone or together with any connected person, 10% or more of the Company&#8217;s
ordinary shares must include in their taxable income (i.e. impute unless any of the exemptions from imputation apply &#8212; see below)
their proportion of the &#8220;profit&#8221; of the Company, with such proportion being their proportional shareholding equivalent to
the percentage of their shareholding in the Company&#8217;s ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SA Tax Resident Shareholders who, together with
connected persons, will acquire more than 10% of the Company&#8217;s ordinary shares in future are advised to obtain tax advice regarding
whether they will have a South African tax exposure as a result of the Company potentially being a CFC as at that date, having regard
to the Company&#8217;s shareholder base as at that point in time.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SA Tax Resident Shareholders that dispose of their
Company ordinary shares will be subject to either income tax (in the case of share dealers) or capital gains tax (in the case of capital
investors).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Non-SA Tax Resident Shareholders</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No South African dividend tax will be withheld
on any cash dividends declared and paid by the Company to Non-SA Tax Resident Shareholders (i.e. shareholders of the Company who are not
subject to income tax in South Africa on their worldwide income) holding Company ordinary shares. Where such shares are registered on
the JSE, a specific exemption is applicable in terms of the Income Tax Act, provided that the Non-SA Tax Resident Shareholder has submitted
the prescribed information to their Regulated Intermediary or the Company as required in terms of section 64G(2)(a) prior to payment of
the relevant cash dividend. Where such shares are registered through the DTC, South African dividend tax is not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-SA Tax Resident Shareholders that dispose
of their Company ordinary shares registered on the JSE or through the DTC will not be subject to capital gains tax (in the case of capital
investors) in South Africa provided that the Company ordinary shares are not attributable to a permanent establishment of the Non-SA Tax
Resident Shareholder in South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where the Non-SA Tax Resident Shareholders are
share dealers no income tax will be payable on disposal of their Company ordinary shares registered on the JSE or through the DTC as the
income will not be from a South African source, provided that the Company ordinary shares are not attributable to a permanent establishment
of the Non-SA Tax Resident shareholder in South Africa.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>U.S. Federal Income Tax Considerations</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are certain U.S. federal income
tax consequences to the &#8220;U.S. Holders&#8221; described below of owning and disposing of ordinary shares, but this discussion does
not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person&#8217;s decision
to hold ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This discussion applies only to a U.S. Holder
that holds the ordinary shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax
consequences that may be relevant in light of a U.S. Holder&#8217;s particular circumstances, including any alternative minimum tax or
Medicare contribution tax considerations, or consequences applicable to U.S. Holders subject to special rules, such as:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>certain financial institutions;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>dealers or traders in securities that use a mark-to-market method of tax accounting;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>persons holding ordinary shares as part of a straddle, integrated or similar transaction;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>entities classified as partnerships for U.S. federal income tax purposes and their partners;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>tax-exempt entities, &#8220;individual retirement accounts&#8221; or &#8220;Roth IRAs&#8221;;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>persons that own or are deemed to own 10% or more of our stock by voting power or value;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">persons who acquired our ordinary shares pursuant to the exercise of an employee stock option or otherwise as compensation; or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td>persons holding ordinary shares in connection with a trade or business outside the United States.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a partnership (or other entity that is classified
as a partnership for U.S. federal income tax purposes) owns ordinary shares, the U.S. federal income tax treatment of a partner will generally
depend on the status of the partner and the activities of the partnership. Partnerships that own ordinary shares and their partners should
consult their tax advisers as to their particular U.S. federal income tax consequences of owning and disposing of ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This discussion is based on the Internal Revenue
Code of 1986, as amended (the &#8220;Code&#8221;), administrative pronouncements, judicial decisions, and final, temporary and proposed
Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As used herein, a &#8220;U.S. Holder&#8221; is a person that is, for
U.S. federal income tax purposes, a beneficial owner of ordinary shares and:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt">&#9679;</td><td style="text-align: justify">a citizen or individual resident of the United States;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt">&#9679;</td><td style="text-align: justify">a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state
therein or the District of Columbia; or</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt">&#9679;</td><td style="text-align: justify">an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.4pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">This discussion does not address the effects of any state, local or
non-U.S. tax laws, or any U.S. federal tax laws other than income tax laws (such as U.S. federal estate or gift tax laws). U.S. Holders
should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of
ordinary shares in their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as described below under &#8220;&#8212;
Passive Foreign Investment Company Rules,&#8221; this discussion assumes that we are not, and will not be, a passive foreign investment
company (a &#8220;PFIC&#8221;) for any taxable year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation of Distributions</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions, if any, paid on our ordinary shares,
other than certain pro rata distributions of ordinary shares, will be treated as dividends to the extent paid out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings
and profits under U.S. federal income tax principles, U.S. Holders generally should expect that distributions will be treated as dividends.
Dividends will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Subject to
applicable limitations, (including a minimum holding period requirement), dividends paid by &#8220;qualified foreign corporations&#8221;
to certain non-corporate U.S. investors are taxable at a preferential rate applicable to long-term capital gains. A non-U.S. corporation
is treated as a qualified foreign corporation with respect to dividends paid on stock that is readily tradable on certain U.S. securities
markets, such as the Nasdaq. The preferential rate does not apply if the non-U.S. corporation is a PFIC for the year the dividend is paid
or the preceding year. Non-corporate U.S. Holders should consult their tax advisers regarding the availability of the preferential rate
and any limitations that may apply in their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends will be included in a U.S. Holder&#8217;s
income on the date of receipt. The amount of any dividend income paid in a currency other than the U.S. dollar will be the U.S. dollar
amount calculated by reference to the spot rate in effect on the date of receipt, regardless of whether the payment is in fact converted
into U.S. dollars on such date. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should
not be required to recognize foreign currency gain or loss in respect of the amount received. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars after the date of receipt. Dividends will be treated as foreign-source income
for foreign tax credit purposes, which may be relevant to U.S. Holders in calculating their foreign tax credit limitation. Foreign currency
gain or loss generally will be treated as U.S.-source income or loss for foreign tax credit purposes.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As described under Item 10.E. &#8220;Tax Considerations&#8212;Singaporean
Tax Considerations&#8212;Dividend Distributions&#8221; and &#8220;Tax Considerations&#8212;South African Tax Considerations&#8212;Non-SA
Tax Resident Shareholders,&#8221; Singapore and South Africa generally do not impose withholding taxes on dividends paid by the Company
on ordinary shares held through DTC (and in the case of a Non-SA Tax Resident Shareholder, JSE, provided that procedural requirements
to establish an exemption are met). If any non-U.S. jurisdiction imposes taxes on dividends, U.S. Holders should consult their tax advisers
regarding the creditability or deductibility of any such foreign taxes (including any applicable limitations that may apply either generally
or in their particular circumstances).</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sale or Other Taxable Disposition of Ordinary Shares</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder will generally recognize capital
gain or loss on a sale or other taxable disposition of ordinary shares, which will be long-term capital gain or loss if, at the time of
the sale or disposition, the U.S. Holder has owned the ordinary shares for more than one year. The amount of gain or loss will equal the
difference between the amount realized on the sale or disposition and the U.S. Holder&#8217;s tax basis in the ordinary shares disposed
of, in each case as determined in U.S. dollars. A U.S. Holder&#8217;s gain or loss will generally be treated as U.S.-source income or
loss for foreign tax credit purposes. U.S. Holders that sell ordinary shares for an amount denominated in a non-U.S. currency should consult
their tax advisers regarding the exchange rate at which the amount received should be translated to U.S. dollars, and whether any U.S.-source
foreign currency gain or loss may be required to be recognized as a result of the sale. Long-term capital gains recognized by non-corporate
U.S. Holders are taxed at a rate that is lower than the rate applicable to ordinary income. The deductibility of capital losses is subject
to limitations.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 97; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As described under Item 10.E. &#8220;Tax Considerations&#8212;Singaporean
Tax Considerations&#8212;Gains on Disposal of our Ordinary Shares&#8221; and &#8220;Tax Considerations&#8212;South African Tax Considerations&#8212;Non-SA
Tax Resident Shareholders,&#8221; Singapore and South Africa generally do not tax capital gains of non-resident investors from the sale
of their ordinary shares. If any non-U.S. taxes are imposed on dispositions of our ordinary shares generally, they will not be creditable
for U.S. federal income tax purposes (although, in certain circumstances, such taxes may reduce the amount realized by a U.S. Holder
on the disposition, or be deductible). U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences
of the imposition of any non-U.S. taxes on dispositions of our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Passive Foreign Investment Company Rules</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, a non-U.S. corporation is a PFIC for
U.S. federal income tax purposes for any taxable year in which (i) 50% or more of the value of its assets (generally determined based
on the average of the quarterly values of its gross assets) consists of assets that produce, or are held for the production of, passive
income, or (ii) 75% or more of its gross income consists of passive income. For purposes of the above calculations, a non-U.S. corporation
that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate
share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive
income generally includes dividends, interest, certain rents and royalties, and gains from the sale or exchange of investment property.
Cash is generally a passive asset for these purposes. Goodwill is generally characterized as an active asset to the extent it is associated
with business activities that produce active income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the composition of our income and assets
and the value of our assets, including the value of our goodwill, we believe that we were not a PFIC for our taxable year ended February
28, 2023. However, our PFIC status for any taxable year is an annual factual determination that can be made only after the end of that
year, and depends on the composition of our income and assets and the value of our assets from time to time (including the value of our
goodwill, which may be determined in part by reference to the market price of the ordinary shares, which has been, and could continue
to be, volatile). We hold a significant amount of cash and cash equivalents and our PFIC status for any taxable year may also depend on
how, and how quickly, we use them. Because the value of our goodwill may be determined by reference to our market capitalization, we could
become a PFIC for any taxable year if the price of our ordinary shares declines significantly while we hold a substantial amount of cash,
cash equivalents and financial investments. In addition, the application of the PFIC rules is subject to certain uncertainties and the
proper characterization of some of our income and assets is not entirely clear. Accordingly, there can be no assurance that we will not
be a PFIC for our current or any future taxable year.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any taxable year and any
entity in which we own equity interests is also a PFIC (any such entity, a &#8220;Lower-tier PFIC&#8221;), U.S. Holders will be deemed
to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal income tax according
to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the
Lower-tier PFIC, in each case as if the U.S. Holders held such shares directly, even though the U.S. Holder will not receive any proceeds
of those distributions or dispositions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, if we are a PFIC for any taxable year
during which a U.S. Holder owns ordinary shares, gain recognized by such U.S. Holder on a sale or other disposition (including certain
pledges) of its ordinary shares will be allocated ratably over its holding period. The amounts allocated to the taxable year of the sale
or disposition and to any year before we became a PFIC with respect to such U.S. Holder will be taxed as ordinary income. The amount allocated
to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as applicable, for that
taxable year, and an interest charge will be imposed on the resulting tax liability for each such year. Furthermore, to the extent that
distributions received by a U.S. Holder in any taxable year on its ordinary shares exceed 125% of the average of the annual distributions
on the ordinary shares received during the preceding three taxable years or the U.S. Holder&#8217;s holding period, whichever is shorter,
such excess distributions will be subject to taxation in the same manner. If we are a PFIC for any taxable year during which a U.S. Holder
owns ordinary shares, we will generally continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding taxable years
during which the U.S. Holder owns the ordinary shares, even if we cease to meet the threshold requirements for PFIC status, unless the
U.S. Holder makes a timely &#8220;deemed sale&#8221; election. If we are a PFIC for any taxable year, a mark-to-market election may be
available, which will result in an alternative treatment of the ordinary shares. U.S. Holders should consult their tax advisers to determine
whether any of these elections will be available or advisable, and, if so, what the consequences of the resulting alternative treatments
will be in their particular circumstances.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 98; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">If we are a PFIC (or with respect to a particular U.S. Holder are
treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential tax rate described above
with respect to dividends paid to certain non-corporate U.S. Holders will not apply.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not intend to provide information necessary
for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general
tax treatment for PFICs described above.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are a PFIC for any taxable year during which
a U.S. Holder owns any ordinary shares, the U.S. Holder will generally be required to file annual reports on an Internal Revenue Service
Form 8621. Substantial penalties and other adverse tax consequences may apply for failure to timely file such reports. U.S. Holders should
consult their tax advisers regarding the determination of whether we are a PFIC for any taxable year and the potential application of
the PFIC rules to their ownership of ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Information Reporting and Backup Withholding</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of distributions and sales proceeds that
are made within the United States or through certain U.S. related financial intermediaries may be subject to information reporting and
backup withholding, unless (i) the U.S. Holder is a corporation or other &#8220;exempt recipient&#8221; and (ii) in the case of backup
withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.
The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against its U.S. federal income tax liability
and may entitle it to a refund, provided that the required information is timely furnished to the Internal Revenue Service.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain U.S. Holders who are individuals (or certain
specified entities) may be required to report information relating to their ownership of ordinary shares or non-U.S. financial accounts
through which ordinary shares are held, on Internal Revenue Service Form 8938. Substantial penalties and other tax consequences may apply
for failure to timely file such reports. U.S. Holders should consult their tax advisers regarding their reporting obligations with respect
to our ordinary shares.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt"><b>F.</b></td><td><b>DIVIDENDS AND PAYING AGENTS</b></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>G.</b></td><td style="text-align: justify"><b>STATEMENT BY EXPERTS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>H.</b></td><td style="text-align: justify"><b>DOCUMENTS ON DISPLAY</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the informational requirements
of the Exchange Act. In accordance with these requirements, we file reports and furnish other information as a foreign private issuer
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet website that contains reports
and other information regarding registrants, like us, that file electronically with the SEC. The address of that website is www.sec.gov.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" width="100%"><tr style="vertical-align: top">
<td style="width: 16.6pt"></td><td style="width: 16.4pt"><b>I.</b></td><td><b>SUBSIDIARY INFORMATION</b></td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>J.</b></td><td style="text-align: justify"><b>ANNUAL REPORT TO SECURITY HOLDERS</b></td>
</tr></table><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><div><a id="a_015"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT RISK</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to market risks in the ordinary
course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial
market prices and rates. Our market risk exposure is primarily the result of fluctuations in foreign currency exchange rates and interest
rates. Please refer to Note 31 to the accompanying consolidated financial statements included elsewhere in this annual report for information
about quantitative and qualitative disclosures about market risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Foreign Currency Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct business in multiple countries and
currencies, and as a result, the Group is exposed to currency risk to the extent that sales, purchases, and borrowings of the foreign
operations are denominated in a currency other than the respective functional currencies of Group companies. The functional currencies
of Group companies are primarily the ZAR, USD, Euro, Mozambican metical, the Singapore dollar and Polish zloty.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Refer to the Risk Factors note on foreign currencies on page 23 and
Note 31.2 (c) on Currency Risk on page F-52)</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At this time, we do not hedge our foreign currency risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Interest Rate Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk primarily relates to our loan
obligations with variable interest rates. For example, amounts outstanding under our Term Loan Facilities accrue interest at variable
rates linked to the South African prime rate and 12-month Euribor which exposes us to interest rate risk. Short-term deposits held at
banking institutions also carry interest rates at prevailing market conditions.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An increase of 100 basis points at February 28, 2023 would have resulted
in ZAR0.6 million in additional interest income.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not entered into any financial instruments to mitigate interest
rate risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Credit Risk</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk primarily results from when a customer
fails to meet its contractual obligations, and arises principally from our receivables from customer, cash deposits and cash equivalents.
Credit risk is managed by each subsidiary subject to our policies and procedures. A significant percentage of our individual customers
pay via direct debit in order to minimize our credit risk.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We evaluate credit risk relating to customers
on an ongoing basis using independent ratings, or if independent ratings are not available, we assess the credit quality of our customers
by taking into account their financial position, past experience and other factors, including the default risk associated with the country
in which the customer operates. Individual risk limits are set based on internal or external ratings in accordance with limits set by
our board of directors. The utilization of credit limits is regularly monitored.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We do not have any significant credit risk exposure to any single customer
or any group of customers having similar characteristics.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_016"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Item 12. DESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>DEBT SECURITIES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>WARRANTS AND RIGHTS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>OTHER SECURITIES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>AMERICAN DEPOSITORY SHARES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><div><a id="a_017"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>PART II</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_018"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>DEFAULTS</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>ARREARS AND DELINQUENCIES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_019"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS
OF SECURITY HOLDERS AND USE OF PROCEEDS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_020"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Item 15. CONTROLS AND PROCEDURES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>A.</b></td><td style="text-align: justify"><b>DISCLOSURE CONTROLS AND PROCEDURES</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have evaluated, with the participation of our
Chief Executive Officer and Chief Financial Officer, the effectiveness of the Group&#8217;s disclosure controls and procedures (as defined
in Rule 13a-15(e) of the Exchange Act, as amended) as of February 28, 2023. Based on that evaluation, we concluded that, as of such date,
our disclosure controls and procedures were effective and ensured that the information required to be disclosed by us in reports that
we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officers and
our Chief Financial Officer, to allow timely decisions regarding required disclosures, and is recorded, processed, summarized and reported
within the time periods specified by the SEC&#8217;s rules and forms.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>B.</b></td><td style="text-align: justify"><b>MANAGEMENT&#8217;S ANNUAL REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management of Karooooo is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934,
as amended, for the Company. Karooooo&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of Karooooo&#8217;s financial reporting and the preparation and fair presentation of financial statements for
external purposes in accordance with IFRS as issued by the IASB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo&#8217;s internal control over financial
reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures are being made only
in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can
provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with IFRS.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management assessed the effectiveness of the Company&#8217;s
internal control over financial reporting as of February 28, 2023. In making these assessments, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in &#8220;Internal Control&#8212; Integrated Framework
(2013)&#8217;&#8217; and assessed the current processes as effective.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>C.</b></td><td style="text-align: justify"><b>ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Karooooo Ltd is still classified as an Emerging
Growth Company (&#8220;EGC&#8221;) company, under the Jumpstart our Business Startups Act (JOBS Act). The effectiveness of internal control
over financial reporting as of February 28, 2023 need not be independently audited by the independent registered public accounting firm.
This exemption was applied in the current reporting cycle.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left"><b>D.</b></td><td style="text-align: justify"><b>CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING</b></td>
</tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no changes in our internal control
over financial reporting that occurred during the year ended February 28, 2023 that have materially affected, or are reasonably likely
to materially affect, the Group&#8217;s internal control over financial reporting.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Limitations on effectiveness of controls and procedures</i></b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In designing and evaluating the disclosure controls
and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure
controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that
management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_021"></a></div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Item 16. RESERVED</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_022"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Audit Committee</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee, which consists of Siew Koon
Lim, Andrew Leong and Kim White will assist the board in overseeing our accounting and financial reporting processes and the audits of
our financial statements. In addition, the audit committee is directly responsible for the appointment, compensation, retention and oversight
of the work of our independent registered public accounting firm. The audit committee is also responsible for reviewing and determining
whether to approve certain transactions with related parties. See &#8220;Certain Relationships and Related Party Transactions&#8212;Related
Person Transaction Policy.&#8221; The board of directors has determined that Siew Koon Lim qualifies as an &#8220;audit committee financial
expert,&#8221; as such term is defined in the rules of the SEC, and that Siew Koon Lim, Andrew Leong and Kim White are independent, as
independence is defined under the rules of the SEC and the Nasdaq applicable to foreign private issuers. Siew Koon Lim acts as chairman
of our audit committee.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_023"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16B. CODE OF ETHICS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has adopted a code of business
conduct and ethics that applies to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial
Officer and other executive and senior financial officers. The full text of our code of business conduct and ethics is posted on the investor
relations page of our website at https://www.karooooo.com/corporate-governance.php. We intend to disclose any amendments to our code of
business conduct and ethics, or waivers of its requirements, as it applies to our executive officers and directors, on our website or
in filings under the Exchange Act.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 103; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_024"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following table sets forth the aggregate audit and audit-related
fees, tax fees and all other fees billed or accrued for professional services rendered by our principal accountants Ernst &amp; Young
LLP, Singapore for fiscal year February 28, 2023 and KPMG LLP, Singapore for fiscal year February 28, 2022:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">(U.S.$</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Audit fees</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">780</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">14,307</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">12,364</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Tax fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">All other fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt">Total</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">780</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in">(1)</td><td style="text-align: justify">For convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated
to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations
that any such amounts have been, could have been or could be converted at that or any other exchange rate. See &#8220;Exchange Rates&#8221;
for further information about recent fluctuations in exchange rates.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit fees consist of fees billed or accrued for
the annual audit of our consolidated financial statements and the audit of statutory financial statements of our subsidiaries, including
fees billed for assurance and related services that are reasonably related to the performance of the audit or reviews of our financial
statements that are services that only an external auditor can reasonably provide.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_025"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_026"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_027"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required by Item 16F was previously reported in our
Annual Report on Form 20-F for the year ended February 28, 2022.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 104; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><div><a id="a_028"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16G. CORPORATE GOVERNANCE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &#8220;foreign private issuer&#8221;
under the securities laws of the United States and the rules of Nasdaq. Under Nasdaq&#8217;s rules, a foreign private issuer is subject
to less stringent corporate governance requirements. Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer
to follow its home country practice in lieu of the listing requirements of Nasdaq. We intend to follow home country practices in lieu
of the listing requirements of Nasdaq with regard to the following:</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(e)(2) of Nasdaq listing rules that companies must adopt a formal written charter or board resolution,
as applicable, addressing the nominations process and such related matters as may be required under the U.S. federal securities laws;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors
governed by a compensation committee charter oversee executive compensation;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings
with only the independent directors present;</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5605(c) of Nasdaq listing rules that a quorum must consist of at least 331&#8725;3 percent of the outstanding
shares of a listed company&#8217;s common voting stock; and</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"></td><td style="text-align: justify; width: 0.25in">&#9679;</td><td style="text-align: justify">the requirement under Section 5610 of Nasdaq listing rules that a company must have adopted one or more codes of conduct applicable
to all directors, officers and employees, and that such codes are publicly available.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Otherwise, we intend to follow the requirements of Nasdaq to the extent
possible under Singapore law.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, because we are a foreign private
issuer, our directors and executive officers are not subject to short-swing profit liability and insider trading reporting obligations
under Section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under Section
13 of the Exchange Act and related SEC rules to the extent appropriate.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC maintains an internet site that contains
reports,&#160; proxy and information statements, other information regarding issuers that file electronically with the SEC and the address
of that site is http://www.sec.gov</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_029"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16H. MINE SAFETY DISCLOSURE</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_030"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_037"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16J. INSIDER TRADING POLICIES</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 105; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><div><a id="a_031"></a></div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>PART III</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_032"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 17. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_033"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 18. FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See the financial statements beginning on page F-1 of this annual report.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="a_034"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 19. EXHIBITS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">List all exhibits filed as part of the registration statement or annual
report, including exhibits incorporated by reference.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBIT INDEX</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: left; padding-bottom: 1.5pt; vertical-align: top">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: left; width: 9%; vertical-align: top">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 43%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 11%"><span style="font-size: 10pt"><b>Schedule/</b></span></td>
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    <td style="vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 9%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 1%">&#160;</td>
    <td style="vertical-align: top; text-align: center; width: 14%">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">&#160;</td>
    <td style="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>Number</b></span></td>
    <td style="vertical-align: top; text-align: center; padding-bottom: 1.5pt">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="text-align: justify"><a href="http://www.sec.gov/Archives/edgar/data/1828102/000110465921029334/tm2034233d6_ex10-3.htm"><span style="font-size: 10pt">Loan Capitalization Agreement dated November 18, 2020 by and between Isaias (Zak) Jose Calisto and Karooooo Ltd.</span></a></td>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">333-253635</span></td>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td>&#160;</td>
    <td><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1828102/000110465921039374/tm2034233d11_ex10-5.htm">Registration Rights Agreement</a></span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">Form F-1/A</span></td>
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    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">333-253635</span></td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-size: 10pt">March 22, 2021</span></td></tr>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td>&#160;</td>
    <td><span style="font-size: 10pt"><a href="http://www.sec.gov/Archives/edgar/data/1828102/000110465921035665/tm2034233d9_ex10-6.htm">Form of Deed of Indemnity</a></span></td>
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    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
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    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
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<td style="width: 0.25in">*</td><td>Filed herewith.</td></tr></table><div>

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<td style="width: 0.25in">#</td><td style="text-align: justify">Portions of this exhibit (indicated by asterisks) have been excluded from the exhibit because it both (i) is not material and (ii)
would likely cause competitive harm to the registrant if disclosed.</td></tr></table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="a_035"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on Form 20-F on
its behalf.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">Karooooo Ltd.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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  <tr style="vertical-align: top">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: June 13, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;&#160;</p><div>

</div><div><a id="a_036"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Audited Consolidated Financial Statements</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>for the Years Ended February 28, 2023, February
28, 2022 and February 28, 2021&#8212; Karooooo Ltd.</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Stockholders and Board of Directors of Karooooo Ltd.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Financial Statements </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statement of financial position of Karooooo Ltd. (the Company) as of February 28, 2023, the related consolidated statements of profit or
loss, comprehensive income, changes in equity and cash flows for the period ended February 28, 2023, and the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company at February 28, 2023, and the results of its operations and its cash flows
for the period ended February 28, 2023, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion </b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s financial statements based on our audit.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <ix:nonNumeric contextRef="c3" name="dei:AuditorName">Ernst &amp; Young LLP</ix:nonNumeric></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2022.</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c3" name="dei:AuditorLocation">Singapore</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 13, 2023</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></p></div><div>
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</div><div><a id="f_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Stockholders and Board of Directors</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Opinion on the Consolidated Financial Statements </b></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statement of financial position of Karooooo Ltd. and subsidiaries (the Company) as of February 28, 2022, the related consolidated statements
of profit and loss, comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended February
28, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of February 28, 2022, and the results of its operations
and its cash flows for each of the years in the two-year period ended February 28, 2022, in conformity with International Financial Reporting
Standards as issued by the International Accounting Standards Board.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis for Opinion </b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s
internal control over financial reporting. Accordingly, we express no such opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <ix:nonNumeric contextRef="c0" name="dei:AuditorName">KPMG LLP</ix:nonNumeric></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&#8217;s auditor since 2021.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><ix:nonNumeric contextRef="c0" name="dei:AuditorLocation">Singapore</ix:nonNumeric></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 09, 2022</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Consolidated
Statement of Financial Position</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9.35pt; padding-left: 9.35pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Equity</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">15</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Capital reserve</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:CapitalReserves" scale="3" unitRef="zar">3,582,568</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:CapitalReserves" scale="3" unitRef="zar">3,587,640</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Common control reserve</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:NegativeReserveOnCommonControlRestructure" scale="3" sign="-" unitRef="zar">2,709,236</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign currency translation reserve</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="3" unitRef="zar">245,109</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="3" unitRef="zar">28,776</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Retained earnings</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="zar">1,564,809</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RetainedEarnings" scale="3" unitRef="zar">1,276,523</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity attributable to equity holders of parent</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:EquityAttributableToOwnersOfParent" scale="3" unitRef="zar">2,660,967</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-controlling interest</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="zar">30,908</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncontrollingInterests" scale="3" unitRef="zar">22,905</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9.35pt; padding-left: 9.35pt">Total equity</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="zar">2,691,875</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:Equity" scale="3" unitRef="zar">2,174,181</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 9.35pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Term loans</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LongtermLoanNonCurrent" scale="3" unitRef="zar">38,304</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LongtermLoanNonCurrent" scale="3" unitRef="zar">71,194</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Lease liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">17</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="zar">67,882</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="zar">64,784</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred revenue</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">18</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:DeferredIncomeClassifiedAsNoncurrent" scale="3" unitRef="zar">112,185</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:DeferredIncomeClassifiedAsNoncurrent" scale="3" unitRef="zar">108,256</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="zar">51,894</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilities" scale="3" unitRef="zar">47,063</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9.35pt; padding-left: 9.35pt">Total non-current liabilities</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="zar">270,265</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLiabilities" scale="3" unitRef="zar">291,297</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current liabilities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Term loans</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LongtermLoanCurrent" scale="3" unitRef="zar">21,643</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LongtermLoanCurrent" scale="3" unitRef="zar">18,156</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Trade and other payables</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">19</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="3" unitRef="zar">374,047</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentPayables" scale="3" unitRef="zar">281,866</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The accompanying notes form an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><!-- Field: Page; Sequence: 112; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Consolidated
Statement of Profit and Loss</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">General and Administration</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Research and development</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -8.65pt; padding-left: 17.3pt">Expected credit losses on financial assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9.35pt; padding-left: 9.35pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Operating profit</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9.35pt; padding-left: 9.35pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Initial public offering costs (&#8220;IPO&#8221;)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Finance income</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">22</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Finance costs</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">23</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Fair value changes to derivative assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets" scale="3" unitRef="zar">971</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForDecreaseIncreaseInDerivativeFinancialAssets" scale="3" unitRef="zar">506</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Profit before taxation</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" unitRef="zar">894,104</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Taxation</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:IncomeTaxExpenseBenefits" scale="3" unitRef="zar">285,298</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:IncomeTaxExpenseBenefits" scale="3" unitRef="zar">205,476</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9.35pt; padding-left: 9.35pt">Profit for the year</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9.35pt; padding-left: 9.35pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes form an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><div><a id="f_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<span style="text-transform: uppercase"><b>Consolidated
Statement of Comprehensive Income</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>






</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.5pt; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes form an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><div><a id="f_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-24">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-25">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-26">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total contribution by and distributions to owner</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" name="karo:ContributionByAndDistributionToOwnerValue" scale="3" sign="-" unitRef="zar">272,235</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c20" decimals="-3" format="ixt:num-dot-decimal" name="karo:ContributionByAndDistributionToOwnerValue" scale="3" sign="-" unitRef="zar">272,235</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" name="karo:ContributionByAndDistributionToOwnerValue" scale="3" sign="-" unitRef="zar">145,859</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:ContributionByAndDistributionToOwnerValue" scale="3" sign="-" unitRef="zar">418,094</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Reclassification<sup>2</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-30">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-31">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c19" decimals="-3" format="ixt:num-dot-decimal" id="ix_3_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" sign="-" unitRef="zar">58,671</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c20" decimals="-3" format="ixt:num-dot-decimal" id="ix_4_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" sign="-" unitRef="zar">58,671</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c21" decimals="-3" format="ixt:num-dot-decimal" id="ix_5_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" unitRef="zar">58,671</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-32">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total transactions with owner</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c15" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="zar">2,739,619</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-33">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c18" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" sign="-" unitRef="zar">30,383</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total changes in ownership interest in subsidiaries</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Issuance of share capital</td><td>&#160;</td>
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    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="karo:IssuanceOfShareCapitalValue" scale="3" unitRef="zar">4,452,423</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-59">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-60">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-61">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-62">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-64">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-65">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-66">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-68">&#8211;</div></td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-indent: -9pt; padding-left: 9pt">Dividends</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-69">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-70">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-71">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-72">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-84">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-85">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-86">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-87">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" id="ix_6_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" sign="-" unitRef="zar">3,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" id="ix_7_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" sign="-" unitRef="zar">3,950</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" id="ix_8_fact" name="ifrs-full:ShareIssueRelatedCost" scale="3" unitRef="zar">3,950</ix:nonFraction></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-88">&#8211;</div></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total transactions with owner</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c31" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="zar">4,403,224</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-89">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-90">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-91">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c35" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="zar">11,355</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="zar">4,414,579</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" sign="-" unitRef="zar">2,776</ix:nonFraction></td><td style="white-space: nowrap; padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners" scale="3" unitRef="zar">4,411,803</ix:nonFraction></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="white-space: nowrap; text-align: left">&#160;</td><td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Changes in ownership interest in subsidiaries</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Acquiring interest in subsidiaries without change in control<sup>3</sup></span></td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-92">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c32" decimals="-3" format="ixt:num-dot-decimal" id="ix_9_fact" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="3" sign="-" unitRef="zar">3,587,640</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-93">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-94">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-95">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c36" decimals="-3" format="ixt:num-dot-decimal" id="ix_10_fact" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="3" sign="-" unitRef="zar">3,587,640</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c37" decimals="-3" format="ixt:num-dot-decimal" id="ix_11_fact" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="3" sign="-" unitRef="zar">426,990</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" id="ix_12_fact" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="3" sign="-" unitRef="zar">4,014,630</ix:nonFraction></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">Dividends</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-117">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-118">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-120">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:DerivativePutOption" scale="3" sign="-" unitRef="zar">15,305</ix:nonFraction></td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Total transactions with owner</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-121">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-122">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-123">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-124">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Changes in ownership interest in subsidiaries</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-125">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in"><span style="font-size: 10pt"><sup>2</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_1_footnote" xml:lang="en-US"><span style="font-size: 10pt">In November 2014, a change in interest in Cartrack from 88.3% to 68.0% was not accounted for retained earnings transfer to non-controlling interest (&#8220;NCI&#8221;). During the financial year ended February 28, 2021 and February 28, 2022, the Group corrected the error prospectively as the impact to comparatives is not material. On April 21, 2021, when Karooooo acquired the minority interest and took control of 100% interest in Cartrack, all NCI relating to the Karooooo minority interest was transferred back to capital reserve.</span></ix:footnote></td></tr> </table><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes form an integral part of
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

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</div><div><a id="f_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Consolidated
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Capitalized commission assets written off</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Provision for warranties charge</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 0.25in">Inventories</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-136">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Trade and other receivables and prepayments</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TradeAndOtherReceivablesAndPrepayments" scale="3" sign="-" unitRef="zar">62,833</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Trade and other payables</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables" scale="3" unitRef="zar">67,940</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Deferred revenue</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Capitalized commission assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInWorkingCapital" scale="3" sign="-" unitRef="zar">112,738</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInWorkingCapital" scale="3" sign="-" unitRef="zar">95,999</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Cash generated from operating activities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Interest received</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Interest paid</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" scale="3" unitRef="zar">10,095</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Purchase of property, plant and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" scale="3" unitRef="zar">478,036</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 0.25in">Purchase of property, plant and equipment &#8211; Telematics
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:PurchaseOfPropertyPlantAndEquipmentOnHand1" scale="3" unitRef="zar">457,542</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Purchase of property, plant and equipment &#8211; Other</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestActivities" scale="3" unitRef="zar">122,114</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestActivities" scale="3" unitRef="zar">52,431</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds on disposal of property, plant and equipment</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Investment in intangible assets</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">7</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" scale="3" unitRef="zar">46,653</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Acquisition of subsidiary, net of cash acquired</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">28</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-137">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="3" unitRef="zar">66,607</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-138">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Advances of loans to related party</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="zar">6,400</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-139">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashAdvancesAndLoansMadeToRelatedParties" scale="3" unitRef="zar">8,400</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Repayment of loans from related party</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-140">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-141">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:RepaymentOfLoansToRelatedParties" scale="3" sign="-" unitRef="zar">13</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Net cash utilized by investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="zar">622,210</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="zar">658,217</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="3" sign="-" unitRef="zar">517,691</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Cash flows from financing activities</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Proceeds from related parties loans</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromNoncurrentBorrowings" scale="3" unitRef="zar">315</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-142">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromNoncurrentBorrowings" scale="3" unitRef="zar">857,367</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Repayment of related parties loans</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center">16</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  </table><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase">&#160;</span></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>1</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_5_footnote" xml:lang="en-US"><span style="font-size: 10pt">On December 29, 2020, the Group received ZAR 882.4 million (USD 58.5 million) from a related party - Orient Victoria Pte Ltd for the sole purpose of facilitating the Company&#8217;s acquisition of the remaining interest in Cartrack Holdings Proprietary Limited. The loan was fully repaid on April 22, 2021.</span></ix:footnote></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"></p><div>

</div><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>2</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_6_footnote" xml:lang="en-US"><span style="font-size: 10pt">On April 21, 2021 Karooooo bought out all of the minority shareholders of Cartrack and delisted Cartrack from Johannesburg Stock Exchange (&#8220;JSE&#8221;). In terms of the reinvestment offer, investors who elected to remain invested in Cartrack received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of the reinvestment offer. Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued 9,410,712 ordinary shares of ZAR 3,952 million to eligible Cartrack shareholders who opted to reinvest the proceeds of sale of their Cartrack shares into Karooooo. Included in the net proceeds from issuance of share capital are transaction costs of ZAR 49.2 million. See Note 1 for details.</span></ix:footnote></td></tr> </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 7.1pt; text-align: justify; text-indent: -7.1pt">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The accompanying notes form an integral part of
these financial statements.</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><div><a id="f_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>Notes
to consolidated financial statementS</b></span></p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="text-transform: uppercase"><b>&#160;</b></span></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reporting entity</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo Ltd. (&#8220;Karooooo&#8221; or &#8220;the
Company&#8221;) was incorporated on May 19, 2018 in the Republic of Singapore and wholly owned by Isaias Jose Calisto (&#8220;Zak&#8221;).
Cartrack Holdings Proprietary Limited previously known as Cartrack Holdings Limited (&#8220;Cartrack&#8221;) was a public company listed
on the Johannesburg stock exchange (&#8220;JSE&#8221;) in December 2014. Zak is the current CEO of Cartrack. Karooooo acquired an approximate
<ix:nonFraction contextRef="c59" decimals="2" format="ixt:num-dot-decimal" name="karo:AcquiredInterestRate" scale="-2" unitRef="pure">68</ix:nonFraction> per cent interest in Cartrack effective July 17, 2019.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through a flow of funds arrangement, Karooooo&#8217;s
acquisition of control of Cartrack was facilitated by Zak capitalizing Karooooo, which resulted in a loan from Zak that was repayable
on demand in either cash or through the receipt of that number of Cartrack shares where the Cartrack share price is the equivalent of
ZAR <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="karo:EquivalentPricePerShare" scale="0" unitRef="zarPershares">13.44</ix:nonFraction> per share, being the share price at which a mandatory public offer was made pursuant to the acquisition. Subsequent to the acquisition,
Karooooo was the legal and beneficial owner of the Cartrack shares. As a consequence of the call option embedded within the loan, Karooooo
did not acquire control as defined by IFRS 10 <i>Consolidated Financial Statements</i> of Cartrack at that time; instead, control remained
with Zak.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 18, 2020, the loan from Zak was converted
into Karooooo share capital and as a consequence, Karooooo acquired control of Cartrack. <ix:nonNumeric contextRef="c60" name="karo:DescriptionOfFinancialStatements">On this date, 20,331,894 shares were issued to
Zak and Karooooo registered ZAR 2,739,619,000 paid-up capital which resulted in a common control reserve of ZAR 2,709,236,000 arising
due to the common control transaction.</ix:nonNumeric> Since the loan was eliminated as part of the common control transaction, it is not presented as
a financial liability in the consolidated annual financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquisition of control of Cartrack by Karooooo
is considered to be a transaction under common control as ultimately both entities were controlled by Zak before and after the transaction.
Therefore, the consolidated financial statements was retrospectively recast to reflect Karooooo&#8217;s controlling interest in Cartrack
for all previous periods presented prior to the date of acquisition. For the period prior to the incorporation of Karooooo the consolidated
financial statements reflect Zak&#8217;s controlling interest in Cartrack, which he held through another personal holding company with
no other operations that does not form part of the consolidated Group. There is currently no specific guidance on accounting for common
control transactions under International Financial Reporting Standards (IFRS) issued by the the International Accounting Standards Board
(IASB). In the absence of specific guidance Karooooo elected to apply the &#8220;pooling of interests&#8221; method of accounting. Under
&#8220;pooling of interests&#8221; the assets and liabilities of Cartrack are carried over at their book values with no adjustment made
for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest
period presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo listed on the NASDAQ on April 1, 2021
and raised USD <ix:nonFraction contextRef="c61" decimals="-5" format="ixt:num-dot-decimal" name="karo:GrossCash" scale="6" unitRef="usd">33.8</ix:nonFraction> million gross cash for general corporate purposes including the growth and expansion of Cartrack, such as research
and development. Karooooo issued <ix:nonFraction contextRef="c62" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesIssued" scale="0" unitRef="shares">1,207,500</ix:nonFraction> shares at an offer price of USD <ix:nonFraction contextRef="c61" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidOtherSharesPerShare" scale="0" unitRef="usdPershares">28</ix:nonFraction> per share which is equivalent to the offer price made to
Cartrack shareholders to participate in the reinvestment offer, enabling Karooooo to proceed with the IPO in order to meet the requirements
to list on the NASDAQ.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total IPO costs incurred amounted to ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:InterestCostsIncurred" scale="6" unitRef="zar">85.1</ix:nonFraction>
million of which ZAR <ix:nonFraction contextRef="c63" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CostOfInventoriesRecognisedAsExpenseDuringPeriod" scale="6" unitRef="zar">25.6</ix:nonFraction> million and ZAR <ix:nonFraction contextRef="c64" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CostOfInventoriesRecognisedAsExpenseDuringPeriod" scale="6" unitRef="zar">10.3</ix:nonFraction> million were expensed in the financial year ended February 28, 2021 and February 28, 2022
respectively, and ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="karo:IssuanceOfShares" scale="6" unitRef="zar">49.2</ix:nonFraction> million which is directly attributable to the issuance of shares were set off against share capital.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As at February 28, 2021, certain Cartrack shareholders
have agreed to participate in the reinvestment offer of Karooooo through the issue of irrevocable undertakings. As the reinvestment offer
is based on exchanging a fixed number of Karooooo shares for a fixed number of Cartrack shares, this contract is classified as equity.
Accordingly, Karooooo adopted the present-access method to account for the transaction where the non-controlling shareholders still have
an economic interest in the equity returns of Cartrack and there was no net impact to equity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reinvestment offer to Cartrack shareholders
was finalized on April 16, 2021 with <ix:nonFraction contextRef="c65" decimals="2" format="ixt:num-dot-decimal" name="karo:InvestedPercentage" scale="-2" unitRef="pure">99</ix:nonFraction>% of the eligible Cartrack shareholders opting to remain invested in Karooooo. These shareholders
received 1 Karooooo share for every 10 Cartrack shares held.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c0" name="karo:ShareholdersDescription">Karooooo, as listed on the NASDAQ and inward listed
on the JSE on April 21, 2021, owns 100% of Cartrack. As at February 28, 2022, Zak is the ultimate controlling shareholder of the Group,
holding 20,028,811 shares (65.0% shareholdings) of Karooooo.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal activities of the Group relate to
the provision of real-time mobility data analytics solutions for smart transportation through its software-as-a-service (&#8220;SaaS&#8221;)
platform, physical and e-commerce vehicle buying and selling and providing a technology platform focused on last mile delivery. The Group&#8217;s
SaaS platform acts as a central nervous system for connected vehicles and other mobile assets, such as construction equipment, generators,
refrigeration units, trailers and boats.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements comprise
the Company and its subsidiaries (collectively the &#8220;Group&#8221; and individually &#8220;group companies&#8221;).&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Statement of compliance</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of the Group
have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board (IASB).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policies applied in these annual financial
statements are based on IFRS effective for annual period beginning on March 1, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has prepared the financial statements
on the basis that it will continue to operate as a going concern.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements were approved for issue
by the Directors on June 13, 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Basis of measurement</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements have been
prepared on the historical cost basis with the exception of certain financial instruments that have been measured at fair value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Functional and presentation currency</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements are presented
in South African Rand (ZAR), which is the Group&#8217;s presentation currency and all values are rounded to the nearest thousand (ZAR&#8217;000),
except when otherwise indicated. The Company&#8217;s functional currency is in United States Dollars (USD).</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. SIGNIFICANT ACCOUNTING POLICIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2.1 Significant accounting judgements, estimates and assumptions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the Group&#8217;s consolidated
financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses,
assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Uncertainty about these assumptions
and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in
the future periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Judgements</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management is of the opinion that there is no
significant judgement made in applying accounting policies that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Estimates and assumptions</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The key assumptions concerning the future and
other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates
on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes
are reflected in the assumptions when they occur.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Useful life estimates of capitalized telematics devices and capitalized commission assets </i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group completes a detailed assessment annually
on the expected life cycle of subscriber contracts across the Group. The continued growth in the subscriber base over the past few years
has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of subscriber
contracts. On the basis of the statistical assessment, there has been no change to the estimated average useful life of 60 months of a
subscriber contract in the current financial year. Contracts which terminate prior to 60 months result in accelerated depreciation of
the underlying capitalized telematic devices and capitalized commission assets being recognized immediately in profit or loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Goodwill</i></b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group tests goodwill for impairment on an
annual basis. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations
are performed internally by the Group and require the use of various estimates and assumptions regarding discount rates and the future
financial performance of the cash-generating units.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s goodwill is subjected to impairment
assessment for the financial year ended February 28, 2023. Management assesses goodwill impairment annually. For impairment assessment,
management uses a discounted cash flow model which involves significant judgement in estimating the recoverable values of these assets.
Any shortfall of the recoverable values against the carrying amounts of these assets will be recognized as impairment losses. The recoverable
amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and
the growth rate used for extrapolation purposes. The carrying amounts of the Group&#8217;s goodwill and key assumptions applied in the
determination of the value-in-use including a sensitivity analysis, are disclosed and further explained in Note 8 to the financial statements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2.2 Accounting policies</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accounting policies applied in the preparation
of these consolidated financial statements are set out below. The Group consistently applied the following accounting policies to all
periods presented in these consolidated financial statements, unless otherwise stated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>a)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Basis of consolidation</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The consolidated financial statements comprises the financial statement
of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation
of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied
to like transactions and events in similar circumstances.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">All intra-group balances, income and expenses and unrealized gains
and losses resulting from intra-group transactions and dividends are eliminated in full.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_4" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Subsidiaries are consolidated from the date of acquisition, being the
date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_5" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Losses within a subsidiary are attributed to the non-controlling interest
even if that results in a deficit balance.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_6" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Business combinations and goodwill</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_7" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business combinations are accounted for using
the acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair
values at the acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and
the services are received.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_8" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any contingent consideration to be transferred
by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration
which is an asset or liability are recognized in profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_9" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-controlling interest in the acquire, that
are present ownership interests and entitled their holders to a proportionate share of net assets of the acquire are recognized on the
acquisition date at either fair value, or the non-controlling interest&#8217;s proportionate share of the acquiree&#8217;s identifiable
net assets.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_10" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any excess of the sum of the fair value of the
consideration transferred in the business combination, the amount of non-controlling interest in the acquiree (if any), and the fair value
of the Group&#8217;s previously held equity interest in the acquiree (if any), over the net fair value of the acquiree&#8217;s identifiable
assets and liabilities is recorded as goodwill. In instances where the latter amount exceeds the former, the excess is recognized as gain
on bargain purchase in profit or loss on the acquisition date.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_11" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill is initially measured at cost. Following
initial recognition, goodwill is measured at cost less any accumulated impairment losses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_12" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to the Group&#8217;s cash-generating units that are expected
to benefit from the synergies of the combination.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_13" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cash-generating units to which goodwill have
been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. Impairment
is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-generating units) to which
the goodwill relates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 122; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_2"><ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_14" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Subsidiaries</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_15" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsidiaries are entities controlled by the Group.
The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The financial results of subsidiaries are consolidated into the Group&#8217;s
results from acquisition date until loss of control.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_16" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the Group loses control over a subsidiary,
it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or
loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_17" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Non-controlling interest</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_18" id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-controlling interest represents the equity
in subsidiaries not attributable, directly or indirectly, to owners of the Company. Changes in the Company&#8217;s ownership interest
in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying
amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received
is recognized directly in equity and attributed to owners of the Company.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the financial year ended February 28, 2022,
the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, &#8220;capital
reserve&#8221; instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant
event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent
acquisition of interest in subsidiaries without change in control is accounted for under capital reserve.&#160;</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_1" escape="true" name="karo:ForeignCurrencyTranslationPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>b)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Foreign currency</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_2" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Functional and presentation currency</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_3" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements are presented in ZAR,
which is the Group&#8217;s presentation currency. Each entity in the Group determines its own functional currency and items included in
the financial statements of each of entities are measured using the currency of the primary economic environment in which the entity operates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><b><i>&#160;</i></b></p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_4" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Transactions and balances</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_5" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transactions in foreign currencies are measured
in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional
currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_6" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange differences arising on the settlement
of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 123; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_3"><ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_7" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 19px"><span style="font-size: 10pt"><b><i>iii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Consolidated financial statements</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_8" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For consolidation purpose, the assets and liabilities
of foreign operations are translated into ZAR at the rate of exchange ruling at the end of the reporting period and their profit or loss
are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are
recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to
that particular foreign operation is recognized in profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_9" id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exchange differences arising on monetary
items that form part of the Group&#8217;s net investment in foreign operations are recognized initially in other comprehensive income and accumulated
under foreign currency translation reserve in equity. The foreign currency translation reserve is reclassified from equity to profit or
loss of the Group on disposal of the foreign operation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_ForeignCurrencyTranslationPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Monetary items cease to form part of the net investment
in the foreign operation at the moment in time when the Group decides that settlement is planned or is likely to occur in the foreseeable
future. Accordingly, exchange differences arising on these monetary items up to that date are recognized in other comprehensive income
and accumulated under foreign currency translation reserve in equity. The exchange differences that arise after that date are recognized
in profit or loss. When these monetary items are settled, the exchange differences accumulated under foreign currency translation reserve
in equity are reclassified from equity to profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>c)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Financial instruments</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Financial assets</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Initial recognition and measurement</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets are recognized when, and only
when, the Group becomes a party to the contractual provisions of the financial instruments.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At initial recognition, the Group measures a financial
asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or
loss are expensed in profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables are measured at the amount of
consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding
amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Subsequent measurement</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequent measurement of debt instruments depends
on the Group&#8217;s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories
for classification of debt instruments are:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Amortized cost</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets that are held for the collection of contractual cash
flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are
measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when
the assets are derecognized or impaired, and through amortization process.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 124; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_4"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Fair value through other comprehensive income
(&#8220;FVOCI&#8221;)</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets&#8217; cash flows represent solely payments of principal and interest, are measured
at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of
the financial assets are recognized in other comprehensive income, except for impairment losses, foreign exchange gains and losses and
interest calculated using the effective interest method are recognized in profit or loss. The cumulative gain or loss previously recognized
in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset
is derecognized.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Fair value through profit or loss (&#8220;FVPL&#8221;)</span></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assets that do not meet the criteria for amortized
cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at
fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss in the period in which it
arises.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derecognition</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial asset is derecognized where the contractual right to receive
cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount
and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt
instruments is recognized in profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_16"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Financial liabilities</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Initial recognition and measurement</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial liabilities are recognized when, and
only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification
of its financial liabilities at initial recognition.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All financial liabilities are recognized initially
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Subsequent measurement</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_21"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After initial recognition, financial liabilities
that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the effective interest rate
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derecognition</b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory-c0_cont_23"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial liability is derecognized when the
obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and
the consideration paid is recognized in profit or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>d)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Derivative financial instruments</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Derivatives are initially measured at fair value
and any directly attributable transactions are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives
are measured at fair value, and changes therein are generally recognized in profit or loss. For derivatives entered as a transaction with
owner, changes in the fair value is recognized directly in equity.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>e)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Impairment of financial assets</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes an allowance for expected
credit losses (&#8220;ECLs&#8221;) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 125; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_5"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a &#8220;12-month ECL&#8221;). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses
expected over the remaining life of the exposure, irrespective of timing of the default (a &#8220;lifetime ECL&#8221;).</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For trade receivables, the Group applies a simplified
approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based
on lifetime ECLs at each reporting date. The Group has established a provision matrix based on its historical credit loss experience,
adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtor&#8217;s ability to
pay.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group considers a financial asset in default
when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before
taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>f)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Property, plant and equipment</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Recognition and measurement</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All items of property, plant and equipment are
initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation
and any accumulated impairment losses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of telematic devices is capitalized as
property, plant and equipment.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In-vehicle capitalized telematics devices are installed in customers&#8217;
vehicles as part of a subscription contract. The telematics device and directly related installation costs are capitalized and depreciated
over the expected useful life of the average contract. The related depreciation expense is recorded as part of cost of sales in the consolidated
statement of profit and loss. If a subscriber contract with a customer is cancelled prior to the end of its useful life, the unamortized
cost is recognized immediately in profit and loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Where subscriber contracts are expected to be
in existence for periods significantly shorter than the average useful life of 60 months, these are depreciated over a reduced useful
life.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uninstalled telematics devices are devices not
installed and available for installation. Work in progress telematics devices are devices in progress of being manufactured.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_7"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Depreciation</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is computed on a straight-line basis
over their estimated useful lives of property, plant and equipment including right of use assets as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:PropertyPlantAndEquipmentIncludingRightOfUseAssetsTableTextBlock"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; width: 32%; padding-top: 0.3pt"><span style="font-size: 10pt"><b>Category</b></span></td>
    <td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 32%; padding-top: 0.3pt; text-align: center"><span style="font-size: 10pt"><b>Depreciation method</b></span></td>
    <td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 32%; padding-top: 0.3pt; text-align: center"><span style="font-size: 10pt"><b>Average useful life</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
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    <td>&#160;</td>
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    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c67" name="karo:DepreciationRightofuseAssetsDescription">20</ix:nonNumeric>-<ix:nonNumeric contextRef="c68" name="karo:DepreciationRightofuseAssetsDescription">50</ix:nonNumeric> years</span></td></tr>
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    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Property - Right of use assets</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><ix:nonNumeric contextRef="c69" name="karo:DepreciationMethod"><span style="font-size: 10pt">Straight line</span></ix:nonNumeric></td>
    <td>&#160;</td>
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  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Property - Leasehold improvements</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><ix:nonNumeric contextRef="c70" name="karo:DepreciationMethod"><span style="font-size: 10pt">Straight line</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c70" name="karo:DepreciationRightofuseAssetsDescription">3</ix:nonNumeric> years or lease term</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Plant, equipment and vehicles</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><ix:nonNumeric contextRef="c71" name="karo:DepreciationMethod"><span style="font-size: 10pt">Straight line</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c72" name="karo:DepreciationRightofuseAssetsDescription">4</ix:nonNumeric>-<ix:nonNumeric contextRef="c73" name="karo:DepreciationRightofuseAssetsDescription">5</ix:nonNumeric> years</span></td></tr>
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    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">IT equipment</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><ix:nonNumeric contextRef="c74" name="karo:DepreciationMethod"><span style="font-size: 10pt">Straight line</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c74" name="karo:DepreciationRightofuseAssetsDescription">3</ix:nonNumeric> years</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Capitalized telematics devices - Installed</span></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><ix:nonNumeric contextRef="c75" name="karo:DepreciationMethod"><span style="font-size: 10pt">Straight line</span></ix:nonNumeric></td>
    <td>&#160;</td>
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; text-align: center"><span style="font-size: 10pt"><ix:nonNumeric contextRef="c75" name="karo:DepreciationRightofuseAssetsDescription">5</ix:nonNumeric> years</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depreciation is recognized when the property,
plant and equipment are installed and are ready for use. Land and construction in progress are stated at cost and are not depreciated.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The residual value, useful life and depreciation
method are reviewed at each financial year-end, and adjusted prospectively, if appropriate.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An item of property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset
is included in profit and loss in the year the asset is derecognized.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 126; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_6"><ix:nonNumeric contextRef="c0" continuedAt="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_1" escape="true" name="karo:CapitalizedCommissionAssetsPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>g)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Capitalized commission assets</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_2" id="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Recognition and measurement</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_3" id="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incremental sales commission costs which are directly
related to a customer contract are capitalized to capitalized commission assets and are measured at cost less accumulated amortization.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_4" id="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 19px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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over the expected useful life of the average contract which is 60 months. If a contract with a customer is cancelled prior to the end
of its useful life, the unamortized cost is recognized immediately in profit and loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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assets has been assessed as follows:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfCapitalizedCommissionAssetsTableTextBlock"><ix:continuation id="karo_CapitalizedCommissionAssetsPolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>h)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Intangible assets</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Intangible assets acquired separately are measured initially at cost.
Following initially acquisition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment
losses.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The useful lives of intangible assets are assessed as either finite
or indefinite.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets with finite useful lives are
amortized over the estimated useful life and assessed for impairment annually whenever there is an indication that the intangible asset
may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. Changes in the
expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing
the amortization period or method, as appropriate, and are treated as changes in accounting estimates.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets with indefinite useful lives
or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the
carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The
useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment
continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Gains or losses arising from de-recognition of an intangible asset
are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit
or loss when the asset is derecognized.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Product development costs</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Product development costs that are directly attributable
to the design, testing and development of identifiable hardware and software, controlled by the Group, are recognized as intangible assets
when the following criteria are met:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_8"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">There is an ability to use or sell the software or product;</span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_11"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Adequate technical, financial and other resources to complete the development and use or sell the software or product are available; and</span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">The expenditure attributable to the software or product during its development can be reliably measured.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>
</div><div>


</div><!-- Field: Page; Sequence: 127; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_7"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directly attributable costs that are capitalized
as part of the intangible assets include software costs and the costs of personnel whose sole responsibility is their involvement in the
Group&#8217;s research and development function.&#160;&#160;&#160;</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other product development expenditures that do
not meet the recognition criteria are recognized as an expense as incurred. Product development costs previously recognized as an expense
are not recognized as an asset in a subsequent period if the criteria are subsequently met.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Costs incurred in enhancing current telematics
hardware (telematics devices) and software (SaaS platform) are expensed when incurred.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_18" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capitalized product development costs are
amortized over their estimated useful life which is considered to be three years due to the life cycle of telematics hardware and software
applications.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 19px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Computer software</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computer software comprises self-developed computer
software acquired in a business combination and externally acquired computer software. Acquired computer software licenses are capitalized
on the basis of costs incurred to acquire and bring the software into use.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The acquired computer software is amortized over
the expected useful life which is generally three to five years. Self-developed computer software acquired in a business combination are
recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses, if any.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_22" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b><i>iii.</i></b></td><td style="text-align: justify"><b><i>Brand name</i></b></td>
</tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_23" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brand name acquired in a business combination
are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses. Brand name is amortized on a straight-line basis over the expected useful life of five years.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_24" id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_23"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><b><i>iv.</i></b></td><td style="text-align: justify"><b><i>Customer relationship</i></b></td>
</tr></table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<ix:continuation id="_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory-c0_cont_24"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customer relationship acquired in a business combination
are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses. Customer relationship is amortized on a straight-line basis over the expected useful life of three years.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>i)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Impairment of non-financial assets</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group assesses at each reporting date whether
there is an indication of impairment that an asset may be impaired or that a previously recognized impairment loss for an asset other
than goodwill may no longer exist or may have decreased. If any indication exists, or when an annual impairment testing for an asset is
required, the Group makes an estimate of the asset&#8217;s recoverable amount.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An asset&#8217;s recoverable amount is the higher
of an asset&#8217;s or cash-generating unit&#8217;s fair value less costs of disposal and its value in use and is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where
the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impairment losses are recognized in profit
or loss.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A previously recognized impairment loss is reversed
only if there has been a change in the estimates used to determine the asset&#8217;s recoverable amount since the last impairment loss
was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized previously. Such reversal
is recognized in profit or loss. Impairment loss relating to goodwill cannot be reversed in future periods.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_TaxationpolicyTextBlock-c0_cont_1" escape="true" name="karo:TaxationpolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>j)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Taxation</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_2" id="karo_TaxationpolicyTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Current income tax</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_3" id="karo_TaxationpolicyTextBlock-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current income tax assets and liabilities for
the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period, in the
countries where the Group operates and generates taxable income.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 128; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_8"><ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_4" id="karo_TaxationpolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Current income taxes are recognized in profit
or loss except to the extent that the tax relates to items recognized outside profit or loss, either in other comprehensive income or
directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions where appropriate.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_5" id="karo_TaxationpolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend withholding tax is currently payable
on dividends distributed to equity holders of the Group at a rate as determined by each country&#8217;s jurisdiction. This tax is not
attributable to the Company, but is collected by the Company and paid to the tax authorities on behalf of the shareholder.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_6" id="karo_TaxationpolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On receipt of a dividend by a company from an
investment held in a tax jurisdiction outside that of the Company, any dividend withholding tax payable is recognized as part of current
tax.</p></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_7" id="karo_TaxationpolicyTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Deferred tax</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_8" id="karo_TaxationpolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax is provided using the liability method
on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_9" id="karo_TaxationpolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax liabilities are recognized for all
temporary differences, except:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_10" id="karo_TaxationpolicyTextBlock-c0_cont_9"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_11" id="karo_TaxationpolicyTextBlock-c0_cont_10"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_12" id="karo_TaxationpolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit
will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses
can be utilized, except:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_13" id="karo_TaxationpolicyTextBlock-c0_cont_12"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.</span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_14" id="karo_TaxationpolicyTextBlock-c0_cont_13"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint venture, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.</span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_15" id="karo_TaxationpolicyTextBlock-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end
of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred
tax asset to be recovered.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_16" id="karo_TaxationpolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively enacted at the end of each reporting period.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_17" id="karo_TaxationpolicyTextBlock-c0_cont_16"><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Deferred tax relating to items recognized outside profit or loss is
recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive
income or directly in equity.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_18" id="karo_TaxationpolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group offsets deferred tax assets and deferred
tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred
tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>


</div><!-- Field: Page; Sequence: 129; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_9"><ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_19" id="karo_TaxationpolicyTextBlock-c0_cont_18"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>iii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>Sales tax</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_20" id="karo_TaxationpolicyTextBlock-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues, expenses and assets are recognized net
of the amount of sales tax except:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_21" id="karo_TaxationpolicyTextBlock-c0_cont_20"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_TaxationpolicyTextBlock-c0_cont_22" id="karo_TaxationpolicyTextBlock-c0_cont_21"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in"><span style="font-size: 10pt">&#9679;</span></td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_TaxationpolicyTextBlock-c0_cont_22"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The net amount of sales tax recoverable from,
or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_LeasesPolicyTextBlock-c0_cont_1" escape="true" name="karo:LeasesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>k)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Leases</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_2" id="karo_LeasesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group assesses at contract inception whether
a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_3" id="karo_LeasesPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>i.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>As Lessee</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_4" id="karo_LeasesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group applies a single recognition and measurement
approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities representing
the obligations to make lease payments and right-of-use assets representing the right to use the underlying leased assets.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_5" id="karo_LeasesPolicyTextBlock-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Right-of-use assets</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_6" id="karo_LeasesPolicyTextBlock-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes right-of-use assets at the
commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_7" id="karo_LeasesPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The right-of-use assets are also subject to impairment. The accounting policy for impairment is disclosed in
Note 2.2(i).</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_8" id="karo_LeasesPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s right-of-use assets are presented
in property, plant and equipment in the consolidated statement of financial position.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_9" id="karo_LeasesPolicyTextBlock-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Lease liabilities</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_10" id="karo_LeasesPolicyTextBlock-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the commencement date of the lease, the Group
recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment
occurs.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_11" id="karo_LeasesPolicyTextBlock-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change
in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_12" id="karo_LeasesPolicyTextBlock-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s lease liabilities are presented
separately in the consolidated statement of financial position and in Note 17.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_13" id="karo_LeasesPolicyTextBlock-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Short-term leases and leases of low-value assets</span></p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_14" id="karo_LeasesPolicyTextBlock-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group applies the short-term lease recognition
exemption to not recognize right-of-use assets and lease liabilities that have a lease term of 12 months or less and leases of low-value
assets. The lease payments associated with these leases are charged directly to profit on a straight-line basis over the lease term.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_15" id="karo_LeasesPolicyTextBlock-c0_cont_14"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><span style="font-size: 10pt"><b><i>ii.</i></b></span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><b><i>As Lessor (Finance lease)</i></b></span></td></tr>
  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_16" id="karo_LeasesPolicyTextBlock-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leases where the Group has transferred substantially
all risks and rewards incidental to ownership of the leased assets to the lessees are classified as finance leases.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_17" id="karo_LeasesPolicyTextBlock-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The leased asset is derecognized and the present
value of the lease receivable is recognized on the balance sheet and included in &#8220;trade and other receivables and prepayments&#8221;.
The difference between the gross receivable and the present value of the lease receivable is recognized as finance income.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_LeasesPolicyTextBlock-c0_cont_18" id="karo_LeasesPolicyTextBlock-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each lease payment received is applied against
the gross investment in the finance lease receivable to reduce both the principal and the unearned finance income. The finance income
is recognized in profit or loss on a basis that reflects a constant periodic rate of return on the net investment in the finance lease
receivable.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_LeasesPolicyTextBlock-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Initial direct costs incurred by the Group in
negotiating and arranging finance leases are added to finance lease receivables and reduce the amount of income recognized over the lease
term.</p><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 130; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><p style="margin-top: 0; margin-bottom: 0">&#160;</p><div>

</div><p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_10"><ix:nonNumeric contextRef="c0" continuedAt="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_1" escape="true" name="karo:DescriptionOfAccountingPolicyForInventoriesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>l)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Inventories</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_2" id="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Inventories are stated at the lower of cost and
net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make the sale. The cost of inventories comprises of all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their present location and condition.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_3" id="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost is determined on a weighted average cost
basis.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_DescriptionOfAccountingPolicyForInventoriesExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management considers the condition and usability
of inventories on an annual basis to determine whether an allowance for obsolete inventory is required.</p></ix:continuation>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>m)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Cash and cash equivalents</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2" id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents comprise cash balances
and short-term deposits with maturities of three months or less from the date of acquisition that are subject to an insignificant risk
of changes in their fair value, and are used by the Group in the management of its short-term commitments.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purpose of the statement of cash flows,
bank overdrafts that are repayable on demand and form an integral part of the Group&#8217;s cash management are included in cash and cash
equivalents. Bank overdrafts are included within current liabilities on the statement of financial position. Restricted cash is excluded
from the statement of cash flows.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>n)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Borrowing costs</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForBorrowingCostsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Borrowing costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized
as part of the cost of the asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing of funds.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>o)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Employee benefits</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group participates in the national pension
schemes as defined by the laws of the countries in which it has operations. In particular, the Singapore companies in the Group make contributions
to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension
schemes are recognized as an expense in the period in which the related service is performed.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee entitlements to annual leave are recognized
as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve
months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation can be estimated reliably.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the
obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognized as a finance cost.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_ProvisionsAndContingenciesPolicyTextBlock-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group offers warranties of up to ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="karo:OffersWarrantAmount" scale="6" unitRef="zar">1.0</ix:nonFraction> million
in the event of the non-recovery of a stolen vehicle, subject to various terms and conditions. The provision for future warranty claims
is based on known claims at year end and takes into account the historic claims to payment ratio.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>q)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Revenue</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group principally generates revenue from providing
a full-stack smart mobility software-as-a-service (&#8220;SaaS&#8221;) platform for connected vehicles and other assets. The Group recognizes
revenue as or when it satisfies its performance obligations.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hardware revenue</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hardware revenue is recognized when control of
the telematics device was transferred to the customer which occurred upon installation on the customer&#8217;s vehicle. The payment terms
is generally 30 days.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 131; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><ix:continuation continuedAt="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12" id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_11"><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Installation revenue</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Installation revenue is recognized when the device
is successfully installed, which occurs at the same time that control of the hardware is transferred to the customer, which occurs upon
installation on the customer&#8217;s vehicle. Customers are invoiced when the devices are installed and payment terms is generally 30
days.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Subscription revenue</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues arising from the SaaS service is recognized
as the service is provided over the contractual term. Customers are invoiced monthly in advance and invoices are payable on presentation.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_8"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has assessed whether its subscription
contract arrangements contain a significant financing component and it was determined that the contracts do not have a significant financing
component because the difference between the timing of when the cash is received and the services are transferred to the customer is not
to provide the customer with a benefit of financing.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_9"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Miscellaneous contract fees</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_10"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group sometimes makes miscellaneous SaaS charges
to customers to maintain the telematic devices, process administrative changes to contractual terms, or for contract cancellation. Such
charges are recognized and invoiced when they arise and payment terms are generally 30 days.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_11"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Motor Dealership Embedded Devices</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_12"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group installs devices into motor dealership vehicles free of charge,
but ownership of the embedded devices remains with the Group. Such devices were recognized as properly, plant and equipment under the
category of &#8220;capitalized telematics devices - installed&#8221;. In some cases, installed devices are removed from dealership vehicles
and returned to capitalized telematics devices uninstalled. During the financial year ended February 28, 2022, the reclassification was
corrected prospectively as the impact to comparative amounts is not material.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_13"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the group does collect certain upfront
fees from its customers, these fees represent an insignificant proportion of the total transaction price, and therefore the Company has
concluded that the amount invoiced each month for subscription services reasonably represents the value to customers of the group&#8217;s
performance completed to date. Therefore, revenue is recognized for the amount to which the group has a right to invoice and the group
qualifies for the practical expedient provided in IFRS 15:B16. Accordingly, as permitted by IFRS 15:121, the quantitative disclosures
about the group&#8217;s remaining performance obligations (future subscription services) are not provided.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_14"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When the motor dealership sells the motor vehicle
to a customer, a customer may sign a SaaS subscription contract. Subscription revenue will then be recognized as the service is provided.
If the customer does not sign a subscription contract the cost of the device will be recognized immediately in cost of sales.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_15"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since control of the embedded device is not transferred
to the customer and the customer does not have the ability to determine how and for what purpose the device is used, the Group has concluded
that its contracts do not contain a lease arrangement.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_16"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Vehicle sales</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_17"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vehicle sales is recognized when ownership of
the vehicle is transferred to the customer.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_18"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Delivery service fees</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_19"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Delivery service fee is recognized as the service
is rendered.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_21" id="_DescriptionOfAccountingPolicyForRecognitionOfRevenue-c0_cont_20"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Interest income</i></b></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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interest method.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation></ix:continuation><div>

</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory-c0_cont_12"><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>r)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Government grants</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2" id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grant relates to Research and Development
(&#8220;R&amp;D&#8221;) incentives and various COVID-19 relief government initiatives.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="_DescriptionOfAccountingPolicyForGovernmentGrants-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Government grants are recognized when there is
reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate,
are expensed. Where the grant relates to an asset, the fair value is recognized as deferred capital grant on the balance sheet and is
amortized to profit or loss over the expected useful life of the relevant asset.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>s)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Earnings per share</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during
the financial year.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<ix:continuation continuedAt="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_4" id="_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Diluted earnings per share</i></p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

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the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during
the financial year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential
ordinary shares into ordinary shares.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ShareCapitalAndShareIssueExpensesPolicyTextBlock-c0_cont_1" escape="true" name="karo:ShareCapitalAndShareIssueExpensesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>t)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Share capital and share issue expenses</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="karo_ShareCapitalAndShareIssueExpensesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proceeds from issuance of ordinary shares are
recognized as share capital in equity. Incremental costs directly attributable to the issuance of ordinary shares are deducted against
share capital.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_TreasurySharesPolicyTextBlock-c0_cont_1" escape="true" name="karo:TreasurySharesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>u)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Treasury shares</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<ix:continuation id="karo_TreasurySharesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s own equity instruments, which
are reacquired are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale,
issue or cancellation of the Group&#8217;s own equity instruments. Any difference between the carrying amount of treasury shares and the consideration
received, if reissued, is recognized directly in equity. Voting rights related to treasury shares are nullified for the Group and no dividends
are allocated to them respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_1" escape="true" name="karo:ContingenciesPolicyTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><b>v)</b></span></td> <td style="text-align: justify"><span style="font-size: 10pt"><b>Contingencies</b></span></td></tr> </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_2" id="karo_ContingenciesPolicyTextBlock-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contingent liability is:</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_3" id="karo_ContingenciesPolicyTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_4" id="karo_ContingenciesPolicyTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_5" id="karo_ContingenciesPolicyTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_6" id="karo_ContingenciesPolicyTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="width: 0.25in">&#160;</td>
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  </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_ContingenciesPolicyTextBlock-c0_cont_7" id="karo_ContingenciesPolicyTextBlock-c0_cont_6"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A contingent asset is a possible asset that arises
from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Group.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_ContingenciesPolicyTextBlock-c0_cont_7"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent liabilities and assets are not recognized
on the statement of financial position of the Group.</p></ix:continuation></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3. STANDARDS ISSUED BUT NOT YET EFFECTIVE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group will apply for the first-time certain
standards and amendments, which are effective for annual periods beginning on or after March 1, 2023. The Group has not early adopted
any other standard, interpretation or amendment that has been issued but is not yet effective.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on an initial assessment, the following
new and amended standards are not expected to have a significant impact on the Group&#8217;s consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfSegmentReportingInformationBySegmentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; width: 82%; padding-top: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt"><b>Details of amendment</b></span></td>
    <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 17%; padding-top: 0.3pt; text-align: center"><span style="font-size: 10pt"><b>Annual periods<br/>
beginning on/after</b></span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c77" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2023</span></ix:nonNumeric></td></tr>
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    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IAS 8: Definition of Accounting Estimates</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c78" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2023</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c79" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2023</span></ix:nonNumeric></td></tr>
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    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c80" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2023</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Initial Application of IFRS 17 and IFRS 9 &#8211; Comparative information (Amendments to IFRS 17)</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c81" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2023</span></ix:nonNumeric></td></tr>
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    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IAS 1: Classification of Liabilities as Current or Non-current</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c82" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2024</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IFRS 16: Lease Liability in a Sale and Leaseback </span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c83" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2024</span></ix:nonNumeric></td></tr>
  <tr style="vertical-align: top; ">
    <td style="padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IFRS 1: Non-current Liabilities with Covenants</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><ix:nonNumeric contextRef="c84" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">January 1, 2024</span></ix:nonNumeric></td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; padding-top: 0.3pt; padding-bottom: 0.3pt; padding-left: 11.35pt; text-indent: -11.35pt"><span style="font-size: 10pt">Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture</span></td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; text-align: center"><ix:nonNumeric contextRef="c85" name="karo:DetailsOfAmendmentDescription"><span style="font-size: 10pt">To be determined</span></ix:nonNumeric></td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1" escape="true" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4. SEGMENT REPORTING</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating segments are reported in a manner consistent
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resources and assessing performance of the operating segments, has been identified as the Group Chief Executive Officer (&#8220;CEO&#8221;),
who makes strategic decisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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business segment, the Cartrack business segment. However, with the new business setup and new business acquired in the previous financial
year, for management purposes, the Group organized its business units based on its products and services into the following reportable
segments:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">-</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Carzuka is a physical and e-commerce vehicle buying and selling marketplace which allows customers to source, buy and sell vehicles efficiently and cost effectively.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">-</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Karooooo Logistics provides a software application enabling the management of last mile delivery and general operational logistics. This technology addresses the challenges of on-the-ground distribution for large enterprises requiring systems integrations, payment gateways, third-party long-haul services and crowd-sourced drivers in order to scale and meet their operational needs.</span></td></tr>
  </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>
</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 134; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation continuedAt="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_2" id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CODM monitors the operating results of its
business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance
is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from
operating profit or loss in the consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The segment information provided to the Group
CEO, for the reportable segments for the financial year ended February 28, 2023 and February 28, 2022 as follows:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For financial year ended February 28, 2021, the
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DescriptionOfAccountingPolicyForSegmentReportingExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Reconciliation of information on reportable
segments to the amounts reported in consolidated financial statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Fair value changes to derivative assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Information about geographical areas:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfInformationAboutGeographicalAreasTableTextBlock-c0_cont_1" escape="true" name="karo:ScheduleOfInformationAboutGeographicalAreasTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information about revenue from geographical areas are disclosed in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5. PROPERTY, PLANT AND EQUIPMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-175">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-177">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-178">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">Cost</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-181">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reconciliation of the carrying value of property, plant and equipment</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-268">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-269">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-270">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-271">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-272">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-273">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-274">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-275">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-276">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="karo:Disposals" scale="3" sign="-" unitRef="zar">694</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-277">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-278">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-279">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-280">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DepreciationExpense" scale="3" unitRef="zar">45,410</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><span style="font-size: 10pt">Reclassification from/(to) owned
assets</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c204" decimals="-3" format="ixt:num-dot-decimal" id="ix_66_fact" name="karo:ReclassificationToOwnedAssets" scale="3" unitRef="zar">5,816</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-281">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-282">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-283">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-284">-</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c211" decimals="-3" format="ixt:num-dot-decimal" name="karo:ReclassificationToOwnedAssets" scale="3" sign="-" unitRef="zar">4,155</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_2" id="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_1"><ix:continuation continuedAt="karo_ScheduleOfReconciliationOfTheCarryingValueOfPropertyPlantsAndEquipmentTableTextBlock-c0_cont_3" id="karo_ScheduleOfReconciliationOfTheCarryingValueOfPropertyPlantsAndEquipmentTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>1</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_9_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
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prospectively as the impact to the prior period is not material.</span></ix:footnote></td>
</tr></table></ix:continuation></ix:continuation>

<ix:continuation continuedAt="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_3" id="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_2"><ix:continuation continuedAt="karo_ScheduleOfReconciliationOfTheCarryingValueOfPropertyPlantsAndEquipmentTableTextBlock-c0_cont_4" id="karo_ScheduleOfReconciliationOfTheCarryingValueOfPropertyPlantsAndEquipmentTableTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table></ix:continuation></ix:continuation>


<ix:continuation id="_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory-c0_cont_3"><ix:continuation id="karo_ScheduleOfReconciliationOfTheCarryingValueOfPropertyPlantsAndEquipmentTableTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
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</tr></table></ix:continuation></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:CapitalizedCommissionAssetsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6. CAPITALIZED COMMISSION ASSETS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reconciliation of the carrying value of capitalized sales commissions
</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group capitalizes sales commission costs arising
from activated subscription contracts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the financial year ended February 28, 2022,
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assets, of ZAR <ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="karo:CapitalizedCommissionAssets1" scale="6" unitRef="zar">15.3</ix:nonFraction> million through profit or loss. The write-off was recognized in general and administration operating expenses for
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7. INTANGIBLE ASSETS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfIntangibleAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold">At February 28, 2023</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Carrying value</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">At February 28, 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Staff costs of ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinanceCost" scale="6" unitRef="zar">38.8</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:OtherFinanceCost" scale="6" unitRef="zar">40.8</ix:nonFraction>
million) have been capitalized to product development costs with regard to the development of new generation telematics hardware and platform
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p><div>

</div><ix:continuation id="_DisclosureOfIntangibleAssetsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reconciliation of the carrying value of intangible assets</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold">At February 28, 2023</td><td>&#160;</td>
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    <td style="font-weight: bold">At February 28, 2022</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" scale="3" unitRef="zar">39,078</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-303">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsOtherThanGoodwill" scale="3" sign="-" unitRef="zar">431</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfGoodwillExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfGoodwillExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. GOODWILL</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill is allocated to the following cash generating
units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfGoodwillIsAllocatedCashGeneratingUnitsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Cartrack</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">Karooooo</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%; text-indent: -9pt; padding-left: 9pt">At March 1, 2021</td><td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c233" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">57,232</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c234" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">32,192</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c235" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">22,818</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c236" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">11,910</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-305">&#8211;</div></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 7%; text-align: right"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">124,152</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">Acquisition of subsidiary</td><td>&#160;</td>
    <td style="text-align: center">28</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-306">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-307">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-308">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-309">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c242" decimals="-3" format="ixt:num-dot-decimal" name="karo:AcquisitionOfSubsidiariesOfGoodwill" scale="3" unitRef="zar">58,314</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:AcquisitionOfSubsidiariesOfGoodwill" scale="3" unitRef="zar">58,314</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c238" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" unitRef="zar">7,849</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c240" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" sign="-" unitRef="zar">1,437</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-310">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" unitRef="zar">3,918</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -9pt; padding-left: 9pt">At February 28, 2022</td><td>&#160;</td>
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c243" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">65,081</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c244" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">30,164</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c245" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">21,381</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c247" decimals="-3" format="ixt:num-dot-decimal" name="karo:Goodwillbalances" scale="3" unitRef="zar">58,314</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c248" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" unitRef="zar">17,196</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c251" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" unitRef="zar">1,545</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-311">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="3" unitRef="zar">26,097</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">At February 28, 2023</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Impairment testing</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group performs its annual impairment test
at the end of each financial year, or more frequently if there are indications that goodwill may be impaired. No impairment was identified
in the current financial year which is consistent with the conclusions reached in 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group considers the relationship between its
market capitalization and its equity attributable to equity holders of the parent, among other factors, when performing the annual test
of impairment. At February 28, 2023, the market capitalization of the Group exceeded the value of equity by ZAR <ix:nonFraction contextRef="c0" decimals="-8" format="ixt:num-dot-decimal" name="ifrs-full:IssueOfEquity" scale="9" unitRef="zar">11.8</ix:nonFraction> billion (2022: ZAR
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The recoverable amount of each cash-generating
unit (CGU) with the exception of the Other CGUs is determined using a discounted cash flow valuation technique, which requires the use
of various estimates. Each of the cash flow projections are based on forecasts over a five-year period, which have been approved by senior
management. The Other CGUs are valued on an earnings multiple basis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the financial year ended February 28, 2022,
the Group was of the view that the total consideration paid was representative of Karooooo Logistics&#160;fair value less costs of disposal
as the acquisition of Karooooo Logistics was completed in September 2021. There were no significant events since the date of acquisition
to the financial year ended February 28, 2022 that would have resulted in a significant reduction of its fair value. Accordingly, the
recoverable amount approximates the carrying amount as of February 28, 2022 and goodwill arising from the acquisition of Karooooo Logistics
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</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfGoodwillExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The key estimates used for the value in use calculations and sensitivity
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

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    <td style="vertical-align: bottom">&#160;</td>
    <td colspan="2" style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom; text-align: right">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td>&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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    <td>&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
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    <td style="vertical-align: bottom">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sensitivity analysis</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has applied a 50 basis point (2022:
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For Spain, Portugal and Karooooo Logistics, it does not result in impairment. However, for Mozambique, an increase of the discount rate,
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfDeferredTaxesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9. DEFERRED TAX</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfDeferredTaxationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At March 1</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>Acquisition of subsidiaries</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Increase in deferred revenue temporary differences</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Decrease in property, plant and equipment and capitalized commission assets temporary differences</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:DecreaseInPropertyPlantAndEquipmentAndCapitalizedCommissionAssetsTemporaryDifferenc" scale="3" unitRef="zar">469</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Decrease)/increase in tax losses temporary differences</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:DecreaseincreaseInTaxLossesTemporaryDifferencesinDollars" scale="3" sign="-" unitRef="zar">13,076</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Increase/(decrease) in lease obligation temporary differences</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:IncreasedecreaseInLeaseObligationTemporaryDifferencesinDollars" scale="3" unitRef="zar">1,659</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Decrease)/increase in ECL provision on trade receivables temporary differences</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:IncreaseInECLProvisionOnTradeReceivablesTemporaryDifferences" scale="3" sign="-" unitRef="zar">430</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Increase in other temporary differences</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:DecreaseincreaseInOtherTemporaryDifferences" scale="3" unitRef="zar">1,504</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TranslationAdjustmentsin" scale="3" unitRef="zar">3,100</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:TranslationAdjustmentsin" scale="3" sign="-" unitRef="zar">80</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt">At February 28</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="usd">9,025</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="usd">11,320</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Reconciliation of deferred tax balances</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>At March 1</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="zar">11,320</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxLiabilityAsset" scale="3" unitRef="zar">5,022</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Acquisition of subsidiaries</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-316">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:AcquisitionOfSubsidiaries1" scale="3" sign="-" unitRef="zar">13,386</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">(Charge)/credit to income statement</td><td>&#160;</td>
    <td style="text-align: center">24</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities" scale="3" sign="-" unitRef="zar">17,229</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:GainsLossesRecognisedInProfitOrLossFairValueMeasurementLiabilities" scale="3" unitRef="zar">19,764</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Others</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:OthersinDollars" scale="3" unitRef="zar">14,570</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-317">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Translation adjustments</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TranslationDifferences" scale="3" unitRef="zar">364</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:TranslationDifferences" scale="3" sign="-" unitRef="zar">80</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt">At February 28</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="usd">9,025</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ContractLiabilities" scale="3" unitRef="usd">11,320</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Unrecognized deferred tax assets</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has not recognized deferred tax assets
relating to available tax losses in start-up subsidiaries where the probability of future taxable income is uncertain. These potential
deferred tax assets will be recognized and utilized in future periods as and when they meet the recognition criteria. The tax losses available
from these subsidiaries are ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="karo:UnrecognizedDeferredTaxAssets" scale="6" unitRef="zar">116.2</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="karo:UnrecognizedDeferredTaxAssets" scale="6" unitRef="zar">6.2</ix:nonFraction> million). Detailed budgets and forecasts have been prepared by management
which support the recoverability of these tax losses. None of the tax losses expire in terms of local tax legislation.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 142; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfDeferredTaxesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Unrecognized deferred tax liabilities</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No deferred tax liability is recognized on temporary
differences of ZAR <ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="karo:UnrecognizedDeferredTaxLiabilities" scale="6" unitRef="zar">1,194.7</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c4" decimals="-5" format="ixt:num-dot-decimal" name="karo:UnrecognizedDeferredTaxLiabilities" scale="6" unitRef="zar">1,484.7</ix:nonFraction> million) relating to the unremitted earnings of overseas subsidiaries as the Group
is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable
future.</p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. INVENTORIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfInventoriestableTextTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total inventories</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Inventories recognized as an expense in cost of sales</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. TRADE AND OTHER RECEIVABLES AND PREPAYMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfDetailedInformationAboutTradeAndOtherReceivablesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Amounts due from related parties</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Other receivables</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Deposits</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Sundry debtors</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:SundryDebtors" scale="3" unitRef="zar">24,739</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:FinanceLeaseReceivable" scale="3" unitRef="zar">21,403</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-320">-</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Subtotal</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FairValueOfAcquiredReceivables" scale="3" unitRef="zar">394,152</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Prepayments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:Prepayment" scale="3" unitRef="zar">32,387</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Other taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ValueAddedTaxPayables" scale="3" unitRef="zar">7,367</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total trade and other receivables and prepayments</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherReceivables" scale="3" unitRef="zar">433,906</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Non-current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentTradeReceivables" scale="3" unitRef="zar">24,715</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrentinDollars" scale="3" unitRef="zar">409,191</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TotalNonCurrentinDollars" scale="3" unitRef="zar">433,906</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts due from related parties are unsecured,
interest-free and repayable on demand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group recognizes a loss allowance for expected
credit losses on financial assets that are measured at amortized cost. The determination of the expected credit loss provision is calculated
on a basis specific to each customer grouping and jurisdiction in which the Group operates and requires the use of estimates. Additional
information regarding credit risk applicable to trade receivables is disclosed in Note 31.2 (a).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has recognized a loss allowance of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="karo:RecognizedLossAllowancePercentage" scale="-2" unitRef="pure">100</ix:nonFraction>%
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on respective entities&#8217; historical experiences.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With customers being afforded payment holidays
and extended payment terms, the ageing profile of trade receivables has extended which in turn has resulted in the expected credit loss
provision being increased. The method in providing for expected credit losses is consistent with prior years.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The average credit period extended to customers
is 30 days (2022: 30 days). No interest is charged on outstanding trade receivables.&#160;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p></ix:nonNumeric><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:continuation id="_DisclosureOfTradeAndOtherReceivablesExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>Credit quality of trade and other
receivables</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information on credit quality of trade and other receivables is on
Note 31.2 (a).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Reconciliation of the expected credit loss provision recognized
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 10.35pt"><i>&#160;</i></p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfTradeAndOtherReceivableReconciliationTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">At February 28</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year ended February 28, 2023, the Group
entered into a finance leasing arrangement as a lessor for a property to a third party. The average term of finance leases entered into
is <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="karo:AverageTermOfFinanceLeases">five years</ix:nonNumeric>. The following table shows the maturity analysis of the undiscounted lease payments to be received:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfMaturityAnalysisOfTheUndiscountedLeasePaymentsToBeReceivedTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">As of<br/>
 February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Maturities analysis</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 88%; text-align: left">&#8211; within one year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TradereceiavbleswithinOneYear" scale="3" unitRef="zar">4,078</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#8211; within two to four years</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">&#8211; over four years</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Non-current asset</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Current asset</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentAssets" scale="3" unitRef="zar">4,078</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TotalNoncurrentAsset" scale="3" unitRef="zar">21,403</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:LoansToFromRelatedPartiesTableTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. LOANS TO/(FROM) RELATED PARTIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Non-current assets</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-bottom: 4pt">Loans to related party</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="zar">25,800</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td><td style="width: 1%; padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentAssets" scale="3" unitRef="zar">19,400</ix:nonFraction></td><td style="width: 1%; padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Loans from related parties</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoansFromRelatedParties" scale="3" sign="-" unitRef="zar">607</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoansFromRelatedParties" scale="3" sign="-" unitRef="zar">2,134</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Related party loans are unsecured, bear no interest
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 144; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13. CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfCashAndCashEquivalentsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Bank balances</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information on cash flow management is included
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:OtherFinancialAssetsTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>14. OTHER FINANCIAL ASSETS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfOtherFinancialAssetsTableTextBlock-c0_cont_1" escape="true" name="karo:ScheduleOfOtherFinancialAssetsTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Non-current assets</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:FinancialAssets" scale="3" unitRef="zar">388</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><sup>&#160;</sup></p>

<ix:continuation continuedAt="karo_ScheduleOfOtherFinancialAssetsTableTextBlock-c0_cont_2" id="karo_ScheduleOfOtherFinancialAssetsTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>1</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_15_footnote" xml:lang="en-US"><span style="font-size: 10pt">Relates to the acquisition of Picup. See Note 28 for details.</span></ix:footnote></td></tr> </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation id="karo_ScheduleOfOtherFinancialAssetsTableTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>2</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_16_footnote" xml:lang="en-US"><span style="font-size: 10pt">Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Picup. The put option expired on August 31, 2022. As this is a transaction with owner, the fair value and subsequent changes fair value of the put option is recognized directly against retained earnings.</span></ix:footnote></td></tr> </table></ix:continuation></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt"><b>15.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfShareCapitalTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="width: 76%">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:OrdinarySharesOfNoParValue" scale="3" unitRef="zar">7,142,853</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:OrdinarySharesOfNoParValue" scale="3" unitRef="zar">7,142,853</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As discussed in Note 1, Karooooo acquired control
of Cartrack when the loan from Zak to Karooooo was extinguished through the issuance of shares. The acquisition of control of Cartrack
has been accounted for as a transaction under common control. The Company&#8217;s authorized and issued number of ordinary shares increased
on November 18, 2020 to <ix:nonFraction contextRef="c270" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">20,332,894</ix:nonFraction> shares as of February 28, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Karooooo listed on NASDAQ in April 2021 with <ix:nonFraction contextRef="c271" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">20,332,894</ix:nonFraction>
shares and issued additional <ix:nonFraction contextRef="c271" decimals="0" format="ixt:num-dot-decimal" name="karo:AdditionalShareIssued" scale="0" unitRef="shares">1,207,500</ix:nonFraction> shares to public shareholders. On April 21, 2021, Karooooo bought out all of the minority shareholders
of Cartrack and delisted Cartrack from the JSE. In terms of the reinvestment offer, investors who elected to remain invested in Cartrack
received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of reinvestment offer.
Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued another <ix:nonFraction contextRef="c272" decimals="0" format="ixt:num-dot-decimal" name="karo:OtherOrdinarySharesIssued" scale="0" unitRef="shares">9,410,712</ix:nonFraction> ordinary shares to eligible Cartrack
shareholders. The Company&#8217;s authorized and issued number of ordinary shares increased from <ix:nonFraction contextRef="c273" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:NumberOfSharesAuthorised" scale="0" unitRef="shares">20,332,894</ix:nonFraction> to <ix:nonFraction contextRef="c274" decimals="0" format="ixt:num-dot-decimal" name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" scale="0" unitRef="shares">30,951,106</ix:nonFraction> as at February
28, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holder of ordinary shares is entitled to receive
dividends as declared from time to time, and is entitled to one vote per share at meetings of the Company.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfTermLoansTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16. TERM LOANS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Total term loans</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="_DisclosureOfFinancialLiabilitiesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>1</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_17_footnote" xml:lang="en-US"><span style="font-size: 10pt">The ZAR interest-bearing loans were fully repaid on December 8, 2022.</span></ix:footnote></td></tr> </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As at February 28, 2023 and February 28, 2022, the Group met the loan
covenants.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Reconciliation of movement of liabilities to cash flows arising
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:ChangesFromFinancingCashFlows" scale="3" unitRef="zar">88,774</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 7.1pt">Proceeds from borrowings</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 7.1pt">Repayment of related parties loans</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-325">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-326">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 7.1pt">Repayment of term loans</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 7.1pt">Payment of lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-329">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-330">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c302" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="zar">56,617</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="zar">56,617</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">The effect of changes in foreign exchange rates</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Other changes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-331">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-332">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c302" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" scale="3" unitRef="zar">59,572</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" scale="3" unitRef="zar">59,572</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: 7.1pt">Interest paid</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-333">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c301" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">797</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">8,996</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: 7.1pt">New leases</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-334">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-335">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c302" decimals="-3" format="ixt:num-dot-decimal" name="karo:NewLeases" scale="3" unitRef="zar">59,572</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:NewLeases" scale="3" unitRef="zar">59,572</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: 7.1pt">Interest expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-336">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c301" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">797</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c302" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">8,199</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">8,996</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; padding-bottom: 4pt">Balance at February 28, 2023</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c303" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">607</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c304" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">59,947</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c305" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">120,727</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">181,281</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">Balance at March 1, 2021</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c306" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">891,977</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c307" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">15,930</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c308" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">98,684</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">1,006,591</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Changes from financing cash flows</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c309" decimals="-3" format="ixt:num-dot-decimal" name="karo:ChangesFromFinancingCashFlows" scale="3" unitRef="zar">845,003</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="karo:ChangesFromFinancingCashFlows" scale="3" sign="-" unitRef="zar">8,292</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="karo:ChangesFromFinancingCashFlows" scale="3" unitRef="zar">47,201</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:ChangesFromFinancingCashFlows" scale="3" unitRef="zar">883,912</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 7.1pt">Proceeds from borrowings</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-337">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromCurrentBorrowings" scale="3" unitRef="zar">110,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-338">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProceedsFromCurrentBorrowings" scale="3" unitRef="zar">110,000</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 7.1pt">Repayment of related parties loans</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 7.1pt">Repayment of term loans</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Payment of lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-343">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" scale="3" unitRef="zar">47,201</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Acquisition of a subsidiary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">The effect of changes in foreign exchange rates</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-347">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" scale="3" unitRef="zar">63,204</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" scale="3" unitRef="zar">61,474</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 7.1pt">Interest paid</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c309" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">1,730</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">4,317</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">6,249</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:InterestsPaid" scale="3" sign="-" unitRef="zar">12,296</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 7.1pt">New leases</td><td>&#160;</td>
    <td style="border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-348">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-349">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="karo:NewLeases" scale="3" unitRef="zar">63,204</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:NewLeases" scale="3" unitRef="zar">63,204</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 7.1pt">Interest expense</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; border-left: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-350">&#8211;</div></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c310" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">4,317</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c311" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">6,249</ix:nonFraction></td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBorrowings" scale="3" unitRef="zar">10,566</ix:nonFraction></td><td style="border-right: Black 1.5pt solid; border-bottom: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; padding-bottom: 4pt">Balance at February 28, 2022</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c297" decimals="-3" format="ixt:num-dot-decimal" name="karo:Loan" scale="3" unitRef="zar">2,134</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric></ix:nonNumeric><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:CapitalizedLeaseLiabilitiesTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>17. LEASE LIABILITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfDetailedInformationAboutLeaseLiabilities"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left">Maturities analysis</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">&#8211; within one year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:LeaseliabilityWithinOneYear" scale="3" unitRef="zar">52,843</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">&#8211; within two to four years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:LeaseLiabilitesWithinTwoToFourYears" scale="3" unitRef="zar">57,930</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">&#8211; over four years</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:LeaseLiabilitiesOverFourYears" scale="3" unitRef="zar">9,954</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:LeaseLiabilitiesOverFourYears" scale="3" unitRef="zar">7,916</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">Present value of lease payments</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="zar">120,727</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="zar">112,078</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="zar">67,882</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:NoncurrentLeaseLiabilities" scale="3" unitRef="zar">64,784</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:LeaseLiabilities" scale="3" unitRef="zar">120,727</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is Group policy to lease the various commercial
properties occupied by the Group&#8217;s operations and certain motor vehicles are leased in terms of installment sale agreements. The
average term of the installment sale agreements is between <ix:nonNumeric contextRef="c312" continuedAt="karo_AverageTerm-c312_cont_1" format="ixt-sec:durwordsen" name="karo:AverageTerm">three</ix:nonNumeric> to <ix:nonNumeric contextRef="c313" format="ixt-sec:durwordsen" name="karo:AverageTerm">four<ix:continuation id="karo_AverageTerm-c312_cont_1"> years</ix:continuation></ix:nonNumeric> and interest is charged at prime linked interest rates.
The Group&#8217;s obligations under instalment sale agreements are secured by the leased assets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Property leases capitalized have an average lease
term of four years and interest incurred is at an incremental borrowing rate of a similar asset. External sources of information were
used to determine incremental borrowing rate of a similar asset. Total cash outflows for leases recognized in statement of cash flows
ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="6" unitRef="zar">64.8</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="6" unitRef="zar">53.5</ix:nonFraction> million, 2021: ZAR <ix:nonFraction contextRef="c6" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CashOutflowForLeases" scale="6" unitRef="zar">52.3</ix:nonFraction> million).&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group leases office building, motor vehicles
and IT equipment with contract terms less than twelve months. These leases are short-term. For the financial year ended February 28, 2023,
the Group recognized lease payments of ZAR <ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedFinanceLeasePaymentsToBeReceived" scale="6" unitRef="zar">6.2</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c4" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedFinanceLeasePaymentsToBeReceived" scale="6" unitRef="zar">8.2</ix:nonFraction> million, 2021: ZAR <ix:nonFraction contextRef="c29" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:UndiscountedFinanceLeasePaymentsToBeReceived" scale="6" unitRef="zar">11.2</ix:nonFraction> million) associated with these short-term
leases as an expense on a straight-line basis over the lease term.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDeferredIncomeExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>18. DEFERRED REVENUE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfDetailedInformationAboutDeferredRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>Acquisition of subsidiary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:AmountsDeferredInCurrentFinancialYear" scale="3" unitRef="zar">353,719</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Amounts released to revenue in the current financial year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:AmountsReleasedToRevenueInTheCurrentFinancialYear" scale="3" unitRef="zar">304,541</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">Ending balance</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:EndingBalanceinDollars" scale="3" unitRef="zar">395,867</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:EndingBalanceinDollars" scale="3" unitRef="zar">326,404</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Non-current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherNoncurrentLiabilities" scale="3" unitRef="zar">112,185</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="zar">283,682</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherCurrentLiabilities" scale="3" unitRef="zar">218,148</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesNoncurrent" scale="3" unitRef="zar">395,867</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:CurrentTaxLiabilitiesNoncurrent" scale="3" unitRef="zar">326,404</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Majority of subscription revenues are billed monthly
in advance and then recognized in revenue as the service is provided. In most situations, ownership of all telematics devices remain with
the Group. For customers who have paid for the hardware fees and service upfront, revenue is deferred and recognized over 60 months and
the expected term of the customer relationship respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table includes estimated revenue
expected to be recognized in the future related to performance obligations that are unsatisfied or partially satisfied at the end of the
reporting period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:DisclosureOfDetailedInformationAboutEstimatedRevenue"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Maturities analysis</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 9pt">&#8211; within one year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithinOneYear" scale="3" unitRef="zar">283,682</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithinOneYear" scale="3" unitRef="zar">218,148</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-left: 9pt">&#8211; within two to four years</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithinTwoToFourYears" scale="3" unitRef="zar">107,558</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithinTwoToFourYears" scale="3" unitRef="zar">103,026</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">&#8211; over four years</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:OverFourYears" scale="3" unitRef="zar">4,627</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:OverFourYears" scale="3" unitRef="zar">5,230</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt">Present value of amounts received in advance</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:PresentValueOfAmountsReceivedInAdvance" scale="3" unitRef="zar">395,867</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:PresentValueOfAmountsReceivedInAdvance" scale="3" unitRef="zar">326,404</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>19. TRADE AND OTHER PAYABLES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfTradeAndOtherPayables"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts due to related parties are unsecured,
interest-free and repayable on demand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade payables are non-interest bearing and are
normally settled on 30 to 60 days term.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the financial instruments approximates
their carrying amounts.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRevenueExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>20. REVENUE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-indent: -14.2pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group generates revenue by offering a full-stack
smart mobility technology SaaS platform for connected vehicles and other assets, vehicles sales and delivery services.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the following table, revenue from contract
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Subscription revenue - Karooooo Logistics</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>22. FINANCE INCOME</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfFinanceIncome"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherGainsLosses" scale="3" unitRef="zar">133</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>

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</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>24. TAXATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Deferred tax</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Current year</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">9</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in">Withholding tax</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -0.25in; padding-left: 0.25in">Total tax expense</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="zar">285,298</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="zar">205,476</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="3" unitRef="zar">198,628</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Reconciliation between accounting profit and tax expense:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Profit before taxation</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" unitRef="zar">894,104</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" unitRef="zar">682,083</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ProfitLossBeforeTax" scale="3" unitRef="zar">696,048</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in"><span style="font-size: 10pt">Tax at the applicable tax rate of 17% <sup>1</sup> (2022: 17%<sup>1</sup>, 2021: 17%<sup>1</sup>)</span></td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:TaxationAtTheApplicableTaxationRate" scale="3" unitRef="zar">151,998</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:TaxationAtTheApplicableTaxationRate" scale="3" unitRef="zar">115,954</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:TaxationAtTheApplicableTaxationRate" scale="3" unitRef="zar">118,328</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Effect of different tax rates in foreign jurisdictions</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrencyAdjustment" scale="3" unitRef="zar">91,841</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrencyAdjustment" scale="3" unitRef="zar">66,257</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrencyAdjustment" scale="3" unitRef="zar">71,122</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.25in; padding-left: 0.25in">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-weight: bold; text-align: left; text-indent: -0.25in; padding-left: 0.25in">Taxation effect of adjustments on taxable income:</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Utilization of previously unrecognized tax losses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:UtilizationOfPreviouslyUnrecognizedTaxationLosses" scale="3" sign="-" unitRef="zar">1,332</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Income not subject to tax</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Non-deductible expenses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"> Recognition of previously unrecognized tax losses</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:RecognitionOfTaxEffectPreviouslyUnrecognizedTaxLosses" scale="3" sign="-" unitRef="zar">1,794</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:RecognitionOfTaxEffectPreviouslyUnrecognizedTaxLosses" scale="3" sign="-" unitRef="zar">2,060</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-358">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Current year losses for which no deferred tax asset is recognized</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Withholding tax</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithholdingTax" scale="3" unitRef="zar">22,134</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithholdingTax" scale="3" unitRef="zar">8,526</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:WithholdingTax" scale="3" unitRef="zar">14,956</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Securities transfer tax</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-359">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-360">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:SecuritiesTransferTax" scale="3" unitRef="zar">200</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Prior year tax under/(over) provision</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:PriorYearTaxOverprovision" scale="3" sign="-" unitRef="zar">3,414</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:PriorYearTaxOverprovision" scale="3" unitRef="zar">5,179</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:PriorYearTaxOverprovision" scale="3" sign="-" unitRef="zar">13,463</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Tax effect of deferred tax on decrease in tax rate</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="3" sign="-" unitRef="zar">594</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-361">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-362">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-indent: -0.25in; padding-left: 0.25in">Others</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComponentsOfDeferredTaxExpenseIncome" scale="3" unitRef="zar">2,651</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:OtherComponentsOfDeferredTaxExpenseIncome" scale="3" unitRef="zar">1,985</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-363">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -0.25in; padding-left: 0.25in">Total tax expense</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="zar">285,298</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="zar">205,476</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" scale="3" unitRef="zar">198,628</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="karo_ScheduleOfTaxationTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>1</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_20_footnote" xml:lang="en-US"><span style="font-size: 10pt">This is the corporate tax rate in Singapore.</span></ix:footnote></td></tr> </table></ix:continuation></ix:nonNumeric><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="karo:TaxationPaidTextBlock"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>25. TAXATION PAID</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfTaxationPaidTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Balance payable at beginning of the year</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtBeginningOfTheYear" scale="3" unitRef="zar">32,100</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtBeginningOfTheYear" scale="3" unitRef="zar">10,203</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c14" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtBeginningOfTheYear" scale="3" unitRef="zar">16,458</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>Acquisition of subsidiary</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-364">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:AcquisitionOfSubsidiarys" scale="3" unitRef="zar">477</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-365">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current tax for the year recognized in profit or loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrentTaxationForYearRecognizedInProfitOrLoss" scale="3" sign="-" unitRef="zar">268,069</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrentTaxationForYearRecognizedInProfitOrLoss" scale="3" sign="-" unitRef="zar">225,240</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c6" decimals="-3" format="ixt:num-dot-decimal" name="karo:CurrentTaxationForYearRecognizedInProfitOrLoss" scale="3" sign="-" unitRef="zar">181,632</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Translation adjustments</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" scale="3" sign="-" unitRef="zar">3,821</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:ReclassificationAdjustmentsOnExchangeDifferencesOnTranslationNetOfTax" scale="3" unitRef="zar">341</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-366">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Balance payable at end of the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtEndOfTheYear" scale="3" unitRef="zar">47,369</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtEndOfTheYear" scale="3" unitRef="zar">32,100</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c29" decimals="-3" format="ixt:num-dot-decimal" name="karo:BalancePayableAtEndOfTheYear" scale="3" unitRef="zar">10,203</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDividendsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>26. DIVIDEND PAID</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During the financial year ended February 28, 2022, no dividends were
paid.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfDividendPaidTableTextblock-c0_cont_1" escape="true" name="karo:ScheduleOfDividendPaidTableTextblock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9.35pt; padding-left: 9.35pt">Total dividend paid</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dividend per share</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividend paid by the Company to owner of the
Company</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_ScheduleOfDividendPaidTableTextblock-c0_cont_2" id="karo_ScheduleOfDividendPaidTableTextblock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Per share (ZAR)</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 1.5pt">Final dividend</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right"><div style="-sec-ix-hidden: hidden-fact-371">&#8211;</div></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Dividend paid by subsidiaries to NCI</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_ScheduleOfDividendPaidTableTextblock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Subsidiary</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Cartrack Holdings Proprietary Limited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cartrack Limitada</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Found Proprietary Limited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cartrack Polska.Sp.zo.o</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-381">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-382">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: right">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-383">&#8211;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt; text-align: right">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:continuation></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"><b>&#160;</b></p><div>


</div><!-- Field: Page; Sequence: 151; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfInterestsInSubsidiariesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>27. INTEREST IN SUBSIDIARIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table lists the entities which are controlled by the
Group.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_1" escape="true" name="karo:ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; padding-left: 0.125in; text-indent: -0.125in; text-align: left; font-weight: bold">Company Name</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Held by</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Country of incorporation</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">% &#160;holding 2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; width: 32%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cartrack Holdings Proprietary Limited<sup>4</sup></span></td><td style="width: 1%">&#160;</td>
    <td style="width: 30%; text-align: left"><ix:nonNumeric contextRef="c362" id="ix_141_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 12%; text-align: left"><ix:nonNumeric contextRef="c362" id="ix_142_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c362" decimals="3" format="ixt:num-dot-decimal" id="ix_143_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c363" decimals="3" format="ixt:num-dot-decimal" id="ix_144_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Carzuka.com Pte Ltd<sup>1</sup></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c364" id="ix_82_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c364" id="ix_83_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Singapore</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c365" decimals="3" format="ixt:num-dot-decimal" id="ix_85_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Karooooo Management Company Pte. Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c366" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c366" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Singapore</ix:nonNumeric></td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c367" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Karooooo Software Pte. Ltd.</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c368" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c368" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Singapore</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c368" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Karooooo Proprietary Ltd</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c370" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c370" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c370" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c371" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Karooooo Cartrack Limited <sup>11</sup></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c372" id="ix_130_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c372" id="ix_131_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Uganda</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c372" decimals="3" format="ixt:num-dot-decimal" id="ix_132_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-384">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack (Cambodia) Co. Ltd</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c374" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Management Company Pte. Ltd.</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c374" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Cambodia</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c374" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-385">-</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Carzuka Pte Ltd<sup>1</sup></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c376" id="ix_86_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Carzuka.com Pte. Ltd.</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c376" id="ix_87_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Singapore</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c376" decimals="3" format="ixt:num-dot-decimal" id="ix_88_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Karooooo Technologies Proprietary Limited<sup>2</sup></span></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c378" id="ix_133_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Karooooo Proprietary Ltd</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c378" id="ix_134_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c378" decimals="3" format="ixt:num-dot-decimal" id="ix_135_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c379" decimals="3" format="ixt:num-dot-decimal" id="ix_136_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Management Services Proprietary Limited</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c380" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Cartrack Holdings Proprietary Limited</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c380" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c380" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c381" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Proprietary Limited</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c382" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Cartrack Holdings Proprietary Limited</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c382" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c382" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c383" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Manufacturing Proprietary Limited</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c384" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Cartrack Holdings Proprietary Limited</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c384" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c384" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c385" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cartrack Insurance Agency Proprietary Limited<sup>3</sup></span></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c386" id="ix_137_fact" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Cartrack Holdings Proprietary Limited</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c386" id="ix_138_fact" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">South Africa</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c386" decimals="3" format="ixt:num-dot-decimal" id="ix_139_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c387" decimals="3" format="ixt:num-dot-decimal" id="ix_140_fact" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Namibia Proprietary Limited</td><td>&#160;</td>
    <td style="text-align: left"><ix:nonNumeric contextRef="c388" name="karo:PrincipalPlaceOfbusinessOfsubsidiaryHeldBy">Cartrack Holdings Proprietary Limited</ix:nonNumeric></td><td>&#160;</td>
    <td><ix:nonNumeric contextRef="c388" name="ifrs-full:CountryOfIncorporationOrResidenceOfSubsidiary">Namibia</ix:nonNumeric></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c388" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c389" decimals="3" format="ixt:num-dot-decimal" name="karo:VotingPercentageHeldInSubsidiary" scale="-2" unitRef="pure">100.0</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Technologies Pte. Limited</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Portugal S.A.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack Espana. S.L.U.</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack France SAS<sup>9</sup></td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Cartrack for Information Technology
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    <td style="vertical-align: top; text-align: left">&#160;</td><td style="vertical-align: top; text-align: right"><div style="-sec-ix-hidden: hidden-fact-387">-</div></td><td style="vertical-align: top; text-align: left">&#160;</td></tr>
  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><sup>&#160;</sup></p>

<ix:continuation continuedAt="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_3" id="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>1</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_21_footnote" xml:lang="en-US"><span style="font-size: 10pt">Dormant</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation continuedAt="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_4" id="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>2</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_24_footnote" xml:lang="en-US"><span style="font-size: 10pt">Previously known as Cartrack
Technologies Proprietary Limited</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation continuedAt="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_5" id="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>3</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_25_footnote" xml:lang="en-US"><span style="font-size: 10pt">Previously known as Drive and
Save Proprietary Limited</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation continuedAt="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_6" id="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_5"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><sup>4</sup></span></td><td style="text-align: justify"><ix:footnote id="ix_26_footnote" xml:lang="en-US"><span style="font-size: 10pt">Previously known as Cartrack
Holdings Limited</span></ix:footnote></td>
</tr></table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation id="karo_ScheduleOfFollowingTableListsTheEntitiesWhichAreControlledByTheGroupTextBlock-c0_cont_6"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>5</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_27_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously known as Retriever Limited</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>6</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_28_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously known as Picup Technologies Proprietary Limited</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>7</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_29_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously known as Veraspan Proprietary Limited</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>8</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_30_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously known as Zonke Bonke Telecoms Proprietary Limited</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>9</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_31_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidated on May 19, 2022</span></ix:footnote></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>10</sup></span></td> <td style="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><ix:footnote id="ix_22_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Group considers Cartrack Limitada, Combined Telematics Services Proprietary Limited and Cartrack Telematics Proprietary limited as subsidiaries
of the Group as the Group has the right to appoint majority of the directors on the Board of Directors of these entities through contractual
shareholders' agreement. The Board of Directors of the companies direct the relevant activities of these entities. Accordingly, the Group
is exposed to and has the rights to variable returns, and has the ability to affect those returns through the Board of Directors.</span></ix:footnote></p></td></tr> <tr style="vertical-align: top"> <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>11</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_23_footnote" xml:lang="en-US"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction contextRef="c313" decimals="2" format="ixt:num-dot-decimal" name="karo:ShareCapitalPercentage" scale="-2" unitRef="pure">90</ix:nonFraction>% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder <ix:nonFraction contextRef="c312" decimals="2" format="ixt:num-dot-decimal" name="karo:ShareCapitalPercentage" scale="-2" unitRef="pure">10</ix:nonFraction>% of the share capital is held by Karooooo Management Company Pte Limited.</span></ix:footnote></td></tr> </table></ix:continuation>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Loans provided to subsidiary companies which require
financial support have been subordinated in favour of third- party creditors of the underlying companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c358" name="karo:DescriptionOfDisposal">On September 1, 2021, Cartrack Holdings (Pty)
Ltd acquired 70.1% of the shares and voting interests in Picup Technologies Proprietary Limited for a consideration of ZAR 70.1 million
(see Note 28).</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c359" name="karo:DescriptionOfDisposal">On September 24, 2021, Cartrack Technologies
Pte. Limited acquired 49% of the shares and voting interest in Cartrack Technologies PHL. INC., for a cash consideration of PHP 9.2
million. As a result, the equity interest in Cartrack Technologies PHL. INC. increased from 51% to 100%.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c360" name="karo:BusinessCombinationDescription">On February 28, 2022, Cartrack acquired 100% of
the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited for a consideration of ZAR 100 (see Note 28).</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><ix:nonNumeric contextRef="c361" name="karo:BusinessCombinationDescription">On June 15, 2022, the Group disposed of 30% of
its interest in Karooooo Kenya Limited for a consideration of USD 380,000. An amount of ZAR 730,112, being the proportion share of the
carrying amount of net assets in Karooooo Kenya Limited has been transferred to non-controlling interests.</ix:nonNumeric></p></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


</div><!-- Field: Page; Sequence: 153; Value: 1 --><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>28. ACQUISITION OF SUBSIDIARY</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>(i)</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Karooooo Logistics (Pty) Ltd
(formerly known as Picup Technologies Proprietary Limited)</b></span></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 1, 2021, <ix:nonNumeric contextRef="c460" continuedAt="karo_AcquisitionOfSubsidiaryDescription-c460_cont_1" name="karo:AcquisitionOfSubsidiaryDescription">the Group acquired 70.1%
of the shares and voting interests in Picup, for a consideration of ZAR 70.1 million, recognizing a goodwill of ZAR 58.3 million. The
principal activity of Picup is that of providing a technology platform focused on last mile delivery.</ix:nonNumeric></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_AcquisitionOfSubsidiaryDescription-c460_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the date of acquisition to February 28, 2022,
Picup contributed revenue of ZAR 42.0 million and net loss of ZAR 2.1 million to the Group&#8217;s results. If the acquisition had occurred
on March 1, 2021, management estimates the contribution to the Group&#8217;s revenue and net loss would have been ZAR 68.9 million and
ZAR 10.6 million respectively.</p></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair values of identifiable net assets and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_1" escape="true" name="karo:ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill arising on the acquisitions is attributable
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The primary reason for these acquisitions is to enhance capability and broaden product offering to customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value and gross contractual amount of
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<ix:continuation continuedAt="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_3" id="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_2"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt"><sup>2</sup></span></td> <td style="text-align: justify"><ix:footnote id="ix_34_footnote" xml:lang="en-US"><span style="font-size: 10pt">This relates to a call option agreement with the non-controlling shareholders of Picup to acquire additional <ix:nonFraction contextRef="c358" decimals="2" format="ixt:num-dot-decimal" name="karo:ProportionOfVotingRightsHeldByNoncontrollingInterest" scale="-2" unitRef="pure">13</ix:nonFraction>% interest in Karooooo Logistics. The option is exercisable from September 1, 2024 and expires on February 29, 2028. The value of the call option as of February 28, 2023 is disclosed in Note 14.</span></ix:footnote></td></tr> </table><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt; text-align: justify; text-indent: -14.2pt">&#160;</p></ix:continuation></ix:nonNumeric><div>
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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><ix:continuation id="_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.25in; text-align: left"><span style="font-size: 10pt"><b>(ii)</b></span></td><td style="text-align: justify"><span style="font-size: 10pt"><b>Purple Rain Properties No.444
Proprietary Limited</b></span></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 28, 2022, the Group acquired <ix:nonFraction contextRef="c462" decimals="2" format="ixt:num-dot-decimal" name="karo:ProportionOfVotingRightsHeldByNoncontrollingInterest" scale="-2" unitRef="pure">100</ix:nonFraction>%
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair values of identifiable net assets and
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation continuedAt="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_4" id="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_3"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:continuation id="karo_ScheduleOfNetAssetsAndTheCashOutflowsOnTheAcquisition-c0_cont_4"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px"><span style="font-size: 10pt">*</span></td> <td style="text-align: justify"><ix:footnote id="ix_32_footnote" xml:lang="en-US"><span style="font-size: 10pt">Amount is less than a thousand Rand.</span></ix:footnote></td></tr> </table></ix:continuation></ix:continuation><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfNoncontrollingInterestsExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>29. MATERIAL NON-CONTROLLING INTEREST</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 21, 2021, the Group acquired the remaining
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The carrying amount of Cartrack&#8217;s net assets
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</div><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfNoncontrollingInterestsExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes the information
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCompositionOfGroupExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><span style="font-size: 10pt"><b>Figures in Rand thousands</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-size: 10pt"><b>As of<br/>
February 28,<br/>
2021</b></span></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 88%"><span style="font-size: 10pt">NCI percentage</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right"><span style="font-size: 10pt"><ix:nonFraction contextRef="c468" decimals="3" format="ixt:num-dot-decimal" name="ifrs-full:PercentageOfEntitysRevenue" scale="-2" unitRef="pure">31.9</ix:nonFraction></span></td>
    <td style="width: 1%"><span style="font-size: 10pt">%</span></td></tr>
  <tr style="vertical-align: bottom; ">
    <td><span style="font-size: 10pt">Principal place of business</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><ix:nonNumeric contextRef="c468" name="ifrs-full:PrincipalPlaceOfBusiness"><span style="font-size: 10pt">South&#160;Africa</span></ix:nonNumeric></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
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    <td style="border-bottom: black 1.5pt solid">&#160;</td>
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    <td style="border-bottom: black 1.5pt solid">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td>&#160;</td>
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    <td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><span style="font-size: 10pt">Total comprehensive income</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
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    <td>&#160;</td>
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    <td style="border-bottom: black 4.5pt double; text-align: right"><span style="font-size: 10pt">(<ix:nonFraction contextRef="c468" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="3" unitRef="zar">145,859</ix:nonFraction></span></td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><!-- Field: Page; Sequence: 156; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></p></div><div>
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    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfRelatedPartyExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>30. RELATED PARTIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.2pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the information disclosed in Notes
11, 12 and 19 in the financial statements, the following transactions took place between the Group and related parties at the terms agreed
between parties:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transactions with related parties</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfTransactionWithRelatedPartiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Sales" scale="3" sign="-" unitRef="zar">20,139</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Rent paid to related parties</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Rent" scale="3" unitRef="zar">6,121</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; padding-bottom: 4pt; text-indent: -9.35pt; padding-left: 9.35pt">Interest paid to related party</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-389">&#8211;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><div style="-sec-ix-hidden: hidden-fact-390">&#8211;</div></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information regarding the key management and prescribed officers is
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1" escape="true" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>31. RISK MANAGEMENT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Directors have overall responsibility for
the establishment in oversight of the Group&#8217;s risk management framework. The Directors have established the Audit and risk committee
which is responsible for developing and monitoring the Group&#8217;s risk management policies. The committee reports regularly to the
Directors on its activities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s risk management policies are
established to identify and analyze the risk faced by the Group, to set appropriate risk limits, implement controls to enforce limits
to monitor risk and adherence to limits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The committee is assisted in its oversight role
by internal audit. Internal audit reviews risk and management controls and procedures, the results of which are reported to the committee.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>31.1 Capital management</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management
monitors return of capital, as well as the level of dividends to shareholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capital structure of the Group consists of
debt, which includes the borrowings and lease obligations disclosed in Note 16 and 17 respectively, cash and cash equivalents and bank
overdraft disclosed in Note 13, and equity as disclosed in the consolidated statement of financial position.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no changes in the Group&#8217;s approach
to the capital management during the financial year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to maintain or adjust the capital structure,
the Group may adjust the amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to
reduce debt.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:nonNumeric><div>

</div><div>


</div><!-- Field: Page; Sequence: 157; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_1"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>31.2 Financial risk management</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group has exposure to the following risks
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>31.2 (a) Credit risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is the risk of financial loss to the
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cash deposits and cash equivalents.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Credit risk is managed by each subsidiary subject
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A significant element of its individual customers is on debit-order payment method to assess credit risk.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trade receivables comprise a widespread customer
base. Management evaluates credit risk relating to customers on an ongoing basis. If customers are independently rated, these ratings
are used. Otherwise, if there is no independent rating. risk control assesses the credit quality of the customer, taking into account
its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance
with limits set by the Directors. The utilization of credit limits is regularly monitored. The Group does not have any significant credit
risk exposure to any single customer or any Group of customers having similar characteristics.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There has been no change in credit risk estimation
techniques since the last financial year. The carrying amounts of financial assets represent the maximum credit exposure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expected credit losses on financial assets recognized
in profit or loss were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfExpectedCreditLossesOnFinancialAssetsRecognizedInProfitOrLossTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
    <td style="width: 64%; text-indent: -9pt; padding-left: 9pt">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Trade receivables</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group&#8217;s exposure to credit risk is influenced
mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit
risk of its customer base, including the default risk associated with the country in which the customer operates. Details of concentration
of revenue are included in Note 20.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Expected credit loss assessment process followed
in the current financial year</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An impairment analysis is performed at each reporting
date using a provision matrix to measure expected credit losses.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>


</div><!-- Field: Page; Sequence: 158; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_2"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provision rates are based on days since invoicing
date for various groupings of various customer segments with similar loss patterns.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation reflects the probability-weighted
outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts
of future conditions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table provides information about
the expected credit loss rate for trade receivables by ageing category:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_ScheduleOfProvidesInformationAboutTheExpectedCreditLossRateForTradeReceivablesByAgeingCategoryTableTextBlock-c0_cont_1" escape="true" name="karo:ScheduleOfProvidesInformationAboutTheExpectedCreditLossRateForTradeReceivablesByAgeingCategoryTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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    <td style="font-weight: bold">At February 28, 2023</td><td>&#160;</td>
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="karo_ScheduleOfProvidesInformationAboutTheExpectedCreditLossRateForTradeReceivablesByAgeingCategoryTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Cash and cash equivalents</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group held cash and cash equivalents of ZAR
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rated and regulated in each country. None of the bank&#8217;s holding deposits show financial strain. Impairment on cash and cash equivalents
at bank has been measured on a 12-month expected loss and reflect the short maturity of the exposures. The Group considers that its cash
and cash equivalents at bank have low credit risk and the amount of the allowance to be insignificant.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>31.2 (b)&#160;Liquidity risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group manages liquidity risk through an ongoing
review of future commitments and ensures that there is adequate funding available in terms of cash reserves and committed funding facilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flow forecasts are prepared and available
borrowing facilities are monitored on an ongoing basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><div>

</div><!-- Field: Page; Sequence: 159; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_3"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exposure to liquidity risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below analyzes the Group&#8217;s financial
liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity
date. The amounts disclosed in the table are the contractual undiscounted cash flows and includes contractual interest payments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-392">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-393">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-394">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Trade and other payables</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c501" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherCurrentReceivablesDueFromRelatedParties" scale="3" unitRef="zar">2,134</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-409">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; ">
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    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c496" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:InterestExpenseOnBankLoansAndOverdrafts" scale="3" unitRef="zar">13,722</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>31.2 (c) Currency risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group is exposed to currency risk to the extent
that sales, purchases, and borrowings of the foreign operations are denominated in a currency other than the respective functional currencies
of Group companies. The functional currencies of Group companies are primarily the ZAR, USD, Euro (EUR), Mozambican metical (MZN), the
Singapore dollar (SGD) and Polish zloty (PLN).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Group does not apply hedge accounting.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Exposure to currency risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The summarized quantitative data about the Group&#8217;s
exposure to currency risk as reported to the management of the Group is as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_disclosureOfDetailedInformationAboutCurrencyRisktextBlock-c0_cont_1" escape="true" name="karo:disclosureOfDetailedInformationAboutCurrencyRisktextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">USD</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">At February 28, 2023</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:TradeAndOtherReceivable" scale="3" unitRef="usd">104,583</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Loan from related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanFromRelatedParties" scale="3" unitRef="usd">114,186</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-417">&#8211;</div></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loan to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanToRelatedPartie" scale="3" sign="-" unitRef="usd">229,229</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-418">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanToRelatedPartie" scale="3" sign="-" unitRef="sgd">20,040</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left">Cash and cash equivalents</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:CashAndCashEquivalentsvalue" scale="3" unitRef="usd">61,780</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:CashAndCashEquivalentsvalue" scale="3" unitRef="sgd">560</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Trade and other payables</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="usd">50,581</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Exposuretocurrencyrisk" scale="3" unitRef="usd">739</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right"><ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Exposuretocurrencyrisk" scale="3" unitRef="eur">76,873</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:Exposuretocurrencyrisk" scale="3" sign="-" unitRef="sgd">27,182</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="karo_disclosureOfDetailedInformationAboutCurrencyRisktextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">At February 28, 2022</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Trade and other receivables</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:TradeAndOtherReceivable" scale="3" unitRef="usd">62,247</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-419">&#8211;</div></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanFromRelatedParties" scale="3" unitRef="usd">86,159</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Loan to related parties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanToRelatedPartie" scale="3" sign="-" unitRef="usd">112,334</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-420">&#8211;</div></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:LoanToRelatedPartie" scale="3" sign="-" unitRef="sgd">7,227</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="karo:CashAndCashEquivalentsvalue" scale="3" unitRef="usd">144,173</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Trade and other payables</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="usd">53,609</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="eur">5,286</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction contextRef="c4" decimals="-3" format="ixt:num-dot-decimal" name="ifrs-full:TradeAndOtherPayables" scale="3" unitRef="sgd">2,299</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><div>


</div><!-- Field: Page; Sequence: 160; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></p></div><div>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation continuedAt="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5" id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_4"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Sensitivity analysis</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A strengthening/weakening of the ZAR against the
USD, EUR and SGD, at year-end would have impacted the measurement of financial instruments denominated in a foreign currency, equity and
profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. A factor change of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="karo:SensitivityAnalysisExchangeRate" scale="-2" unitRef="pure">10</ix:nonFraction>% has been
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" continuedAt="karo_AFactorChangeOfHasBeenAppliedToTheExchangeRatesTableTextBlock-c0_cont_1" escape="true" name="karo:AFactorChangeOfHasBeenAppliedToTheExchangeRatesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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 of ZAR</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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ZAR</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c506" decimals="-3" format="ixt:num-dot-decimal" name="karo:TotalStrengthening" scale="3" sign="-" unitRef="zar">74</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td>EUR</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction contextRef="c507" decimals="-3" format="ixt:num-dot-decimal" name="karo:TotalStrengthening" scale="3" sign="-" unitRef="zar">7,687</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">SGD</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&#160;</td><td style="border-bottom: Black 4pt double; text-align: right">(<ix:nonFraction contextRef="c2" decimals="-3" format="ixt:num-dot-decimal" name="karo:TotalStrengthening" scale="3" sign="-" unitRef="zar">5,043</ix:nonFraction></td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:continuation id="karo_AFactorChangeOfHasBeenAppliedToTheExchangeRatesTableTextBlock-c0_cont_1"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">February 28, 2022</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table></ix:continuation>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>31.2 (d) Interest rate risk</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest rate risk is the risk that the fair value
of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A fundamental reform of major interest rate benchmarks
is being undertaken globally, including the replacement of some interbank offered rates (&#8220;IBORs&#8221;) with alternative nearly
risk-free rates (referred to as &#8220;IBOR reform&#8221;). The Group has exposures to IBORs on its financial instruments that will be
replaced or reformed as part of these market-wide initiatives. The Group&#8217;s exposure to interest rate risk relates primarily to the
Group&#8217;s loan obligations with variable interest rates as follow:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The term loan with Caixa Geral Depositos de S.A attracts interest at a rate of <ix:nonFraction contextRef="c2" decimals="2" format="ixt:num-dot-decimal" name="ifrs-full:BorrowingsInterestRate" scale="-2" unitRef="pure">3</ix:nonFraction>% p.a plus 12-month Euro Interbank Offered Rate (&#8220;EURIBOR&#8221;). The reform of EURIBOR was completed and as a result it can continue to be used as a reference rate.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 24px">&#160;</td> <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The term loan with Standard Bank South Africa attracts interest at a rate of <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="karo:DebtInstrumentInterestRateStatedPercent" scale="-2" unitRef="pure">2.05</ix:nonFraction>% plus 3-month Johannesburg Interbank Average Rate (&#8220;JIBAR&#8221;). To-date, no fixed date has been set for the cessation of JIBAR by South Africa Reserve Bank. There is uncertainty over the timing and the methods of transition for replacing the existing benchmark IBORs with alternative rates.</span></td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td>&#160;</td> <td style="text-align: justify">&#160;</td></tr> <tr style="vertical-align: top"> <td>&#160;</td> <td><span style="font-size: 10pt">&#9679;</span></td> <td style="text-align: justify"><span style="font-size: 10pt">The mortgaged loan with First National Bank attracts interest at a rate of <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="karo:InterestRatePercentage" scale="-2" unitRef="pure">1.15</ix:nonFraction>% p.a plus prime rate. There is uncertainty over the timing and the methods of transition for replacing the existing prime rate with alternative rates.</span></td></tr> </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No financial instruments were entered into to
mitigate the risk of interest rate movements.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p></ix:continuation><div>

</div><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


</div><!-- Field: Page; Sequence: 161; Value: 47 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:continuation id="_DisclosureOfFinancialRiskManagementExplanatory-c0_cont_5"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Interest rate sensitivity</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table illustrates the effects on
Group&#8217;s earnings and equity, all other factors remaining constant. A factor of <ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="karo:FactorInterestRate" scale="-2" unitRef="pure">1</ix:nonFraction>% has been applied to the interest rates:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:AFactorOfHasBeenAppliedToTheInterestRatesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of February 28</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand thousands</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effect on profit before tax (1% increase)</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 9%; text-align: right">(<ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:EffectOnProfitBeforeTaxIncrease" scale="3" sign="-" unitRef="zar">599</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction contextRef="c0" decimals="-3" format="ixt:num-dot-decimal" name="karo:EffectOnProfitBeforeTaxDecrease" scale="3" unitRef="zar">599</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  </table></ix:nonNumeric></ix:continuation><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>32. ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table shows the carrying amounts
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfClassificationOfFinancialAssetsAndLiabilitiesTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: center">&#160;</td><td style="text-align: center">12</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
    <td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: center">&#160;</td><td style="padding-bottom: 4pt; text-align: left">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>33. FAIR VALUE OF ASSETS AND LIABILITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Fair value hierarchy</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Group categorizes fair value measurement using a fair value hierarchy
that is dependent on the valuation inputs used as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px">&#160;</td>
    <td style="width: 24px"><span style="font-size: 10pt">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt">Level 3: Unobservable inputs for the asset or liability</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value measurements that use inputs of different
hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant
to the entire measurement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Assets and liabilities measured at fair value</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 28, 2023, Derivative &#8211; call
option (Note 14) was measured at level 3 fair value.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the underlying share of Picup
is determined using discounted cash flow model. The key unobservable inputs of the discounted cash flow are as disclosed in Note 8.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Assets and liabilities not measured at fair
value, for which fair value is disclosed</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of February 28, 2023, the fair value of loan
to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) and have been calculated by discounting
the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As of February 28, 2023</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes</b></span></td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate fair value</b></span></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: center">&#160;</td>
    <td style="width: 9%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 1%">&#160;</td></tr>
  </table></ix:nonNumeric>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fair value of financial instruments by classes
that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash and cash equivalents (Note 13), trade and
other receivables (Note 11), trade and other payables (Note 19), term loans (Note 16), loans from related parties (Note 12), and lease
liabilities (Note 17). The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values as they
are short term in nature, market interest rate instruments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fair value of financial instrument classes
that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no financial instruments that are not
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>34. DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key management personnel compensation comprised the following:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 4pt">&#160;</td><td style="padding-bottom: 4pt">&#160;</td>
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  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amounts disclosed in the table are the amounts
recognized as an expense during the reporting period related to directors and key management personnel.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>35. BASIC AND DILUTED EARNINGS PER SHARE INFORMATION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Basic and diluted earnings per share</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The calculation of basic and diluted earnings
per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><b>&#160;</b></p>

<ix:nonNumeric contextRef="c0" escape="true" name="karo:ScheduleOfBasicAndDilutedEarningsPerShareTableTextBlock"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Figures in Rand</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Basic earnings</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><div style="-sec-ix-hidden: hidden-fact-423; -sec-ix-hidden: hidden-fact-422; -sec-ix-hidden: hidden-fact-421">Basic and diluted earnings per share (ZAR)</div></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c0" decimals="2" format="ixt:num-dot-decimal" name="karo:BasicAndDilutedEarningsPerShare" scale="0" unitRef="zarPershares">19.29</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="karo:BasicAndDilutedEarningsPerShare" scale="0" unitRef="zarPershares">15.24</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction contextRef="c6" decimals="2" format="ixt:num-dot-decimal" name="karo:BasicAndDilutedEarningsPerShare" scale="0" unitRef="zarPershares">15.65</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table></ix:nonNumeric>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Diluted earnings per share</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"><b>&#160;</b>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no dilutive instruments and therefore
diluted earnings per share is the same as basic earnings per share.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfInterestInFundsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>36. FUNDING FACILITIES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cartrack Proprietary Limited (&#8220;CTSA&#8221;)
has entered into funding agreements with The Standard Bank South Africa Limited (&#8220;SBSA&#8221;) and Mercantile Bank, a division of
Capitec Bank Limited (&#8220;Mercantile&#8221;) as follows: The SBSA facility comprises a ZAR <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="karo:CreditFundingFacility" scale="6" unitRef="zar">925</ix:nonFraction> million revolving credit funding facility
(the &#8220;Loan&#8221;), of which ZAR <ix:nonFraction contextRef="c532" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CapitalCommitments" scale="6" unitRef="zar">75.0</ix:nonFraction> million is committed and ZAR <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="karo:UncommittedAmount" scale="6" unitRef="zar">850</ix:nonFraction> million is uncommitted. The final repayment date of the Loan
is <ix:nonNumeric contextRef="c0" format="ixt-sec:durwordsen" name="karo:LoanTerm">three years</ix:nonNumeric> from the commencement date. Interest is levied at a rate of 3 months JIBAR plus margin. A guarantee has been provided by
Cartrack and Cartrack Manufacturing Proprietary Limited (&#8220;CTM&#8221;). Security has been provided by Cartrack, CTSA and CTM in the
form of a pledge and cession of certain rights in favor of the lender, including shares held in South African entities, all claims, bank
accounts, cash and cash equivalent investments, intellectual property, insurance policies and insurance proceeds. At February 28, 2023,
ZAR <span style="-sec-ix-hidden: hidden-fact-424">Nil</span> (2022: ZAR <ix:nonFraction contextRef="c5" decimals="-6" format="ixt:num-dot-decimal" name="ifrs-full:UtilitiesExpense" scale="6" unitRef="zar">20</ix:nonFraction> million) was utilized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Mercantile facility comprises an unsecured short-term overdraft
facility of ZAR <ix:nonFraction contextRef="c0" decimals="-5" format="ixt:num-dot-decimal" name="karo:UnsecuredShorttermOverdraftFacility" scale="6" unitRef="zar">75.0</ix:nonFraction> million at the bank&#8217;s prime lending rate of <ix:nonFraction contextRef="c0" decimals="4" format="ixt:num-dot-decimal" name="karo:PrimeLendingRate" scale="-2" unitRef="pure">11.75</ix:nonFraction>% (2022: <ix:nonFraction contextRef="c5" decimals="2" format="ixt:num-dot-decimal" name="karo:PrimeLendingRate" scale="-2" unitRef="pure">7</ix:nonFraction>%) per annum. No security is provided on this facility.
At February 28, 2023, ZAR <span style="-sec-ix-hidden: hidden-fact-425">Nil</span> (2022: ZAR <ix:nonFraction contextRef="c534" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:UtilitiesExpense" scale="6" unitRef="zar">13.7</ix:nonFraction> million) was utilized.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>37. COMMITMENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other than the lease commitments disclosed in
Note 17, as at February 28, 2023, the Group has commitments for capital expenditure of ZAR <ix:nonFraction contextRef="c2" decimals="-5" format="ixt:num-dot-decimal" name="ifrs-full:CapitalCommitments" scale="6" unitRef="zar">45.0</ix:nonFraction> million (2022: ZAR <ix:nonFraction contextRef="c5" decimals="-5" format="ixt:num-dot-decimal" name="karo:CapitalExpenditures" scale="6" unitRef="zar">13.8</ix:nonFraction> million), relating
to the redevelopment of its head office suite for South Africa. The total estimated redevelopment cost is ZAR <ix:nonFraction contextRef="c0" decimals="-6" format="ixt:num-dot-decimal" name="karo:RedevelopmentCost" scale="6" unitRef="zar">294</ix:nonFraction> million.</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p><div>

</div><ix:nonNumeric contextRef="c0" escape="true" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>38. SUBSEQUENT EVENTS</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In March 2023, for strategic reasons, the group
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">On May 8, 2023, <ix:nonNumeric contextRef="c536" name="ifrs-full:DescriptionOfNatureOfNonadjustingEventAfterReportingPeriod">the Board of Directors declared an interim dividend
of 85 U.S. cents per ordinary shares which shall be payable entirely out of the Karooooo Ltd&#8217;s retained earnings.</ix:nonNumeric>&#160;</p></ix:nonNumeric><div>

</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


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</div><div style="display: none"><ix:header>
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<ix:footnote id="ix_12_footnote" xml:lang="en-US">During the financial year ended February 28, 2022, the Group has reclassified Capitalized telematics devices - Installed to Capitalized telematics devices - Uninstalled of ZAR 50.4 million to better reflect the underlying nature of these assets. The reclassification was corrected prospectively as the impact to the prior period is not material.</ix:footnote><!--Text not found in footnote sections assigned to Schedule of reconciliation of the carrying value of property, plant and equipment-->
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As filed with the Securities
and Exchange Commission on June 13, 2023
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
20-F
(Mark One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
February 28
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
__________
to	__________.
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report_________
Commission file number:
001-40300
KAROOOOO LTD.
(Exact name of registrant as specified in its
charter)
1 Harbourfront Avenue
Keppel Bay Tower #14-07
Singapore
098632
(Address of principal executive office)
Hoe Shin Goy
Group Chief Financial Officer
17 Kallang Junction #06-05/06
Singapore
339274
Phone:
+65
6255 4151
Email:
ir@karooooo.com
(Name, Telephone, E-mail and/or Facsimile number
and Address of Company Contact Person)
Securities registered or to be registered pursuant
to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Ordinary shares, no par value per share
KARO
The
Nasdaq
Capital Market
Securities registered or to be registered pursuant
to Section 12(g) of the Act:
None
(Title of Class)
Securities for which there is a reporting obligation
pursuant to Section 15(d) of the Act:
None
(Title of Class)
Indicate the number of outstanding shares of each
of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.
30,951,106
shares of Common Stock as of February
28, 2023
Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
If this report is an annual or transition report,
indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act
of 1934
Yes
☐
No
☒
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days.
1
Yes
☒
No
☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding
12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large
accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
☐
Accelerated Filer
☒ Non-accelerated Filer
☐
Emerging
growth company
☒
If an emerging growth company that prepares its
financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition
period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange
Act.
☐
†
The term "new or revised financial accounting standard"
refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report.
Yes
☐
No
☒
If securities are registered pursuant to Section
12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction
of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are restatements
that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant
recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has
used to prepare the financial statements included in this filing:
☐
U.S. GAAP
☒
International Financial Reporting Standards
as issued by the International Accounting Standards Board
☐
Other
If "Other" has been checked in response to the previous
question, indicate by check mark which financial statement item the registrant has elected to follow.
☐
Item 17
☐
Item 18
If this is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐
No
☒
ANNUAL REPORT
TABLE OF CONTENTS
Page
INTRODUCTION
ii
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
iii
PART I
1
Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE
1
Item 3. KEY INFORMATION
1
Item 4. INFORMATION ON THE COMPANY
36
Item 4A. UNRESOLVED STAFF COMMENTS
51
Item 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
52
Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
76
Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
81
Item 8. FINANCIAL INFORMATION
84
Item 9. THE OFFER AND LISTING
85
Item 10. ADDITIONAL INFORMATION
86
Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
95
Item 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
96
PART II
97
Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
97
Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
97
Item 15. CONTROLS AND PROCEDURES
97
Item 16. RESERVED
98
Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT
98
Item 16B. CODE OF ETHICS.
98
Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
99
Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
99
Item 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
99
Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
99
Item 16G. CORPORATE GOVERNANCE
100
Item 16H. MINE SAFETY DISCLOSURE
100
Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
100
Item 16J. INSIDER TRADING POLICIES
100
PART III
101
ITEM 17. FINANCIAL STATEMENTS
101
ITEM 18. FINANCIAL STATEMENTS
101
ITEM 19. EXHIBITS
101
SIGNATURES
101
CONSOLIDATED FINANCIAL STATEMENTS
F-1
i
INTRODUCTION
During the year ended February 28, 2022, Karooooo
Ltd. ("Karooooo" or the "Company") listed on the Nasdaq (April 01, 2021) and concluded an inward secondary listing
on the JSE by April 21, 2021.
As at February 28, 2021, Karooooo was a privately owned company fully owned by Isaias (Zak) Jose Calisto (founder and CEO of Karooooo) and Cartrack
Holdings Proprietary Limited, previously known as Cartrack Holdings Limited ("CTK") listed as a public company on the Johannesburg
Stock Exchange (JSE). Karooooo was a non-operating entity, with its only asset being its ownership of 203,328,943 ordinary shares, or
68.1%, of CTK's 298,766,000 ordinary shares in issue.
Karooooo listed on the Nasdaq on April 1, 2021
in connection with its initial public offering ("IPO") in the United States. Following the IPO, Karooooo had 21,540,394 shares
in issue of which 20,332,894 were founder held shares. By April 21, 2021 Karooooo had bought out all of the minority shareholders of CTK
pursuant to a scheme of arrangement in South Africa and had delisted CTK from the JSE. Karooooo concluded an inward secondary listing
on the JSE on this date (April 21, 2021) and issued a further 9,410,712 shares to eligible CTK shareholders who elected to reinvest the
proceeds of the sale of their CTK shares pursuant to the scheme in shares of Karooooo, representing 99% of all minority CTK shareholders
bought out by Karooooo.
PRESENTATION OF FINANCIAL INFORMATION
Unless otherwise indicated, all financial information
contained in this annual report is prepared and presented in accordance with International Financial Reporting Standards ("IFRS")
as issued by the International Accounting Standards Board ("IASB"). Certain differences exist between IFRS and generally accepted
accounting principles in the United States of America ("U.S. GAAP") which might be material to the financial information herein.
We have not prepared a reconciliation of our consolidated
financial statements and related footnote disclosures between IFRS and U.S. GAAP. Potential investors should consult their own professional
advisers for an understanding of the differences between IFRS and U.S. GAAP and how these differences might affect the financial information
herein.
Our historical consolidated financial statements were prepared to give
effect to
(i)
the common control transaction in which Karooooo Ltd. acquired
a controlling stake in CTK and
(ii)
the conversion of a shareholder loan from our founder and
chief executive officer, Isaias (Zak) Jose Calisto, to Karooooo Ltd. into ordinary shares of Karooooo Ltd., which took place on November
18, 2020.
There is currently no specific guidance on accounting
for common control transactions under IFRS as issued by the IASB. In the absence of specific guidance Karooooo Ltd. elected to apply the
"pooling of interests" method of accounting. Under "pooling of interests" the assets and liabilities of CTK were
carried over at their book values with no adjustment made for the acquisition price and prior periods are restated as if the common control
transaction had occurred at the beginning of the earliest period presented.
All references in this annual report to "Group" or "Company"
refer to Karooooo Ltd. and its subsidiaries.
All references in this annual report to "U.S.
dollars," "U.S.$," "$" and "USD" refer to the currency of the United States of America, all
references to "R", "rand" and "ZAR" refer to the currency of South Africa and all references to "S$"
or "Singapore dollar" refer to the currency of Singapore. Unless otherwise indicated, all references to currency amounts in
this annual report are in rand. Our fiscal year ends on February 28 or February 29 of each year. References in this annual report to a
fiscal year or a financial year, such as "fiscal year 2023," relate to our fiscal year ended on February 28 or February 29,
as applicable, of that calendar year.
ii
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This annual report contains "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 annual report. 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 annual report, those results or developments may not be indicative of results or
developments in subsequent periods.
Factors that may cause our actual results to differ
materially from those expressed or implied by the forward-looking statements in this annual report include, but are not limited to, the
risks described under "Risk Factors." For example, factors that could cause actual results to vary from projected results
include, but are not limited to:
●
our ability to acquire new customers and retain existing
customers;
●
our ability to acquire new subscribers and retain existing
subscribers;
●
our expectations regarding the effects of a pandemic or widespread
outbreak of an illness, the Russia-Ukraine conflict, geopolitical tensions involving China, and similar
macroeconomic events, including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign
currency fluctuations, elevated inflation and interest rates and monetary policy changes, upon our and our customers' and partners'
respective businesses;
●
our anticipated growth strategies, including our ability
to increase sales to existing customers, the introduction of new solutions and international expansion;
●
our ability to adapt to rapid technological change in our
industry;
●
our dependence on cellular networks;
●
competition from industry consolidation;
●
market adoption of software-as-a-service ("SaaS")
fleet management platform;
●
automotive market conditions and the evolving nature of the
automotive industry towards autonomous vehicles;
●
expected changes in our profitability and certain cost or
expense items as a percentage of our revenue;
●
our dependence on certain key component suppliers and vendors;
●
our ability to maintain or enhance our brand recognition;
●
our ability to maintain our key personnel or attract, train
and retain other highly qualified personnel;
●
the impact and evolving nature of laws and regulations relating
to the internet and data privacy;
●
our ability to protect our intellectual property and proprietary
technologies and address any infringement claims;
●
significant disruption in service on, or security breaches
of, our websites or computer systems;
●
dependence on third-party technology and licenses;
●
fluctuations in the value of the South African rand and inflation
rates in the countries in which we conduct business;
●
our ability to access the capital markets in the future;
and
●
other risk factors discussed under "Risk Factors".
Forward-looking statements speak only as of the
date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release
publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated
events.
iii
PART I
Item 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT
AND ADVISERS
Not applicable.
Item 2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
Item 3. KEY INFORMATION
A.
RESERVED
B.
CAPITALIZATION AND INDEBTEDNESS
Not applicable.
C.
REASONS FOR THE OFFER AND USE OF PROCEEDS
Not applicable.
D.
RISK FACTORS
You should carefully consider the risks and
uncertainties described below and the other information in this annual report before making an investment in our ordinary shares. Our
business, financial condition or results of operations could be materially and adversely affected if any of these risks occurs, and as
a result, the market price of our ordinary shares could decline and you could lose all or part of your investment. Additional risks and
uncertainties not currently known to us, or which we currently deem immaterial, may also adversely affect our business, financial condition
or results of operations. This annual report also contains forward-looking statements that involve risks and uncertainties. See "Special
Note Regarding Forward-Looking Statements". Our actual results could differ materially and adversely from those anticipated in these
forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this annual report.
A summary of the risk factors is followed by a detailed description
of each risk factor.
RISK FACTOR SUMMARY
Risks Relating to Our Business and Operations
●
We may not be able to add new customers and retain existing customers, which could have
                                                                                       a material adverse effect on our ability to grow our business and increase revenue.
●
We may not be able to retain or drive margin expansion with
our existing customers, which could adversely affect our financial results.
●
The effects of a pandemic or widespread outbreak of an illness,  the Russia-Ukraine conflict, geopolitical tensions involving China, and similar macroeconomic events,
including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign currency fluctuations,
elevated inflation and interest rates and monetary policy changes, could have a material adverse effect on our business, financial condition
and results of operations.
●
Our inability to adapt to rapid technological change in our
industry and related industries could impair our ability to remain competitive and adversely affect our results of operations.
1
●
Our inability to successfully recover should we experience
a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational
harm or legal liability.
●
The market for SaaS fleet management solutions is highly
fragmented and competitive. If we do not compete effectively in such markets, our operating results may be harmed.
●
An increase in factory-fitted or embedded telematics technology
in new vehicles in our markets could result in reduced demand for our SaaS platform, which could have a material adverse effect on our
revenue.
●
Our dependence on various lead generation programs could
adversely affect our operating results if we need to pay more for such programs or we are unable to attract new customers at the same
rate.
●
If we are unable to successfully convert customer sales leads
into customers on a cost-effective basis, our revenue and results of operations would be adversely affected.
Risks Relating to Our Reliance on Third Parties
●
The conduct of security officers engaged in stolen vehicle
recovery ("SVR") operations in support of our services from time to time involves the use of force, which could expose the
Company to reputational harm or, potentially, civil and/or criminal liability.
●
We depend on certain key component suppliers and vendors
as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity and affect
hardware manufacturing output adversely affecting distribution.
Risks Relating to Our Growth Strategy
●
We have experienced growth in recent periods. If we fail
to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or address competitive
challenges adequately.
●
We may not effectively execute on our expansion strategy,
which may adversely affect our ability to maintain our historical growth and earnings trends.
●
Investments into our SaaS platform and technology infrastructure
may not yield the desired results.
●
If we fail to maintain or enhance our brand recognition or
reputation, our business could be harmed.
●
Our corporate culture has contributed to our success, and
if we cannot maintain this culture, we could lose the innovation, creativity and teamwork fostered by our culture, which could harm our
business.
2
Risks Relating to Our Intellectual Property, Data Privacy and Cybersecurity
●
Evolving regulation and changes in applicable laws relating
to the Internet and data privacy may increase our expenditures related to compliance efforts or otherwise limit the solutions we can
offer, which may harm our business and adversely affect our financial condition.
●
Any significant disruption in service on our SaaS platform
or in our computer systems, through cybersecurity breaches, computer viruses or otherwise or disruption of our platform, could damage
our reputation and result in a loss of customers, which would harm our business and results of operations.
●
Security or privacy breaches in our electronic transactions
or data may expose us to additional liability or result in a loss of customers, either of which events could harm our business.
Risks Related to Legal Proceedings
●
We may incur material losses and costs as a result of lawsuits
or claims that may be brought against us which are related to product liability, warranty, product recalls, client service interruptions
or other matters, and any litigation against us could be costly and time-consuming to defend and could harm our business, financial condition
and results of operations.
Risks Relating to Our Operations in South Africa and Other Emerging
Markets
●
We conduct a material amount of our business in foreign currencies,
which heightens our exposure to the risk of exchange rate fluctuations.
Risks Relating to Investments in Singapore Companies
●
We are incorporated in Singapore, and our shareholders may
have more difficulty in protecting their interests than they would as shareholders of a corporation incorporated in the United States.
Risks Relating to Our Ordinary Shares
●
Our stock price may fluctuate and you could lose all or a
significant part of your investment.
●
As a foreign private issuer and "controlled company"
within the meaning of the Nasdaq rules, we are permitted to, and we will, rely on exemptions from certain corporate governance standards.
Our reliance on such exemptions may afford less protection to holders of our ordinary shares.
●
If we fail, for any reason, to effectively or efficiently
maintain proper internal control procedures for compliance with Section 404 of the Sarbanes Oxley Act of 2002 ("SOX"), or
Section 404, such failure could materially and adversely affect our business, results of operations and financial condition.
3
RISK FACTORS
Risks Relating to Our Business and Operations
We may not be able to add new customers
and retain existing customers, which could have a material adverse effect on our ability to grow our business and increase revenue.
We market and sell our mobility data analytics
solutions to a wide range of customers, from consumers and sole proprietors to small and medium-sized businesses and large enterprises.
To grow our revenue, we must continue to add new customers and subscribers. We intend to increase new subscription sales by increasing
penetration in our existing markets and with existing customers, upgrading and enhancing our platform and solutions and by opportunistically
entering new markets that represent a potential source of demand. Our success in adding new customers may be tied to a number of factors,
including demand for our SaaS platform, the rate of new vehicle sales, the success of our sales and marketing campaigns, our ability to
generate leads, our relationships with channel partners, price and service competition, general economic conditions and, in the case of
our safety and security services, the real and perceived threat of vehicle theft and discounts offered by insurers for risk mitigation.
Selling to consumers or sole proprietors and small
business customers may, in some instances, be more difficult than selling to medium-sized businesses and large enterprise customers. Consumers
and sole proprietors and small businesses may have higher default rates, are price sensitive, may be difficult to reach with targeted
sales campaigns and may have higher churn rates in part because of the scale of their businesses and the ease of switching solutions.
On the other hand, the typical sales cycle for
medium-sized businesses and large enterprises may be longer than that of our consumer and sole proprietor and small business customers.
These customers may have more complex business, operational, procurement and integration requirements and their scale may result in less
favorable contract terms. Our sales cycle runs from lead generation to the installation of the device. Our typical sales cycle for large
enterprises ranges from 3 to 24 months. Medium enterprise sales cycles run between 1 to 8 months with small business and sole proprietor
sale cycles running between 1 to 90 days. The consumer sales cycle runs between 1 and 60 days. A number of factors influence the length
and variability of our sales cycle, including the need to educate potential customers about the uses and benefits of our solutions, the
discretionary nature of purchasing and budget cycles, and the competitive nature of evaluation and purchasing approval processes. It may
be difficult for us to predict the timing of when we will enter into subscription contracts with medium-sized businesses and large enterprises
and how quickly such contracts can be implemented. This could make the timing of our revenues uncertain and difficult to predict.
We may not be able to retain or drive margin expansion with our
existing customers, which could adversely affect our financial results.
We generally sell our SaaS platform services pursuant
to subscription agreements with an initial minimum term of 36 months. The majority of these agreements provide for automatic renewal on
a month-to-month basis thereafter unless the customer elects otherwise. Our customers have no obligation to renew these agreements after
the expiration of the initial term or any renewal term. If our efforts to satisfy our existing customers are not successful, we may not
be able to retain them or expand our relationship with them and, as a result, our revenue and growth could be materially and adversely
affected. Customers may choose to cancel or not renew their subscriptions for a number of reasons, including the belief that our solutions
are not required for their personal or business needs or are otherwise not cost-effective, a desire to reduce discretionary spending,
a belief that our competitors' solutions provide better value, or economic downturn in their industries or the geography in which
they operate, and customers may not renew their subscriptions when they refresh their fleet with new vehicles. Large enterprise customers
may also decrease the number of vehicles covered by subscription contracts if their fleet sizes decrease. Additionally, our customers
may cancel or not renew for reasons entirely out of our control, such as the dissolution of their business or personal financial distress.
4
Part of our growth strategy is to retain customers and drive margin
expansion by providing enhanced and additional software solutions to our existing customers while keeping our costs low. Our ability to
provide an advanced software platform to existing customers in a cost-effective manner will depend in significant part on our ability
to anticipate industry evolution, practices and standards and to continue to enhance our platform and existing software solutions, such
as integration with fuel cards, GPS navigation devices, as well as various third-party software and products manufactured by original
equipment manufacturers, or OEMs, or partnership with vehicle insurance providers, or to introduce or acquire new software features on
a timely basis to keep pace with technological developments both within our industry and in related industries, including integration
with developing technologies and platforms such as artificial intelligence ("AI"), machine learning and big data analytics.
However, we may prove unsuccessful either in developing new software features or in expanding the third-party software and products with
which our SaaS platform integrates, and such third-party software and products may become incompatible or replace our solutions, and such
efforts may not be cost-effective - See "Our platform integrates with third-party technologies and if our platform becomes incompatible
with these technologies, our platform would lose functionality and flexibility and our customer acquisition and retention could be adversely
affected." In addition, the success of any enhancement or new feature depends on several factors, including the timely completion,
introduction and market acceptance of the enhancement or feature. Any new software applications or features we develop or acquire might
not be introduced in a timely or cost-effective manner and might not achieve the broad market acceptance necessary to generate significant
revenue. If any of our competitors implements new technologies before we are able to implement them, better anticipates the innovation
and integration opportunities in related industries or implements them in a more cost-effective manner, those competitors may be able
to provide more effective or less expensive solutions than ours, which may also negatively affect our ability to retain our existing customers
and drive margin expansion.
The effects of a pandemic or widespread
outbreak of an illness, the Russia-Ukraine conflict, geopolitical tensions involving China, and similar
macroeconomic events, including financial distress caused by recent or potential bank failures, global supply chain challenges, foreign
currency fluctuations, elevated inflation and interest rates and monetary policy changes, could have a material adverse effect on our
business, financial condition and results of operations.
Our growth strategy involves the further expansion
of our operations and customer base internationally. Any extended period of global and economic disruption resulting from a pandemic,
the ongoing Russia-Ukraine conflict, other geopolitical tension and macroeconomic events such as financial institution failures, create
increased uncertainty and strain on the global economy and could have a material adverse effect on our business, financial condition and
results of operations.
The ongoing conflict between Russia and Ukraine
may adversely impact the economies of neighboring countries, such as Poland, in which we have a presence. Any increase in tensions between
China and Taiwan, or other countries, including threats of military actions or escalation of military activities, could adversely affect
our supply chain partners' operations in these areas – See " We depend on certain key component suppliers and vendors
as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity and affect
hardware manufacturing output adversely affecting distribution."
The evolving energy crisis in Europe, exacerbated
by the ongoing Russia-Ukraine conflict, could continue to significantly disrupt supply chains and cause uncertainty in the global economy,
which could negatively impact our business prospects. Similarly, in South Africa, protracted electricity rationing and planned blackouts,
due to the government owned power utility's inability to meet electricity demand, have had, and could continue to have an adverse
effect on our business, financial condition and results of operations.
We are subject to fluctuations in foreign exchange
rates between the South African rand, our reporting currency, and currencies of other countries where we market our solutions or source
our raw components, for example the Euro, Mozambican metical, the Singapore dollar and Polish zloty. Such fluctuations may result in significant
increases or decreases in our reported revenue and other results as expressed in South African rand, and in the reported value of our
assets, liabilities and cash flows – See "Risks Relating to Our Operations in South Africa and Other Emerging Markets"
The impact of these risks may also have the effect
of heightening many of the other risks described in this "Risk Factors" section.
Similarly, the ongoing Russia-Ukraine conflict, other geopolitical
tension and macroeconomic events such as financial institution failures cause increased uncertainty and strain on the global economy.
Such events and circumstances are subject to fluctuations and may exacerbate other risks described in this "Risk Factors"
section or otherwise directly or indirectly impact our business in unpredictable ways.
Our inability to adapt to rapid technological
change in our industry and related industries could impair our ability to remain competitive and adversely affect our results of operations.
The industry in which we compete, and related
industries, are characterized by rapid technological change, frequent introductions of new applications and evolving industry standards.
In addition to the telematics or fleet management industry, we are subject to changes in the automotive software and technology industry
with rapid technological advancement to mobile handsets, multi-functional driver terminals, on-board cameras, advanced driver-assistance
systems ("ADAS") and workflow management software. As the technology used in each of these industries evolves, we will face
new integration and competition challenges. For example, as mobile handsets have evolved to include GPS tracking technology, they have
become competitors against our solutions. Additionally, ADAS technology, with embedded AI, may have features that are similar to or overlap
with our solutions. Furthermore, major gains in fuel efficiency and electronic automobiles may lead to a relative decrease in the demonstrable
return on investment of our solutions as perceived by our customers. If we are unable to adapt to rapid technological change, it could
have a material adverse effect on our results of operations and our ability to remain competitive.
5
Our platform integrates with third-party
technologies and if our platform becomes incompatible with these technologies, our platform would lose functionality and flexibility and
our customer acquisition and retention could be adversely affected.
Our platform integrates with third-party software
and devices to allow our platform to perform key functions. For example, we offer integration with work-flow software products, such as
business intelligence software, enterprise resource planning systems, routing and scheduling and freight management logistics billing
systems, among others. Although to date this integration has been accomplished using application programming interfaces ("API"),
other open software interfaces and simple physical linkages, we cannot guarantee that this ease of integration will continue or that we
will be able to integrate with other products as easily or without additional cost. Newer vehicles and devices may be developed which
include different ports and do not allow for our platform to be integrated through simple physical linkages. Errors, viruses or bugs may
be present in third-party software that our customers use in conjunction with our platform.
Changes to third-party software that our customers
use in conjunction with our platform could also render our platform inoperable. Customers may conclude that our software is the cause
of these errors, bugs or viruses and terminate their subscriptions. The inability to easily integrate with, or any defects in, any third-party
software could result in increased costs, or in delays in software releases or updates to our platform until such issues have been resolved,
which could have a material adverse effect on our business, financial condition, results of operations, cash flows and future prospects
and could damage our reputation.
Our software solutions rely on cellular
(GSM/LTE) and GNSS (including GPS, Glonass, Galileo) or regionally equivalent networks (including QZSS) and any disruption, failure or
increase in costs could impede our profitability and harm our financial results.
Two critical links in our current solutions are
between telematics devices and GPS or equivalent Global Navigation Satellite Systems ("GNSS") such as Glonass, Galileo and
Quasi-Zenith Satellite System ("QZSS") and between telematics devices and cellular networks, which allow us to obtain location
data and transmit it to our system. Increases in the fees charged by cellular carriers for data transmission or changes in the cellular
networks, such as a cellular carrier discontinuing support of the network currently used by our telematics devices, requiring retrofitting
of our telematics devices could increase our costs and impact our profitability. We have initiated activities to migrate new installations
to the next generation of cellular network compatibility in order to maximize expected useful life of our telematics devices, however,
cellular carriers could in the future migrate allotted bandwidth from one network to another. Also, while we have included the ability
to store GPS data in our telematics devices in case of temporary cellular network connectivity failure, widespread disruptions or extended
failures of the cellular networks would materially and adversely affect our solutions' functionality and utility and harm our financial
results.
GPS-equivalent services like Glonass, Galileo
and QZSS are satellite-based positioning systems consisting of a constellation of orbiting satellites. These satellites and their ground
support systems are complex electronic systems subject to electronic and mechanical failures and possible sabotage and it is not certain
that the various government agencies will remain committed to the operation and maintenance of such satellites over a long period. In
addition, technologies that rely on GPS or Glonass, Galileo and QZSS depend on the use of radio frequency bands and any modification of
the permitted uses of these bands may adversely affect the functionality of such satellites and, in turn, our solutions. The GPS satellites
and their ground control and monitoring stations are maintained and operated by the U.S. Department of Defense. The Department of Defense
does not currently charge users for access to the satellite signals, but we cannot assure you that they will not do so in the future.
It is also possible that agencies that operate GPS- equivalent services like Glonass, Galileo and QZSS begin to charge users for access.
Any such disruption, failure or increase in costs could impede the functionality and/or cost of our solutions which could have a material
adverse effect on our financial condition and results of operations.
6
The 5G market may take longer to
materialize than we expect or, if it does materialize rapidly, we may not be able to meet customer expectations and timelines.
Growth of the 5G market and its emerging standards,
including the newly defined 5G NR (New Radio) standard, is accelerating. If the market materializes faster than expected, we may have
difficulty introducing new solutions in a timely manner to meet customer demands. The 5G market may require us to design hardware that
meets certain technical specifications. We may have difficulty meeting such specifications in the expected timelines. 5G markets will
develop at different rates and we may encounter challenges to varying degrees in different countries. If are unable to manage challenges
related to 5G markets and related opportunities, it could have a material adverse effect on our financial condition and results of operations.
Our inability to successfully recover should
we experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions,
reputational harm or legal liability.
Should we experience a local or regional disaster
or other business continuity problem, such as an earthquake, hurricane, terrorist attack, pandemic, security breach, power loss, telecommunications
failure or other natural or man-made disaster, our continued success will depend, in part, on the availability of personnel, office facilities,
and the proper functioning of computer, telecommunication and other related systems and operations. We could potentially experience material
adverse interruptions to our operations or delivery of services to customers in a disaster recovery scenario.
For example, due to historic levels of relative
under-investment in infrastructure, in particular, electricity, the South African government owned power utility, Eskom, has continued
electricity rationing and planned blackouts due to its inability to meet electricity demand. Although we have made contingent arrangements
for use of generators at our various locations, the lack of a constant, reliable supply of electricity could have a material adverse effect
on our business, financial condition and results of operations.
Even with our disaster recovery arrangements,
our services could be interrupted. Our suppliers and customers are also subject to the risk of catastrophic events. In those events, our
ability to deliver our services in a timely manner, as well as the demand for our solutions, may be adversely impacted by factors outside
our control. If our systems were to fail or be negatively impacted as a result of a natural disaster, pandemic or other catastrophic event,
our ability to deliver our services to our customers would be impaired, our reputation could suffer and we could be subject to contractual
penalties.
The market for SaaS fleet management solutions
is highly fragmented and competitive. If we do not compete effectively in such markets, our operating results may be harmed.
The market for SaaS fleet management solutions,
including tracking and mobility solutions is highly fragmented, consisting of a significant number of vendors, competitive and rapidly
changing. Competition in such markets is based primarily on the level of difficulty in installing, using and maintaining solutions, total
cost of ownership, product performance, functionality, interoperability, brand and reputation, distribution channels, industries and the
financial resources of the vendor. We expect competition in such markets to intensify in the future with the introduction of new technologies
and market entrants.
The market for SaaS fleet management solutions
is highly competitive. Our growth will depend in part on a combination of the continued growth in the market for these solutions, our
ability to increase our market share, and our customers' continued operation in the regions in which we operate. We compete with
a number of companies in each of the geographic markets in which we operate, some of which have established sizable market shares in the
relevant markets. We expect competition to intensify in the future with the introduction of new technologies, the use of mobile devices
and new market entrants from outside the telematics industry, such as enterprise software vendors or large technology companies expanding
into the space. As competition intensifies, we expect that price competition for telematics solutions, including SaaS fleet management
solutions will intensify, which could cause our revenues to decline and have a material adverse effect on our results of operations.
For example, mobile service providers and global
software platforms, such as Google, provide limited services at lower prices or at no charge, such as basic GPS based mapping, tracking
and turn-by-turn navigation that could be expanded or further developed to more directly compete with our SaaS fleet management solutions.
In addition, wireless carriers, such as Verizon, offer SaaS fleet management solutions that benefit from the carrier's scale and
cost advantages, which we may be unable to match. Similarly, vehicle OEMs may provide factory embedded or after-market installed devices
and effectively compete against us directly or indirectly by partnering with other fleet management service providers. Furthermore, companies
such as Google, Amazon and others, have substantially greater financial, technical and marketing resources, relationships with large vendor
partners, larger global presence, larger customer bases, longer operating histories, greater brand recognition and more established relationships
than we do and may decide to compete in the market for SaaS fleet management and telematics solutions.
Such competition could result in reduced
operating margins, increased sales and marketing expenses and the loss of market share, any of which could have a material adverse effect
on our results of operations.
7
Industry consolidation may give our competitors advantages over
us, which could result in a loss of customers and/or a reduction in revenue.
Some of our competitors have made or may make
acquisitions or enter into partnerships or other strategic relationships to offer more comprehensive services or achieve greater economies
of scale. In addition, new entrants not currently considered competitors may enter our market through acquisitions, partnerships or strategic
relationships. Many potential entrants may have competitive advantages over us, such as greater name recognition, longer operating histories,
more varied services and larger marketing budgets, as well as greater financial, technical and other resources. Industry consolidation
may result in competitors with more compelling service offerings or greater pricing flexibility than we have or business practices that
make it more difficult for us to compete effectively, including on the basis of price, sales and marketing programs, technology or service
functionality. These pressures could result in a loss of subscribers and/or a reduction in revenue.
Failure of businesses to adopt SaaS fleet management solutions
could reduce the demand for our platform.
We derive, and expect to continue to derive, substantial
revenue from the sale of subscriptions to customers choosing our SaaS platform. Widespread acceptance and usage of SaaS fleet management
solutions is critical to our future revenue growth and success. If the market for SaaS fleet management solutions fails to grow, or grows
more slowly than we currently anticipate, demand for our solutions would be negatively affected.
The market for SaaS fleet management solutions
is subject to changing customer demand and trends in preferences. Some of the potential factors that could affect interest in and demand
for fleet management solutions include:
●
the effectiveness and reliability of the software platforms;
●
fluctuations in fuel and vehicle maintenance costs, which
are significant drivers of customer demand for SaaS fleet management solutions;
●
assumptions regarding general mobile workforce inefficiency
and the extent to which efficiency can be improved through SaaS fleet management solutions;
●
the level of governmental and regulatory burden on the fields
of transportation and occupational health and safety;
●
the price, performance, features, functionality and availability
of solutions that compete with ours; and
●
our ability to maintain high levels of customer satisfaction.
Failure of businesses to adopt SaaS fleet management
solutions could have a material adverse effect on our business, results of operations and financial condition.
Automotive market conditions and
the evolving nature of the automotive industry towards autonomous vehicles could adversely affect demand for our solutions.
New vehicle sales may decline for various reasons,
including adverse changes in the general economic environment, a reduction in our customers' discretionary spending or an increase
in new vehicle tariffs, taxes or gas prices. A decline in vehicle production levels or labor disputes affecting the automobile industry
in the markets where we operate may also impact the volume of new vehicle sales. A decline in vehicle production levels or sales of new
vehicles in the markets in which we operate could result in a long-term decrease in the overall number of vehicles, and consequently,
a decrease in our total addressable market, resulting in reduced demand for our solutions which could have a material adverse effect on
our business, results of operations and financial condition.
The automotive industry is also increasingly focused
on the development of AD and ADAS technologies, including the utilization of artificial intelligence, with the goal of developing and
introducing a commercially viable, fully automated driving experience. There has also been an increase in consumer preferences for mobility
on demand ("MoD") services, such as car and ride-sharing, as opposed to automobile ownership, which may result in a long-term
reduction in the number of vehicles per capita and sales of new vehicles. A reduction in the number of vehicles per capita and sales of
new vehicles could reduce our addressable market for solutions.
The increase in MoD services has also attracted
increased competition from entrants outside the traditional automotive industry. If we do not continue to innovate to develop or acquire
new and compelling solutions that capitalize upon new technologies in response to OEM and consumer preferences, this could have a material
adverse effect on our results of operations.
8
An increase in factory-fitted or embedded
telematics technology in new vehicles in our markets could result in reduced demand for our SaaS platform, which could have a material
adverse effect on our revenue.
Certain OEMs have begun embedding technology similar
to our own technology in new vehicles prior to their initial sale, resulting in products and services that may overlap with our SaaS platform.
This may preclude us from increasing sales to customers purchasing such vehicles. Our inability to market and sell our solutions to new
customers or partner with OEMs to embed our solutions into their devices prior to their initial sale could have a material adverse effect
on our ability to grow our subscriber base and increase revenue.
Our dependence on various lead generation
programs could adversely affect our operating results if we need to pay more for such programs or we are unable to attract new customers
at the same rate.
We use a number of lead generation channels to
promote our SaaS platform, along with inside sales and field sales teams. Significant increases in the costs of one or more of our lead
generation channels would increase our overall lead generation costs or cause us to choose less expensive and perhaps less effective channels.
For example, a portion of our potential customers locate our website through search engines and social media platforms, representing one
of the most efficient means for generating cost-effective customer leads. If search engine companies modify their search algorithms in
a manner that reduces the prominence of our listing, or if our competitors' search engine optimization efforts are more successful
than ours, fewer potential customers may click through to our website or lead pages. In addition, the cost of purchased listings has increased
in the past and may continue to increase in the future. Additionally, in regions where we are reliant on inside sales and field sales
teams, an increase in labor costs may increase our lead generation costs and cost of customer acquisition. As we add to or change the
mix of our lead generation strategies, we may need to expand into channels with significantly higher costs than our current channels,
which could have a material adverse effect on our cost of subscriber acquisition and results of operations. If we are unable to maintain
effective advertising programs, our ability to attract new customers could be materially and adversely affected, and our advertising and
marketing expenses could increase substantially further affecting our results of operations.
If we are unable to successfully convert
customer sales leads into customers on a cost-effective basis, our revenue and results of operations would be adversely affected.
We generate substantially all of our revenue from
the sale of subscriptions to our SaaS platform. In order to grow, we must continue to efficiently and cost effectively convert customer
leads, many of whom have not previously used SaaS fleet management platforms, into customers.
We rely on our inside sales team and our field
sales representatives to drive cost-effective conversion of customer leads into customers. To execute our growth plan, we must continue
to attract and retain highly qualified inside sales and field sales personnel. We may experience difficulty in hiring, training and retaining
highly skilled inside sales and field sales personnel. An inability to convert customer sales leads into customers on a cost-effective
basis could have a material adverse effect on our financial condition and results of operations. See "—The loss of one or
more of our key management team members or personnel, or our failure to attract, train and retain other highly qualified personnel, could
harm our business," below.
An actual or perceived reduction
in vehicle theft may adversely impact demand for certain of our applications, which could result in a loss of customers and a decline
in growth.
Demand for our vehicle tracking and asset recovery
solutions is influenced by prevailing or expected vehicle theft rates. Vehicle theft rates may decline as a result of various factors,
such as the availability of improved security systems, implementation of improved or more effective law enforcement measures and improved
economic or political conditions in markets that have high theft rates. If vehicle theft rates in our markets decline significantly, or
if vehicle owners or insurance companies believe that vehicle theft rates have declined or are expected to decline, demand for some of
our SaaS platform applications may decline, which could result in a loss of customers and a decline in growth.
We are subject to the risk of defaults by our customers
and business partners.
Entering into subscription agreements with customers,
particularly consumers and sole proprietors whose credit may not be as strong as our large enterprise clients, exposes us to credit risk
in the event of customer defaults, and we may not be paid all amounts due under our subscription agreements. In deciding whether to enter
into subscription agreements with prospective customers, we may rely on information furnished by or on behalf of them. We may also rely
on representations of those prospective customers as to the accuracy and completeness of that information. The inaccuracy of such information
or representations affects our ability to accurately evaluate the credit risk of a customer, and an increase in the default rates of our
customers could have a material adverse effect on our business, results of operations and financial condition.
In addition, recent bank failures in the United
States and Europe have caused uncertainty across the global banking sector and financial markets. If other banks and financial institutions
wind down and liquidate, enter receivership or become insolvent in the future in response to financial conditions affecting the banking
system and financial markets, our customers and business partners may face difficulties accessing cash, cash equivalents or financing,
which would lead to an increase in default rates and could have an adverse effect on our business, results of operations and financial
condition.
9
We provide minimum service level
commitments to certain of our customers, and our failure to meet them could cause us to issue credits for future subscriptions, which
could harm our results of operations.
Certain of our subscription agreements currently,
and may in the future, provide minimum service level commitments regarding items such as unit and platform uptime, functionality, platform
performance or operational turnaround times. If we are unable to meet the stated service level commitments for these subscribers or suffer
extended periods of service unavailability, we are or may be contractually obligated to provide these subscribers with credits for future
subscriptions, or provide services at no cost, which could adversely impact our revenue.
Risks Relating to Our Reliance on Third Parties
The conduct of security officers engaged
in stolen vehicle recovery ("SVR") operations in support of our services from time to time involves the use of force, which
could expose the Company to reputational harm or, potentially, civil and/or criminal liability.
We work with local law enforcement authorities
and licensed security officers to recover our customers' stolen vehicles. These recovery teams are armed and undergo training on
recovery procedures including confrontation measures and the controlled use of force in response to threats, including being the target
of gunfire by car theft suspects.
SVR operations in South Africa, which are provided
in connection with our services, are conducted under an arm's length agreement by a third-party service provider, which until August
2020 was 49% owned by CTK. On August 31, 2020, we sold our 49% interest in the business to the majority shareholder.
Our agreement requires the service provider to comply with local law
and our policies and procedures related to SVR operations.
Since March 01, 2018, less than 0.05% of SVR operations
conducted on our behalf have resulted in injury or death, as a result of weapons discharge, with such operations resulting in one fatality
and three other injuries since then up until February 28, 2023. While in each of these incidents local law enforcement authorities determined
that the security personnel engaged in the action acted lawfully and in compliance with our policies and procedures, there can be no assurance
that a later determination will not find fault on the part of such security personnel.
In light of the nature of SVR operations, future
incidents in which force is required are likely to occur. If the security personnel engaged in such SVR operations are found to be at
fault in any similar incident in the future, it could result in civil and/or criminal liability for us, including monetary damages or
other penalties. Even if we are not found liable, we could suffer reputational harm if we are negatively associated with such incidents.
While we have policies and procedures in place governing the use of force by our service provider, there can be no assurance that these
policies and procedures, even if followed, would entirely mitigate any resulting reputational harm or civil and/or criminal liability
resulting from any incident.
Our financial results are affected directly by the operating
results of our licensees and their employees, over whom we do not have direct control.
Our operations in Botswana, Malawi, Rwanda, Eswatini
and Zimbabwe, which are conducted by independent businesses that are licensees pursuant to franchise agreements with us, comprised 0.1%
of our revenue in the year ended February 28, 2023 and 0.1% of our revenue in the year ended February 28, 2022. Our licensees generate
revenue in the form of hardware and subscription revenue billed to customers. Accordingly, our financial results depend in part upon the
operational and financial success of our licensees. We may have to terminate licensees due to various reasons, including non-payment.
Additionally, if licensees fail to renew their license agreements, or if we decide to restructure license agreements in order to induce
licensees to renew these agreements, then our revenues may decrease, and profitability from new licensees may be lower than in the past
due to reduced royalties and other incentives we may need to provide.
We rely in part on our licensees and the manner
in which they operate their locations to develop and promote our business in Botswana, Malawi, Rwanda, Eswatini and Zimbabwe. In March
2023, for strategic reasons, we acquired 76% of Cartrack Swaziland (Proprietary) Limited (Eswatini), from its existing licensees. Although
we have developed criteria to evaluate and screen prospective licensees, we cannot be certain that our licensees will have the business
acumen or financial resources necessary to operate successful businesses in their franchise areas and local laws may limit our ability
to terminate or modify these franchise agreements. Moreover, despite our training, support and monitoring, licensees may not successfully
operate in a manner consistent with our standards and requirements or may not hire and train qualified personnel. The failure of our licensees
to operate their franchises successfully could have a material adverse effect on us, our reputation, our brand and our ability to attract
prospective licensees and could materially adversely affect our business, financial condition or results of operations.
10
Our licensees and their employees could take actions that could
harm our business.
Our licensees are independent businesses and the
employees who work for our licensees are not our employees, and we do not exercise control over their day-to-day operations. Our licensees
may not operate their businesses in a manner consistent with industry standards or may not attract and retain qualified employees. If
licensees were to provide diminished quality of service to customers, engage in fraud, misappropriation, misconduct or negligence or otherwise
violate the law, including with respect to any laws relating to sanctions, our brand and reputation may suffer materially, and we may
become subject to liability claims based upon such actions of our licensees and their employees.
Brand value can be severely damaged even by isolated
incidents, particularly if the incidents receive considerable negative publicity or result in litigation. Some of these incidents may
relate to the way we manage our relationship with our licensees, our growth strategies or the ordinary course of our business or our licensees'
business. Other incidents may arise from events that are or may be beyond our control and may damage our brand, such as actions taken
(or not taken) by one or more licensees or their employees relating to health, safety, welfare or other matters; litigation and claims;
failure to maintain high ethical and social standards for all of our operations and activities; failure to comply with local laws and
regulations; and illegal activity targeted at us or others. Our brand value could diminish significantly if any such incidents or other
matters erode consumer confidence in us, which may result in a decrease in our revenue, which in turn would materially and adversely affect
our business, financial condition and results of operations.
We depend on certain key component suppliers
and vendors as part of our hardware manufacturing process. An interruption in the supply of components could impair our production capacity
and affect hardware manufacturing output adversely affecting distribution.
The manufacturing of our core hardware requires
advanced production planning, including the purchase of specific components and evaluation of component-related design elements. We currently
purchase the latest Global System for Mobile Communications ("GSM"), including Long-Term Evolution ("LTE"), module
components of our hardware, semiconductors and other passive components from certain third-party suppliers, and we also source other hardware
and devices from third-party suppliers that integrate into our device agnostic SaaS platform. In addition, we currently depend principally
on certain third-party suppliers to supply and manufacture components of our hardware for our PC boards and to manufacture our GSM, LTE
and GNSS components. These modules and many of the other components used in the manufacture of our devices have extended lead times on
orders. We do not have contracts or volume commitments in place with our third-party suppliers but instead place purchase orders on a
periodic as-needed basis.
We have in the past experienced and may in the
future experience component shortages, and the predictability of the availability of these components may be limited. For example, we
utilize semiconductor chips in certain of the hardware products that we manufacture. Over the last several fiscal years, there has been
an ongoing global silicon component shortage, which has resulted in increases in the cost of devices and components and delays in shipments
of goods across many industries, including components used in our IoT devices.
Increases in the cost of devices or components,
or freight to transport those items, could negatively impact our ability to fulfill engineering design changes or customer demand, each
of which could adversely impact our results of operations.
While our hardware is designed such that components
may be interchanged in case of supply disruptions or unavailability, any interruptions or delays in the supply of components could require
us to identify and integrate our manufacturing logistics with an alternate supplier or use a substitute component. If the facilities of
one of our contract manufacturers were to suffer a major casualty event, it could take up to three months or longer to replace production
capacity. Interruption in the supply of components from our contract manufacturers could impair our production capacity, and further,
we may not have recourse against our suppliers through contractual representations, warranties, indemnification provisions or otherwise,
which could have a material adverse effect on our business, results of operations and financial condition.
These suppliers or vendors could fail to provide
equipment or service on a timely basis, or fail to meet our performance expectations, for a number of reasons, including, for example,
disruption to the global supply chain as a result of geopolitical factors, effects of a pandemic, natural disasters or the potential impacts
of global climate change.
Although we have extended our supply orders in
terms of lead times and have made pre-emptive purchases to build out our inventory, we cannot guarantee that we will have sufficient inventory
for our needs. Any interruption or delay in the supply of any of these devices or components, or the inability to obtain these devices
or components from alternate sources at acceptable prices and within a reasonable amount of time, could harm our ability to onboard new
customers.
11
Risks Relating to Our Growth Strategy
We have experienced growth in recent periods.
If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service or address
competitive challenges adequately.
We increased the number of our full-time employees
from 3,508 at February 28, 2022 to 4,039 at February 28, 2023. Our subscription revenue increased from ZAR 2,568.2 million for the year
ended February 28, 2022 to ZAR 3,010.1 million for the year ended February 28, 2023 and our total subscribers increased from 1,525,972
at February 28, 2022 to 1,717,077 at February 28, 2023. Our growth has placed, and may continue to place, a significant pressure on our
managerial, administrative, operational, financial and other resources. We intend to further expand our overall business, customer base,
headcount and operations. Our global organization and workforce require substantial management effort to maintain. We will be required
to continue to improve our operational and financial controls and reporting procedures and we may not be able to do so effectively. As
such, we may be unable to manage our expenses effectively in the future, which may negatively impact our gross profit or operating expenses
in any particular quarter.
We may not effectively execute on our expansion strategy, which
may adversely affect our ability to maintain our historical growth and earnings trends.
Cartrack has grown rapidly over the last several
years. Companies that grow rapidly can experience significant difficulties as a result of rapid growth. Our primary expansion strategy
focuses on organic growth, including increased regional market penetration; however, we may not be able to successfully execute on these
aspects of our expansion strategy, which may cause our future growth rate to decline below our recent historical levels, or may prevent
us from growing at all.
While we operate in numerous jurisdictions and
our software platform and local company websites are designed for ease of localizations, we may find it difficult to localize our local
company website and software platform into certain foreign languages, and we may be required to invest significant resources in order
to do so into markets in which we do not yet operate. Furthermore, in addition to the expansion of our business into new geographical
markets, we are seeking to develop a range of mobility and monitoring solutions in select markets, such as Carzuka, a vehicle buying and
selling marketplace. We may not succeed in these efforts or achieve our customer acquisition or other goals. In some international markets,
customer preferences and buying behaviors may be different, and we may use business or pricing models that are different from our traditional
subscription model to provide our mobility data analytics solutions to customers in those markets or we may be unsuccessful in implementing
the appropriate business model. Our revenue from new markets may not exceed the costs of establishing, marketing, and maintaining our
international offerings.
In addition, conducting expanded international operations would subject
us to new risks. These risks include:
●
localization of our SaaS platform and the specific features
and applications, including the addition of foreign languages and adaptation to new local practices and regulatory requirements;
●
lack of experience in other geographic markets;
●
strong local competitors;
●
the cost and burden of complying with, lack of familiarity
with, and unexpected changes in, foreign legal and regulatory requirements;
●
difficulties in managing and staffing international operations;
●
fluctuations in currency exchange rates or restrictions on
foreign currency;
●
potentially adverse tax consequences, including the complexities
of transfer pricing, value-added or other tax systems, double taxation and restrictions and/or taxes on the repatriation of earnings;
●
dependence on third parties, including commercial partners
with whom we do not have extensive experience;
●
increased financial accounting and reporting burdens and
complexities;
●
political, social, and economic instability, terrorist attacks,
pandemics and security concerns in general; and
●
reduced or varied protection for intellectual property rights
in some countries.
12
Operating in international markets also
requires significant management attention and financial resources. The investment and additional resources required to establish operations
and manage growth in other countries may not produce desired levels of revenue or profitability.
Various other factors, such as economic conditions
and competition may impede or restrict the growth of our operations. The success of our strategy also depends on our ability to manage
our growth effectively, which in turn depends on a number of factors, including our ability to adapt our credit, operational, technology
and governance infrastructure to accommodate expanded operations. Even if we are successful in continuing our growth, such growth may
not offer the same levels of potential profitability, and we may not be successful in controlling costs relative to revenue. As such,
we may not be able to achieve our long-term targets for expense management and profitability. Accordingly, our inability to maintain growth
or to effectively manage growth, could have a material adverse effect on our business, financial condition and results of operations.
Investments into our SaaS platform and technology infrastructure
may not yield the desired results.
We have developed a scalable and proprietary SaaS
platform to facilitate and integrate our business operations, data gathering analysis and online marketing capabilities and have invested
significant capital and time into building and updating our SaaS platform and infrastructure. In order to remain competitive, we expect
to continue to make significant investments into our technology. However, there is no guarantee that the capital and resources we have
invested or will invest in the future will allow us to develop suitable SaaS platform enhancements or software applications or maintain
and expand our SaaS platform and technology infrastructure as intended, which could have a material adverse effect on our ability to compete
or require us to purchase expensive software solutions from third-party developers.
If our investments in our SaaS platform and technology
infrastructure do not yield the desired results, it could have a material adverse effect on our business, financial condition, results
of operations and prospects.
If we fail to maintain or enhance our brand recognition or reputation,
our business could be harmed.
We believe that maintaining and enhancing our
brand and our reputation are critical to our relationships with our customers and to our ability to attract new customers. We also believe
that our brand and reputation will be increasingly important as competition in our market continues to develop. Our success in this area
will depend on a wide range of factors, some of which are beyond our control, including the following:
●
the efficacy of our marketing efforts;
●
our ability to continue to offer stable, high-quality, innovative
and error- and bug-free applications;
●
our ability to retain existing customers and attract new
customers;
●
our ability to maintain high customer service levels and
satisfaction;
●
our ability to successfully differentiate our applications
from those of our competitors;
●
actions of competitors and other third parties;
●
positive or negative publicity;
●
any misuse or perceived misuse of our applications;
●
interruptions, delays or attacks on our platform or applications;
and
●
litigation, legislative or regulatory-related developments.
If our brand promotion activities are not successful,
our growth and results of operations may be harmed. Furthermore, negative publicity, whether or not justified, relating to events or activities
attributed to us, our employees, our partners or others associated with any of these parties, may tarnish our reputation and reduce the
value of our brand. Damage to our reputation and loss of brand equity may reduce demand for our applications and could have a material
adverse effect on our business, financial condition and results of operations. Moreover, any attempts to rebuild our reputation and restore
the value of our brand may be costly and time consuming, and such efforts may not ultimately be successful.
13
The loss of one or more of our key management
team members or personnel, or our failure to attract, train and retain other highly qualified personnel, could harm our business.
We depend on the continued service and performance
of our senior management team, including our founder and Chief Executive Officer, Isaias (Zak) Jose Calisto. In addition, the sales, customer
service-driven and research and development focus of our business is vital to our growth plan and the loss of key personnel could disrupt
our operations. To execute our growth plan, we must attract and retain highly qualified personnel. Competition for these employees is
intense, and we may not be successful in attracting and retaining qualified personnel with appropriate skills. This is particularly the
case in Southeast Asia where there is increased competition for qualified personnel with the appropriate language skills. In addition,
new hires require significant training and, in most cases, take significant time before they achieve full productivity. Our recent and
planned hires may not become as productive as we expect, and we may be unable to hire or retain sufficient numbers of qualified employees.
If we fail to attract, hire and train new personnel, or fail to retain, focus and motivate our current personnel, it could have a material
adverse effect on our business and growth prospects.
Our corporate culture has contributed to
our success, and if we cannot maintain this culture, we could lose the innovation, creativity and teamwork fostered by our culture, which
could harm our business.
We believe that our vertically integrated and
customer-centric corporate culture has been an important contributor to our success, which we believe fosters innovation, creativity and
teamwork among our employees. As we continue to grow, we may have difficulties in maintaining or adapting our culture to sufficiently
meet the needs of our future and evolving operations, and we must be able to effectively integrate, develop and motivate a growing number
of employees. In addition, our ability to maintain our culture as a public company and a listed company in the United States, with the
attendant changes in policies, practices, corporate governance and management requirements may be challenging. Any failure to preserve
our culture, particularly if we are unable to preserve our culture across the various markets in which we operate, could also negatively
affect our ability to retain and recruit personnel, maintain our performance or execute on our business strategy, which could have a material
adverse effect on our business, financial condition, results of operations and prospects.
We may expand by acquiring or investing
in other companies, which may divert our management's attention, result in dilution to our shareholders, and consume resources that
are necessary to sustain our business.
We may in the future acquire complementary platforms,
solutions, technologies, or businesses. We also may enter into relationships with other businesses to expand our portfolio of solutions
or our ability to provide our solutions in foreign jurisdictions. Negotiating these transactions can be time-consuming, difficult and
expensive, and our ability to complete these transactions may often be subject to conditions or approvals that are beyond our control.
Consequently, these transactions, even if undertaken and announced, may not close.
An acquisition, investment, joint venture, alliance
or new business relationship may result in unforeseen operating difficulties and expenditures. In particular, we may encounter difficulties
assimilating or integrating the businesses, technologies, solutions, personnel, or operations of acquired companies, particularly if the
key personnel of the acquired company choose not to work for us, the acquired company's technology is not easily adapted to be compatible
with ours, or we have difficulty retaining the customers of any acquired business due to changes in management or otherwise. Acquisitions
may also disrupt our business, divert our resources, and require significant management attention that would otherwise be available for
the development of our business. Moreover, the anticipated benefits of any acquisition, investment, or business relationship may not be
realized or we may be exposed to unknown liabilities, including litigation against the companies we may acquire. For one or more of those
transactions, we may:
●
issue additional equity securities that would dilute our
shareholders;
●
use cash that we may need in the future to operate our business;
●
lose key personnel of any acquired business;
●
face challenges in successfully integrating, operating and
managing acquired businesses and workforce and instilling our culture into new management and staff;
●
incur debt on terms unfavorable to us or that we are unable
to repay or that may place burdensome restrictions on our operations;
●
incur large charges or substantial liabilities; or
●
become subject to adverse tax consequences, or substantial
depreciation, deferred compensation or other acquisition-related accounting charges.
Any of these risks could harm our business and results
of operations.
14
We have entered, and expect to continue to enter, into collaboration
agreements or partnerships and these activities involve risks and uncertainties.
We have entered, and expect to continue to enter,
into collaboration agreements with local partners to the extent required pursuant to local laws and regulations in order to penetrate
certain geographic regions to effectively grow our business. Entering into collaborations or partnerships involves risks and uncertainties,
including the risk that a given partner could fail to satisfy its obligations, which may result in certain liabilities to us for guarantees
and other commitments. Further, since we may not exercise control over our current or future partners, we may not be able to require our
partners to take the actions that we believe are necessary to implement our business strategy. Additionally, differences in views among
partners may result in delayed decision-making or failure to agree on major issues. If any of these difficulties cause any of our partners
to deviate from our business strategy, or if this leads any of our collaborations or partnerships to fail to attract the intended customer
base, it could have a material adverse effect on our results of operations.
Risks Relating to Our Intellectual Property, Data Privacy and Cybersecurity
Evolving regulation and changes in applicable
laws relating to the Internet and data privacy may increase our expenditures related to compliance efforts or otherwise limit the solutions
we can offer, which may harm our business and adversely affect our financial condition.
The transmission of data over the Internet and
cellular networks is a critical component of our SaaS business model. As Internet commerce continues to evolve, increased regulation by
federal, state or foreign agencies becomes more likely, particularly in the areas of data privacy and data security. In addition, taxation
of services provided over the Internet or other charges imposed by government agencies or by private organizations for accessing the Internet
may be imposed. Any regulation imposing greater fees for Internet use or restricting information exchange over the Internet could result
in a decline in the profitability and viability of Internet-based services, which could harm our business.
Our solutions enable us to collect, manage and
store a wide range of data related to fleet management, vehicle location and tracking and other telematics services such as fuel usage,
engine temperature, speed and mileage and, in the case of our field service application, includes customer information, job data, schedule
and invoice information. A valuable component of our solutions is our ability to analyze this data to present the user with actionable
business intelligence. We obtain our data from a variety of sources, including our customers and third-party sources or service providers.
We cannot assure you that the data we require for our proprietary data sets will be available from these sources in the future or that
the cost of such data will not increase. The United States and various state governments have adopted or proposed limitations on the collection,
distribution and use of personal information. Several foreign jurisdictions, including South Africa, Singapore and the European Union,
have adopted legislation (including directives or regulations) that increase or change the requirements governing data collection and
storage in these jurisdictions. Further, such data privacy laws and regulations may be amended in the future. Any failure to adhere to
or successfully implement processes in response to changing regulatory requirements in this area could result in legal liability or impairment
to our reputation in the marketplace, which could have a material adverse effect on our business, financial condition, results of operations
and prospects.
The current European Union legislation related
to data protection is the General Data Protection Regulation ("GDPR"), which came into effect on May 25, 2018. While we appointed
a Data Protection Officer to oversee and supervise our compliance with European data protection regulations and have obtained in certain
instances data privacy insurance policies and have taken steps to mitigate the risks of GDPR, we cannot provide any assurance that we
are in compliance with all aspects of European data protection regulations, including GDPR. Despite our ongoing efforts to bring practices
into compliance, we may not be successful either due to various factors within our control, such as limited financial or human resources,
or other factors outside of our control. For example, while we seek to enter into data processing agreements with third-parties with whom
we share data, or who share data with us, we may be unable to execute agreements with all such-third parties. It is also possible that
local data protection authorities may have different interpretations of the GDPR, leading to potential inconsistencies amongst various
EU member states.
In Singapore, the Personal Data Protection Act
2012, No. 26 of 2012 of Singapore generally requires organizations to give notice and obtain consents prior to collection, use or disclosure
of personal data (data, whether true or not, about an individual who can be identified from that data or other accessible information).
The Protection of Personal Information Act, No. 4 of 2013 (the "POPI Act") applies to each of our South African subsidiaries.
We have updated and will continue to evaluate our group data protection and security policies, charters, and procedures to assist in
maintaining data privacy and data security in line with international practices. If our privacy or data security measures fail to comply,
or are perceived to fail to comply, with current or future laws and regulations, we may be subject to litigation, regulatory investigations
or other liabilities.
15
Moreover, if future laws and regulations limit
our customers' ability to use and share this data or our ability to store, process and share data with our clients over the Internet,
demand for our solution could decrease, our costs could increase, and our results of operations and financial condition could be harmed.
For example, we will have to consider the potential implications of the new privacy law in California, the California Consumer Privacy
Act ("CCPA"), which creates new rights for consumers and will be widely applicable to businesses (regardless of location)
that collect personal information about California residents. The potential effects of this legislation are far reaching and may require
us to modify our data processing practices and policies and to incur substantial costs and expenses in an effort to comply. The CCPA also
provides for civil penalties for violations, as well as a private right of action for data breaches that may increase the volume of and
costs associated data breach litigation. The California Attorney General may also bring enforcement actions under the CCPA resulting in
financial penalties for violations.
We also run an insurance agency or broking unit
that sells short-term insurance policies and selected vehicle warranty and service plans to our customers. This results in us receiving
personally identifiable information with the customer's consent. This information is increasingly subject to legislation and regulation.
This legislation and regulation are generally intended to protect individual privacy and the privacy and security of personal information.
We could be adversely affected if government regulations require us to significantly change our business practices with respect to this
type of information or if the insurance providers who use our marketplace violate applicable laws and regulations.
Changes in applicable laws and regulations may
materially increase our direct and indirect compliance and other expenses of doing business, having a material adverse effect on our business,
financial condition and results of operations. If there were to be changes to statutory or regulatory requirements, we may be unable to
comply fully with or maintain all required licenses and approvals. Regulatory authorities have relatively broad discretion to grant, renew
and revoke licenses and approvals. If we do not have all requisite licenses and approvals, or do not comply with applicable statutory
and regulatory requirements, the regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities
or monetarily penalize us, which could have a material adverse effect on our business, results of operations and financial condition.
We cannot predict whether any proposed legislation
or regulatory changes will be adopted, or what impact, if any, such proposals or, if enacted, such laws could have on our business, results
of operations and financial condition. If we fail to comply with applicable laws and regulations, we may be subject to investigations,
criminal penalties or civil remedies, including fines, injunctions, loss of an operating license or approval, increased scrutiny or oversight
by regulatory authorities, the suspension of individual employees, limitations on engaging in a particular business or redress to customers.
The cost of compliance and the consequences of non-compliance could have a material adverse effect on our business, results of operations
and financial condition. In addition, a failure to comply with applicable laws and regulations could have a material adverse effect on
our business, results of operations and financial condition by exposing us to negative publicity and reputational damage or by harming
our customer or employee relationships.
In most jurisdictions, government regulatory authorities
have the power to interpret and amend applicable laws and regulations, and have discretion to grant, renew and revoke the various licenses
and approvals we need to conduct our activities. Such authorities may require us to incur substantial costs in order to comply with such
laws and regulations. Regulatory statutes are broad in scope and subject to differing interpretation. In some areas of our businesses,
we act on the basis of our own or the industry's interpretations of applicable laws or regulations, which may conflict from jurisdiction
to jurisdiction. In the event those interpretations eventually prove different from the interpretations of regulatory authorities, we
may be penalized or precluded from carrying on our previous activities.
16
Our software platform may contain undetected
defects or software errors, which could result in damage to our reputation, market rejection of our products, or adversely affect our
business, financial condition and results of operations.
Our continued growth depends in part on the ability
of our existing and potential customers to access our solutions and platform capabilities at any time and within an acceptable amount
of time. We have experienced, and may in the future experience, disruptions, outages, and other performance problems due to a variety
of factors, including infrastructure changes, introductions of new functionality, human or software errors, capacity constraints due to
an overwhelming number of users accessing our platform simultaneously, denial of service attacks, or other security-related incidents.
We must update our SaaS platform quickly to keep pace with the rapidly changing market including the third-party software and devices
with which our solutions integrate, and we have a history of frequently introducing new versions. Our solutions could contain undetected
errors or defects, especially when first introduced or when new versions are released that are difficult to detect and correct despite
third-party testing. Our solutions, including software, may not be free from errors or defects, which could result in damage to our reputation
or a material adverse effect on our results of operations.
It may become increasingly difficult to maintain
and improve our performance, especially during peak usage times and as our solutions and platform capabilities become more complex and
our user traffic increases. If our platform is unavailable or if our users are unable to access our solutions and platform capabilities
within a reasonable amount of time or at all, we may experience a loss of customers, lost or delayed market acceptance of our platform
and solutions, delays in payment to us by customers, injury to our reputation and brand, legal claims against us, and the diversion of
our resources. In addition, to the extent that we do not effectively address capacity constraints, upgrade our systems as needed and continually
develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business, financial condition
and results of operations may be adversely affected.
The operation of our hardware is controlled by
the firmware loaded on the hardware. We generally provide firmware updates to our customers by "over-the-air" wireless communication
of the updated firmware directly to our customers' telematics devices. If the firmware does not function as expected and prevents
the uploading of updated firmware, it would require direct servicing of the installed on-board computer by trained personnel resulting
in significant costs. Variations among communications protocols in the markets in which we operate enhance the risk of error in the remote
installation of firmware. Although we attempt to manage this risk by introducing firmware updates in stages so that the success of deployment
to a small number of telematics devices can be assessed before the installment risk is expanded to a larger customer base, there can be
no assurance that we will be successful in detecting firmware operation and integration problems or otherwise in managing our exposure
to remediation expense related to the deployment of firmware updates.
Our "over-the-air" transmission
of firmware updates could permit a third party to disable our customers' telematics devices or introduce malware into our customers'
telematics devices, which could expose us to customer claims.
"Over-the-air" transmission of our
firmware updates potentially provides the opportunity for a third party to modify or disable our customers' operating systems or
introduce malware into our customers' operating systems. While no such incidents have occurred to date, there can be no assurance
that they will not occur in the future. For example, a third party could attempt to introduce software modifications providing incorrect
location data and functionality or the deletion of data. Damage to our customers' telematics devices as a result of such incidents
could only be remedied through direct servicing of their installed telematics devices by trained personnel resulting in significant costs,
particularly if the incidents were widespread. Moreover, such incidents could expose us to claims by our customers under various theories
of liability, the outcome of which would be uncertain. Third party interference with our over-the-air transmission of firmware or with
our customers' telematics devices during such processes could have a material adverse effect our business, financial condition and
results of operations.
Any significant disruption in service
on our SaaS platform or in our computer systems, through cybersecurity breaches, computer viruses or otherwise or disruption of our platform,
could damage our reputation and result in a loss of customers, which would harm our business and results of operations.
Our brand, reputation, and ability to attract,
retain, and serve our customers are dependent upon the reliable performance of our service and our customers' ability to access
our solutions at all times. Our customers rely on our solutions to make operating decisions related to their fleet, as well as to measure,
store and analyze valuable data regarding their businesses. Our solutions are vulnerable to interruption and our data centers are vulnerable
to damage or interruption from human error, intentional bad acts, computer viruses or hackers, earthquakes, hurricanes, floods, fires,
war, terrorist attacks, power losses, hardware failures, systems failures, telecommunications failures, and similar events, any of which
could limit our customers' ability to access our solutions. Prolonged delays or unforeseen difficulties in connection with adding
capacity or upgrading our network architecture may cause our service quality to suffer. Any event that significantly disrupts our service
or exposes our data to misuse could damage our reputation and harm our business and results of operations, including reducing our revenue,
causing us to issue credits to customers, subjecting us to potential liability, harming our churn rates, or increasing our cost of acquiring
new customers.
17
We host our solutions and serve all of our customers from our network
servers, which are principally located at third-party data center facilities in South Africa, Singapore, the Netherlands, United Arab
Emirates and France. While we control and have access to our servers and all of the components of our network that are located in our
external data centers, we do not control the operation of these facilities. Problems faced by our third-party data centers, with the telecommunications
network providers with whom we or they contract, or with the systems by which our telecommunications providers allocate capacity among
their customers, including us, could adversely affect the experience of our customers. Our third-party data center operators could decide
to close their facilities without adequate notice. In addition, any financial difficulties, such as bankruptcy, faced by our third-party
data center operators or any of the service providers with whom we or they contract may have negative effects on our business, the nature
and extent of which are difficult to predict. Our disaster recovery systems are located at our third-party hosting facilities. While we
are increasing redundancy, our systems have not been tested under actual disaster conditions and may not have sufficient capacity to recover
all data and services in the event of an outage. In the event of a disaster in which our disaster recovery systems are irreparably damaged
or destroyed, we would experience interruptions in access to our solutions. Any changes in third-party service levels at our data centers
or any errors, defects, disruptions, or other performance problems with our solutions could harm our reputation and may damage our data.
Interruptions in our services might reduce our revenue, cause us to issue credits or refunds to customers, subject us to potential liability,
or harm our customer retention rate. Compliance with the various data protection laws across nations is challenging due to the complex
and sometimes contradictory nature of the different regulatory regimes. Because data protection regulations are not uniform among the
various nations in which we operate, our ability to transmit consumer information across borders is limited by our ability to comply with
conditions and restrictions that vary from country to country. In countries with particularly strict data protection laws, we might not
be able to transmit data out of the country at all and may be required to host individual servers in each such country where we collect
data.
We have experienced, and may in the future experience,
disruptions, outages, and other performance problems due to a variety of factors, including infrastructure changes, introductions of new
functionality, human or software errors, capacity constraints due to an overwhelming number of users accessing our solutions and platform
capabilities simultaneously, denial of service attacks, or other security-related incidents. It may become increasingly difficult to maintain
and improve our performance, especially during peak usage times and as our solutions and platform capabilities become more complex and
our user traffic increases. If our solutions and platform capabilities are unavailable or if our users are unable to access our solutions
and platform capabilities within a reasonable amount of time or at all, we may experience a loss of customers, lost or delayed market
acceptance of our platform and solutions, delays in payment to us by customers, injury to our reputation and brand, legal claims against
us, and the diversion of our resources.
In addition, to the extent that we do not effectively
address capacity constraints, upgrade our systems as needed and continually develop our technology and network architecture to accommodate
actual and anticipated changes in technology, our business, financial condition and results of operations may be adversely affected.
Cybersecurity incidents are increasing in frequency
and evolving in nature and include, but are not limited to, installation of malicious software, unauthorized access to data and other
electronic security breaches that could lead to disruptions in systems, unauthorized release of confidential or otherwise protected information
and the corruption of data. Given the unpredictability of the timing, nature and scope of information technology disruptions, there can
be no assurance that the procedures and controls we employ will be sufficient to prevent security breaches from occurring and we could
be subject to manipulation or improper use of our systems and networks or financial losses from remedial actions, any of which could have
a material adverse effect on our business, financial condition, results of operations and prospects.
Security or privacy breaches in
our electronic transactions or data may expose us to additional liability or result in a loss of customers, either of which events could
harm our business.
Use of our solutions involve the storage, transmission
and processing of our customers' proprietary data, including potentially personal or identifying information. We may experience
data security breaches or unauthorized disclosures of personal, confidential or proprietary information. Any inability on our part to
protect the information security of our SaaS platform or the privacy of confidential information could have a material adverse effect
on our profitability by exposing us to additional liability, increasing our expenses relating to resolution of these breaches and deterring
users from using our solutions. Further, unauthorized access to, or security breaches of, our solutions could result in the loss, compromise
or corruption of data, loss of business, severe reputational damage adversely affecting customer or investor confidence, regulatory investigations
and orders, litigation, indemnity obligations, damages for contract breach, penalties for violation of applicable laws or regulations,
significant costs for remediation and other liabilities. For example, under the GDPR, substantial penalties for failure to comply with
the regulations can be imposed, including a fine of up to €20 million or up to 4% of the annual worldwide turnover, whichever is
greater. We have incurred and expect to incur significant expenses to prevent security breaches and achieve compliance with all applicable
laws and regulations including the GDPR, such as deploying additional personnel and protection technologies, training employees, and engaging
third-party experts and consultants. Our errors and omissions insurance coverage covering certain security and privacy damages and claim
expenses may not be sufficient to compensate for all liabilities we may incur.
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In addition, our and our third-party vendors'
systems, operations and information technology systems are vulnerable to damage or interruption from human error, physical break-ins,
unauthorized access, computer hackers, computer viruses, worms, malicious applications, distributed denial of service attacks, spurious
spam attacks, intentional acts of vandalism and similar events. We cannot assure you that our current security methods and measures will
effectively counter evolving security risks, prevent future slowdowns or disruptions, protect against extraordinary attacks while addressing
the security and privacy requirements of existing and future users. Any physical or electronic break-in or other security breach or compromise
of the information handled by us or our service provider may jeopardize the security or integrity of information in our computer systems
and networks or those of our customers and cause significant interruptions in our and our customers' operations. Although we have
developed systems and processes that are designed to protect customer information and prevent data loss and other security breaches, including
systems and processes designed to reduce the impact of a security breach at a third-party vendor, such measures cannot provide absolute
security. It is also possible that, despite existing safeguards, our personnel could misappropriate our customers' proprietary information
or data, exposing us to a risk of loss or litigation and possible liability. Customers and other end-users who rely on our solutions for
applications that are integral to their businesses may have a greater sensitivity to security vulnerabilities than customers for software
solutions generally. Any such access, breach, or other loss of information could result in legal claims or proceedings, liability under
applicable federal or state laws and regulatory penalties. Under certain applicable law, notice of breaches must be made to affected individuals,
and for extensive breaches, notice may need to be made to the media or state attorneys general. Such a notice could harm our reputation
and our ability to compete. Unauthorized access, loss, or dissemination could also damage our reputation or disrupt our operations, including
our ability to conduct our analyses, deliver results, provide customer assistance, conduct research and development activities, collect,
process, and prepare company financial information, and manage the administrative aspects of our business. Further, any system failures,
slowdowns or disruptions will likely result in unanticipated disruptions in service to our users, decreased levels of user satisfaction
and significant negative effects on our reputation, which could have a material adverse effect on our business.
We rely on third-party encryption and authentication
technology to provide secure transmission of confidential information over the Internet, including customer bank account numbers. Advances
in technological capabilities, new discoveries in the field of cryptography or other events or developments could result in a compromise
or breach of the technology we use to protect sensitive transaction data. If we are unable to detect and prevent unauthorized use of bank
account numbers, our business could suffer. If any such compromise of our security, or the security of our customers, were to occur, it
could result in misappropriation of proprietary information or interruptions in operations and have a material adverse effect on our reputation
or the reputation of our customers.
Our SaaS platform relies on specific
third-party software and any inability to license or use such software from third-parties could render our platform inoperable.
We rely on software and other intellectual property
licensed from third parties, including mapping software, business intelligence tools and data from third party vendors such as Google,
MapIT, Here and Sisense to develop and provide solutions to our customers. In addition, we may need to obtain future licenses from third
parties to use software or other intellectual property associated with our solutions. We cannot assure you that these licenses will be
available to us on acceptable terms, without significant price increases or at all. Any loss of the right or inability to obtain the right
to use any such software or other intellectual property required for the development and maintenance of our solutions could result in
interruptions in the provision of our solutions until equivalent technology is either developed by us, or, if available from others, is
identified, obtained, and integrated, which could harm our business.
Our use of open-source software may pose particular risks to
our proprietary software and systems.
We use open-source software in our proprietary
software and systems and intend to continue using open-source software in the future. The terms of many open-source licenses to which
we are subject have not been interpreted by Singapore, South Africa or U.S. courts or courts of other jurisdictions, and there is a risk
that those licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize
our solutions. The licenses applicable to our use of open-source software may require that source code that is developed using open-source
software be made available to the public and that any modifications or derivative works to certain open-source software continue to be
licensed under open-source licenses. Moreover, we cannot ensure that we have not incorporated additional open-source software in our software
in a manner that is inconsistent with the terms of the applicable license or our current policies and procedures. In that event, we could
be required to seek licenses from third parties in order to continue offering our solutions, to re-develop our solutions, to discontinue
sales of our solutions, or to release our proprietary software source code under the terms of an open-source license, any of which could
have a material adverse effect on our business.
19
Although we employ open-source software license
screening measures, if we were to combine our proprietary software products with open-source software in a certain manner we could, under
certain open-source licenses, be required to release the source code of our proprietary software products. If we fail to comply with these
licenses, we may be subject to certain requirements, including requirements that we offer our solutions that incorporate the open-source
software for no cost, that we make available source code for modifications or derivative works we create based upon, incorporating or
using the open-source software and that we license such modifications or derivative works under the terms of applicable open-source licenses.
If an author or other third party that distributes such open-source software were to allege that we had not complied with the conditions
of one or more of these licenses, we could be required to incur significant legal expenses defending against such allegations and could
be subject to significant damages, enjoined from the sale of our products that contained the open-source software and required to comply
with onerous conditions or restrictions on these products, which could disrupt the distribution and sale of these products.
From time to time, there have been claims challenging
the rights in open-source software against companies that incorporate it into their products. We and our customers may face claims from
third parties claiming infringement of their intellectual property rights for what we believe to be permissive open-source software, or
demanding the release or license of the open-source software or derivative works that we developed using such software (which could include
our proprietary source code) or otherwise seeking to enforce the terms of the applicable open-source license. These claims could result
in litigation that could be costly to defend, have a negative effect on our business, financial condition and results of operations, and
could require us to purchase a costly license, publicly release the affected portions of our source code, be limited in or cease the sale
or use of the implicated software unless and until we can re-engineer such software to avoid infringement or change the use of, or remove,
the implicated open-source software, which could require us to devote additional research and development resources, or take other remedial
actions.
In addition to risks related to license requirements,
use of certain open-source software can lead to greater risks than use of third-party commercial software, as open-source licensors generally
do not provide warranties, indemnities or other contractual protections with respect to the software (for example, non-infringement or
functionality). Some open-source projects have known vulnerabilities and architectural instabilities and are provided on an "as-is"
basis which, if not properly addressed, could negatively affect the performance of our product. Our use of open-source software may also
present additional security risks because the source code for open-source software is publicly available, which may make it easier for
hackers and other third parties to determine how to breach our website, our software platform and systems that rely on open-source software.
Any of these risks could be difficult to eliminate
or manage, and, if not addressed, could have a material adverse effect on our business, financial condition, results of operations and
prospects.
If our SaaS platform does not comply with
quality standards set forth under our subscription agreements or we breach our obligations under our subscription agreements, our subscribers
may assert claims for reduced payments or seek damages from us.
Under our subscription contracts, we typically
provide certain representations and warranties to our subscribers, including, among others, that we have not knowingly incorporated any
intellectual property which infringes the rights of any third-party, the software being delivered has been developed as per the specifications
provided and is free from any patent defects and services will be provided with reasonable care.
In case of any breach of these representations
and warranties, we would be required to take certain remedial steps, including: modifying the solution, defending our subscribers in any
litigation arising from an intellectual property rights infringement claim by a third-party, providing functionally equivalent replacements
to the subscribers, rectifying the defect and indemnifying our subscribers for any direct losses arising from such a breach of representations
and warranties.
Such steps may involve significant monetary
costs and management time. Any inability to predict our performance and measure our productivity would further compound these risks and
expose us to additional liabilities. Our subscribers could seek significant compensation from us for the losses they suffer. Although
our subscription agreements typically contain provisions designed to limit our exposure to product liability claims, existing or future
laws or unfavorable judicial decisions could negate these limitations. Even if not successful, a product liability claim brought against
us would likely be time-consuming and costly and could seriously damage our reputation in the marketplace, making it harder for us to
sell our solutions.
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An assertion by a third party that we are
infringing on its intellectual property could subject us to costly and time- consuming litigation or expensive licenses and our business
could be harmed.
The industries in which we operate are characterized
by the existence of entities, including leading companies, competitors, patent holding companies and non-practicing entities that hold
a large number of patents, copyrights, trademarks and trade secrets. Further, the industries are characterized by frequent litigation
based on allegations of infringement or other violations of intellectual property rights. Such entities may assert patent, copyright,
trademark or other intellectual property claims against us, our customers and partners, and those from whom we license technology and
intellectual property. Much of this litigation involves patent holding companies or other adverse patent owners who have no relevant product
revenues of their own. We do not have a patent portfolio of our own and even if we did, a patent portfolio may provide little or no deterrence
to such patent holding companies or non-practicing entities.
Legal proceedings involving intellectual property
rights are highly uncertain, and can involve complex legal and scientific questions. We cannot assure you that we will prevail in any
current or future intellectual property infringement or other litigation given the complex technical issues and inherent uncertainties
in such litigation. Defending such claims, regardless of their merit, could be time-consuming and distracting to management, result in
costly litigation or settlement, cause development delays, or require us to enter into royalty or licensing agreements. Insurance may
not cover or be insufficient for any such claim. In addition, we could be obligated to indemnify our customers against third parties'
claims of intellectual property infringement based on our solutions. If our solutions violate any third-party intellectual property rights,
we could be required to withdraw those solutions from the market, re-develop those solutions or seek to obtain licenses from third parties,
which might not be available on reasonable terms or at all. Any efforts to re-develop our solutions, obtain licenses from third parties
on favorable terms or license a substitute technology might not be successful and, in any case, might substantially increase our costs
and harm our business, financial condition and results of operations. Withdrawal of any of our solutions from the market could also harm
our business, financial condition and results of operations. Further, we may not have the ability to terminate or amend our supplier contracts
in connection with such solutions being withdrawn from the market, nor may we have recourse through representations, warranties, indemnification
provisions or otherwise in such supplier contracts.
In addition, we incorporate open-source software
into our platform. Given the nature of open-source software, third parties might assert copyright and other intellectual property infringement
claims against us based on our use of certain open-source software programs, particularly in the United States. The terms of many open-source
licenses to which we are subject have not been interpreted by U.S. courts or courts of other jurisdictions, and there is a risk that those
licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize our solutions.
In that event, we could be required to seek licenses from third parties in order to continue offering our solutions, to re-develop our
solutions, to discontinue sales of our solutions, or to release our proprietary software source code under the terms of an open-source
license, any of which could have a material adverse effect on our business.
If we are unable to protect our intellectual property and proprietary
technologies, our business may be adversely affected.
Our future success and competitive position depend
in large part on our ability to protect our intellectual property and proprietary technologies. We rely on a combination of trademark,
copyright, and trade secret laws, as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual
property rights, all of which provide only limited protection and may not currently or in the future provide us with a competitive advantage.
We enter into confidentiality agreements with
our employees, independent contractors and other individual advisors and enter into confidentiality agreements with licensees and other
third parties, including suppliers and partners. We have not entered into invention assignment agreements with licensees and third parties.
However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary
information, know-how and trade secrets. Moreover, no assurances can be given that these agreements effectively prevent access to, distribution,
use, misuse, misappropriation, reverse engineering or disclosure of confidential or proprietary information. Further, these agreements
may not provide adequate remedy in the event of unauthorized disclosure of confidential or proprietary information. In addition, others
may independently discover our trade secrets or develop similar technologies and processes, and, in either event we would not be able
to assert trade secret rights.
21
We also rely to a limited extent on trademark
and copyright law. We have no patents or patent applications. We cannot make any assurances that any future trademark registrations will
be issued for pending or future applications or that any registered trademarks will be enforceable or provide adequate protection of our
proprietary rights. Intellectual property rights protection is territorial in nature and therefore, successfully obtaining intellectual
property rights protection in one jurisdiction may not necessarily provide protection in another jurisdiction. For example, while we have
obtained certain registered trademarks in South Africa, Namibia, Nigeria and Tanzania, we have not obtained registered trademarks in all
of the jurisdictions in which we operate or plan to operate. Accordingly, we rely primarily on common law or unregistered rights in such
jurisdictions, which may not provide the same scope of protection as registered trademarks and may be insufficient for our business. In
addition, third-parties have filed, and may in the future file, for registration of trademarks similar or identical to our trademarks,
thereby impeding our ability to build brand identity and possibly leading to market confusion. In addition, there could be potential trade
name or trademark infringement claims brought by owners of other registered trademarks or trademarks that incorporate variations of our
registered or unregistered trademarks or trade names.
We cannot assure you that any patents or trademarks
will issue from any future patent or trademark applications, that any patents or trademarks that issue from such applications will give
us the protection that we seek, or that any such patents or trademarks will not be challenged, invalidated, or circumvented. Any patents
or trademarks that may issue in the future from future patent and trademark applications may not provide sufficiently broad protection
and may not be enforceable in actions against alleged infringers.
Even upon intellectual property rights registration,
there is no certainty that our intellectual property rights will provide us with substantial protection or commercial benefit. Despite
our efforts to protect our intellectual property, some of our innovations may not be protectable, and our intellectual property rights
may offer insufficient protection from competition or unauthorized use, lapse or expire, be challenged, narrowed, invalidated, or misappropriated
by third-parties, or be deemed unenforceable or abandoned, which, could have a material adverse effect on our business, financial condition,
results of operations and prospects and the legal remedies available to us may not adequately compensate us.
We cannot assure you that the steps we take will
be adequate to protect our technologies and intellectual property, any patent and trademark applications will lead to issued patents or
registered trademarks, others will not develop or patent similar or superior technologies or solutions, or that our trademarks and other
intellectual property will not be challenged, invalidated, or circumvented by others. Furthermore, effective patent, trademark, copyright,
and trade secret protection may not be available in every country in which our solutions are available or where we have employees or independent
contractors. In addition, the legal standards relating to the validity, enforceability, and scope of protection of intellectual property
rights in Internet-related industries are uncertain and still evolving. The steps we have taken and will take may not prevent unauthorized
use, reverse engineering, or misappropriation of our technologies and we may not be able to detect any of the foregoing. Defending and
enforcing our intellectual property rights may result in litigation, which can be costly and divert management attention and resources.
Any such litigation may not be successful even if such rights have been infringed, and an adverse decision could limit the scope of such
rights. If our efforts to protect our technologies and intellectual property are inadequate, the value of our intangible assets may be
diminished and competitors may be able to replicate our solutions and methods of operations. Any of the foregoing events could have a
material adverse effect on our business, financial condition, and results of operations.
Risks Related to Legal Proceedings
We may incur material losses and costs as
a result of lawsuits or claims that may be brought against us which are related to product liability, warranty, product recalls, client
service interruptions or other matters, and any litigation against us could be costly and time-consuming to defend and could harm our
business, financial condition and results of operations.
We are exposed to product liability and warranty
claims in the normal course of business, in the event that our solutions actually or allegedly fail to perform as expected, or the use
of our solutions results, or is alleged to result, in bodily injury and/or property damage. Our safety and security services may be disabled
or prove to be ineffective as a result of techniques employed by car thieves or the discovery of technological weaknesses by such persons.
Additionally, we provide asset recovery warranty
coverage of up to ZAR 1.0 million on certain contracts in the event we fail to recover a stolen vehicle. If our recovery rate for stolen
vehicles falls, we may be subject to an increased number of claims. We could experience material warranty costs in the future and incur
significant costs to defend ourselves against these claims.
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If there were a systematic failure of any of our
solutions, we could suffer significant damage to our reputation and any product liability insurance we maintain might not be sufficient
to prevent us from suffering a material economic loss. While we carry insurance and maintain reserves for product liability claims, we
have not established a liability reserve under these warranties. Our insurance coverage may be inadequate if such claims do arise, and
any defense costs and liability not covered by insurance could have a material adverse impact on our financial condition, results of operations
or cash flow. A future claim could involve the imposition of punitive damages, the award of which, pursuant to local laws, may not be
covered by insurance. In addition, warranty and certain other claims are not typically covered by insurance. Any product liability or
warranty issues may adversely impact our reputation as a manufacturer of high-quality, effective and safe solutions and could have a material
adverse effect on our business, results of operations and financial condition.
Furthermore, we have in the past and may in the
future become subject to legal proceedings and claims that arise in the ordinary course of business, such as claims brought by our clients
or vendors in connection with commercial disputes or employment claims made by our current or former employees. Internal fraud, which
may include the stealing and dissemination of client personally identifiable information, may also create significant client distrust
and result in litigation against us. Actions taken by security officers involved in SVR operations as part of our services may also result
in legal proceedings and claims which could then result in reputational harm to us or criminal and/or civil liability, including monetary
damages or other penalties. See "Risk Factors— Risks Relating to Our Reliance on Third Parties—The conduct of security
officers engaged in SVR operations in support of our services from time to time involves the use of force, which could expose the Company
to reputational harm or, potentially, civil and/or criminal liability."
We are unable to predict the outcome of such legal
proceedings. Such proceedings might result in substantial costs, regardless of the outcome, and may divert management's attention
and resources, which might seriously harm our business, financial condition and results of operations. Insurance might not cover such
claims, might not provide sufficient payments to cover all the costs to resolve one or more such claims, and might not continue to be
available on terms acceptable to us. A claim brought against us that is uninsured or underinsured could result in unanticipated costs,
potentially resulting in a material adverse effect on our business, financial condition, and results of operations.
Risks Relating to Our Operations in South Africa and Other Emerging
Markets
We conduct a material amount of our business in foreign currencies,
which heightens our exposure to the risk of exchange rate fluctuations.
We are subject to fluctuations in foreign exchange
rates between the South African rand, our reporting currency, and currencies of other countries where we market our solutions or source
our raw components, for example the Euro, Mozambican metical, the Singapore dollar and Polish zloty. Such fluctuations may result in significant
increases or decreases in our reported revenue and other results as expressed in South African rand, and in the reported value of our
assets, liabilities and cash flows. In addition, currency fluctuation may adversely affect receivables, payables, debt, firm commitments
and forecast transactions denominated in foreign currencies. In particular, translation risks arise where parts of the cost of sales are
not denominated in the same currency of such sales. The U.S. dollar/South African rand exchange rates have historically been volatile
and we expect this volatility to continue. Fluctuation in exchange rates, depreciation of local currencies, changes in monetary and/or
fiscal policy or inflation in the countries in which we operate could negatively impact the prices at which the ordinary shares trade
and have a material adverse effect on our business, financial condition, results of operations and prospects.
Exchange controls may restrict the ability of our subsidiaries
to convert or transfer sums in foreign currencies.
Our ability to generate operating cash flows at
the holding company level depends on the ability of our subsidiaries, including Cartrack Holdings Proprietary Limited, to upstream funds.
In particular, companies operating in South Africa are subject to exchange control limitations. Exchange controls in South Africa are
administered by the South African Reserve Bank ("SARB") pursuant to the Exchange Control Regulations, 1961, as amended, which
regulates transactions between South African residents and non-residents. While exchange controls have been relaxed in recent years and
may continue to be relaxed, South African companies remain subject to restrictions on their ability to export capital outside of the Common
Monetary Area, which includes South Africa, Namibia, Lesotho and Eswatini. In addition, as the cash flows of certain countries are highly
dependent on the export of certain raw materials, the ability to convert such currencies can be limited by the timing of payments for
such exports, which may require us to organize our currency conversions around such constraints. These restrictions may affect the manner
in which we finance our transactions outside South Africa and the geographic distribution of our debt.
We can offer no assurance that additional restrictions
on currency exchange will not be implemented in the future or that these restrictions will not limit the ability of our subsidiaries to
transfer cash to us, which could have a material adverse effect on our business, financial condition, results of operations and prospects.
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The markets in which we operate
are exposed to high inflation and interest rates which could increase our operating costs and thereby reduce our profitability.
The economies of countries in which we operate,
including South Africa, Mozambique, Tanzania, Kenya and Nigeria in the past have been, and in the future may continue to be, characterized
by rates of inflation and interest rates that are substantially higher than those prevailing in the United States and other highly developed
economies. High rates of inflation could increase our costs in such regions and decrease our operating margins. In particular, the inflation
rate in South Africa, where we have significant operations, is relatively high compared to developed, industrialized countries. As of
February 2023, the annual CPI stood at 7% compared to 5.7% in February 2022. Inflation in South Africa generally results in an increase
in our operational costs in rand. Higher and sustained inflation in the future, with a consequent increase in operational costs could
have a material adverse effect on our results of operations and our financial condition and could result in operations being discontinued
or reduced or rationalized, which could have a material adverse effect on our business, financial condition and results of operations.
Although higher interest rates would increase
the amount of income we earn on our cash balances, they would also adversely affect our ability to obtain cost-effective debt financing
in certain countries in which we operate.
The laws and regulations which we are subject
to, such as U.S. and other anti-corruption laws, trade controls, economic sanctions and similar laws and regulations in the jurisdictions
which we operate, are complex and the regulatory and political regimes under which we operate are volatile. Our failure to comply with
the relevant laws and regulations could subject us to civil, criminal and administrative penalties and harm our reputation.
Doing business on a worldwide basis requires us
to comply with the laws and regulations of various foreign jurisdictions, including those not specifically related to our industry. These
laws and regulations place restrictions on our operations, trade practices, partners and investment decisions. In particular, our operations
are subject to U.S. and foreign anti-corruption and trade control laws and regulations, such as the Foreign Corrupt Practices Act (the
"FCPA"), export controls and economic sanctions programs, including those administered by the U.S. Treasury Department's
Office of Foreign Assets Control ("OFAC"). As a result of doing business in foreign countries and with foreign partners, we
are exposed to a heightened risk of violating anti-corruption and trade control laws and sanctions regulations.
The FCPA prohibits us from providing anything
of value to foreign officials for the purposes of obtaining or retaining business or securing any improper business advantage. It also
requires us to keep books and records that accurately and fairly reflect our transactions. As part of our business, we may deal with state-owned
business enterprises, the employees of which are considered foreign officials for purposes of the FCPA. In addition, the United Kingdom
Bribery Act (the "Bribery Act") extends beyond bribery of foreign public officials and also apply to transactions with individuals
not employed by a government. The provisions of the Bribery Act are also more onerous than the FCPA in a number of other respects, including
jurisdiction, non- exemption of facilitation payments and penalties. Some of the international locations in which we operate lack a developed
legal system and have higher than normal levels of corruption.
Economic sanctions programs restrict our business
dealings with certain sanctioned countries, persons and entities, such as Zimbabwe, a country in which we conduct business.
Violations of anti-corruption and trade control
laws and sanctions regulations are punishable by civil penalties, including fines, denial of export privileges, injunctions, asset seizures,
debarment from government contracts and revocations or restrictions of licenses, as well as criminal fines and imprisonment. We have established
policies and procedures designed to assist our compliance with applicable U.S. and international anti-corruption and trade control laws
and regulations, including the FCPA, the Bribery Act and trade controls and sanctions programs administered by OFAC, and have trained
our employees to comply with these laws and regulations. However, there can be no assurance that all of our employees, consultants, agents
or other associated persons will not take actions in violation of our policies and these laws and regulations, and that our policies and
procedures will effectively prevent us from violating these regulations in every transaction in which we may engage or provide a defense
to any alleged violation. In particular, we may be held liable for the actions that our local strategic partners take inside or outside
of the United States, even though our partners may not be subject to these laws. Such a violation, even if our policies prohibit it, could
have a material adverse effect on our reputation, business, results of operations and financial condition.
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Our continued international expansion, including
in developing countries, and our development of new partnerships and joint venture relationships worldwide, could increase the risk of
FCPA, OFAC or Bribery Act violations in the future. Additionally, our software contains encryption technologies, certain types of which
are subject to U.S. and foreign export control regulations and, in some foreign countries, restrictions on importation and/or use. Any
failure on our part to comply with encryption or other applicable export control requirements could result in financial penalties or other
sanctions under the U.S. export regulations, including restrictions on future export activities, which could harm our business and results
of operations. Regulatory restrictions could impair our access to technologies needed to improve our solutions and may also limit or reduce
the demand for our solutions in certain geographic regions.
Furthermore, we currently sell regulated insurance
products in South Africa through an authorized Financial Services Provider ("FSP") that is a wholly owned subsidiary of ours.
FSPs are subject to a variety of regulations, including the Financial Advisory and Intermediary Services Act, No. 37 of 2002. We may from
time to time face challenges resulting from changes in applicable law and regulations in South Africa, or changes in approach to oversight
of our business from insurance or other regulators in South Africa.
Additionally, we have to comply with the South
African anti-corruption law, the Prevention and Combating of Corrupt Activities Act, No. 12 of 2004, as amended ("PRECCA").
This law prohibits public and private bribery and criminalizes various categories of corrupt activities. PRECCA also contains a reporting
obligation to authorities of known or suspected corrupt activities which is triggered when the value of any known or suspected acts of
corruption exceeds ZAR 100,000. Failure to report said corrupt activities is a criminal offense under PRECCA and imposes significant penalties
on those convicted of corrupt activities. Regulation 43 of the South African Companies Act No. 71 of 2008 ("South African Companies
Act") also contains a number of anti-corruption compliance obligations that we must adhere to.
Although we have policies and procedures in place
to comply with financial crime regulation, these policies and procedures may not prevent all situations of money laundering, bribery,
fraud or corruption, including actions by our employees, for which we might be held responsible. Any such event may have severe consequences,
including sanctions, fines and reputational consequences, which could have a material adverse effect on our business, financial condition,
results of operations and prospects.
Operating in emerging markets, such as South
Africa, subjects us to greater political, economic and market risks than those we would face if we only operated in more developed markets,
which could increase our operating costs.
For the year ended February 28, 2023, 78% of our
revenue was derived from South Africa. Emerging markets, including South Africa, are subject to greater risks than more developed markets.
The political, economic and market conditions in many emerging markets present risks that could make it more difficult to operate our
business successfully. These risks include:
●
the strength of emerging market economies;
●
fluctuations in interest rates;
●
political and economic instability, including higher rates
of inflation and currency fluctuations;
●
high levels of crime and unemployment;
●
inconsistent supply or failure of infrastructure;
●
higher levels of corruption, including bribery of public
officials;
●
loss due to civil strife, acts of war or terrorism, guerrilla
activities and insurrection;
●
a lack of well-developed legal systems which could make it
difficult for us to enforce our intellectual property and contractual rights;
●
potential adverse changes in laws and regulatory practices,
including import and export license requirements and restrictions, tariffs, taxation and other laws or policies affecting foreign trade
or investment;
25
●
restrictions on the right to convert or repatriate currency or export assets;
●
introduction or changes to indigenization and empowerment programs;
●
logistical and communications challenges;
●
difficulties in staffing and managing operations and ensuring the safety of our employees;
●
greater risk of uncollectible accounts and longer collection cycles; and
●
future downgrades of the debt ratings of the countries in which we operate, particularly in South Africa,
where the three major rating agencies have all downgraded South Africa's sovereign debt credit rating below investment-grade status;
If we are unable to effectively manage these risks, it could have a
material adverse effect on our business, financial condition and results of operations.
We have operations in other African and Asian
countries, and governments in Africa and Asia have in the past intervened in the economies of their respective countries and occasionally
made significant changes in policy and regulations. Governmental actions have often involved, among other measures, nationalizations and
expropriations, price controls, currency devaluations, mandatory increases on wages and employee benefits, capital controls, limits on
imports and arbitrary interference with private ownership of contract rights. Our business, financial condition and results of operations
may be adversely affected by changes in government policies or regulations, including such factors as exchange rate and exchange control
policies, inflation control policies, price control policies, consumer protection policies, import duties and restrictions, liquidity
of domestic capital and lending markets, electricity rationing, tax policies, including tax increases and retroactive tax claims, and
other political, diplomatic, social and economic developments in or affecting the countries where we operate. In the future, the level
of intervention by African and Asian governments may continue to increase. It is difficult to predict the future political, economic and
market environment in these countries, and these or other measures could have a material adverse effect on the economy of the countries
in which we operate and, consequently, could have a material adverse effect on our business, financial condition and results of operations.
We face the risk of disruption from
labor disputes and changes to labor laws, which could result in significant additional operating costs or alter our relationship with
our employees.
We are required to comply with extensive labor
regulations in each of the countries in which we have employees, including with respect to wages, social security benefits and termination
payments. In particular, South African laws relating to labor regulate work time, provide for mandatory compensation in the event of termination
of employment for operational reasons, and impose monetary penalties for non-compliance with administrative and reporting requirements
in respect of affirmative action policies, could result in significant costs.
Recent amendments to the labor legislation in
South Africa have introduced more stringent requirements in relation to the relationship with employees. For example, under the Labour
Relations Amendment Act, No. 66 of 1995 (as amended) (the "LRA"), an employee on a fixed term contract must be permanently
employed unless the employer can establish justification for employment on a fixed term basis. The reasons available to an employer for
justifying a fixed term contract are limited. Temporary employees are required to be given the same pay and benefits as permanent employees,
including pensions and medical insurance coverage. The LRA provides strict penalties for failure to comply with its provisions and in
certain instances breach of the legislation amounts to a criminal offense.
Furthermore, the Employment Equity Act, No. 55
of 1998 (as amended) (the "EEA") creates obligations and administrative requirements in respect of non-discrimination and
equity in employment matters. Fines of up to 10% of revenue may be imposed in the event of non-compliance with certain provisions of the
EEA.
In addition, future changes to South African legislation
and regulations relating to labor may increase our costs or alter our relationship with our employees. Resulting disruptions could have
a material adverse effect on our business, results of operations and financial condition.
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If we do not achieve applicable black economic
empowerment objectives in our South African operations, we risk early termination of certain of our subscription contracts and the loss
of the corresponding revenue.
The South African government, through the Broad-Based
Black Economic Empowerment Act No, 53 of 2003 (as amended), and the codes of good practice and industry charters published pursuant thereto,
has established a legislative framework for the promotion of broad-based black economic empowerment, or "B-BBEE". Achievement
of specified B-BBEE objectives is measured by a scorecard which establishes a weighting for the various objectives of B-BBEE, which include
procuring goods and services from black-owned businesses (or from businesses that have earned good B-BBEE scores) and achieving certain
levels of black South African employment and management participation, which is then translated to an entity's "contributor
level". Compliance may affect the ability of a company to secure contracts in the public and private sectors in South Africa. We
have four customers which require us to maintain specific/specified B-BBEE contributor levels as measured under the Amended Broad-Based
Black Economic Empowerment Information and Communication Technology Sector Code. We currently maintain a level 8 B-BBEE contributor level.
Customers with such requirements collectively represented 0.4% of our total revenue for the year ended February 28, 2023.
Recent amendments to the law, expected to be implemented in the latter
part of 2023, now empower the government to set specific equity targets by sector and region, where transformation initiatives have lagged.
Failing to achieve or maintain a specified B-BBEE
contributor level could affect our ability to maintain existing customers or to sell to large enterprise customers in South Africa, which
could have an adverse effect on our business, financial condition and results of operations.
Tax regulations and challenges by tax authorities could have
a material adverse effect on us and we may be subject to challenges by tax authorities.
We operate in a number of countries and are therefore
regularly examined by and remain subject to numerous tax regulations. Changes in our global mix of earnings could affect our effective
tax rate.
Furthermore, changes in tax laws could result
in higher tax-related expenses and payments. Legislative changes in any of the countries in which our businesses operate could materially
impact our tax receivables and liabilities as well as deferred tax assets and deferred tax liabilities. Additionally, the uncertain tax
environment in some regions in which our businesses operate may limit our ability to successfully challenge adverse determination by any
local tax authorities. Some of our businesses operate in countries with complex tax rules, which may be interpreted in a variety of ways
and could affect our effective tax rate. Future interpretations or developments of tax regimes or a higher than anticipated effective
tax rate could have a material adverse effect on our tax liability, return on investments and business operations.
In addition, we and our businesses operate in,
are incorporated in and are tax residents of, various jurisdictions. The tax authorities in the various jurisdictions in which we and
our businesses operate, or are incorporated, may disagree with and challenge our assessments of our transactions, tax position, deductions,
exemptions, where we or our subsidiaries or businesses are tax resident, or other matters. If we, or our businesses, are unsuccessful
in responding to any such challenge from a tax authority, we, or our businesses, may be required to pay additional taxes, interest, fines
or penalties, we, or our businesses, may be subject to taxes for the same business in more than one jurisdiction or may also be subject
to higher tax rates, withholding or other taxes. A successful challenge could potentially result in payments to the relevant tax authority
of substantial amounts that could have a material adverse effect on our financial condition and results of operations.
Even if we, or our businesses, are successful
in responding to challenges by taxing authorities, responding to such challenges may be expensive, consume time and other resources, or
divert management's time and focus from our operations or businesses or from the operations of our businesses. Therefore, a challenge
as to our, or our businesses', tax position or status or transactions, even if unsuccessful, may have a material adverse effect
on our business, financial condition, results of operations or liquidity or the business, financial condition, results of operations or
liquidity of our businesses.
27
A breach of any of the covenants or other
provisions contained in our credit facilities could result in an event of default, which could result in amounts outstanding under our
credit facilities becoming immediately due and payable as well as foreclosure by our lenders upon our critical assets.
Our Revolving Credit Facility, as defined below,
entered into between the wholly-owned subsidiary of Karooooo, Cartrack Holdings Proprietary Limited, and The Standard Bank of South Africa
Limited ("Standard Bank") contains certain covenants, including without limitation, those limiting our and our guarantor subsidiaries',
as applicable, ability to, among other things, incur indebtedness, incur liens, or sell or acquire assets or businesses.
Our obligations under our credit facility agreement
with Standard Bank are secured by one of our significant subsidiaries and are secured by a lien on bank accounts, cash and cash equivalent
investments, intellectual property, insurance policies, insurance proceeds and a pledge of the shares of certain of our subsidiaries incorporated
in South Africa. A breach of any of these covenants or other provisions of our credit facilities could result in an event of default,
which if not cured or waived, could result in amounts outstanding under our credit facilities becoming immediately due and payable. In
the event that some or all of the amounts outstanding under our credit facilities are accelerated and become immediately due and payable,
we may not have the funds to repay, or the ability to refinance, such outstanding amounts under our credit facilities, or our lenders
could foreclose upon critical assets, which could have a material adverse effect on our business, results of operations and financial
condition.(Refer to disclosure of Revolving Credit Facility with Standard Bank on page 72)
Changes in practices of insurance
companies in the markets in which we provide our solutions could have an adverse effect on demand for products and services.
We depend in part on the practices of insurance
companies in some of our markets to support demand for our SaaS platform. For example, in South Africa, which is currently our largest
market based on new subscriber additions, insurance companies either mandate the installation of tracking devices as a prerequisite for
providing insurance coverage to owners of certain vehicles, or provide insurance premium discounts to encourage vehicle owners to subscribe
to vehicle tracking and mobile asset recovery solutions such as ours. We benefit from this continued practice in the South African and
certain other markets of:
●
accepting mobile asset location technologies such as ours
as a preferred security product;
●
providing premium discounts for using location and recovery
products and services such as ours; and
●
mandating the use of our products and services, or similar
products and services, for certain vehicles.
If any of these policies or practices change,
revenues from sale of our solutions could decline, which could have a material adverse effect on our business, results of operations and
financial condition.
Risks Relating to Investments in Singapore Companies
We are incorporated in Singapore,
and our shareholders may have more difficulty in protecting their interests than they would as shareholders of a corporation incorporated
in the United States.
Our corporate affairs are governed by our constitution
and by the laws governing companies incorporated in Singapore. The rights of our shareholders and the responsibilities of the members
of our board of directors under Singapore law may be different from those applicable to a corporation incorporated in the United States.
Therefore, our public shareholders may have more difficulty in protecting their interests in connection with actions taken by us, our
management, members of our board of directors or our controlling shareholder than they would as shareholders of a corporation incorporated
in the United States. For example, controlling shareholders in corporations incorporated in Delaware are subject to fiduciary duties while
controlling shareholders in Singapore companies are not subject to such duties.
In addition, only persons who are registered as
shareholders in our register of members are recognized under Singapore law as our shareholders. Only registered shareholders have legal
standing to institute shareholder actions against us or otherwise seek to enforce their rights as shareholders. Investors in our ordinary
shares who are not specifically registered as shareholders in our register of members (for example, where such shareholders hold ordinary
shares indirectly through the depository trust company "DTC") are required to be registered as shareholders in our register
of members in order to institute or enforce any legal proceedings or claims against us, our directors or our executive officers relating
to shareholder rights. The administrative process of becoming a registered shareholder could result in delays prejudicial to any such
legal proceeding or enforcement action. See Exhibit 2.2 "Description of Ordinary Shares—Comparison of Shareholder Rights"
for a discussion of certain differences between Singapore and Delaware corporation law.
28
It may be difficult for you to enforce any judgment obtained
in the United States against us, our directors, officers or our affiliates.
A majority of our directors and officers reside
outside the United States. In addition, a majority of our assets and the assets of those persons are located outside the United States.
As a result, it may be difficult to enforce in the United States any judgment obtained in the United States against us or any of these
persons, including judgments based upon the civil liability provisions of the U.S. securities laws. In addition, in original actions brought
in courts in jurisdictions located outside the United States, it may be difficult for investors to enforce liabilities based upon U.S.
securities laws.
There is no treaty between the United States and
Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for
the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely
upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. It is not clear whether a Singapore
court may impose civil liability on us or our directors and officers who reside in Singapore in an action brought in the Singapore courts
against us or such persons with respect to a violation solely of the federal securities laws of the United States.
In addition, holders of book-entry interests in
the ordinary shares (for example, where such shareholders hold ordinary shares indirectly through the DTC) will be required to be registered
shareholders as reflected in our register of members in order to have standing to bring a shareholder action and, if successful, to enforce
a foreign judgment against us, our directors or our executive officers in the Singapore courts. Any such enforcement action would be subject
to applicable Singapore laws. The administrative process of becoming a registered shareholder could result in delays that could be prejudicial
to any legal proceeding or enforcement action. In making a determination as to enforceability of a judgment of a state court or a federal
court of the United States, the Singapore courts would have regard to, among others, whether the judgment was final and conclusive, given
by a court of law of competent jurisdiction, expressed to be for a fixed sum of money, whether it was procured by fraud, or in breach
of principles of natural justice, or whether the enforcement thereof would be contrary to public policy.
Accordingly, there can be no assurance
that the Singapore courts would enforce against us, our directors or our officers, judgments obtained in the United States which are predicated
upon the civil liability provisions of the federal securities laws of the United States.
Subject to the general authority to allot
and issue new ordinary shares provided by our shareholders, the Singapore Companies Act and our constitution, our directors may allot
and issue new ordinary shares on terms and conditions and for such purposes as may be determined by our board of directors in its sole
discretion. Any issuance of new shares would dilute the percentage ownership of existing shareholders and could adversely impact the market
price of our ordinary shares.
Under Singapore law, we may only allot and issue
new ordinary shares with the prior approval of our shareholders in a general meeting. Subject to the general authority to allot and issue
new ordinary shares provided by our shareholders, the provisions of the Singapore Companies Act, and our constitution, we may allot and
issue new ordinary shares on such terms and conditions as our directors may think fit to impose. Such terms and conditions may be adverse
to the rights of holders of our ordinary shares. Any additional issuances of new ordinary shares could dilute the percentage ownership
of our existing shareholders and may adversely impact the market price of our ordinary shares.
Because new issuances of ordinary shares are subject
to shareholder approval, if a sufficient number of shares have not been approved for issuance in any given year, we may be delayed in
raising capital through equity offerings or delayed or prevented from consummating an acquisition using our ordinary shares.
Assuming shareholders have approved the issuance
of new shares, we may seek to raise capital in the future, including to fund acquisitions, future investments and other growth opportunities.
We may, for these and other purposes, issue additional ordinary shares or securities convertible into ordinary shares. Any additional
issuances of new ordinary shares could dilute the percentage ownership of our existing shareholders and may also adversely impact the
market price of our ordinary shares.
29
We are subject to the laws of Singapore, which differ in certain
material respects from the laws of the United States.
As a Singapore-incorporated company, we are required
to comply with the laws of Singapore, certain of which are capable of extra-territorial application, as well as our constitution. In particular,
we are required to comply with certain provisions of the Securities and Futures Act, Chapter 289 of Singapore, which prohibit certain
forms of market conduct and information disclosures, and impose criminal and civil penalties on corporations, directors and officers in
respect of any breach of such provisions. In addition, the Singapore Code on Take-Overs and Mergers, or "Singapore Take-Over Code",
which specifies, among other things, certain circumstances in which a general offer is to be made upon a change in control of a Singapore-incorporated
public company, and further specifies the manner and price at which voluntary and mandatory general offers are to be made.
The laws of Singapore and of the United States
differ in certain significant respects. The rights of our shareholders and the obligations of our directors and officers under Singapore
law may be different from those applicable to U.S. corporations, including those incorporated in Delaware, in material respects, and our
shareholders may have more difficulty and less clarity in protecting their interests in connection with actions taken by our management,
members of our board of directors or our controlling shareholders than would otherwise apply to U.S. corporations, including those incorporated
in Delaware. See Exhibit 2.2 "Description of Ordinary Shares—Comparison of Shareholder Rights" for a discussion of certain
differences between Singapore and Delaware corporation law.
In addition, the application of Singapore law,
in particular, the Singapore Companies Act may, in certain circumstances, impose more restrictions on us, our shareholders, directors
and officers than would otherwise be applicable to U.S. corporations, including those incorporated in Delaware. For example, the Singapore
Companies Act requires a director to act with reasonable degree of diligence in the discharge of the duties of his office and, in certain
circumstances, imposes criminal liability for specified contraventions of particular statutory requirements or prohibitions. In addition,
pursuant to the provisions of the Singapore Companies Act, shareholders holding 10% or more of the total number of paid-up shares as at
the date of the deposit carrying the right of voting at general meetings (disregarding paid-up shares held as treasury shares) may by
depositing a requisition, require our directors to convene an extraordinary general meeting. If our directors do not within 21 days after
the date of deposit of the requisition proceed to convene a meeting, the requisitioning shareholders, or any of them representing more
than 50% of the total voting rights represented of all of them, may themselves, proceed to convene such meeting, and we will be liable
for the reasonable expenses incurred by such requisitioning shareholders. We are also required by the Singapore Companies Act to deduct
corresponding amounts from fees or other remuneration payable by us to such of the directors as are in default.
Singapore take-over laws contain provisions that may vary from
those in other jurisdictions.
The Singapore Take-Over Code applies to, among
others, corporations with a primary listing of their equity securities in Singapore. While the Singapore Take-Over Code is drafted with,
among others, listed public companies in mind, unlisted public companies with more than 50 (fifty) shareholders and net tangible assets
of S$5.0 million or more, must also observe the letter and spirit of the general principles and rules of the Singapore Take-Over Code,
wherever this is possible and appropriate. Public companies with a primary listing overseas may apply to Securities Industry Council ("SIC")
to waive the application of the Singapore Take-Over Code. As at the date of this annual report, no application has been made to SIC to
waive the application of the Singapore Take-Over Code in relation to us.
In this regard, the Singapore Take-Over Code contains
certain provisions that may possibly delay, deter or prevent a future take-over or change in control of us. Under the Singapore Take-Over
Code, except with the consent of SIC, any person acquiring an interest, whether by a series of transactions over a period of time or not,
either on his own or together with parties acting in concert with him, in 30% or more of our voting shares is required to extend a take-over
offer for all remaining voting shares in accordance with the procedural and other requirements under the Singapore Take-Over Code.
Except with the consent of SIC, such a take-over
offer is also required to be made if a person holding between 30% and 50% (both inclusive) of our voting shares, either on his own or
together with parties acting in concert with him, acquires additional voting shares representing more than 1% of our voting shares in
any six-month period. While the Singapore Take-Over Code seeks to ensure an equality of treatment among shareholders in take-over or merger
situations, its provisions could substantially impede the ability of the shareholders to benefit from a change of control and, as a result,
may adversely affect the market price of the ordinary shares and the ability to realize any benefit from a potential change of control.
30
Risks Relating to Our Ordinary Shares
Our stock price may fluctuate and you could lose all or a significant
part of your investment.
The market price of our ordinary shares may be influenced by many factors,
some of which are beyond our control, including:
●
actual or anticipated variations in our operating results;
●
the failure of financial analysts to cover our ordinary shares;
●
changes in financial estimates by financial analysts, or any failure by us to meet or exceed any of these
estimates, or changes in the recommendations of any financial analysts that elect to follow our ordinary shares or the shares of our competitors;
●
changes in market valuations of similar companies;
●
announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships
or joint ventures;
●
future sales of our shares by us or our shareholders;
●
investor perceptions of us and the industry in which we operate;
●
general economic, industry or market conditions; and
●
the other factors described in this "Risk Factors" section.
In addition, the stock market in general has experienced
substantial price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular
companies affected. These broad market and industry factors may materially harm the market price of our ordinary shares, regardless of
our operating performance. In the past, following periods of volatility in the market price of certain companies' securities, securities
class action litigation has been instituted against these companies. This type of litigation, if instituted against us, could have a material
adverse effect on our business, financial condition and results of operations.
The ordinary shares are traded on more than one stock exchange
and this may result in price variations between the markets.
The ordinary shares are listed on each of the
Nasdaq and the JSE. Trading in the ordinary shares therefore will take place in different currencies (U.S. dollars on the Nasdaq and South
African Rand on the JSE), and at different times (resulting from different time zones, different trading days and different public holidays
in the United States and South Africa). The trading prices of the ordinary shares on these two markets may differ as a result of these,
or other, factors. Any decrease in the price of ordinary shares one either of these markets could cause a decrease in the trading prices
of ordinary shares on the other market.
31
Sales of substantial amounts of
our ordinary shares in the public market, or the perception that these sales may occur, could cause the market price of our ordinary shares
to decline.
Sales of substantial amounts of our ordinary shares
in the public market, or the perception that these sales may occur, could cause the market price of our ordinary shares to decline. This
could also impair our ability to raise additional capital through the sale of our equity securities. We are authorized to issue an unlimited
number of shares as there is no concept of authorized share capital under Singapore law. Moreover, we have entered into a registration
rights agreement pursuant to which we have granted demand and piggyback registration rights to our Chief Executive Officer, Isaias (Zak)
Jose Calisto.
Although we have paid dividends
in the past, our ability to pay dividends in the future depends on many factors and we cannot guarantee you that we will continue to pay
dividends in the future.
The payment and timing of dividends in cash or
other distributions (such as a return of capital to shareholders through share buy-backs, for example) are determined by the board after
considering factors that include: earnings and free cash flow; current and anticipated capital requirements; economic conditions; contractual,
legal, tax and regulatory restrictions (including covenants contained in any financing agreements); the ability of group subsidiaries
to distribute funds to Karooooo; and such other factors the board may deem relevant. We aim to reinvest retained earnings to the extent
that it aligns with the group's required return on incrementally reinvested capital, return on equity, and short- to medium-term
growth strategy. The board may, by ordinary resolution, declare dividends at a general meeting of its shareholders, but no dividend shall
be payable except out of our profits, and the amount of any such dividend shall not exceed the amount recommended by the board of directors.
Subject to Karooooo's constitution and in accordance with the Singapore Companies Act, the board of directors may, without the approval
of shareholders, declare and pay interim dividends, but any final dividends the board declares must be approved by an ordinary resolution
at a general meeting of shareholders.
We cannot provide assurances regarding the amount
or timing of dividend payments and may decide not to pay dividends in the future. As a result, you should not rely on an investment in
our ordinary shares to provide dividend income and if we do not pay dividends, capital appreciation, if any, of our ordinary shares will
be a shareholder's sole source of gain in the near future. See "Dividends and Dividend Policy."
If securities or industry analysts do not
publish research, or publish inaccurate or unfavorable research, about our business, the price of our ordinary shares and our trading
volume could decline.
The trading market for our ordinary shares will
depend in part on the research and reports that securities or industry analysts publish about us or our business. Securities and industry
analysts do not currently, and may never, publish research on our company. If no or too few securities or industry analysts commence coverage
of our company, the trading price for our ordinary shares would likely be negatively affected. In the event securities or industry analysts
initiate coverage, if one or more of the analysts who cover us downgrade our ordinary shares or publish inaccurate or unfavorable research
about our business, the price of our ordinary shares would likely decline. If one or more of these analysts cease coverage of our company
or fail to publish reports on us regularly, demand for our ordinary shares could decrease, which might cause the price of our ordinary
shares and trading volume to decline.
Requirements associated with being a public company in the United
States require significant company resources and management attention.
As a U.S. public company, we incur significant
additional legal, accounting, reporting, compliance and other expenses as a result of having publicly traded ordinary shares in the United
States. We also incur costs including, but not limited to, costs and expenses for directors' fees, increased directors and officers
insurance, investor relations, and various other costs relating to being a public company registered in the United States.
We also incur costs associated with United States
corporate governance requirements, including requirements under SOX, as well as rules implemented by the SEC, Nasdaq and the JSE. These
rules and regulations increase our legal and financial compliance costs and make some management and corporate governance activities more
time-consuming and costly, particularly after we are no longer an "emerging growth company." These rules and regulations make
it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced
policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. This could have an adverse impact
on our ability to recruit and retain a qualified independent board.
32
Our senior management and other personnel have
devoted, and will need to continue to devote, a substantial amount of time and attention away from revenue producing activities to management
and administrative oversight, adversely affecting our ability to attract and complete business opportunities and increasing the difficulty
in both retaining professionals and managing and growing our businesses. Furthermore, new rules and regulations relating to disclosure,
financial reporting and controls and corporate governance, or varying interpretations of existing rules and regulations, could be adopted
by the SEC, Nasdaq or other regulatory bodies and exchange entities from time to time, and could result in a significant increase in legal,
accounting and compliance costs and make certain activities more time-consuming and costly. Any of these effects could have a material
adverse effect on our business, financial condition and results of operations.
For as long as we are an "emerging growth
company" under the JOBS Act, our independent registered public accounting firm will not be required to attest to the effectiveness
of our internal control over financial reporting pursuant to Section 404 of SOX. We could be an emerging growth company for up to five
years from our IPO. See "Summary—Implications of Being an Emerging Growth Company," below.
Furthermore, after the date we are no longer an
emerging growth company, our independent registered public accounting firm will only be required to attest to the effectiveness of our
internal control over financial reporting depending on our market capitalization. Even if our management concludes that our internal control
over financial reporting is effective, our independent registered public accounting firm may still decline to attest to our management's
assessment or may issue a report that is qualified if it is not satisfied with our controls or the level at which our controls are documented,
designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition, in connection with the
implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies
that we may not be able to remediate in time to meet the deadline imposed by SOX for compliance with the requirements of Section 404.
Failure to comply with Section 404 could subject us to regulatory scrutiny and sanctions, impair our ability to raise capital, cause investors
to lose confidence in the accuracy and completeness of our financial reports and negatively affect our share price.
As a foreign private issuer and "controlled
company" within the meaning of the Nasdaq rules, we are permitted to, and we will, rely on exemptions from certain corporate governance
standards. Our reliance on such exemptions may afford less protection to holders of our ordinary shares.
Nasdaq's corporate governance rules require
listed companies to have, among other things, a majority of independent directors and independent director oversight of executive compensation,
nomination of directors and corporate governance matters. As a foreign private issuer, we are permitted to, and we will, follow home country
practice in lieu of the above requirements. While a majority of the directors on our board of directors are independent directors and
all of our board committees consist entirely of independent directors, as long as we rely on the foreign private issuer exemption to certain
of the Nasdaq corporate governance standards, a majority of the directors on our board of directors are not required to be independent
directors, and that certain of our board committees do not have to consist entirely of independent directors. Therefore, to the extent
we rely on such exemptions in the future, our board of directors' approach to governance may be different from that of a board of
directors consisting of a majority of independent directors, and, as a result, the management oversight of our company may be more limited
than if we were subject to all of the Nasdaq corporate governance standards.
In the event we no longer qualify as a foreign
private issuer, we intend to rely on the "controlled company" exemption under the Nasdaq corporate governance rules. A "controlled
company" under the Nasdaq corporate governance rules is a company of which more than 50% of the voting power is held by an individual,
group or another company. Our controlling shareholder controls a majority of the combined voting power of our outstanding ordinary shares,
making us a "controlled company" within the meaning of the Nasdaq corporate governance rules. As a controlled company, we
would be eligible to elect not to comply with certain of the Nasdaq corporate governance standards, including the requirement that a majority
of directors on our board of directors are independent directors and that certain of our board committees consist entirely of independent
directors. We may utilize some of these exemptions.
33
Accordingly, our shareholders will not
have the same protection afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance standards, and
the ability of our independent directors to influence our business policies and affairs may be reduced.
If we fail, for any reason, to effectively
or efficiently maintain proper internal control procedures for compliance with Section 404 of SOX, or Section 404, such failure could
materially and adversely affect our business, results of operations and financial condition.
Section 404(a) of SOX, or Section 404(a), requires
that beginning with this annual report, management assess and report annually on the effectiveness of our internal control over financial
reporting and identify any material weaknesses in our internal control over financial reporting and identify any material weaknesses in
our internal control over financial reporting. Although Section 404(b) of SOX, or Section 404(b), requires our independent registered
public accounting firm to issue an annual report that addresses the effectiveness of our internal control over financial reporting, we
have opted to rely on the exemptions provided in the JOBS Act, and consequently will not be required to comply with SEC rules that implement
Section 404(b) until such time as we are no longer an EGC.
Based on our Section 404(a) assessment, our management
concluded that, as of February 28, 2023, our internal control over financial reporting was effective. If it is determined that we are
not in compliance with Section 404 in the future, we will be required to implement new internal control procedures and re-evaluate our
financial reporting. We may experience higher than anticipated operating expenses as well as outside auditor fees during the implementation
of these changes and thereafter. We may need to hire additional qualified personnel in order for us to maintain compliance with Section
404. During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404,
we may identify weaknesses and deficiencies in our internal control over financial reporting. If we fail, for any reason, to implement
these changes effectively or efficiently, such failure could harm our operations, financial reporting or financial results and the trading
price of our ordinary shares, expose us to increased risk of fraud or misuse of corporate assets, subject us to regulatory investigations
and civil or criminal sanctions and could result in our conclusion that our internal control over financial reporting is not effective.
Insiders have substantial control over us and may have interests
that are different from the interests of our other shareholders.
Certain of our major shareholders may have interests
that are different from, or are in addition to, the interests of our other shareholders. In particular, our Chief Executive Officer and
certain of his affiliates, may be deemed to beneficially own approximately 74.85% of our issued and outstanding shares. For so long as
such shareholders continue to own a significant percentage of our ordinary shares, they will be able to significantly influence the composition
of our board of directors and the approval of actions requiring shareholder approval through their voting power. Additionally, as a consequence
of our "staggered" board of directors, as further described in Item 6.C. "Board Practices—Board Composition,"
only a minority of the board of directors will be considered for election at any annual meeting and such shareholders, because of their
ownership position, will have considerable influence regarding the outcome of the election. Accordingly, for such period of time, they
will have significant influence with respect to our management, business plans and policies, including the appointment and removal of
our officers. In particular, for so long as such shareholders continue to own a significant percentage of our ordinary shares, they may
be able to cause or prevent a change of control of our company and could preclude any unsolicited acquisition of our company. The concentration
of ownership could deprive you of an opportunity to receive a premium for your ordinary shares as part of a sale of our company and ultimately
might affect the market price of our ordinary shares.
34
We may lose our foreign private issuer status
which would then require us to comply with the Exchange Act's domestic reporting regime and cause us to incur significant legal,
accounting and other expenses.
In order to maintain our current status as a foreign
private issuer, either (a) more than 50% of our outstanding voting securities must be either directly or indirectly owned of record by
non-residents of the United States or (b) if more than 50% of our outstanding voting securities are owned either directly or indirectly
owned of record by residents of the United States, (i) a majority of our executive officers or directors may not be U.S. citizens or residents,
(ii) more than 50% of our assets cannot be located in the United States and (iii) our business must be administered principally outside
the United States. If we lose this status, we would be required to comply with the Exchange Act reporting and other requirements applicable
to U.S. domestic issuers, which are more detailed and extensive than the requirements for foreign private issuers. We would be required
under current SEC rules to prepare our financial statements in accordance with GAAP, rather than IFRS, and modify certain of our policies
to comply with corporate governance practices associated with U.S. domestic issuers. Such conversion of our financial statements to GAAP
would involve significant time and cost. We may also be required to make changes in our corporate governance practices in accordance with
various SEC and Nasdaq rules. The regulatory and compliance costs to us under U.S. securities laws if we are required to comply with the
reporting requirements applicable to a U.S. domestic issuer may be significantly higher than the costs we will incur as a foreign private
issuer.
We are an "emerging growth company"
and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our ordinary shares
less attractive to investors.
We are an "emerging growth company,"
as defined in the JOBS Act, and we intend to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply
with the auditor attestation requirements of Section 404(b) of SOX. We cannot predict if investors will find our ordinary shares less
attractive because we will rely on these exemptions. If some investors find our ordinary shares less attractive as a result, there may
be a less active trading market for our ordinary shares and our share price may be more volatile.
There can be no assurance that we will not be a passive foreign
investment company, or PFIC, for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors
in our ordinary shares.
In general, a non-U.S. corporation is a PFIC for
U.S. federal income tax purposes for any taxable year in which (i) 50% or more of the value of its assets (generally determined based
on the average of the quarterly values of its gross assets) consists of assets that produce, or are held for the production of, passive
income, or (ii) 75% or more of its gross income consists of passive income. For purposes of the above calculations, a non-U.S. corporation
that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate
share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive
income generally includes dividends, interest, certain rents and royalties and gains from the sale or exchange of investment property.
Cash is generally a passive asset for these purposes. Goodwill is generally characterized as an active asset to the extent it is associated
with business activities that produce active income.
Based on the composition of our income and assets and the value of
our assets, including the value of our goodwill, we believe that we were not a PFIC for our taxable year ended February 28, 2023. However,
our PFIC status for any taxable year is an annual factual determination that can be made only after the end of that year, and depend on
the composition of our income and assets and the value of our assets from time to time (including the value of our goodwill, which may
be determined in part by reference to the market price of the ordinary shares, which has been, and could continue to be, volatile). We
hold a significant amount of cash and cash equivalents and our PFIC status for any taxable year may also depend on how, and how quickly,
we use them. Because the value of our goodwill may be determined by reference to our market capitalization, we could become a PFIC for
any taxable year if the price of our ordinary shares declines significantly while we hold a substantial amount of cash, cash equivalents
and financial investments. In addition, the application of the PFIC rules is subject to certain uncertainties and the proper characterization
of some of our income and assets is not entirely clear. Accordingly, there can be no assurance that we will not be a PFIC for our current
or any future taxable year. If we were a PFIC for any taxable year during which a U.S. taxpayer owned ordinary shares, the U.S. taxpayer
generally would be subject to adverse U.S. federal income tax consequences, including increased tax liability on disposition gains and
"excess distributions" and additional reporting requirements. See "Tax Considerations—Material U.S. Federal Income
Tax Considerations—Passive Foreign Investment Company Rules."
35
Item 4. INFORMATION ABOUT THE COMPANY
A.
HISTORY AND DEVELOPMENT OF THE COMPANY
We were founded in 2001 in South Africa
with an initial focus on SVR services in the region. We have strategically grown our business and are now a global provider of leading
smart transportation management and analytics.
In 2020, we moved our global headquarters to Singapore,
where we believe we have access to the talent and capital to maintain and further our technological and operational leadership in the
industry. Since our founding, we have gained vast expertise and enhanced our business in the following areas:
●
Developing new software applications such as fleet management, mobile asset accounting, workforce management and insurance solutions;
●
Developing capabilities in data management at scale as well as a broad range of communication technologies and protocols;
●
Expanding our sales and marketing focus to include commercial fleets of all sizes; and
●
Expanding our geographic footprint to meet the needs of our customers who are increasingly global with
larger, more complex fleets and requirements.
Our single user interface and fully integrated
cloud-based platform runs on internally developed and cost-effective smart IoT devices, enabling us to deliver a unified and comprehensive
service to our customers while maintaining control of our cost structure. Our discreet, sophisticated smart devices stream data to the
platform, facilitating informed decisions about optimal asset efficiency and productivity, including live tracking and location of assets.
Customers utilize the platform through an easily accessible web-based portal or mobile application, which is designed to be easy to deploy
across customers' entire mobile asset fleets. Our devices can be installed in a range of mobile assets independent of asset procurement,
allowing our customers to integrate our solutions in existing or new vehicles. Our platform includes a wide range of reliable services
to effectively serve the needs of a geographically diverse range of clients. Where appropriate, partnerships with third party technology
providers are established to create incremental value to customers in the markets we serve.
As part of a limited strategy to distribute our
SaaS platform through independent business owners, our solutions are sold through independent licensees in Botswana, Malawi, Rwanda, Eswatini
and Zimbabwe, who enter into franchise agreements and have exclusive geographic licenses to market and sell our solutions in exchange
for royalty payments. Revenue generated by licensees was 0.1% of our total revenue for the year ended February 28, 2023, 0.1% of our total
revenue for the year ended February 28, 2022 and 0.2% of our total revenue for the year ended February 28, 2021.
B.
BUSINESS OVERVIEW
Overview
Cartrack is a global provider of leading real-time mobility data analytics
solutions for smart transportation.
In our view, all vehicles will be connected, and
data will drive all aspects of mobility in the future and our mission is to build the leading mobility SaaS platform that maximizes the
value of data.
We offer a full-stack smart mobility SaaS platform
for connected vehicles and other assets and provide customers with differentiated insights and analytics to optimize their business operations
and workforce, increase efficiency and decrease costs, improve safety, monitor environmental impact, assist with regulatory compliance
and manage risk.
36
Our business is vertically integrated, which affords
us complete autonomy with regards to the development of the capabilities and features that differentiate our applications as well as the
speed of our innovation. Since we own and control almost every aspect of our smart device design, platform innovation and software application
development, client acquisition and onboarding, customer service and the management of our back-end support, we are able to move quickly
without any significant third-party dependencies and inefficiencies.
We serve customers in 25 countries across
five continents, supporting more than 1.7 million subscribers as of February 28, 2023 and our highly scalable platform serves large multinational
enterprises and individual consumers alike, enabling us to address a large, growing and underpenetrated global market. We collect an average
of over 125 billion data points per month and have maintained a consistent platform uptime of 99.9%.
Our proprietary SaaS platform acts as a central
nervous system for connected vehicles and other mobile assets, such as construction equipment, generators, refrigeration units, trailers
and boats. Our platform collects, processes, and analyzes data via two-way communication with our proprietary hardware technology or third-party
devices in each vehicle or other asset, providing our users with visibility into their fleets from a single, user friendly interface with
reporting and tracking capabilities that deliver actionable insights in real-time. Our intuitive web-based applications provide a comprehensive
set of software features for managing fleets and related workforces without the need for customers to incur upfront information technology
costs and include advanced functionality such as real-time high speed video streaming.
We provide customers with the flexibility to deploy
our solutions across a range of vehicles, including electric vehicles, and other assets and to use our platform alone or in conjunction
with the systems of OEM's and other third parties. We are committed to the continued enhancement of our customer experience and
retention by driving innovation in the platform, adding functionality, new software features and integration with OEM solutions. The benefits
of our platform to our customers include increased productivity, efficiency, sustainability, and regulatory compliance. We empower our
customers, which range from consumers to large enterprise fleets, with actionable intelligence to enhance profitability, better serve
their customers, and strengthen safety and security. We define customers at the enterprise or consumer level and subscribers as each vehicle
or asset we service.
Our principal expenditure includes costs related to Sales and Marketing,
General and Administration and Research and Development, as more fully described further on in this Annual Report. Capital expenditure,
including commitments, are also described further below.
Our Platform and its Key Strengths
We have built one platform with vertically integrated operations and
we offer a:-
Broad array of mobility applications
.
Cartrack offers real-time connectivity services through mobile devices to manage the deployment of people and vehicles and the tasks that
they are required to perform. This includes communications, analytics, accounting, live video streaming, workforce management and an array
of medical and roadside assistance services that are applicable to taxi/ridesharing, public transit systems and logistics businesses.
With fleet management, mobile asset accounting, workforce management, and a broad set of additional software features, we offer a highly
functional, unified platform for smart transportation management and analytics delivered through a single screen.
Highly scalable vertical SaaS
. Cartrack's
cloud architecture enables us to quickly and reliably add thousands of mobile subscriptions and integrate their corresponding data streams
each month, including data from sources such as OEMs and other third-party devices. Our easy-to-use interfaces for iOS and Android, as
well as our online platform for desktop, make it seamless for users to switch between devices, and our internally developed SaaS platform
caters to all types of vehicle propulsion methods (internal combustion, hybrid, and electric) and allows for flexible integration with
all major OEM hardware and software platforms.
Large and growing global infrastructure.
Our
business is fully vertically integrated in the design, development, production, and deployment of its hardware and software offerings.
Unlike many of our competitors, almost all of our systems and products that we use are proprietary. Our vertically-integrated model allows
us to provide our customers with the benefits of lower costs and greater flexibility without third-party vendor lock-in. Our R&D center
in Singapore is staffed exclusively by our employees and is positioned to ensure our continued access to world-class talent in Southeast
Asia. To provide leading service in installations, customer support, and vehicle recovery, we have established a comprehensive branch
network of automotive technicians with rapid-response capabilities in each of the 25 countries in which we or our licensees operate. Our
more than 1000 mobile workshops serve customers globally around-the-clock. Our customer focused approach to service is key to our leadership
position in the industry.
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Deep domain expertise, industry knowledge,
and institutional intellectual property
. Our experienced R&D and management teams have accumulated vast experience in the fields
of data operations, GSM, radio frequency, and satellites, as well as emerging and next-generation technologies such as LPWAN and V2X communications.
Each of our proprietary smart devices is compact, facilitating effective concealment, and is transferable from one vehicle to another.
Personal safety considerations, specialized fleet management, and regulatory compliance will continue to require the design and development
of proprietary hardware. Our trained automotive technicians carry out installations with electronic connections kept at a minimum so as
not to interfere with the vehicle's electronic systems. Our products and installations are endorsed by a number of insurers and
motor vehicle manufacturers.
Culture of service and innovation.
The
values at the heart of our culture — accountability, integrity, service orientation, relationships, and entrepreneurial leadership
— are core drivers of our success. As we have grown from a small South African company to a global enterprise with more than one
million subscribers, we have maintained a start-up culture that eschews hierarchy and where individual ownership and agility remain key
features of our everyday behaviors and operations. We have a highly proven service delivery track record and are known for being quick
to deploy and fast to respond.
Key Benefits to Our Customers
The relatively low monthly cost and material return
on investment realized by our customers favorably positions us in both weak and strong macroeconomic environments. Our platform provides
the following key benefits to our customers:
Lower operating costs.
Research
by the U.S. Department of Transportation shows implementing telematics can reduce unsafe driving by 60%, which can translate into profit
margin increases of 30% in commercial fleets as well as reduced emissions. Telematics insurance has also reduced car accidents by around
35% in recent years, according to Allied Market Research. We believe that the AI-enabled real-time feedback through our platform coaches
drivers to engage in behavior that lowers fuel consumption, reduces maintenance costs, and improves on-road safety.
Increased workforce and asset productivity
.
Real-time fleet oversight and analysis of data can assist fleet managers in planning better routes and times for vehicles to be on the
road, as well as planning maintenance through alerting and scheduling. Route management and traffic mapping, powered by our platform,
can reduce the distance covered by each vehicle. By providing an integrated platform for data, analytics and communications, driver and
dispatch teams can work together more efficiently and empower management with greater insight into key performance indicators of asset
and employee performance such as utilization, service intervals, and billable hours.
Stability and reliability.
Cartrack
utilizes the GSM/LTE network, to facilitate reliable communication between our platform and telematics devices. This technology enables
recovery teams to accurately locate stolen vehicles and allows customers to track the movement of their vehicles via the web or mobile
applications. GPS satellite technology provides users with accurate positioning and monitoring of the vehicle fleet. Secondary radio homing
beacons enable air and ground response teams to locate vehicles in areas where coverage may be sparse. Customers also further benefit
from our consistent 99.9% system uptime for the year ended February 28, 2023.
Road safety and accident management.
The
World Bank Group estimates that, on average, a 25% reduction in road traffic deaths raises per capita real GDP by several percentage
points in the growth markets we target, illustrating the importance of improving driver habits and monitoring commercial vehicles.
Powered by industry leading AI, we provide comprehensive driver behavior monitoring and measurement applications which are easily
integrated into vehicles to extract and analyze significant amounts of data to improve driver behavior. In addition, deployment of
in-vehicle telematics sensors to monitor activity on road and within a vehicle provides performance benefits and critical data in
the event of a collision.
38
Our Opportunity
There is a significantly underpenetrated global
opportunity in mobility data analytics for smart transportation. According to Allied Market Research, the market opportunity in automotive
telematics in commercial vehicles alone is expected to grow from $33.4 billion in 2018 to $219.1 billion in 2026, representing a CAGR
of 28%. On-the-ground operations present an attractive opportunity and may account for more than 40% of global GDP, based on market research
& analysis from multiple third-party sources including Berg Insight, Trailer and Cargo Container Tracking, 2020; IDC, Worldwide Video
Surveillance Camera Forecast, 2021–2025, July 2021; IDC, Worldwide Global DataSphere IoT Device and Data Forecast, 2020–2024.
We believe a large portion of spending in this space today is for outdated telematics offerings that do not provide the next-generation
capabilities required by today's customers across a broad range of transportation and mobility use cases. In 2020, Fitch Solutions
estimated there will be more than 1.5 billion vehicles in the world, including more than 392 million commercial vehicles, increasing to
2 billion total vehicles by 2029, including more than 500 million commercial vehicles. McKinsey & Company found that around 15% of
vehicles come with telematics installed as standard, suggesting under-penetration of a significant global opportunity. Additionally, we
are identifying new avenues of growth from our data analysis and monetization. We have expanded our SaaS platform into insurance and the
buying and selling of vehicles, and plan to continue to expand into tyres, batteries and the maintenance of vehicles We continue to serve
consumers across South Africa and are well positioned to launch and scale similar offerings opportunistically in other geographies.
Our Growth Strategy
Our long-term growth is driven by five key factors:
Growth of connected devices.
We
are enhancing our SaaS platform to be device and service provider agnostic as we further develop smart mobility capabilities, partnering
with the world's leading companies in pay-as-a-service transportation. Increasing global access to these devices will further drive
demand for our solutions and services. Our platform is complementary to OEM and third-party telematics systems and we conduct aftermarket
installations in collaboration with OEMs.
Deeper insights from data.
Our customers
are increasingly reliant on our SaaS platform to optimize business intelligence relating to both assets and people on a global scale.
In order to capitalize on this rapidly growing trend, we will continue to invest in technology and operating capacity across markets.
Global demand.
We have seen a notable
rise in demand for connected vehicles, devices and mobility data across the globe, enabling our expansion across geographic regions. All
markets remain underpenetrated, and we are capitalizing on opportunities to provide scalable, customer-centric solutions that rapidly
deliver value to enterprise customers and consumers alike.
New platform enhancements.
We continue
to expand our platform to address our customers' most critical business priorities. R&D investments allow us to meet growing
expectations from customers for deeper insights quickly. We offer an easy-to-use administrative and vehicle cost accounting software called
MiFleet and a mobile enabled workforce management solution called the Communicator, which can effectively manage business processes like
stock control, electronic proof-of-delivery and invoicing. Recent enhancements to our platform include business intelligence and OEM integrations,
our buying and selling cars platform, and advanced jobs and messaging via our Communicator routing application.
Significant barriers to entry.
We
enjoy a strong competitive advantage due to the global fragmentation of our market, upfront capital requirements for the development and
deployment of global infrastructure and to fund cash investments in device and installation costs, and the significant R&D expenditure
necessary to keep pace with technological developments. The industry has shifted from upfront payment for hardware and installations to
recurring SaaS subscription contract models where the service provider retains the ownership of the device, and we have capitalized on
this shift to reinforce customer retention. This high demand for SaaS solutions with no upfront fees increases the challenge facing new
entrants and vendors lacking scale.
39
We intend to pursue the following growth strategies:
Increase subscription sales to existing
customers.
We believe our longstanding commitment to R&D investment positions us favorably to continue to deploy technologically
advanced solutions increasingly in demand among customers of all sizes worldwide. Our customer base of more than one million subscribers
represents a significant opportunity for further subscription sales expansion. Many of the growth drivers for new subscriptions will also
lead to the growth of our offering within existing customers. Our scalable platform and vertically integrated infrastructure will enable
us to onboard new customers quickly and easily and make new software features immediately available to our customer base worldwide.
Expand our customer base.
Our market
penetration is low worldwide. We believe there is substantial opportunity to grow our customer base. We expect growth in customer demand
to come from mobile asset growth and a broad range of emerging smart mobility use cases, where we expect robust demand for SaaS based
data analytics solutions to optimize operations. We believe demand growth will be in excess of global fleet growth forecasts due to increased
market penetration opportunities resulting from the realization of the benefits associated with adopting mobility offerings. We anticipate
demand increases for safety and security services by governments, business, and individuals due to increasing crime rates in key markets.
We serve a broad range of customers and industries and will continue to focus on growing our subscriber base among them.
Expand our geographic presence worldwide.
While South Africa remains an important market for us, we expect more robust subscriber growth from the Asia-Pacific and Middle
East regions, due to populous, fast-growing economies, a favorable competitive climate, including low penetration rates and unsophisticated
competing solutions, and established operations that have now gained scale. We expect growth from the unmet need for improved road safety
and decreased pollution levels, particularly in the Asia-Pacific and Middle East regions where vehicle populations are expected to show
a material increase along with already elevated traffic congestion and pollution levels. We are looking to further increase our footprint
in Europe, and our U.S. operations are small but highly strategic in nature. As the breadth of our offering increases over time, we believe
we will be able to efficiently deploy our offering across our existing multinational customers' fleets as we enter new regions where
they already operate.
Expand our consumer platform and services
.
We intend to expand our consumer offering into both Europe and the Asia-Pacific and Middle East region as demand grows for consumer services.
For example, in Europe, the demand for accident notification and medical emergency response is growing and at our current scale, we can
add these services to our business very efficiently.
Our SaaS Cloud Platform
Our single platform offers a range of scalable
mobile asset management and workforce optimization applications to address the needs of our diverse customer segments. We offer a comprehensive
set of software features for data analysis, mobile asset tracking, and oversight for managers to protect, connect, and report on every
asset in a fleet.
Our platform is accessible to users via web interface
and mobile applications, with services offered via monthly subscription. Our applications are tightly integrated to avoid the need for
multiple interfaces, and include free application programming interface ("API") integrations with enterprise resource planning
("ERP") systems.
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The principal components of our SaaS platform include the following:
Commercial Applications
●
Fleet Telematics
The comprehensive Fleet Management SaaS Platform provides customers with real-time
                                            insight into their asset base through live tracking on a roadmap interface; using proprietary
                                            smart IoT devices that allow for powerful vehicle integration and the use of peripheral sensors
                                            all geared towards delivering:
●
Real-time, accurate GPS positioning enabling location management,
fuel management and fraud detection, maintenance management, eco-driving, vehicle utilization, time and attendance, and cold chain management
●
Integration of real-time data into back-office systems
●
Detailed driver management with advanced scorecards to manage
the risk and performance of drivers
●
Real-time alerts for maintenance and engine diagnostics
●
LiveVision
enables comprehensive pro-active risk management and fleet visibility via an AI enabled two-camera video
telematics system or a four-camera live streaming vehicle video system:
●
The AI enabled camera delivers live warnings to proactively
mitigate the risk of driver fatigue, driver distraction and collisions and includes the monitoring of safe driving distances
●
Live on-board cameras enable video selection, replay, and
analysis, enabling driver coaching and performance improvement
●
Increased driver visibility reduces extraneous driving costs,
reduces driver liability, increases driver safety, and further empowers fleet control
●
MiFleet Advanced Fleet Administration and Business Intelligence ("BI")
provides cost management and administration
capabilities:
●
Provides insight into all asset-related costs, such as purchasing, fuel, fines and insurance for each asset in a fleet
●
Provides actionable intelligence for driver optimization through powerful BI
●
Karooooo
                                            Logistics
(
formerly Picup
) provides a software application enabling the management
                                            of last mile delivery and general operational logistics. This technology addresses the challenges
                                            of on-the-ground distribution for large enterprises requiring systems integrations, payment
                                            gateways, third-party long-haul services and crowd-sourced drivers in order to scale and
                                            meet their operational needs.
●
Trace and locate drivers and mobile assets in real-time
●
Drive powerful and highly controlled workflows, for example, stock control, invoicing, electronic proof-of-delivery, and mobile workforce
management
●
Up-to-date destinations and navigation integration, allowing drivers to spend more time focusing on job completion rather than finding
a destination
●
Quick communication to drivers via synchronized task list and built-in messaging systems
41
●
Cartrack
                                            Field Service
provides
a software application enabling the management of field and or on site workers.
●
Trace and locate field workers and mobile assets in real-time
●
Manage workflows, for example, stock control, invoicing, electronic proof-of-job-completion
●
Up-to-date destinations and navigation integration, allowing workforce to spend more time focusing on job completion rather than finding
a destination
●
Quick communication to field workers via synchronized task list and built-in messaging systems
●
Business Intelligence
offers users a high-level view of fleet statistics, including analysis of key indicators and granular
detail of asset-specific data.
●
Asset Tracking
provides a way to track and trace moveable assets to reduce losses, automate inventory management, and
improve workforce efficiency, equipment utilization, and regulatory compliance.
●
Asset Recovery
. Our SVR and asset recovery services assist vehicle owners and insurance
companies with the recovery of vehicles and other assets that have been, or have been alleged to have been, stolen. This service includes
around-the-clock assistance with real-time tracking, dedicated technical teams, early warning alert systems, ground and air recovery teams
dedicated exclusively to Cartrack operating under local law licenses, specialized technologies for both GSM and radio frequency and repatriation
assistance across international borders. Our recovery success rate is considered by management to be achieved through the high reliability
standards of our SaaS Platform, our smart in-vehicle devices, specialized installation techniques, miniaturization, and a dedicated team
of rapid response recovery agents.
●
Insurance Telematics
allows insurers to tailor premiums for commercial and consumer customers using analytics our platform
provides. This data also can be used to better reconstruct accident scenes, making it more efficient to evaluate claims and resulting
in lower premiums.
Consumer Applications
●
Protector
is an all-encompassing safety package for all consumer vehicles. Following the installation of the Cartrack
telematics device, consumers can access a diverse set of software features and benefits, including:
●
a mobile application for real time movement management and communication;
●
Asset Recovery;
●
Ambulance Assist (facilitating emergency medical outreach and response);
●
Crash Alert (as described below);
●
a Limited Asset Recovery Warranty pay out in the unlikely event of the vehicle not being recovered;
●
a power event notification provides alerts upon vehicle battery disconnect;
●
an ignition sensor remotely reads ignition status and detects improper use;
●
Crash Alert is a 24/7 monitoring system, which immediately triggers a dispatch for emergency services in
response to a detected collision or accident.
42
●
Car Watch
is a mobile application that lets users track and watch their vehicles from a distance. It includes alert
notifications and the ability to sound an alarm remotely after unauthorized movements.
●
Insurance Telematics
allows insurers to tailor premiums for commercial and consumer customers
using analytics our platform provides. This data also can be used to better reconstruct accident scenes, making it more efficient to evaluate
claims and drive behavioral change resulting in safer drivers, reduced risk and lower premiums.
Specialist Mobility Solutions
●
Bike Track
offers a GPS-based solution providing a comprehensive set of fleet management
software features for commercial motorbike fleets. It includes a unique power management system that ensures bike batteries will not have
to be discharged.
●
Credit Management
predicts payment cycles and facilitate active credit management for asset-based
vehicle finance including accident reconstruction and driver behavior reporting for maintenance services and fraud detection. Real-time
alarms and alerts are used to protect and secure assets.
●
Electronic Monitoring.
In Singapore, we provide an end-to-end electronic monitoring services
("EMS") application that allows law enforcement agencies to monitor persons of interest, such as offenders on extended supervision,
parole, home detention, or community detention, including released prisoners in halfway care or who are in the process of being reintegrated
into society.
Next-Generation Mobility Solutions
We are constantly innovating to offer a range of additional mobility
and monitoring solutions in select markets:
●
Carzuka
, our vehicle buying and selling marketplace is designed to allow clients to source,
buy and sell vehicles efficiently and cost effectively with peace of mind. This marketplace includes vehicles sold by third parties as
well as vehicles purchased and reconditioned by Cartrack.
●
The global addressable market for used cars is anticipated to grow from 115 million vehicles in 2019 to
275 million vehicles in 2030 with South Africa making up 1.2 million of the used car market in 2019 according to industry sources.
●
Significant revenue growth in the second half of this financial year is a welcome justification of
                                                                                                              our belief in the sustainability of Carzuka's agile, data-enhanced and highly scalable business model. We continue to exercise
                                                                                                              caution and pragmatism as we invest to grow this business.
●
Cartrack Insurance Agency
. Our insurtech multi-quote or aggregator platform offering customers
the ability to obtain a fast online quote from a panel of independent insurers at competitive rates or if they choose, they can talk to
a qualified consultant to advise on the appropriate insurance at the right price;
●
On-Demand Rideshare Taxi Application
. We have developed a rideshare application that is currently deployed in the United
Arab Emirates, and has been developed for localization in multiple geographies.
Smart IoT
Customers deploy our smart devices to collect
real-time data from their vehicles and transmit this information to secure data centers for processing which we manage via the Cartrack
Private Cloud. Our platform components are designed to operate using a diverse array of communication technologies, including radio, satellite,
and network protocols such as Sigfox and LoRa. We generally design, develop and manufacture our devices and firmware in order to ensure
their modularity and interoperability with our core subscription offering. We seek to drive device costs down over time in order to reduce
the upfront investment required by our customers. In addition to sales of these devices to customers, we offer customers the option of
a SaaS-based subscription model with no up-front payment, reducing the capital investment required to access our solutions.
43
Our solutions are both flexible and relevant across
all industries and fleet sizes, and have the capability to track other types of assets. Our technology has proven to be scalable, with
many use cases and subscribers in many countries. This has given us large amounts of data, which we have in turn learned to process quickly
and reliably. As we continue to grow, we plan to leverage our data by integrating data science and AI more deeply into our platform. In
a system that can watch fleets and drivers for our customers, operators can spend more time optimizing their businesses in other ways.
We believe our modular, proprietary designs give
us an advantage over competitors who rely on third-party commodity telematics devices because we are able to provide more solutions through
our devices tailored to our customers' needs. Our devices can access and leverage CANBUS data, a system which enables communication
between various parts of a vehicle, such as the engine control unit and airbags, which can be commercialized through collaborations with
OEMs.
Our Customers
We divide our subscriber base into the following
five categories across a range of industries: (i) consumers and sole proprietors, (ii) small businesses, (iii) medium-sized businesses,
(iv) large enterprises and (v) other connected devices. We define consumers and sole proprietors as individuals or business owners whose
vehicles are used for personal and/or business use; these customers typically have between one to five vehicles under subscription with
us. We define small businesses as commercial customers with up to 24 vehicle subscriptions with us. We define medium-sized businesses
as fleets with between 25 and 99 vehicle subscriptions with us and large enterprises as having fleets with 100 or more vehicle subscriptions
with us.
Our strategy for generating scale in a region
is to initially build customer volume. We subsequently target larger business customers. Excellence in service to our customers is core
to our values and culture. As of February 28, 2023 Karooooo had more than 105,000 commercial customers compared to more than 88,000 as
of February 28, 2022 driven by new customer additions and maintaining our high customer retention rate. We believe that we have a satisfied
customer base given our high customer retention rate. We maintain a strong focus on internally monitoring and continuously enhancing our
customer satisfaction levels. We provide 24/7 customer support as part of our subscription and our internal teams are proactive in assisting
customers over the phone. Additional assistance is also available via phone, chat or email.
Representative customers by geographical regions are listed below:
South Africa
: Anglo American De Beers Group,
MAN Automotive South Africa, King Price Insurance, Avis Car Rental, The Courier Guy, SA Taxi Finance, Bridge Taxi Finance, Spartan Truck
Hire, MultiChoice, SuperSport, Toyota Motors (including Hino), Clicks, Dis-Chem Pharmacies, Pick n Pay.
Africa
: CAT/MANTRAC, Moove, Gemfields Group,
Ryce Leasing, NCBA Kenya, Toyota Motors (including Hino), Aids Healthcare Foundation, Rentworks, AMS.
Europe
: Central Cervejas e Bebidas, La Farge, Telefurgo, SONAE,
MC Green, Galaxy JMV, Jeronimo Martins, Biedronka.
Asia-Pacific, Middle East and USA
: Grab
Rentals, Singapore Prison Service, Asia Brewery Inc.,Ley Choon Group, Orix, Lim Siang Huat, GetGo, Huationg, Unilever, KFC, CAT/MANTRAC,
Hertz, Five Star, Dizon Farms, Lumens, Goldbell, Singapore, Coca-Cola.
44
Sales
and Marketing
Our
strategy to generate scale in the region is to target subscriber volume with consumers and sole proprietors and small businesses as we
build our distribution and customer care model in such region. We then move to target the medium-sized businesses and large enterprises
in such region. In all regions, we sell subscriptions of our solutions through our direct sales force.
Sales
We
sell subscriptions to our SaaS fleet management platform through our direct sales organization. Maintaining direct control of our sales
force allows us to efficiently target individual consumers and sole proprietors, small to medium-sized businesses with local fleets,
and large enterprise fleets.
The
focus of our sales efforts is to drive a high volume of transactions through a standardized and highly repeatable methodology. We focus
on the core challenges that fleet operators face in managing their fleet. We are able to provide our prospects with an anticipated return
on investment, or ROI, calculation that enables us to tangibly demonstrate the benefits of our solutions and how they address the challenges
that our prospects face. We highlight the insights that fleet operators gain from our reports and real-time alerts and how they can use
those insights to improve productivity, increase operating profitability and solve key business problems. We believe we effectively sell
our solutions to large customers because our platform is competitively priced, easy to use, stable and delivers the required actionable
insights. We are also able to rapidly deploy our devices into a large fleet, making switching quick and easy. Additionally, the ease
of use of our platform allows us to meet our customers to integrate our solutions with relative simplicity.
We
have dedicated sales and marketing teams in each region using the following sales channels, depending on our customers' needs
and fleet sizes:
Inside
sales and web sales
. We sell via our internal teams to both consumers and commercial prospects. This is our primary sales channel
and a key component of our go-to-market strategy and the teams have typically increased their sales productivity while lowering the aggregate
cost of subscriber acquisition to date. Our sales agents conduct their selling activities telephonically, in some cases using live web
demonstrations to convert sales leads to customers.
Field
sales.
Our field sales team of relationship managers meet face-to-face with prospects and focuses on sales to small businesses, medium-sized
businesses and large enterprises. The field sales team is supported by a team of inside sales representatives.
In
addition to the direct selling methods set forth above, our field sales teams, with support from our inside sales team, work closely
with automobile dealerships, insurance companies and insurance brokers to generate channel-based opportunities for us to acquire new
customers.
Furthermore,
both the inside sales teams and field sales teams focus on assisting customers that are adding devices through fleet expansion or broader
use of additional applications or software features across their fleet. They monitor customer usage to ensure that our customers are
deriving the maximum benefit from our offering.
Marketing
Our
marketing programs target both individual consumers, business owners and decision-making managers in multiple industries that operate
fleets of commercial vehicles. Our marketing strategy is focused on lead generation and reinforcing customer engagement and thought leadership.
Lead
generation is a core function of our business processes. We generate leads through a combination of internet-driven inbound activities
and traditional outbound marketing activities.
45
Inbound
leads
. Our inbound leads are largely generated through digital or internet-based marketing efforts. This involves extensive search
engine marketing, search engine optimization, email marketing, direct internet traffic, social media platforms and purchased lead generations.
Our demand generation programs vary depending on our target customer, industry or fleet size, and include marketing activities, such
as integrated programs on the internet, outbound marketing campaigns targeted to prospects in key industries and geographies, attendance
and sponsorship of trade shows, email lead generation and prospect follow up, and traditional public relations and website properties.
We make use of social media to engage customers and prospects to generate interest, demand and leads.
Outbound
leads
. Our outbound lead generation involves a variety of traditional marketing activities, including, customer referral, purchased
leads, direct mail, email marketing, cold calling, advertising, trade shows and in-person events, and telemarketing. We accumulate marketing
lists through a variety of sources, including purchased lists selected by industry and geographic demographics. We filter prospects by
using industry knowledge to identify quality targets.
Our
Technology
We
designed our SaaS Cloud platform architecture for global access via an internet browser or mobile application. Updates to our platform
are distributed instantaneously to all of our customers over the internet. Our solutions have been specifically built to deliver:
●
a
                                            consistent, intuitive end-user experience to limit the need for training and to encourage
                                            high levels of end-user adoption and engagement;
●
turnkey,
                                            out-of-the-box functionality;
●
flexibility
                                            to design customized reports and alerts that enable our customers to gain insights into their
                                            existing fleet and mobile assets;
●
integration
                                            with other systems such as OEM systems, fuel cards, GPS navigation devices, and customer
                                            information technology systems, such as work order management and enterprise resource management
                                            systems;
●
scalability
                                            to match the needs of our growing customer base and their fleets; and
●
rigorous
                                            security standards and high levels of system performance and availability demanded by our
                                            customers.
Our
fleet management platform is comprised of a telematics device that incorporates off-the-shelf components, including a cellular modem,
GPS receiver and memory capacity sufficient to run our proprietary firmware, which reports vehicle coordinates, time, speed, ignition
status, and mileage from satellite readings. This information is collected using an event-based algorithm (allowing the events collected
to provide a road hugging presentation on the mapping layers) and then sent to our receivers at third-party data centers via a commercial
cellular network. The information is then processed and delivered to our customers providing a wide range of live reporting, mapping,
and alerts designed to give customers business intelligence. This information can be accessed by our customers via an internet browser
or mobile application as well as be sent to customers by email, an XML feed, or internet services.
Our
SaaS platform is deployed using a multi-tenanted architecture that scales rapidly to support additional new subscribers through the addition
of incremental commodity processing and storage hardware. This architecture flexibility allows us to sustain high levels of uptime without
degradation of system performance despite significant subscriber growth. Our existing architecture and infrastructure have been designed
with sufficient capacity to meet our current and anticipated future needs.
We
use many frameworks, most notably REACT developed by Facebook, and write the majority of our software in industry-standard software programming
languages, such as JavaScript, python, PHP and C/C++. All software is deployed for our relational database management system. Apart from
these and other third-party industry standard technologies, our fleet management solutions have been specifically built and upgraded
by our in-house development team.
46
Research
and Development
The
responsibilities of our research and development organization, which consists of 163 full-time employees, include platform management,
platform development, quality assurance, and technology operations. Our investment in research and development is core to our business
strategy and a key differentiator in the competitive landscape. All of our research and development activities are performed in-house.
Our primary research and development organization is based in Singapore. We also have research and development operations in South Africa
(where the first versions of our solutions were developed), and Portugal. Based on feedback from our customers and prospects, we work
to expand our platform offerings while enhancing and maintaining our core solution technology to adapt to new regulatory compliance requirements,
user demands, and emerging trends in the industry. We develop new functionality with a view to full platform deployment for use by all
of our customers and avoid bespoke development.
Operations
We
physically host our cloud-based SaaS platform for our customers principally in five secure third-party data centers located in South
Africa, Singapore, the Netherlands, and the United Arab Emirates. These data centers provide us with both physical security, including
around-the-clock security personnel, biometric access controls and systems security, including firewalls, encryption, redundant power
and environmental controls. Our data centers maintained over 99.9% system uptime during the year ended February 28, 2023. We believe
that our third-party hosting facilities are adequate for our current needs and that suitable additional capacity will be available as
needed to accommodate planned expansion of our operations. We believe our agreements with these third-party data centers are generally
consistent with competitive market terms and conditions.
Our
platform technology also includes switches, routers, load balancers, IDS/IPS and application firewalls from top-tier suppliers to serve
as the networking infrastructure and high levels of security infrastructure for the network environment. We use rack-mounted servers
to run our solutions and for content caching. We use storage area network ("SAN") hardware with fiber channel and solid-state
drives at our data center locations. These SAN systems have been architected for high performance and data-loss protection, and we believe
that these systems have the capacity and scalability to support our anticipated growth for the foreseeable future.
We
leverage a large team of employed installers worldwide to install our telematics devices. On some occasions we may call on third parties
to assist with installation. Upon contracting with a new customer, we dispatch the nearest installer to the customer's place of
business or a central location for installation of our telematics devices. Typically, the full installation cycle is accomplished within
two to five days from the date of contract. If a telematics device malfunctions in the field, we also use our installers to replace the
device.
Our
Competition
The rapidly evolving market for our solutions is competitive and highly
fragmented in certain of our regions, particularly by geography and customer segment. We compete with point-to-point solution providers
as well as other companies with service offerings designed to address similar needs as our solutions that range from small, regional providers
to midsized multinational providers to large global providers. Many of our competitors offer fleet or mobile asset management software
solutions to particular industry segments or in limited geographic regions. For example, we compete with Verizon Connect, WebFleet by
Bridgestone (formerly TomTom), Masternaut (a Michelin Group Company) and Fleet Complete for commercial fleet management in Europe; we
compete with Tracker, Netstar, MiX Telematics, Geotab and CTrack for both consumers and commercial customers in South Africa; and we compete
with a large and fragmented group of competitors in Asia and Africa. Many larger competitors have entered the market in recent years through
acquisitions of competing solutions, such as telecommunications provider Verizon acquiring Fleetmatics, as well as tyre companies Bridgestone
and Michelin acquiring TomTom and Masternaut, respectively. Some of our actual and potential competitors may enjoy competitive advantages
over us, such as greater name recognition, longer operating histories, more varied services, and larger marketing budgets, as well as
greater financial, technical, and other resources.
47
We
believe that the key competitive factors in our market include:
●
ease
                                            of onboarding, initial setup and use;
●
platform
                                            functionality, performance and reliability (speed and stability);
●
relevant
                                            features that best meet the needs of fleet operators;
●
business
                                            intelligence capabilities;
●
technology
                                            architecture scalability; and
●
cost.
We
believe that our efficient customer acquisition model, data driven business intelligence approach to fleet management, SaaS delivery
model, deep domain expertise and large user base enable us to compete effectively. We believe that many of our competitors rely on up-front
hardware sales to finance their operations. Their business models are a significant investment hurdle for certain customers. Additionally,
many of these competitive offerings are difficult to deploy and use and lack other features required by customers.
Some
of our competitors have made or may make acquisitions or enter into partnerships or other strategic relationships to offer a more comprehensive
service than we do. These combinations may make it more difficult for us to compete effectively, including on the basis of price, sales
and marketing programs, technology, or service functionality. We expect these trends to continue as companies attempt to strengthen or
maintain their market positions.
Seasonality
Our
business is not materially affected by seasonal trends.
Intellectual
Property
Our
intellectual property rights are important to our business. We rely on a combination of trademark, copyright, and trade secret laws,
as well as confidentiality procedures and contractual restrictions, to establish and protect our intellectual property rights. We also
license technology from third parties. We believe our license agreements for third-party software and other intellectual property are
generally consistent with industry standard terms and conditions. See "Risk Factors—Our SaaS platform relies on specific
third-party software and any inability to license or use such software from third-parties could render our platform inoperable."
Although the protection afforded by trademark, copyright, and trade secret laws, written agreements and common law may provide some advantages,
we believe that the following factors help us to maintain a competitive advantage: the technological skills of our research and development
personnel; frequent enhancements to our solutions; and continued expansion of our proprietary technology.
Human
Capital
As
at February 28, 2023, we had 4,039 full-time employees of which 2,816 are located in South Africa, 221 are located in Africa-Other, 288
are located in Europe, and 714 are located in Asia-Pacific, Middle East and USA.
We
have a team-oriented culture and encourage candor from our employees, which we believe helps us to succeed and drive operational excellence.
We also seek to, and have a history of, promoting from within our organization as well as hiring top talent from outside of our company
to expand our capabilities. We aim to hire individuals who share our passion, commitment and entrepreneurial spirit. We are also committed
to diversity and inclusion because we believe that diversity leads to better outcomes for our business and enables us to better meet
the needs of our customers.
48
C.
ORGANIZATIONAL
STRUCTURE
The
following table lists the entities which are controlled by the group.
Country of
% holding
% holding
Company Name
Held by
incorporation
2023
2022
Cartrack Holdings Proprietary Limited
4
Karooooo Ltd
South Africa
100.0
100.0
Carzuka.com Pte Ltd
1
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Management Company Pte. Ltd.
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Software Pte. Ltd.
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Proprietary Ltd
Karooooo Ltd
South Africa
100.0
100.0
Karooooo Cartrack Limited
10
Karooooo Ltd
Uganda
100.0
-
Cartrack (Cambodia) Co. Ltd
Karooooo Management Company Pte Ltd
Cambodia
100.0
-
Carzuka Pte Ltd
1
Carzuka.com Pte Ltd
Singapore
100.0
100.0
Karooooo Technologies Proprietary Limited
2
Karooooo Proprietary Ltd
South Africa
100.0
100.0
Cartrack Management Services Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Manufacturing Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Insurance Agency Proprietary Limited
3
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Namibia Proprietary Limited
Cartrack Holdings Proprietary Limited
Namibia
100.0
100.0
Cartrack Technologies Pte. Limited
Cartrack Holdings Proprietary Limited
Singapore
100.0
100.0
Carzuka Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Purple rain Properties No.444 Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Karooooo Logistics Pty Ltd ("Picup")
8
Cartrack Holdings Proprietary Limited
South Africa
70.1
70.1
Cartrack Telematics Proprietary Limited
Cartrack Proprietary Limited
South Africa
49.0
49.0
CTK Shell 1 (Pty) Ltd
1,6
Cartrack Proprietary Limited
South Africa
100.0
100.0
Karu Holdings Proprietary Ltd
Cartrack Proprietary Limited
South Africa
100.0
100.0
Combined Telematics Services Proprietary Limited
1
Cartrack Proprietary Limited
South Africa
49.0
49.0
CTK
Shell 2 (Pty) Ltd
1,7
Cartrack Proprietary Limited
South Africa
100.0
100.0
Cartrack Tanzania Limited
Cartrack Technologies Pte. Limited
Tanzania
100.0
100.0
Karooooo Kenya Limited
5
Cartrack Technologies Pte. Limited
Kenya
70.0
100.0
Cartrack Engineering Technologies Limited
Cartrack Technologies Pte. Limited
Nigeria
100.0
100.0
PT. Cartrack Technologies Indonesia
Cartrack Technologies Pte. Limited
Indonesia
100.0
100.0
Cartrack Investments UK Limited
1
Cartrack Technologies Pte. Limited
United Kingdom
100.0
100.0
49
Country of
% holding
% holding
Company Name
Held by
incorporation
2023
2022
Cartrack Technologies (China) Limited
Cartrack Technologies Pte. Limited
Hong Kong
100.0
100.0
Cartrack Malaysia SDN.BHD
Cartrack Technologies Pte. Limited
Malaysia
100.0
100.0
Cartrack Technologies LLC
Cartrack Technologies Pte. Limited
U.A.E
100.0
100.0
Cartrack Technologies PHL.INC
Cartrack Technologies Pte. Limited
Philippines
100.0
100.0
Cartrack Technologies South East Asia Pte. Limited
Cartrack Technologies Pte. Limited
Singapore
100.0
100.0
Cartrack Ireland Limited
Cartrack Technologies Pte. Limited
Republic of Ireland
100.0
100.0
Cartrack Technologies (Thailand) Company Limited
Cartrack Technologies Pte. Limited
Thailand
100.0
100.0
Cartrack New Zealand Limited
Cartrack Technologies Pte. Limited
New Zealand
51.0
51.0
Cartrack (Australia) Proprietary Limited
Cartrack Technologies Pte. Limited
Australia
100.0
100.0
Cartrack Technologies Zambia Limited
1
Cartrack Technologies Pte. Limited
Zambia
100.0
100.0
Cartrack (Mauritius) Ltd
1
Cartrack Technologies Pte. Limited
Mauritius
100.0
100.0
Cartrack Vietnam Limited Liability Company
1
Cartrack Technologies Pte. Limited
Vietnam
100.0
100.0
Cartrack INC.
Cartrack Ireland Limited
U.S.A
100.0
100.0
Cartrack Polska.SP.ZO.O
Cartrack Ireland Limited
Poland
90.9
90.9
Cartrack Portugal S.A.
Cartrack Ireland Limited
Portugal
100.0
100.0
Cartrack Espana. S.L.U.
Cartrack Ireland Limited
Spain
100.0
100.0
Karu.Com. Unipessoal. Lda
Cartrack Portugal S.A.
Portugal
100.0
100.0
Cartrack France SAS
9
Cartrack Portugal S.A.
France
-
100.0
Cartrack Limitada
Cartrack Technologies LLC
Mozambique
50.0
50.0
Auto Club LDA
Cartrack Technologies LLC
Mozambique
80.0
80.0
Cartrack for Information Technology Company
Cartrack Technologies LLC
Kingdom of Saudi Arabia
51.0
-
1
Dormant
2
Previously
                                            known as Cartrack Technologies Proprietary Limited
3
Previously
                                            known as Drive and Save Proprietary Limited
4
Previously
                                            known as Cartrack Holdings Limited
5
Previously
                                            known as Retriever Limited
6
Previously
                                            known as Veraspan Proprietary Limited
7
Previously
                                            known as Zonke Bonke Telecoms Proprietary Limited
8
Previously
known as Picup Technologies Proprietary Limited
9
Liquidated on May 19, 2022
10
90%
of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder 10% of the share capital is held by Karooooo
Management Company Pte Limited, a wholly owned subsidiary of Karooooo Limited.
50
D.
PROPERTY,
PLANT AND EQUIPMENT
Our
principal executive office in Singapore consists of approximately 1,625 square meters of space under a lease that expired in April
2023. We entered into a lease agreement for premises at 17 Kallang Junction #06-05/06 Singapore 339274 upon the terms set out below.
Construction of our South African central office in Johannesburg, South Africa is well underway. In the interim, we
entered into lease agreements for office space at two locations as set out below.
Lessee
Lessor
Address
Term
Karooooo Management Company  Pte Ltd
SB (17KJ) Investment Pte Ltd
17 Kallang Junction #06-
05/06 Singapore 339274
April 04, 2023 to October 03, 2028
Cartrack Manufacturing Proprietary Limited
Stand 222 Republic Road (Pty) Ltd
Cnr
    Cherry Drive & Republic Rd, Randburg, Johannesburg, Gauteng,
S.A
January 01, 2022 to December 31, 2024
Cartrack Proprietary Limited
Growthpoint Properties Limited
Grosvenor Corner, 195 Jan Smuts Avenue, Rosebank, Johannesburg, Gauteng, S.A.
April 01, 2021 to November 30, 2024
We
use these facilities for finance, legal, human resources, information technology, sales, marketing, manufacturing and other administrative
functions.
We
currently have six data center sites providing coverage and high-speed access to all customers. The locations of the data centers are
in the Netherlands, United Arab Emirates (Dubai), Singapore, France and two in South Africa.
We
believe that our facilities are adequate for our current needs and that suitable additional or substitute space will be available as
needed to accommodate any potential expansion of our operations.
Item
4A. UNRESOLVED STAFF COMMENTS
Not
applicable.
51
Item
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
A.
OPERATING
RESULTS
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial
statements and the notes thereto, included elsewhere in this annual report, as well as the information presented under "Presentation
of Financial Information." The following discussion and analysis includes forward-looking statements. These forward-looking statements
are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or
implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to,
those discussed elsewhere in this annual report. See "Special Note Regarding Forward-Looking Statements" and "Risk
Factors."
Overview
Karooooo,
headquartered in Singapore, is a leading provider of an on-the-ground operations Internet of Things ("IoT") software-as-a-service
("SaaS") cloud that maximizes the value of data by providing insightful real-time data analytics and business intelligence
reports. Its offering extends beyond connected vehicles and equipment, assisting diverse enterprise customers in digitally transforming
their on-the-ground operations, including systems integrations, fleet administration, field worker management, video-based safety, risk
mitigation, delivery management and ESG compliance and reporting. Our business is vertically integrated, which affords us complete autonomy
with regards to the development of the capabilities and features that differentiate our applications as well as the speed of our innovation.
Since we own and control almost every aspect of our smart device design, platform innovation and software application development, client
acquisition and onboarding, customer service and the management of our back-end support, we are able to move quickly without any significant
third-party dependencies and inefficiencies.
Karooooo
Limited ("Karooooo"), owns 100% of Cartrack, 100% of Carzuka and 70.1% of Karooooo Logistics.
We serve customers in 25 countries across
five continents, supporting more than 1.7 million subscribers as of February 28, 2023 and our highly scalable platform serves large multinational
enterprises and individual consumers alike, enabling us to address a large, growing and underpenetrated global market. As of February
28, 2023, we had more than 105,000 commercial customers (Fiscal 2022: 88,000+).
Prior
to the financial year ended February 28, 2022, the group was organized into geographical business units and had four reportable segments
by geography. There was only one reportable business segment, the Cartrack business segment. However, with the new business setup and
new business acquired in financial year February 28, 2022, for management purposes, the group organized its business units based on its
products and services into the following reportable segments:
●
Cartrack
is a provider of an on-the-ground operational Internet of Things ("IoT")
                                            Software-as-a-service ("SaaS") cloud that maximizes the value of transportation,
                                            operations and workflow data by providing insightful real-time data analytics to connected
                                            vehicles and equipment.
●
Carzuka
is a physical and e-commerce vehicle buying and selling marketplace which allows customers
                                            to source, buy and sell vehicles efficiently and cost effectively.
●
Karooooo
                                            Logistics
provides a software application enabling the management of last mile delivery
                                            and general operational logistics. This technology addresses the challenges of on-the-ground
                                            distribution for large enterprises requiring systems integrations, payment gateways, third-party
                                            long-haul services and crowd-sourced drivers in order to scale and meet their operational
                                            needs.
52
Since
our founding, Cartrack has gained vast expertise and enhanced our business in the following areas:
●
Developing
                                            new software applications such as fleet management, mobile asset accounting, workforce management,
                                            and insurance solutions;
●
Assisting
                                            diverse enterprise customers in digitally transforming their on-the-ground operations, including
                                            systems integrations, fleet administration, field worker management, video-based safety,
                                            risk mitigation, delivery management and ESG compliance and reporting.
●
Developing
                                            capabilities in data management at scale as well as a broad range of communication technologies
                                            and protocols;
●
Expanding
                                            our sales and marketing focus to include commercial fleets of all sizes; and
●
Expanding
                                            our geographic footprint.
Our
single user interface and fully integrated cloud-based SaaS platform runs on internally developed and cost-effective smart IoT devices,
enabling us to deliver a unified and comprehensive service to our customers while maintaining control of our cost structure. Our discrete,
sophisticated smart devices stream data to the platform, facilitating informed decisions about optimal asset efficiency and productivity,
including live tracking and location of assets. Customers utilize the platform through an easily accessible web-based portal or mobile
application, which is designed to be easy to deploy across customers' entire mobile asset fleets. Our devices can be installed
in a range of mobile assets independent of asset procurement, allowing our customers to integrate our solutions in existing or new vehicles.
Our platform includes a wide range of reliable services to effectively serve the needs of a geographically diverse range of clients.
Where appropriate, partnerships with third party technology providers are established to create incremental value to customers in the
markets we serve.
We
believe that maintaining strong financial discipline and prudent investment of capital provides a strong foundation for growth. For the
year ended February 28, 2023, we grew our subscribers to 1,717,077 (FY2022: 1,525,972) despite challenging macro-economic conditions.
Our business has experienced scale, growth, strong profitability, cash generation and capital efficiency in recent years. For the year
ended February 28, 2023, we generated subscription revenues of ZAR 3,010.1 million compared to subscription revenues of ZAR 2,568.2 million
for the year ended February 28, 2022, reflecting year-over-year growth of 17%. Cartrack's subscription revenue represented 98%
of Cartrack's total revenue.
Karooooo's
profit for the year was ZAR 608.8 million and ZAR 476.6 million, for the years ended February 28, 2023 and February 28, 2022, respectively,
reflecting a year-over-year increase of 28%. This result includes Carzuka's operating losses of ZAR 37.8 million in FY 2023 (FY
2022: ZAR13.3 million) due to our investment in infrastructure and brand building. We continue to exercise caution and pragmatism as
we invest to grow Carzuka and Karooooo Logistics, supported by the group's strong cash flow generative business model and the ability
to leverage the untapped network effects of the Cartrack platform. The business models of Karooooo Logistics and Carzuka have delivered
promising early results supporting scalability and good growth potential in the future.
Karooooo's
Adjusted EBITDA (a non-IFRS measure) for the year was ZAR 1,426.8 million and ZAR 1,211.8 million for the years ended February 28, 2023
and February 28, 2022, respectively, reflecting year-over-year growth of 18%.
Finally,
we believe strong net cash generated from operating activities is an important factor in supporting our robust business model and indicates
our ability to provide the capital necessary to invest in subscriber growth, territorial expansion, Carzuka and Karooooo Logistics. For
the years ended February 28, 2023 and February 28, 2022, respectively, Karooooo generated net cash from operating activities of ZAR 1,126.7
million and ZAR 931.7 million, reflecting a year-over-year increase of 21%. This result was achieved notwithstanding the group's
strategic investment in expansion, brand building and customer acquisition for long-term, sustainable growth.
53
The
following table sets forth the segment revenue, operating profit, operating profit margin, adjusted EBITDA and adjusted EBITDA margin
for the periods presented.
Year
    Ended February 28
Cartrack
Carzuka
Karooooo
    Logistics
Karooooo
    Consolidated
2023
2023
2022
(2)
Y-o-Y
%
2023
2023
2022
Y-o-Y
%
2023
2023
2022
Y-o-Y
%
2023
2023
2022
Y-o-Y
%
(U.S$
thousands
(1)
)
(in
    R thousands)
(U.S$
thousands
(1)
)
(in
    R thousands)
(U.S$
thousands
(1)
)
(in
    R thousands)
(U.S$
thousands
(1)
)
(in
    R thousands)
Subscription
    revenue
163,769
3,003,931
2,565,745
17
%
-
-
-
-
335
6,141
2,420
154
%
164,104
3,010,072
2,568,165
17
%
Other
    revenue
3,964
72,709
71,055
2
%
-
-
-
-
-
-
-
-
3,964
72,709
71,055
2
%
Vehicle
    sales
-
-
-
-
13,676
250,845
67,310
273
%
-
-
-
-
13,676
250,845
67,310
273
%
Delivery
    service
-
-
-
-
-
-
-
-
9,456
173,441
39,621
338
%
9,456
173,441
39,621
338
%
Total
    revenue
167,733
3,076,640
2,636,800
17
%
13,676
250,845
67,310
273
%
9,791
179,582
42,041
327
%
191,200
3,507,067
2,746,151
28
%
Cost
    of Sales
(47,707
)
(875,068
)
(832,197
)
5
%
(12,359
)
(226,697
)
(59,213
)
283
%
(7,246
)
(132,907
)
(31,151
)
327
%
(67,312
)
(1,234,672
)
(922,561
)
34
%
Gross
    profit
120,026
2,201,572
1,804,603
22
%
1,317
24,148
8,097
198
%
2,545
46,675
10,890
329
%
123,888
2,272,395
1,823,590
25
%
Gross
    profit margin
72
%
68
%
10
%
12
%
26
%
26
%
65
%
66
%
Operating
    profit/(loss)
49,883
914,981
715,336
28
%
(2,061
)
(37,813
)
(13,302
)
184
%
259
4,747
(2,909
)
263
%
48,081
881,915
699,125
26
%
Operating
    profit/ (loss) margin
30
%
27
%
(15
)
%
(20
)
%
3
%
(7
)
%
25
%
25
%
Adjusted
    EBITDA (a non-IFRS measure)
(2)
79,390
1,456,217
1,227,798
19
%
(1,945
)
(35,680
)
(13,205
)
170
%
344
6,307
(2,808
)
325
%
77,789
1,426,844
1,211,785
18
%
Adjusted
    EBITDA margin (a non-IFRS measure)
(2)
47
%
47
%
(14
)
%
(20
)
%
4
%
(7
)
%
41
%
44
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
(2)
We define Adjusted EBITDA, a non-IFRS measure, as profit less finance
income plus finance costs, fair value changes to derivative assets, taxation, depreciation and amortization, plus once-off IPO costs in
2022 and 2021, plus a write-off of capitalized commission assets of ZAR 15.3 million through profit and loss in 2022. A reconciliation
from segment operating profit to segment adjusted EBITDA is presented below.
(3)
If
                                            excluding the ZAR 15.3 million relating to the write-off of capitalized commission assets
                                            in the fourth quarter of fiscal 2022, Cartrack's:
●
Operating
                                            expenses increased 20%
●
General
                                            and administration operating expenses increased 10% to ZAR 524.3 million, in line with management
                                            expectations
●
Operating
                                            profit increased 1% to ZAR 730.6 million
●
Operating
                                            profit margin is 28%
54
Reconciliation
of segment operating profit to segment adjusted EBITDA (a non-IFRS measure)
Year ended February 28, 2023
Cartrack
Carzuka
Karooooo
Logistics
Karooooo
Consolidated
(in R thousands)
Segment operating profit/(loss)
914,981
(37,813
)
4,747
881,915
Depreciation and amortization
541,236
2,133
1,560
544,929
Adjusted EBITDA (a non-IFRS measure)
1,456,217
(35,680
)
6,307
1,426,844
Year ended February 28, 2022
Cartrack
Carzuka
Karooooo
Logistics
Karooooo
Consolidated
(in R thousands)
Segment operating profit/(loss)
715,336
(13,302
)
(2,909
)
699,125
Depreciation and amortization
497,161
97
101
497,359
Capitalized commission assets written-off
15,301
-
-
15,301
Adjusted EBITDA (a non-IFRS measure)
1,227,798
(13,205
)
(2,808
)
1,211,785
Factors
Affecting Our Results of Operations
We
believe that our performance and future success depend on a number of factors that present significant opportunities for us but also
pose risks and challenges, including those discussed below and in the section of this annual report titled "Risk Factors."
Subscriber
Growth
We
derive substantially all of our revenue from the sale of subscriptions to our SaaS cloud. We are focused on growing our subscription
revenue by acquiring subscriptions from new customers and retaining and expanding subscriptions with existing customers, as we seek to
utilize innovative feature enhancements on our SaaS cloud and value-added services as part of our customer acquisition and retention
strategy.
We
measure our success by our net subscriber base growth. We calculate net subscriber growth as the difference between gross subscriber
additions and gross subscriber churn over a given period.
Customer
Growth and Customer Retention
We
rely on our proprietary internal systems and processes as well as our own sales teams to drive customer growth and minimize third-party
risks in acquiring customers. Customer growth is a key driver of subscriber growth (vehicles under subscription contracts).
We
offer our SaaS Cloud platform to a broad range of customers seeking a variety of mobility solutions. Neither our ability to acquire nor
retain customers is dependent on any specific industry, and we have not historically been materially exposed or vulnerable to cyclical
or niche business sectors. Moreover, as a result of this industry agnostic approach and our generally consistent average Revenue per
subscriber ("ARPU") in each region, our customer mix has not materially affected our results of operations. We do, however,
monitor our customer mix to ensure that our sales and marketing efforts continue to be effective and evaluate exposure to customer concentration
or other material risks in our subscriber base.
We
seek to capitalize on the growth opportunities in our other regional markets, with subscribers currently located in 25 countries worldwide.
In addition to driving subscription revenue growth, we believe that our presence across multiple geographic markets and our exposure
to multiple industry sectors can mitigate the risk of changing economic conditions.
Foreign
Currency Fluctuations
We
conduct business in multiple countries and currencies, and as a result, the Group is exposed to currency risk to the extent that sales,
purchases, and borrowings of the foreign operations are denominated in a currency other than the respective functional currencies of
Group companies (comprising the Company and its subsidiaries). The functional currencies of Group companies are primarily the ZAR, USD,
Euro (EUR), Mozambican metical (MZN), the Singapore dollar (SGD) and Polish zloty (PLN).
(Refer
to the Risk Factors note on foreign currencies on page 23 and Note 31.2 (c) on Currency Risk on page F-52)
55
Key
Business Metrics
We
review a number of operating and financial metrics, including the following key business metrics, to evaluate the performance of our
business, identify trends, formulate business plans, make strategic decisions and assess operational efficiencies. Our calculation of
the key business metrics and other measures discussed below may differ from other similarly titled metrics used by other companies, securities
analysts or investors.
Number
of Subscribers and Subscription Revenue
We
have demonstrated a history of growing our subscriber base through growth in customers as a result of our proprietary platform with next-generation
functionality and software features, sales-centric culture and competitive pricing. We believe that our ability to attract a range of
diversified new customers and grow our subscriber base is key to building a sustainable business model.
We define our number of subscribers at the end
of any particular period as the total number of connected vehicles and equipment using our platform at the end of such period. For the
years ended February 28, 2023, and February 28, 2022, Cartrack had 1,717,077 and 1,525,972 subscribers, respectively, which represents
net subscriber growth of 191,105 or a 13% increase from period to period as a result of gross subscriber additions of 449,291 and gross
subscriber churn of 258,186.
As of February 28, 2022, and February 28, 2021,
Karooooo had 1,525,972 and 1,306,000 subscribers, respectively, which represents net subscriber growth of 219,972 or a 17% increase from
period to period as a result of gross subscriber sales of 448,160 and gross subscriber churn of 228,188.
As of February 28
Y-o-Y %
2023
2022
2021
2023
2022
Subscribers (as of end of period)
1,717,077
1,525,972
1,306,000
13
%
17
%
The
number of subscribers on our platform directly drives our subscription revenue, which made up 86% of total group's revenue for
the fiscal year ended February 28, 2023.
Subscription revenue is a key metric we use to
evaluate our business, since Karooooo derives substantially all of its revenue from the sale of subscriptions to its next-generation SaaS
cloud platform.
For the years ended February 28, 2023, February
28, 2022 and February 28, 2021, Karooooo's subscription revenue was ZAR 3,010.1 million, ZAR 2,568.2 million and ZAR 2,209.0 million,
respectively, which represents a 17% and 16% increase respectively compared to the prior period, as a result of resilient subscriber growth.
Year ended February 28
Y-o-Y %
2023
2023
2022
2021
2023
2022
(U.S.$
thousands
(1)
)
(in R thousands)
Subscription Revenue
164,104
3,010,072
2,568,165
2,209,017
17
%
16
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
56
Annualized
Recurring Revenue ("SaaS ARR") (a non-IFRS measure)
We
use SaaS ARR, a non-IFRS measure, as a measure of our revenue trend and an indicator of our future revenue opportunity from existing
recurring customer contracts, assuming zero cancellations. We define SaaS ARR as the annual run rate subscription revenue of subscription
agreements from all customers at a point in time, calculated by taking the monthly subscription revenue for all customers during that
month and multiplying by 12. SaaS ARR is not adjusted for the impact of any known or projected future customer cancellations, service
upgrades or downgrades or price increases or decreases.
The
amount of actual revenue that we recognize over any 12-month period is likely to differ from SaaS ARR at the beginning of that period,
sometimes significantly. This may occur due to subsequent changes in our pricing, service cancellations, upgrades or downgrades and acquisitions
or divestitures.
Our
calculation of SaaS ARR may differ from similarly titled metrics presented by other companies. The following table shows our SaaS ARR
for each of the periods presented calculated using subscription revenue for the last month in each period:
As of February 28
Y-o-Y %
2023
2023
2022
2021
2023
2022
(U.S.$
thousands
(1)
)
(in R thousands)
SaaS Annualized Recurring Revenue
(a non-IFRS measure)
176,377
3,235,202
2,727,588
2,377,108
19
%
15
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
As at February 28, 2023 and February 28, 2022,
SaaS ARR was ZAR 3,235.2 million and ZAR 2,727.6 million, respectively, which represents a 19% increase from period to period, as a result
of strong subscriber growth and a 3% increase in ARPU due to adverse currency fluctuations. We believe that the SaaS ARR growth has been
trending well as we aim to continue to grow our subscriber base and ARR.
As
at February 28, 2022 and February 28, 2021, SaaS ARR was ZAR 2,727.6 million and ZAR 2,377.1 million, respectively, which represents
a 15% increase from period to period, as a result of strong subscriber growth offset by a 2% decrease in ARPU due to adverse currency
fluctuations.
Average
Revenue Per Subscriber ("ARPU")
ARPU
measures the monetization of Karooooo's platform and is an indicator of pricing efficiency, competitiveness and market positioning.
On an annual basis, ARPU is calculated as the average of the four quarterly ARPUs in that year. Cartrack's ARPU has been fairly
consistent since inception more than 15 years ago. Management believes that ARPU of approximately ZAR 150 provides attractive margins
and sustainable growth in most countries.
The
following table shows our historical ARPU for each of the periods presented:
As of February 28
Y-o-Y %
2023
2023
2022
2021
2023
2022
(U.S.$
(1)
)
(in R's)
Average Revenue Per Subscribers
(a non-IFRS measure)
8
155
151
154
3
%
(2
)%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
57
Adjusted
Earnings Before Interest Depreciation Taxation and Amortization ("Adjusted EBITDA") (a non-IFRS measure)
In
addition to our results determined in accordance with IFRS, we believe Adjusted EBITDA, a non-IFRS measure, is useful in evaluating our
operating performance.
We
use Adjusted EBITDA in our operational and financial decision-making and believe Adjusted EBITDA is useful to investors because similar
measures are frequently used by securities analysts, investors, ratings agencies and other interested parties to evaluate our competitors
and to measure profitability.
We define Adjusted EBITDA, a non-IFRS measure,
as profit less finance income plus finance costs, fair value changes to derivative assets, taxation, depreciation and amortization, plus
once-off IPO costs in 2022 and 2021, plus a write-off of capitalized commission assets of ZAR 15.3 million through profit and loss in
2022.
However,
non-IFRS financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should
not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. Investors are encouraged
to review the related IFRS financial measure and the reconciliation of Adjusted EBITDA to profit, its most directly comparable IFRS financial
measure, and not to rely on any single financial measure to evaluate our business.
Year ended February 28
Y-o-Y %
2023
2023
2022
2021
2023
2022
(U.S.$
thousands
(1)
)
(in R thousands)
Profit for the year
33,191
608,806
476,607
497,420
28
%
(4
)%
Less: Finance income
(1,268
)
(23,255
)
(6,083
)
(4,358
)
282
%
40
%
Add: Finance costs
550
10,095
12,331
9,302
(18
)%
33
%
Add: Fair value changes to derivate assets
53
971
506
-
92
%
100
%
Add: Taxation
15,554
285,298
205,476
198,628
39
%
3
%
Add: Depreciation of property, plant and equipment and amortization of intangible assets
29,709
544,929
497,359
398,792
10
%
25
%
Add: IPO costs
-
-
10,288
25,570
(100
)%
(60
)%
Add: Capitalized commission assets written-off
(2)
-
-
15,301
-
(100
)%
100
%
Adjusted EBITDA (a non-IFRS measure)
77,789
1,426,844
1,211,785
1,125,354
18
%
8
%
Profit Margin
17
%
17
%
17
%
22
%
Adjusted EBITDA Margin (a non-IFRS measure)
41
%
41
%
44
%
49
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
(2)
During
the financial year ended February 28, 2022, the Group uncovered collusion between a few insurance brokers and certain staff members.
This resulted in a write-off of capitalized commission assets, of ZAR 15.3 million through profit or loss. The write-off was recognized
in general and administration operating expenses for the year ended February 28, 2022. The error was corrected prospectively as the impact
to prior periods is not material.
For the years ended February 28, 2023 and February
28, 2022, Adjusted EBITDA was ZAR 1,426.8 million and ZAR 1,211.8 million, respectively, which represents an 18% increase period over
period, primarily due to consistent profitability as a result of robust subscriber and subscription revenue growth offset by investment
for growth. This result includes Carzuka's losses of ZAR 43.8 million (FY 2022: ZAR 12.4 million loss) incurred in the period. Karooooo
is investing for the future in building Carzuka and Karooooo Logistics for scale, supported by the group's strong cash flow generative
business model and the ability to leverage the untapped network effects of the Cartrack platform. The business models of Karooooo Logistics
and Carzuka have delivered promising early results supporting scalability and good growth potential in the future.
For the years ended February 28, 2022 and February
28, 2021, Adjusted EBITDA was ZAR 1,211.8 million and ZAR 1,125.4 million, respectively, which represents an 8% increase period over period,
primarily due to consistent profitability as a result of robust subscriber and subscription revenue growth offset by investment for growth.
This result includes Carzuka's and Karooooo Logistics's losses incurred in the period (2021: Nil).
58
Free
Cash Flow and Free Cash Flow Margin (a non-IFRS measure)
In
addition to our results determined in accordance with IFRS, we believe free cash flow and free cash flow margin, which are non-IFRS measures,
are useful in evaluating our operating performance. Free cash flow is a non-IFRS financial measure that we calculate as net cash generated
from operating activities less purchases of property, plant and equipment. Free cash flow margin is calculated as free cash flow divided
by revenue.
We believe that free cash flow and free cash flow
margin are useful indicators of liquidity and the ability of the group to turn revenues into free cash flow, respectively, that provide
information to management and investors about the amount of cash generated from our operations that, after the investments in property
and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in our business, and strengthening
our financial position.
However,
non-IFRS financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should
not be considered in isolation or as a substitute for financial information presented in accordance with IFRS. In particular, free cash
flow does not reflect any restrictions on the transfer of cash and cash equivalents within the group or any requirement to repay the
group's borrowings and does not take into account cash flows that are available from disposals or the issue of shares.
Management therefore takes such factors into account,
in addition to free cash flow when determining the resources available for acquisitions and for distribution to shareholders. Investors
are encouraged to review the related IFRS financial measure and the reconciliation of this non-IFRS financial measure to its most directly
comparable IFRS financial measure, and not to rely on any single financial measure to evaluate our business.
Year ended February 28
Y-o-Y %
2023
2023
2022
2021
2023
2022
(U.S.$
thousands
(1)
)
(in R thousands)
Net cash generated from operating activities
61,424
1,126,663
931,706
937,851
21
%
(1
)%
Less: purchase of property, plant and equipment
(31,602
)
(579,656
)
(552,634
)
(478,036
)
5
%
16
%
Free cash flow (a non-IFRS measure)
29,822
547,007
379,072
459,815
44
%
(18
)%
Net cash generated from operating activities as a percentage of revenue
32
%
32
%
34
%
41
%
Less: purchase of property, plant and equipment as a percentage of revenue
(17
)%
(17
)%
(20
)%
(21
)%
Free cash flow margin (a non-IFRS measure)
16
%
16
%
14
%
20
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
We
calculate free cash flow as net cash generated from operating activities less purchases of property, plant and equipment. Free cash flow
margin is calculated as free cash flow divided by revenue.
For
the years ended February 28, 2023 and February 28, 2022, free cash flow was ZAR 547.0 million and ZAR 379.1 million, respectively, which
represents a 44% increase period over period and an increase in net cash generated from operating activities at ZAR 1,126.7 million (2022:
ZAR 931.7 million) This result was achieved notwithstanding the group's strategic investment in expansion, brand building and customer
acquisition for long-term, sustainable growth.
59
For
the years ended February 28, 2022 and February 28, 2021, free cash flow was ZAR 379.1 million and ZAR 459.8 million, respectively, which
represents a 18% decrease period over period primarily due to a 1% decrease in net cash generated from operating activities at ZAR 931.7
million (2021: ZAR 937.9 million) given Karooooo's continued and strategic investment into customer acquisition and long-term growth
and strategic decisions to increase its investment into property, plant and equipment and infrastructure (predominantly
being telematics devices and components) with ZAR 552.6 million invested during 2022, 16% more than the ZAR 478.0 million invested in
2021.
Free cash flow margin was 16% and 14%, respectively,
for the years ended February 28, 2023 and February 28, 2022 and was 14% and 20%, respectively, for the years ended February 28, 2022 and
February 28, 2021.
Components
of Our Results of Operations
Revenue
Our
revenue is substantially derived from the provision of mobility data analytics solutions on a subscription-based model typically under
monthly SaaS subscription contracts. Our revenue is driven primarily by the number of assets under subscription to our SaaS platform
and the price per asset under subscription contracts. Hardware sales, including sales to our licensees, installation revenue and royalties
we receive from our licensees make up a minimal component of total revenue. Our initial per subscriber (or vehicle) contract terms are
generally 36 months with automatic monthly renewals thereafter and may not be cancelled without penalty prior to the completion of the
initial term. The average duration of our subscription contracts is 60 months. In some instances, we charge our customers for a ratable
portion of the contract on a periodic basis, generally in advance on a monthly basis and in certain regions we apply annual escalations
to the contract pricing. However, our customers may prepay all or part of their contractual obligations for the full initial contract
term.
Cost
of Sales
Cost
of sales consists primarily of costs related to the depreciation and amortization of capitalized subscriber acquisition costs, which
includes the telematics device, the cost of the installation and direct commissions paid to our sales staff. Other components of cost
of sales include non-capitalized automotive technician costs, machine to machine ("M2M") network communications costs and
the costs of delivering safety and asset recovery services to our customers, including such costs incurred by our licensees. We capitalize
the cost of installed telematics devices and direct sales commissions and depreciate these costs over the expected useful life of the
subscriber, which is currently 60 months. We pay commissions to our sales staff only once a telematics device is installed and activated.
If a customer subscription agreement is cancelled prior to the end of the expected useful life of the subscriber, the depreciation period
is accelerated resulting in the carrying capitalized value being expensed in the then-current period. If an installed telematics device
requires replacement for defect, the cost is taken as an expense in the replacement period. Less significant cost of sales items include
expenditures incurred in connection with our asset recovery warranty program, (which is determined based on historical loss data observed
over a period of at least the past five years) and mapping costs. Our cost of sales is generally driven by the number of assets under
subscription and solutions provided. We expect the cost of sales in absolute terms to increase with subscriber growth. Cost of sales
also includes the cost of vehicles bought for and sold via the Carzuka platform.
Other
Income
Other
income substantially consists of the profit on sales of fixed assets and other less significant items.
Operating
Expenses
Other
operating expenses consist of sales and marketing, research and development, general and administration and expected credit losses on
financial assets.
60
Sales
and Marketing
Sales
and marketing expenses consist primarily of wages and benefits for sales and marketing personnel, and other marketing, advertising and
promotional costs. Marketing and advertising costs consist primarily of pay-per-click advertising with search engines, social media advertising
and other online and traditional advertising media, as well as the costs to create and produce these advertisements. Marketing and advertising
costs are expensed as incurred.
We
expect sales and marketing expenses to increase in absolute terms and to continue to be one of the largest components of operating expenses.
Moreover, although sales and marketing expenses may fluctuate as a percentage of subscription revenue from period to period, our long-term
target is for sales and marketing expenses to increase as a percentage of our subscription revenue.
General
and Administration
General
and administration expenses consist primarily of wages and benefits for administrative services, human resources, internal information
technology support, executive, legal, finance and accounting personnel; professional fees; expenses for business application software
licenses; non-income related taxes; other corporate expenses, such as insurance; and general office related expenses, such as rent and
utilities.
In
addition to the above, general and administration expenses consist of depreciation relating to other property, plant and equipment, excluding
those related to subscriber acquisition costs, which are included in cost of sales, and the amortization of intangible assets relating
to purchased computer software infrastructure.
We
expect that administration and other expenses will increase as we continue to add personnel in connection with the anticipated growth
of our business. In addition, we anticipate that we will also incur additional personnel expenses, professional service fees, including
auditing and legal fees, and insurance costs related to operating as a public company in the United States of America. However, notwithstanding
these additional expenses, our long-term target is to reduce general and administration expenses as a percentage of subscription revenue.
Research
and Development
Research
and development expenses consist of wages and benefits for hardware engineers, product management and software development personnel,
technology experimental costs and the amortization of intangible assets relating to capitalized development costs. We have focused our
research and development efforts on improving ease of use, functionality and technological scalability of our SaaS platform as well as
on expanding and developing new offerings. The majority of our research and development employees are located in Singapore, South Africa
and Portugal. Research and development costs that qualify for capitalization, such as costs related to new generation smart devices and
our SaaS platform, are capitalized and amortized over 3 years.
We
believe that continued investment in our technology is important for our future growth, and as a result, we expect research and development
expenses to increase in absolute dollars, although they may fluctuate as a percentage of subscription revenue from period to period.
Expected
Credit Losses on Financial Assets
Expected
credit losses on financial assets consist of bad debts expensed, the movement on the expected credit loss provision and any bad debts
recovered.
IPO
costs
Costs
relating directly to the IPO.
Finance
Income
Finance
income consists of interest earned on positive bank balances.
61
Finance
Costs
Finance
costs consist of interest paid on bank overdraft facilities, interest bearing loans, lease obligations and interest charges on outstanding
taxes.
Taxation
Taxation
consists primarily of current and deferred income tax and a minimal component of withholding tax.
Non-Controlling
Interest
The
non-controlling interest principally relates to a portion of Karooooo's subsidiaries not owned by the parent, Karooooo. Subsequent
to the acquisition of the remaining 31.9% stake in Cartrack Holdings Proprietary Limited on April 21, 2021, there is no material non-controlling
interest as at February 28, 2023 and February 28, 2022.
Results
of Operations
The
following table sets forth our results of operations for the periods presented.
Year ended February 28
Y-o-Y %
2023
2023
2022
2021
(3)
2023
2022
Consolidated Statement of Profit and Loss
(U.S.$
thousands
(1)
)
(in R thousands)
Revenue
191,199
3,507,067
2,746,151
2,290,543
28
%
20
%
Cost of sales
(67,312
)
(1,234,672
)
(922,561
)
(670,523
)
34
%
38
%
Gross profit
123,887
2,272,395
1,823,590
1,620,020
25
%
13
%
Other income
536
9,828
1,841
2,166
434
%
(15
)%
Operating expenses
(76,343
)
(1,400,308
)
(1,126,306
)
(895,624
)
24
%
26
%
Sales and marketing
(2)
(23,505
)
(431,140
)
(333,259
)
(238,110
)
29
%
40
%
General and administration
(38,414
)
(704,603
)
(555,327
)
(476,534
)
27
%
17
%
Research and development
(9,651
)
(177,024
)
(149,238
)
(100,138
)
19
%
49
%
Expected credit losses on financial assets
(4,773
)
(87,541
)
(88,482
)
(80,842
)
(1
)%
9
%
Operating profit
48,080
881,915
699,125
726,562
26
%
(4
)%
Initial public offering costs ("IPO")
-
-
(10,288
)
(25,570
)
(100
)%
(60
)%
Finance income
1,268
23,255
6,083
4,358
282
%
40
%
Finance costs
(550
)
(10,095
)
(12,331
)
(9,302
)
(18
)%
33
%
Fair value changes to derivative assets
(53
)
(971
)
(506
)
-
92
%
100
%
Profit before taxation
48,745
894,104
682,083
696,048
31
%
(2
)%
Taxation
(15,554
)
(285,298
)
(205,476
)
(198,628
)
39
%
3
%
Profit for the year
33,191
608,806
476,607
497,420
28
%
(4
)%
Profit attributable to:
Owners of the parent
32,556
597,153
449,953
318,183
33
%
41
%
Non-controlling interest
635
11,653
26,654
179,237
(56
)%
(85
)%
33,191
608,806
476,607
497,420
28
%
(4
)%
Earnings per share
Basic and diluted earnings per share (US$'s & R's)
1.05
19.29
15.24
15.65
27
%
(3
)%
Adjusted earnings per share (a non-IFRS measure)
(2)
Adjusted basic and diluted earnings per share
(a non-IFRS measure)
(US$'s & R's)
1.05
19.29
16.10
16.91
20
%
(5
)%
62
Year ended February 28
2023
2023
2022
2021
(3)
(U.S.$
thousands
(1)
)
(in R thousands)
Reconciliation of basic and diluted earnings and adjusted earnings per share (a non-IFRS measure)
Reconciliation between basic earnings and adjusted earnings (a non-IFRS measure)
Profit attributable to ordinary shareholders
32,556
597,153
449,953
318,183
Adjust for:
IPO costs
-
-
10,288
25,570
Capitalized commission assets written-off
-
-
15,301
-
Adjusted profit attributable to ordinary shareholders (a non-IFRS measure)
32,556
597,153
475,542
343,753
Weighted average number of ordinary shares in issue at
    period end (000's) on which the per share figures have been calculated
30,951
30,951
29,528
20,333
Basic and diluted earnings per share
1.05
19.29
15.24
15.65
Adjusted basic and diluted earnings per share (a non-IFRS measure)
1.05
19.29
16.10
16.91
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
(2)
Adjusted
earnings per share, a non-IFRS measure, is defined as earnings per share in accordance with IFRS excluding the impact of non-recurring
expenses relating to the IPO and a write-off of capitalized commission assets. For the year ended February 28, 2022, IPO costs of ZAR
10.3 million were expensed (2021: ZAR 25.6 million) and ZAR 15.3 million (2021: Nil) of capitalized commission assets were written off
through profit and loss in 2022. A reconciliation from earnings per share to Adjusted earnings per share, a non-IFRS measure, is presented.
(3)
We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled "Item 5. Operating and Financial Review and Prospects."
Comparison
of Results for the Year Ended February 28, 2023 and February 28, 2022
Revenue
Cartrack's subscription revenue
increased by ZAR 441.9 million, or 17%, to ZAR 3,010.1 million for the year ended February 28, 2023 from ZAR 2,568.2 million for the
year ended February 28, 2022.
Net subscriber growth was impacted by challenging
trading conditions in South Africa as consumers exercised increased caution amidst looming inflationary pressure causing the growth to
slow down by 13% from 219,972 for the year ended February 28, 2022 to 191,105 for the year ended February 28, 2023.
Carzuka generated ZAR 250.8 million (2022: ZAR
67.3 million). This growth is welcome justification of our belief in the sustainability of its agile, data-enhanced and highly scalable
business model. It is also a testament to Karooooo's customer-centric innovation in solving unique mobility needs.
Karooooo Logistics delivered significant revenue
growth to ZAR 179.6 million (2022: ZAR 42.0 million), up 327%. Karooooo Logistics focuses on delivery-as-a-service ("Daas")
through selected third-party sourced drivers and logistics companies, and charges per delivery. The business model has been highly scalable
and is delivering solid growth.
Cost
of Sales
Karooooo's cost of sales increased ZAR 312.1
million, or 34%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was primarily due to Cartrack's
cost of sales increasing by ZAR 42.9 million, or 5%. Increased cost of sales of ZAR 269.2 million relating to Carzuka and Karooooo Logistics
for the year ended February 28, 2023 compared to ZAR 90.4 million for the year ended February 28, 2022. is in line with the increase in
revenue.
63
Other
Income
Other income increased ZAR 8.0 million, or 434%,
for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was due to a higher gain on disposal of property,
plant and equipment and an increase in sundry income in the current year.
Operating
Expenses
Operating expenses increased ZAR 274.0 million,
or 24%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, impacted by Karooooo Logistics and Carzuka
operating expenses of ZAR 42.2 million and ZAR 62.0 million respectively incurred in the year ended February 28, 2023, compared to ZAR
13.8 million and ZAR 21.4 million respectively in the year ended February 28, 2022. Cartrack's operating expenses increased ZAR
205.1 million, or 19%, for the year ended February 28, 2023 compared to the year ended February 28, 2022 were predominantly contributed
by ZAR 12.4 million in foreign exchange losses as a result of volatile exchange rates and an increase of ZAR 89.5 million in salary expenses,
given Cartrack's continued preparation for future growth.
Operating
expenses for the year ended February 28, 2022 were negatively impacted during the fourth quarter when Cartrack management uncovered collusion
between a few insurance brokers and certain staff members. This resulted in a write-off of capitalized commission assets of ZAR 15.3
million through profit and loss in 2022. The write-off was recognized in general and administration operating expenses in the fourth
quarter of the year ended February 28, 2022. The error was corrected prospectively as the impact to prior periods is not material. Internal
mitigation procedures have been implemented, criminal charges against parties involved have been laid with the South African Police Service
(SAPS) and relevant staff members have been dismissed.
The
increase in operating expenses is set forth in more detail below:
Sales
and Marketing
Year ended February 28
2023
2023
2022
Y-o-Y %
(U.S.$
thousands
(1)
)
(in R thousands)
Sales and marketing
(23,505
)
(431,140
)
(333,259
)
29
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
Karooooo's sales and marketing operating
expenses increased by ZAR 97.9 million or 29% for the year ended February 28, 2023 compared to the year ended February 28, 2022, impacted
by Karooooo Logistics and Carzuka, sales and marketing operating expenses of ZAR 0.7 million and ZAR 35.0 million, respectively, incurred
in the year ended February 28, 2023, compared to ZAR 0.4 million and ZAR 11.1 million, respectively, in the year ended February 28, 2022.
Cartrack's sales and marketing operating
expenses increased ZAR 73.8 million, or 23%, for the year ended February 28, 2023 compared to the year ended February 28, 2022 with a
significant recruitment drive focused mainly on sales and customer experience.
Sales and marketing basic salaries are a major
component of the cost of acquiring new customers and are not expensed over the expected life span of a customer, but rather when incurred.
This component increased ZAR 36.9 million, or 17%, for the year ended February 28, 2023.
Investment in sales and marketing expenditure
which will generally take approximately 6 months to translate into customer acquisition. We believe that the continued and strategic investment
in enhancing our vertically integrated sales and marketing capabilities to leverage our go-to-market strategy drives customer acquisition
and places us well for long term growth and margin expansion.
64
General and Administration
Year ended February 28
2023
2023
2022
Y-o-Y %
(U.S.$
thousands
(1)
)
(in R thousands)
General and administration
(2)
(38,414
)
(704,603
)
(555,327
)
27
%
(1)
For
                                            convenience purposes only, amounts in South African rand as at February 28, 2023 have been
                                            translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange
                                            rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of
                                            the Board of Governors of the Federal Reserve System. These translations should not be considered
                                            representations that any such amounts have been, could have been or could be converted at
                                            that or any other exchange rate. See "Exchange Rates" for further information
                                            about recent fluctuations in exchange rates.
(2)
Excluding
                                            the impact of the write-off of capitalized commission assets of ZAR 15.3 million incurred
                                            in the fourth quarter of the year ended February 28, 2022, Karooooo's general and administration
                                            operating expenses as a percentage of subscription is 21%.
Karooooo's general and administration operating
expenses increased by 27% to ZAR 704.6 million for the year ended February 28, 2023 from ZAR 555.3 million for the year ended February
28, 2022. The increase of ZAR 149.3 million includes Karooooo Logistics' and Carzuka's general and administration operating
expenses of ZAR 35.8 million and ZAR 22.5 million, respectively, incurred in the year ended February 28, 2023, compared to ZAR 10.4 million
and ZAR 5.3 million, respectively, incurred in the year ended February 28, 2022.
Research and Development
Year ended February 28
2023
2023
2022
Y-o-Y %
(U.S.$
thousands
(1)
)
(in R thousands)
Research and Development
(9,651
)
(177,024
)
(149,238
)
19
%
(1)
For
convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated to U.S. dollars using an exchange
rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release
of the Board of Governors of the Federal Reserve System. These translations should not be considered representations that any such amounts
have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates" for further information
about recent fluctuations in exchange rates.
Karooooo's research and development operating
expenses increased by ZAR 27.8 million or 19% for the year ended February 28, 2023 compared to the year ended February 28, 2022 primarily
due to an increase in Cartrack's research and development operating expenses by ZAR 25.7 million, or 18%, for the year ended February
28, 2023 compared to the year ended February 28, 2022 as the group continued its investment for improvement, enrichment and expansion
of its connected cloud during the year ended February 28, 2023. Carzuka and Karooooo Logistics's research and development operating
expenses were ZAR 4.3 million and ZAR 5.7 million, respectively, incurred in the year ended February 28, 2023, compared to USD 4.9 million
and ZAR 3.0 million, respectively, incurred in the year ended February 28, 2022.
Expected
Credit Losses on Financial Assets
Expected
credit losses on financial assets decreased ZAR 0.9 million, or 1%, for the year ended February 28, 2023 compared to the year ended February
28, 2022. The method in providing for expected credit losses is consistent with prior years.
65
Finance
Income
Finance
income increased ZAR 17.2 million, or 282%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was
primarily due to an increase in interest earned on positive bank balances during the course of the year.
Finance
Costs
Finance
costs decreased ZAR 2.2 million, or 18%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. This was
primarily due to marginally lower loan balances.
Taxation
Our
total effective tax rate for the year ended February 28, 2023 was 31.9%, which increased from 30.1% for the year ended February 28, 2022.
This was primarily due to more taxes incurred in the year ended February 28, 2023, partly attributable to some operating entities becoming
profitable and as a result, taxable during the year.
There
is no dividends tax in Singapore.
See
Note 24 to the accompanying consolidated financial statements included elsewhere in this annual report for a detailed reconciliation
of the tax expense.
Non-Controlling
Interest
Profit attributable to non-controlling interest,
relates to a portion of Karooooo's subsidiaries not owned by the parent and decreased by ZAR 15.0 million, or 56%, for the year
ended February 28, 2023 compared to the year ended February 28, 2022.
Segment
Information
Operating
segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM").
The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the
Group Chief Executive Officer ("CEO"), who makes strategic decisions.
Prior to the financial year ended February 28,
2022, the group was organized into geographical business units and had four reportable segments by geography. There was only one reportable
business segment, the Cartrack business segment. However, with the new business setup and new business acquired in the financial year
ended February 28, 2022, for management purposes, the group organized its business units based on its products and services into the following
reportable segments:
●
Cartrack
                                            is a provider of an on-the-ground operational Internet of Things ("IoT") Software-as-a-service
                                            ("SaaS") cloud that maximizes the value of transportation, operations and workflow
                                            data by providing insightful real-time data analytics to connected vehicles and equipment.
●
Carzuka
                                            is a physical and e-commerce vehicle buying and selling marketplace which allows customers
                                            to source, buy and sell vehicles efficiently and cost effectively.
●
Karooooo
                                            Logistics provides a software application enabling the management of last mile delivery and
                                            general operational logistics. This technology addresses the challenges of on-the-ground
                                            distribution for large enterprises requiring systems integrations, payment gateways, third-party
                                            long-haul services and crowd-sourced drivers in order to scale and meet their operational
                                            needs.
The
CODM monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and
performance assessment. Segment performance is evaluated based on subscription revenue, total revenue and operating profit or loss.
The
segment information was provided to the CEO. See Note 4 to the accompanying consolidated financial statements included elsewhere
in this annual report for Segment related information.
66
The
following table sets forth the geographical region by subscriber numbers, subscription revenue and total revenue for the Cartrack business
unit at the end of the periods presented.
Cartrack
Year ended February 28
Subscriber
Subscription Revenue
Total Revenue
2023
2022
Y-o-Y %
2023
2023
2022
Y-o-Y %
2023
2023
2022
Y-o-Y %
(in Units)
(U.S.$
thousands
(1)
)
(in R thousands)
(U.S.$
thousands
(1)
)
(in R thousands)
South Africa
1,314,902
1,185,528
11
%
123,029
2,256,649
1,965,631
15
%
125,391
2,299,983
2,013,802
14
%
Africa-Other
73,150
67,965
8
%
6,414
117,645
89,052
32
%
7,146
131,068
101,019
30
%
Europe
143,878
127,336
13
%
13,694
251,190
223,846
12
%
14,015
257,078
229,671
12
%
Asia-Pacific, Middle East & USA
185,147
145,143
28
%
20,632
378,447
287,216
32
%
21,181
388,511
292,308
33
%
Total
1,717,077
1,525,972
13
%
163,769
3,003,931
2,565,745
17
%
167,733
3,076,640
2,636,800
17
%
(1)
For
                                            convenience purposes only, amounts in South African rand as at February 28, 2023 have been
                                            translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange
                                            rate for U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of
                                            the Board of Governors of the Federal Reserve System. These translations should not be considered
                                            representations that any such amounts have been, could have been or could be converted at
                                            that or any other exchange rate. See "Exchange Rates" for further information
                                            about recent fluctuations in exchange rates.
South
Africa
Karooooo
was able to leverage its strong market position and well-established national distribution network to deliver strong subscriber
growth in the year, contributing to Karooooo's robust financial performance. Revenue for South Africa increased ZAR 286.2
million, or 14%, for the year ended February 28, 2023 driven by a 15% increase in subscription revenue of ZAR 291.0 million as a
result of net subscriber growth of 129,374 subscribers.
Africa-Other
This
region remains a positive cash generator and is strategic to Karooooo's South Africa operations. The number of subscribers
increased 8% to 73,150 for the year ended February 28, 2023 (2022: 67,965). This translates to growth in subscription revenue by ZAR
28.6 million or 32%. This year, we were able to recoup income from customers impacted by COVID-19 that were not billed for an extended
period, which bolstered the revenue. Significant operational reorganization, which we began in the fourth quarter of the year ended February
28, 2022, gained traction during the year. This yielded encouraging customer additions.
67
Europe
Revenue for Europe increased ZAR 27.4 million,
or 12%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, primarily driven by subscriber growth of 13%
to 143,878 subscribers across the region at February 28, 2023.
Asia-Pacific, Middle East and USA
Revenue for Asia-Pacific, Middle East and USA
increased ZAR 96.2 million, or 33%, for the year ended February 28, 2023 compared to the year ended February 28, 2022. Subscription revenue
growth was driven by the number of subscribers in this region increasing 28% to 185,147 commercial subscribers at February 28, 2023 (2022:145,143).
Considering that Southeast Asia economies only began to open up toward the end of the first quarter of the fiscal year, we are pleased
with the traction gained in this region. As the second largest contributor to the group, we view Southeast Asia as the group's most
compelling regional growth opportunity in the medium to long term.
Our investment in the United States is strategic
in nature, as it continues to yield key insights that have positively contributed to the group.
We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled "Item 5. Operating and Financial Review and Prospects."
Recent Accounting Pronouncements
A discussion of new accounting guidance that we
have recently adopted, as well as accounting guidance that has been recently issued but not yet adopted by us, is included below and in
Note 3 — New standards and interpretations of our consolidated financial statements included elsewhere in this annual report.
68
The new and amended standards and interpretations
that are issued, but not yet effective, up to the date of issuance of the Group's financial statements which could be relevant to
the Group are disclosed below. The Group intends to adopt these new and amended standards and interpretations, when they become effective.
At the date of authorization of the financial statements, the Group continues to assess and evaluate the impact to its financials on the
initial adoption of these new accounting standards and interpretations and its related applicable period.
Details of amendment
Annual periods
beginning on/after
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts
January 1, 2023
Amendments to IAS 8: Definition of Accounting Estimates
January 1, 2023
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
January 1, 2023
Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17)
January 1, 2023
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
January 1, 2024
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
January 1, 2024
Amendments to IFRS 1: Non-current Liabilities with Covenants
January 1, 2024
Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
To be determined
Emerging Growth Company
As a company with less than US$1.07 billion in
revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the JOBS Act. An emerging growth
company may take advantage of specified reduced reporting and other burdens that are otherwise applicable generally to public companies.
These provisions include an exemption from the auditor attestation requirement in the assessment of our internal control over financial
reporting pursuant to the Sarbanes-Oxley Act.
We may take advantage of these provisions
for up to five years from our IPO or such earlier time that we are no longer an emerging growth company. We would cease to be an
emerging growth company upon (A) the last day of the fiscal year in which we had more than US$1.07 billion in annual revenue, (B)
the date on which we are deemed to be a "large accelerated filer" under the rules of the SEC, which means the market
value of our ordinary shares held by non-affiliates exceeds US$700.0 million as of the prior June 30
th
, or (C) the date
on which we have issued more than US$1.0 billion of non-convertible debt over a three-year period. We may choose to take advantage
of some but not all of these reduced burdens. To the extent that we take advantage of these reduced reporting burdens, the
information that we provide shareholders may be different than you might obtain from other public companies in which you hold equity
interests.
B.
LIQUIDITY AND CAPITAL RESOURCES
Our principal sources of liquidity are our cash
generated from operations, cash and cash equivalents on hand and borrowings available under our revolving credit facility. Cash and cash
equivalents consist primarily of cash on deposit with banks. Cash and cash equivalents totaled ZAR 965.8 million as of February 28, 2023.
69
We believe that our cash generated from operations,
cash and cash equivalents on hand and availability under our revolving credit facility will be sufficient to fund our working capital
and capital expenditure requirements for at least the next twelve months. In addition, we may choose to raise additional funds at any
time through equity or debt financing arrangements, if required for additional working capital, capital expenditures or other strategic
investments. Our belief concerning liquidity is based on currently available information. To the extent this information proves to be
inaccurate, or if circumstances change, future availability of credit or other sources of financing may be reduced, and our liquidity
could be adversely affected. Our future capital requirements and the adequacy of available funds will depend on many factors, including
those described in the section of this annual report titled "Risk Factors." Depending on the severity and direct impact of
these factors on us, we may be unable to secure additional financing to meet our operating requirements on terms favorable to us, or at
all.
Year ended February 28
Y-o-Y %
2023
2023
2022
2021
(3)
2023
2022
(U.S.$
thousands
(1)
)
(in R thousands)
Net cash generated from operating activities
61,424
1,126,663
931,706
937,851
21
%
(1
)%
Net cash utilized by investing activities
(33,922
)
(622,210
)
(658,217
)
(517,691
)
(2)
(5
)%
27
%
Net cash (utilized by) / generated from financing activities
(22,899
)
(420,026
)
334,972
(486,012
)
(225
)%
169
%
(1)
For convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated
to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations
that any such amounts have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates"
for further information about recent fluctuations in exchange rates.
(2)
Net cash utilized from investing for the year ended February 28, 2021
includes the reclassification of ZAR 220.9 million in inventory movement to the purchase of property, plant and equipment.
(3)
We have elected to omit discussion of the earliest
of the three years covered by our consolidated financial statements presented in this Annual Report because that disclosure for the fiscal
year ended February 28, 2021 was included in our Annual Report on Form 20-F (File No. 001-40300), filed with the SEC on June 9, 2022,
under the section titled "Item 5. Operating and Financial Review and Prospects."
Operating Activities
Strong net cash generated from operating activities
is an important factor in supporting our robust business model, and is an indication of our ability to provide the capital necessary to
invest in subscriber growth and territorial expansion.
Net cash generated from operating activities increased
ZAR 195.0 million, or 21%, for the year ended February 28, 2023 compared to the year ended February 28, 2022, primarily due to an increase
in cash generated from operations before working capital changes of ZAR 219.5 million and a net increase in working capital of ZAR 8.4
million due to an increase in trade receivables, increase in inventories, and a decrease in deferred revenue. The increase in cash inflows
associated with the increase in net finance income received amounted to ZAR 21.1 million and an increase in taxation paid of ZAR 54.1
million.
70
Investing Activities
Net cash utilized by investing activities decreased
ZAR 36.0 million, or 5%, for the year ended February 28, 2023 compared to the prior period, primarily due to the acquisition of subsidiaries
in 2022 and offset by 5% increase, of ZAR 27.0 million, in the investment in property, plant and equipment compared to the prior period.
Financing Activities
Net cash generated from financing activities decreased
ZAR 755.0 million for the year ended February 28, 2023 compared to the prior period as a dividend of ZAR 331.3 million was paid in the
year ended February 28, 2023. Net cash generated from financing activities was also impacted by an increase in cash outflow of ZAR 9.4
million for the year ended February 28, 2023 relating to lease liabilities repayment.
Other Financial Assets
As at February 28, 2023, the group recognized
a derivative – call option of ZAR 0.4 million (FY2022: ZAR 1.4 million) and nil (FY2022: ZAR 15.3 million) for a derivative –
put option relating to its acquisition of Karooooo Logistics. The call option is an agreement with the non-controlling shareholders of
Karooooo Logistics to acquire an additional 13% interest, is exercisable from September 1, 2024 and expires on February 29, 2028.
The put option is an agreement entered into with
the ultimate controlling shareholders to grant the group the right to sell its interest in Karooooo Logistics. The put option expired
on August 31, 2022.
(Refer to Note 14 to the Consolidated Annual Financial
Statements, "Other financial asset" on Page F-37 and Note 28 on "Acquisition of subsidiary" on Page F-46)
On December 29, 2020, prior to Karooooo's corporate action during
the year ended February 28, 2022, the group received US$58.5 million (ZAR 882.4 million) from a related party (Orient Victoria Pte Ltd)
for the sole purpose of facilitating the guarantee required for Karooooo to implement the corporate action in connection with its IPO
in the United States. This amount has been classified as other financial assets and is excluded from cash and cash equivalents in the
statement of cash flows. (Refer to Note 14 to the Consolidated Annual Financial Statements, "Other financial assets" on Page
F-37). This loan and all interest due had been repaid in full, terminating this related party transaction.
Term Loan Facility
The Term Loan Facility with Rand Merchant Bank was terminated and all
outstanding borrowings were repaid in full in February 2021.
Euro Denominated Loan
Our wholly owned subsidiary, Cartrack Portugal,
S.A., has a €1.5 million loan from Caixa Geral de Depositos S.A. pursuant to the loan agreement dated December 14, 2018 by and between
Cartrack Portugal S.A. and Caixa Geral de Depositos S.A. The loan bears interest at a rate of 3.00% plus 12-month Euribor and payment
on the loan is due in equal monthly installments over a five-year period. As of February 28, 2023, ZAR 5.7 million remained outstanding
under the loan.
71
Revolving Credit Facility
General
In February 2021, Cartrack Proprietary Limited
entered into a revolving credit facility agreement (the "Revolving Credit Facility") with The Standard Bank of South Africa
Limited ("Standard Bank"). The Revolving Credit Facility consists of a ZAR 925.0 million revolving credit funding facility,
which includes an uncommitted term facility of ZAR 850.0 million and a committed term facility of ZAR 75.0 million. Each facility matures
in a period of three years from the utilization date. At February 28, 2023, nil (2022: ZAR 20.0 million) was utilized.
Interest Rate
Both facilities bear interest at the Johannesburg
Interbank Average Rate plus 2.05%, provided that with respect to the uncommitted term facility, such rate is subject to variation as determined
by Standard Bank in its sole discretion dependent on prevailing market conditions at the time of utilization, as notified by the Standard
Bank to the Cartrack Proprietary Limited by no later than the applicable utilization date. Cartrack Proprietary Limited has no obligations
to prepay loans under our Revolving Credit Facility and may voluntarily prepay the Revolving Credit Facility, in whole or in part, subject
to certain penalties and restrictions.
Covenants
The Revolving Credit Facility contains certain
financial maintenance covenants as well as customary negative covenants, including, but not limited to, restrictions on Cartrack Proprietary
Limited and its restricted subsidiaries' ability to merge and consolidate with other companies, incur indebtedness, make investments,
grant liens or security interests on assets, pay dividends or make other restricted payments, sell or otherwise transfer assets or enter
into transactions with affiliates.
Events of Default
The Revolving Credit Facility provides that, upon
the occurrence of certain events of default, Cartrack Proprietary Limited's obligations under the agreement may be accelerated.
Such events of default include payment defaults to the lenders, material inaccuracies of representations and warranties, breach of the
financial maintenance covenants, cross-defaults to other material indebtedness, the suspension or cessation of a material part of the
business of Cartrack Proprietary Limited, litigation which is reasonably likely to have a material adverse effect and other customary
events of default.
Security and Guarantees
Cartrack
Proprietary Limited's borrowings under the Revolving Credit Facility are guaranteed by Cartrack Holdings Proprietary Limited and
Cartrack Manufacturing Proprietary Limited.
Security has been provided in the form of a pledge and cession by the
borrower and the guarantors of certain rights in favor of the lender.
Overdraft Facility
In February 2021, Cartrack Proprietary Limited
entered into an unsecured ZAR 75.0 million overdraft facility with Mercantile Bank, a division of Capitec Bank Limited ("Mercantile
Bank"), pursuant to the Addendum to the Short-Term Facility Letter dated February 12, 2021 by and between Cartrack Proprietary Limited
and Mercantile Bank (the "Overdraft Facility"). Amounts due under the Overdraft Facility bear interest at Mercantile Bank's
prime lending rate, which as of the date of this annual report was 11.75%, and the overdraft facility expires on June 30, 2023.
As of February 28, 2023, nil (2022: ZAR 13.7 million)
of the facility had been utilized.
Mortgage bond
A mortgage bond of ZAR 54 million is registered
in favor of First Rand Bank Limited over the Remaining extent of Erf 160, Rosebank and Portion 6 of Erf 161, Rosebank, registered in the
name of Purple Rain Properties No 444 Proprietary Limited ("Purple Rain"). Cartrack Proprietary Limited has signed a limited
suretyship of ZAR 60 million for the mortgage bond. Interest levied by First Rand Bank Limited is at a rate of prime less 1.15% and repayable
in equal monthly installments over a period of 60 months.  The final repayment date is December 2025. Covenants are reviewed annually
unless loan instalments are not met timeously. The next review date is October 31, 2023. From the inception date to the date of this report,
Purple Rain has not breached the LTV covenant of 77%. As the leases on the properties had been cancelled in preparation of the demolition
and redevelopment of the properties, the DSC covenant will be assessed based on the financials of Cartrack Proprietary Limited as surety
for the income stream in the absence of a lease.
72
Off-Balance Sheet Arrangements
We do not engage in any off-balance sheet activities
or have any arrangements or relationships with unconsolidated entities, such as variable interest, special purpose, and structured finance
entities.
Contractual Obligations
The following table summarizes our contractual obligations as of February
28, 2023.
The table below analyses the group's financial
liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity
date. The amounts disclosed in the table are the contractual undiscounted cash flows and include contractual interest payments.
Less than
1 year
2 years
3 years
4 years
>5 years
Total
(in R thousands)
At February 28, 2023
Term loans
21,993
18,352
17,596
15,751
–
73,692
Lease obligations
56,511
37,454
15,084
11,180
10,271
130,500
Trade and other payables
329,481
–
–
–
–
329,481
Loans from related parties
607
–
–
–
–
607
Bank overdraft
40
–
–
–
–
40
C.
RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES
For our disclosure in respect of research and
development, technology and intellectual property please refer to Item 4.B. "Information on the Company— Business Overview".
D.
TREND INFORMATION
See Item 4.B. "Information on the Company—Business
Overview," Item 5.A. "Operating and Financial Review and Prospectus—Operating Results" and Item 5.B. "Operating
and Financial Review and Prospects—Liquidity and Capital Resources" within this annual report.
Quarterly Financial Information and Other Information
The following table sets forth our unaudited quarterly
operational and financial information for each of the nine most recent quarters for the period ended February 28, 2023.We have prepared
the unaudited quarterly operational and financial information on a consistent basis with the consolidated financial statements included
elsewhere in this annual report. In the opinion of management, the unaudited quarterly operational and financial information reflects
all necessary adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of this data. This information
should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this annual report. The
results of historical periods are not necessarily indicative of results for a full year or for any future period.
Three Months Ended
Quarterly Subscriber Data
February 28,
2021
May 31,
2021
August 31,
2021
November 30,
2021
February 28,
2022
May 31,
2022
August 31,
2022
November 30,
2022
February 28,
2023
(subscribers and percentage growth)
Subscribers (as of end of period)
1,306,000
1,366,470
1,408,609
1,470,385
1,525,972
1,542,762
1,600,013
1,678,606
1,717,077
Net subscriber growth for the three months
59,911
60,470
42,139
61,776
55,587
16,790
57,251
78,593
38,471
Growth against comparative prior year quarter
59
%
760
%
1
%
(13
)%
(7
)%
13
%
14
%
14
%
13
%
73
Three Months Ended
Quarterly Financial Results Data
February 28,
2021
May 31,
2021
August 31,
2021
November 30,
2021
February 28,
2022
(1)
May 31,
2022
August 31,
2022
November 30,
2022
February 28,
2023
(in R thousands)
Revenue
615,741
626,193
658,768
719,541
741,649
801,437
859,282
929,993
916,355
Subscription revenue
573,976
605,866
627,637
663,947
670,715
708,903
734,216
772,483
794,470
Hardware and installation revenue
37,274
14,770
19,241
11,506
13,239
12,875
16,710
30,893
(1,515
)
Other revenue
4,491
2,988
3,196
3,134
2,981
3,362
3,017
2,203
5,164
Carzuka
-
2,569
8,694
23,884
32,163
50,005
65,406
71,700
63,734
Karooooo Logistics
-
-
-
17,070
22,551
26,292
39,933
52,714
54,502
Cost of sales
(206,276
)
(182,341
)
(207,044
)
(249,878
)
(283,298
)
(271,551
)
(290,069
)
(346,904
)
(326,149
)
Gross profit
409,465
443,852
451,724
469,663
458,351
529,886
569,213
583,089
590,206
Other income
810
785
500
532
24
737
3,420
3,852
1,819
Operating expenses
(249,668
)
(276,513
)
(274,534
)
(265,485
)
(309,774
)
(313,133
)
(354,505
)
(377,810
)
(354,860
)
Sales and marketing
(73,979
)
(88,693
)
(84,710
)
(79,888
)
(79,968
)
(95,959
)
(107,514
)
(118,514
)
(109,153
)
General and administration
(105,183
)
(128,675
)
(131,857
)
(132,537
)
(162,258
)
(155,189
)
(178,551
)
(184,690
)
(186,173
)
Research and development
(45,933
)
(32,741
)
(36,308
)
(37,277
)
(42,912
)
(41,541
)
(43,612
)
(46,577
)
(45,294
)
Expected credit losses on financial assets
(24,593
)
(26,404
)
(21,659
)
(15,783
)
(24,636
)
(20,444
)
(24,828
)
(28,029
)
(14,240
)
Operating profit
160,587
168,124
177,690
204,710
148,601
217,490
218,128
209,131
237,165
IPO costs
(25,570
)
(10,288
)
-
-
-
-
-
-
-
Finance income
506
712
1,619
1,525
2,227
2,842
4,763
6,541
9,109
Finance costs
(4,469
)
(1,891
)
(3,019
)
(3,756
)
(3,665
)
(3,619
)
(3,193
)
(488
)
(2,795
)
Fair value changes to derivative assets
-
-
-
-
(506
)
-
-
-
(971
)
Profit before taxation
131,054
156,657
176,290
202,479
146,657
216,713
219,698
215,184
242,508
Taxation
(28,498
)
(48,742
)
(53,128
)
(54,165
)
(49,441
)
(60,374
)
(64,221
)
(68,096
)
(92,607
)
Profit for the year
102,556
107,915
123,162
148,314
97,216
156,339
155,477
147,088
149,901
Profit attributable to:
Owners of the parent
59,308
88,275
119,148
146,201
96,329
153,533
152,544
145,553
145,522
Non-controlling interest
43,248
19,640
4,014
2,113
887
2,806
2,933
1,535
4,379
102,556
107,915
123,162
148,314
97,216
156,339
155,477
147,088
149,901
(1)
Included in the fourth quarter of the year ended February 28, 2022 is the
write-off of capitalized commission assets, of ZAR 15.3 million through profit or loss. The write-off was recognized in general and administration
operating expenses for the year ended February 28, 2022. The error was corrected prospectively as the impact to prior periods is not material.
74
E.
CRITICAL ACCOUNTING ESTIMATES
Our discussion and analysis of our financial condition
and results of operations are based upon our consolidated financial statements, which have been prepared in conformity with IFRS. The
preparation of our consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments
that affect the reported amounts and related disclosures. We believe that the estimates, assumptions and judgments involved in the accounting
policies described below have the greatest potential impact on our financial statements and, therefore, we consider these to be our critical
accounting policies. Accordingly, we evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these
estimates under different assumptions and conditions.
Useful Life of Capitalized Telematics Devices, Capitalized Commission
Assets and Revenue Recognition from Deferred Revenue
We complete a detailed assessment annually on
the expected life cycle of subscriber contracts across the group. The continued growth in our customer base over the past few years
has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of subscriber
contracts with customers. On the basis of such information, there has been no change to the estimated average useful life of 60 months
of a subscriber contract for the year ended February 28, 2023. Contracts which terminate prior to 60 months result in accelerated depreciation
of the underlying capitalized telematics devices and capitalized commission assets being recognized immediately.
Goodwill
We test goodwill for impairment on an annual basis.
The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations are performed
internally by the group and require the use of various estimates and assumptions regarding discount rates and the future financial performance
of the cash-generating units.
Please refer to Note 2.1 to the accompanying consolidated
financial statements included elsewhere in this annual report for information about the critical accounting policies, as well as Note
2.2 for a description of our other significant accounting policies.
75
Item 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
A.
DIRECTORS AND SENIOR MANAGEMENT
Board of Directors
The following table sets forth information regarding the current members
of our board of directors.
Name
Age
Position
Isaias (Zak) Jose Calisto
56
Executive Officer and Executive Chairman
Hoe Shin Goy
43
Executive Officer
Siew Koon Lim
64
Lead Independent Director
Andrew Leong
48
Independent Director
Kim White
47
Independent Director
Board
Diversity Matrix (as at February 28, 2023)
Country of Principal Executive Offices "Home Country"
Singapore
Foreign Private Issuer
Yes
Disclosure Prohibited Under Home Country Law
No
Total number of Directors
5
Did not
disclose
Name
Female
Male
Non-Binary
gender
Part I: Gender Identity
Directors
3
2
0
0
Part II: Demographic Background
Underrepresented Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did Not Disclose Demographic Background
0
Executive Officers
The table below sets forth information regarding individuals who serve
as executive officers.
Name
Age
Position
Isaias (Zak) Jose Calisto
56
Chief Executive Officer
Hoe Shin Goy
43
Chief Financial Officer
Juan Marais
(1)
54
Chief Sales Officer
1.
Mr. Marais is included above as executive officer by virtue of his shareholding in Karooooo. Mr.
                                                               Marais is the beneficial owner of 3,140,000 shares through One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and
                                                               outstanding shares of the Company.
Senior Management
The following table sets forth information regarding members of our
current senior management team.
Name
Age
Position
Richard Schubert
49
Chief Operating Officer
Carmen Calisto
26
Chief Strategy and Marketing Officer
Pedro Ventura
35
Chief Technology Officer
76
The following sets forth certain biographical
information with respect to our directors, executive officers and senior management. Unless otherwise stated, the business address for
our directors, executive officers and senior management is 17 Kallang Junction #06-05/06 Singapore 339274.
Isaias (Zak) Jose Calisto
is our
Chief Executive Officer and has been a member of our board of directors since May 2018. He has been the Chief Executive Officer of the
group since its founding in 2001. Before founding the Company, Mr. Calisto was a Member of Vehicle Tracking Services, a company specializing
in the distribution of telematics services, from 1994 through 2001. Prior to that, Mr. Calisto was a Member of Cell Communications, a
company specializing in the distribution of telecommunication services, from 1994 to 1996. Mr. Calisto also completed an accelerated training
program at Standard Bank, Africa's largest lender by assets, from 1986 through 1991. Mr. Calisto studied at the University of South
Africa and University of the Witwatersrand.
Hoe Shin Goy
was appointed as Karooooo's
CFO on June 30, 2022. Hoe Shin is a registered Chartered Accountant based in Singapore. Hoe Shin joined Ernst & Young LLP in 2004
and was with the firm until 2009. She has extensive experience in audit, full spectrum finance and group financial reporting throughout
the span of her career. Hoe Shin was the Director of Consolidation and Group Reporting for DFS Group, under the Selective Retailing Maison
of LVMH
.
Siew Koon Ong
(Siew Koon Lim) was
appointed to our board in July 2021 and is currently Karooooo's Lead Independent Director and the Chair of the Audit and Risk Committee.
Mrs. Lim holds a Bachelor of Accountancy degree from the National University of Singapore and is a Chartered Accountant and fellow member
of the Institute of Singapore Chartered Accountants. Mrs. Lim has 38 years of experience in providing audit and business advisory services
to local companies as well as major public listed companies in a wide range of industries, including banks. She has led initial public
offerings of companies in the retail and lifestyle, manufacturing, construction and property development industries. Mrs. Lim joined Ernst
& Young LLP (then known as Ernst & Whinney) in April 1982 and was a partner of the firm from July 1998 to June 2019, acting as
Chief Financial Officer for a period of 3 years with the responsibility for the firm's financial and management accounts. Mrs. Lim
is also an independent director of Nanofilm Technologies International Limited, which is listed on the Mainboard of the SGX, serving as
the Lead Independent Director and Chairperson of the Audit Committee and member of the Risk Committee and Nominating Committee. Mrs. Lim
is also an independent director of Maribank (Singapore) Pte Ltd, one of the four digital banks in Singapore. At Maribank, she is the Lead
Independent Director and Chairperson of the Audit Committee. She also sits on the Risk Committee and Remuneration and Nominating Committee
at Maribank. In addition to Mrs. Lim's global financial expertise and deep understanding of regulatory and technical compliance
in a listed environment, we believe her extensive local knowledge and experience qualifies her to serve as a member of the Board.
Andrew Leong
has been a member of
our board of directors since February 2021 and is currently the co- founder and the Chief Executive Officer of Videre Security Solutions,
a software company established in 2016, providing data analytics and cyber security to Singapore. Mr. Leong started his career in Singapore's
Intelligence Agency in 1998 and was head of the cybersecurity division from 1999 until 2005. From 2005 until 2015, Mr. Leong was the Managing
Director of Chameleon Associates Pte. Ltd., a company specializing in risk mitigation utilizing predictive profiling. Mr. Leong holds
a Bachelor of Applied Sciences in computer engineering from the Nanyang Technology University, Singapore. We believe that Mr. Leong is
well qualified to serve as a member of our board of directors given his extensive experience in artificial intelligence and data analytics.
Kim White
was appointed to our board
on June 25, 2021. Mrs. White served as a member of the board of directors of Cartrack Holdings Limited since 2014. Mrs White also served as Chairman of the Audit
and Risk Committee and member of the Remuneration Committee for Cartrack Holdings Limited during this time. Mrs. White started her career
at RSM South Africa and then founded KCE Consulting, an audit and advisory firm, in 2001. Mrs. White currently holds the position of managing
director at this firm. Mrs White holds a Bachelor of accounting science degree, an Honours degree in Accounting Science, a post-graduate
certificate in Advanced taxation, a post-graduate certificate in International taxation, a certified financial planner diploma and a MBA
from Guglielmo Marconi University, Italy. Mrs. White is a registered Chartered Accountant (South Africa). We believe Mrs. White is well
qualified to serve as a member of our board of directors given her extensive knowledge, leadership, and experience.
77
Juan Marais
is our Chief Sales Officer.
Before joining Cartrack Holdings Limited in this role in 2004, he was the Chief Executive Officer of Advancor (Pty) Ltd., an insurance
brokerage, from 2001 to 2004. Prior to that, Mr. Marais was the Chief Executive Officer of Finance Mart (Pty) Ltd., a financial services
company, from 1998 to 2001. Mr. Marais began his career in the insurance industry at Broadstreet Financial Advisory Services, where he
was a Managing Member from 1993 to 1998. Mr. Marais holds a Certification in Financial Planning from Milpark Business School.
Richard Schubert
is our Chief Operating
Officer. Mr. Schubert joined Cartrack Holdings Limited in 2007 and has held this role at Cartrack Holdings Limited since 2017, and prior
to that, served as Chief Information Officer from 2007 through 2017. Mr. Schubert holds a National Higher Diploma in Electronic Engineering
from the Technikon of the Witwatersrand.
Carmen Calisto
joined Cartrack Holdings
Limited in February 2020 as Group Chief Marketing Officer. Before joining Cartrack Holdings Limited in this role, she was a Media Activation
Executive at Essence Global from 2019-2020, a global data and measurement-driven full-service agency. Prior to that, Ms. Calisto interned
as an Actuarial Marketer with the Cartrack Group and an Actuarial Advisor at Ernst & Young. She holds a BSc (Honours) in Actuarial
Science from Cass Business School and an MSc in Strategic Marketing from Imperial College London.
Pedro Ventura
is our Chief Technology
Officer. Mr. Ventura joined Cartrack Holdings Limited in 2015 as a senior Software Engineer and he was promoted to Chief Technical Officer
in November 2020 assuming full responsibility for the strategic and technical direction of Research and Development and our IT infrastructure.
Prior to joining Cartrack Holdings Limited, Mr. Ventura held various senior roles in technology and software development including being
the founder of Internet Business Solutions & Technologies S.A., an Internet based start-up. Mr. Ventura studied Computer Engineering
at the Instituto Superior Técnico in Lisbon.
Family Relationships
Carmen Calisto is the daughter of Isaias (Zak) Jose Calisto.
B.
COMPENSATION
Directors and Executive Officer Compensation footnote
The following table provides information about
the aggregate compensation, including benefits in kind, accrued or paid to our executive officers and directors with respect to the years
ended February 2023 and 2022 for services in all capacities:
Year ended February 28
2023
2023
(2)
2022
(2)
(U.S.$
thousands
(1)
)
(in R thousands)
Short-term employee benefits
903
16,557
13,109
Post-employment benefits
21
378
276
924
16,935
13,385
(1)
For convenience purposes only, amounts in South African rand
as at February 28, 2023 have been translated to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for
U.S. dollars at February 28, 2023 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System.
These translations should not be considered representations that any such amounts have been, could have been or could be converted at
that or any other exchange rate. See "Exchange Rates" for further information about recent fluctuations in exchange rates.
(2)
Aggregate information disclosed includes directors and executive management
given Karooooo's IPO in the United States and the incorporation of an international headquarter in Singapore with a centralized
management function. The Group CEO and CFO drive the Group's strategy implementation, operation and direction with focus on sustainability
and top and bottom-line growth. In 2022 Mr. Marais was included as executive officer by virtue of his shareholding in Karooooo. Mr. Marais
is the beneficial owner of 3,140,000 shares through One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and outstanding shares
of the Company.
78
C.
BOARD PRACTICES Board Composition
Board Composition
Our board of directors is composed of five members,
of whom Siew Koon Lim, Andrew Leong and Kim White qualify as "independent" under Nasdaq listing rules. Our constitution provides
that our board of directors initially be divided into three classes with staggered terms over a three-year period. Only Class I directors
were subject to re-election at the first annual meeting of stockholders held after the Nasdaq listing, with the other classes continuing
for the remainder of their respective terms. Our current directors are divided among the three classes as follows:
●
the Class I director that retired at the first annual meeting of stockholders held after the Nasdaq listing, Andrew Leong, was re-elected
for a term of three years;
●
the Class II directors are Kim White and Siew Koon Lim, who were both re-elected at the AGM held on August 26, 2021 for a term of
three years; and
●
the Class III directors are Isaias (Zak) Jose Calisto and Hoe Shin Goy, and their terms will expire at the third annual meeting of
stockholders held after the Nasdaq listing, which will be held on July 12, 2023.
At each annual meeting of stockholders, upon the
expiration of the term of a class of directors, the successor to each such director in the class will be elected to serve from the time
of election and qualification until the third annual meeting following his or her election and until his or her successor is duly elected
and qualified, in accordance with our amended and restated certificate of incorporation. Any additional directorships resulting from an
increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist
of one-third of our directors.
This classification of our board of directors
may have the effect of delaying or preventing changes in control of our company. For additional information regarding our board of directors,
see Exhibit 2.2 "Description of Ordinary Shares—Election and Reelection of Directors."
Siew Koon Lim was appointed as an additional director
in accordance with article 92 of our Constitution, which required her to retire at the first annual general meeting of shareholders following
her appointment. She was re-elected for a term of three years and also fulfils the position of Lead Independent Director, tasked to oversee
governance and ensure independent decision-making by the board.
We have not entered into service contracts with
any directors of our company or any of our subsidiaries providing for benefits upon termination of employment.
Audit Committee
The audit committee, which consists of Siew Koon
Lim, Andrew Leong and Kim White assists the board in overseeing our accounting and financial reporting processes, the audits of our financial
statements and business risk analysis. In addition, the audit committee is directly responsible for the appointment, compensation, retention
and oversight of the work of our independent registered public accounting firm. The audit committee is also responsible for reviewing
and determining whether to approve certain transactions with related parties. See Item 7.B. "Related Party Transactions—Related
Person Transaction Policy." The board of directors has determined that Siew Koon Lim qualifies as an "audit committee financial
expert," as such term is defined in the rules of the SEC, and that Siew Koon Lim, Andrew Leong and Kim White are independent, as defined under the rules of the SEC and the Nasdaq applicable to foreign private issuers. Siew Koon Lim acts as chairman
of our audit committee.
Compensation and Nomination Committee
The compensation and nomination committee consists
of Andrew Leong, Siew Koon Lim and Kim White, who are all independent non-executive directors, and assists the board in identifying and
nominating candidates for election to the board of directors; reviews and recommends the compensation arrangements for the executive members
of our board of directors and administers any equity compensation plan. Andrew Leong is the appointed director to act as chairman of our
compensation and nomination committee. Although the CEO and CFO are invitees to the meetings to provide input on management performance
and to motivate and explain the remuneration of our people and present proposals for general increases and bonuses, they are not members
of this committee and therefore have no vote.
This committee is also charged with evaluating
individual director performance, the performance of the sub-committees and the board as a whole, which is done on an annual basis.
Duties of Directors and attendance of meetings
Under Singapore law, members of the board of directors
of a Singapore company owe certain fiduciary duties towards the company, including a duty to act in good faith in the best interests of
the company, a duty to act honestly and to use reasonable diligence in the discharge of the duties of their office. Directors generally
owe fiduciary duties to the company, and not to the company's individual shareholders. Our shareholders may not have a direct cause
of action against our directors. The company has a right to seek damages if a duty owed by directors is breached.
The directors have, without exception, attended all board meetings
held during the reporting period.
79
Foreign Private Issuer and Controlled Company Exemptions
In general, under the Nasdaq corporate governance
standards, foreign private issuers, as defined by the rules adopted under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), are permitted to follow home country corporate governance practices instead of the corporate governance practices of the
Nasdaq. Accordingly, we follow certain corporate governance practices of our home country, Singapore, in lieu of certain of the corporate
governance requirements of the Nasdaq in respect of the following:
●
the requirement under Section 5605(e)(2) of Nasdaq listing rules that companies must adopt a formal written charter or board resolution,
as applicable, addressing the nominations process and such related matters as may be required under the U.S. federal securities laws;
●
the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors
governed by a compensation committee charter oversee executive compensation;
●
the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings
with only the independent directors present;
●
the requirement under Section 5605(c) of Nasdaq listing rules that a quorum must consist of at least 331∕3 percent of the outstanding
shares of a listed company's common voting stock; and
●
the requirement under Section 5610 of Nasdaq listing rules that a company must have adopted one or more codes of conduct applicable
to all directors, officers and employees, and that such codes are publicly available.
In the event we no longer qualify as a foreign
private issuer, we intend to rely on the "controlled company" exemption under the NASDAQ corporate governance rules. A "controlled
company" under the Nasdaq corporate governance rules is a company of which more than 50% of the voting power is held by an individual,
group or another company. Our controlling shareholder and chief executive officer, Zak Calisto, controls a majority of the combined voting
power of our outstanding ordinary shares, and will be able to nominate a majority of directors for election to our board of directors.
Accordingly, we would be eligible to, and, in the event we no longer qualify as a foreign private issuer, we intend to, take advantage
of certain exemptions under the Nasdaq corporate governance rules.
The "foreign private issuer" exemption
and the "controlled company" exemption do not modify the independence requirements for the audit committee, and we comply
with the requirements of the Sarbanes-Oxley Act and the Nasdaq rules, which require that our audit committee be composed of at least three
directors, all of whom are independent.
If at any time we cease to be a "controlled
company" or a "foreign private issuer" under the rules of the Nasdaq and the Exchange Act, as applicable, our board
of directors will take all action necessary to comply with the NASDAQ corporate governance rules.
Due to our status as a foreign private issuer
and our intent to follow certain home country corporate governance practices, our shareholders will not have the same protections afforded
to shareholders of companies that are subject to all the Nasdaq corporate governance standards. See Exhibit 2.2 "Description of
Ordinary Shares."
D.
EMPLOYEES
As at February 28, 2023, we had 4,039 full-time
employees, of which 2,816 are located in South Africa, 221 are located in Africa-Other, 288 are located in Europe, and 714 are located
in Asia-Pacific, Middle East and USA. None of our employees are represented by a labor union or covered by a collective bargaining agreement.
We have a team-oriented culture and encourage
candor from our employees, which we believe helps us to succeed and drive operational excellence. We also seek to, and have a history
of, promoting from within our organization as well as hiring top talent from outside of our company to expand our capabilities. We aim
to hire individuals who share our passion, commitment and entrepreneurial spirit. We are also committed to diversity and inclusion because
we believe that diversity leads to better outcomes for our business and enables us to better meet the needs of our customers.
E.
SHARE OWNERSHIP
For information regarding the share ownership
of our directors and executive officers, please refer to Item 6.B. "—Compensation" and Item 7.A. "Major Shareholders
and Related Party Transactions—Major Shareholders."
F.
DISCLOSURE OF A REGISTRANT'S ACTION TO RECOVER ERRONEOUSLY
AWARDED COMPENSATION
Not applicable.
80
Item 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
MAJOR SHAREHOLDERS
The following table sets forth information as at May 19, 2023 regarding
actual ownership of our ordinary shares by:
●
each person or entity we know to own 5% or more of our ordinary shares;
●
each executive officer; and
●
each director.
For purposes of the table below, the percentage
ownership calculations are based on 30,951,106 ordinary shares outstanding as of May 20, 2022. To the extent different, beneficial ownership
determined in accordance with the rules of the SEC, including voting or investment power with respect to the securities, is described
in the footnotes to the table.
As of May 19, 2023
Name of Owner
Number
Percent
Directors and Executive Officers
Directors
Isaias (Zak) Jose Calisto
(1)
20,028,811
64.71
%
Hoe Shin Goy
-
0.0
%
Kim White
-
0.0
%
Siew Koon Lim
-
0.0
%
Andrew Leong
-
0.0
%
Executive Officers
Richard Schubert
-
0.0
%
Juan Marais
(2)
3,140,000
10.14
%
Carmen Calisto
188
0.0
%
Pedro Ventura
-
0.0
%
All executive officers and directors as a group (9 persons)
23,168,999
74.85
%
Other 5% Shareholders
Gobi Capital LLC
(3)
2,177,218
7.03
%
Total Ordinary Shares
30,951,106
100.0
%
(1)
Mr. Calisto owns 20,028,811 shares, or 64.71%. However, Mr.
Calisto and One Spire (Pty) Ltd. have agreed that if Mr. Calisto's beneficial ownership falls to below 51% of the issued and outstanding
shares of the Company, then One Spire (Pty) Ltd. will cast all votes in respect of the ordinary shares that One Spire (Pty) Ltd. beneficially
owns as directed by Mr. Calisto. As a result, in accordance with the rules of the SEC, Mr. Marais' 3,140,000 shares may be deemed
to be beneficially owned by Mr. Calisto. Therefore, Mr. Calisto may be deemed to beneficially own 23,168,811 shares or 74.85%. Mr. Calisto
disclaims beneficial ownership of Mr. Marais' 3,140,000 ordinary shares.
(2)
Mr. Marais is the beneficial owner of 3,140,000 shares through
One Spire (Pty) Ltd., which corresponds to 10.14% of the issued and outstanding shares of the Company. Mr. Marais and Jennie Allen are
directors of One Spire (Pty) Ltd., and accordingly, Mr. Marais and Ms. Allen share voting and investment power over the shares held by
One Spire (Pty) Ltd. Mr. Calisto and One Spire (Pty) Ltd. have agreed that if Mr. Calisto's beneficial ownership falls to below
51% of the issued and outstanding shares of the Company, then One Spire (Pty) Ltd. will cast all votes in respect of the ordinary shares
that One Spire (Pty) Ltd. beneficially owns as directed by Mr. Calisto. As a result, in accordance with the rules of the SEC, Mr. Calisto
may be deemed to beneficially own such shares. Mr. Calisto disclaims beneficial ownership of such ordinary shares.
(3)
Gobi Capital LLC is controlled by Bo Shan. Gobi Capital LLC
and Bo Shan disclaim beneficial ownership of the ordinary shares listed above except to the extent of any pecuniary interest therein.
The business address of Gobi Capital LLC is 909 Montgomery Street, Suite 400, San Francisco, CA 94133.
81
As at May 19, 2023, we had 2 holders of record
of our ordinary shares, 1 of which was located in the United States, holding approximately 24,232,652 of our total issued ordinary shares.
The U.S. shareholder of record is CEDE & CO., a nominee of The Depository Trust Company. We believe that the shares held by CEDE &
CO. include ordinary shares beneficially owned by both holders in the United States and non-U.S. beneficial owners. The share register
in South Africa holds 6,718,454 ordinary shares.
B.
RELATED PARTY TRANSACTIONS
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Related Person Transaction Policy
We have adopted a policy requiring approval by
the audit committee, subject to certain exceptions, of certain transactions between us and a related person (as defined below). Transactions
subject to the policy would include the following transactions in which a related person has or will have a direct or indirect material
interest:
●
any transaction or series of transactions with a related person that is material to us or the related person, or
●
any
transactions that are unusual in their nature or conditions, involving goods, services, or tangible or intangible assets, to which we
are a party.
For purposes of the policy, "related person" means:
●
any director or executive officer of (i) the Company or (ii) an affiliated entity of the Company;
●
any immediate family member of a director or executive officer of (i) the Company or (ii) an affiliated entity of the Company;
●
any nominee for director of (i) the Company or (ii) an affiliated entity of the Company and the immediate family members of such nominee;
●
a 10% beneficial owner of the Company's voting securities or any immediate family member of such owner; and
●
enterprises in which a substantial interest in the voting power is owned, directly or indirectly by a person described in any of the
immediately preceding four bullet points or over which such a person is able to exercise significant influence.
Related Party Transactions
The information below describes related party
transactions we have entered into, which are material to the company or the related party, or any transactions that are unusual in their
nature or conditions, involving goods, services or tangible or intangible assets, to which the company or any of its affiliates was a
party.
Additional information about our related party transactions is included
in Note 30 to the audited consolidated financial statements.
Property leases
Up to December 2021, we leased offices at 166
Jan Smuts Avenue, Rosebank, Johannesburg, 2196, South Africa and at 11 Keyes Avenue, Rosebank, Johannesburg, 2196, South Africa, with
approximately 6,356 square meters of space in total, pursuant to lease agreements (the "Lease Agreements") by and between
Purple Rain, and each of (i) Cartrack Proprietary Limited, (ii) Cartrack Manufacturing Proprietary Limited and (iii) Found Proprietary
Limited, each dated as at March 1, 2020. Purple Rain was an entity in which our Chief Executive Officer, Isaias (Zak) Jose Calisto, owned
an 85% stake. Under the Lease Agreements, the aggregate amount of payments paid to Purple Rain were ZAR 7.2 million, ZAR 12.4 million
and ZAR 16.4 million for the years ended February 28, 2022, February 28, 2021 and February 29, 2020, respectively.
The Lease Agreements were terminated during
fiscal 2022 and the shares of Purple Rain were acquired by Cartrack Holdings Proprietary Limited, terminating the only material
related party transaction within the group - more detail below "acquisitions". Following a decision to demolish the
existing buildings we entered into lease agreements for office space at two locations as set out in Item 4.D, "Property, Plant
and Equipment".
Put Option
When Karooooo acquired 70.1% of Karooooo Logistics
(Picup) in September 2021, Karooooo entered into a Put Option Agreement with our Chief Executive Officer, Isaias (Zak) Jose Calisto, the
ultimate controlling shareholder of Karooooo, to grant Karooooo the right to sell all its interest in Karooooo Logistics to Isaias (Zak)
Jose Calisto. The put option expired on August 31, 2022. As this was a transaction between Karooooo and the ultimate controlling shareholder
of Karooooo, Isaias (Zak) Jose Calisto, the fair value and subsequent changes in fair value of the put option is recognized directly against
retained earnings, amounting to ZAR 15.3 million. Refer to FS – page F-37.
Registration Rights Agreement
In connection with the Offering, we entered into
a registration rights agreement with our Chief Executive Officer, Isaias (Zak) Jose Calisto. The registration rights agreement grants
Mr. Calisto and his designees specified registration rights in connection with any transfer of ordinary shares issuable to us or our affiliates
upon conversion of any shares. As a result, Mr. Calisto may require us to use reasonable best efforts to effect the registration under
the Securities Act of our ordinary shares that he or his affiliates own, in each case at our own expense. The registration rights agreement
also provides that we will indemnify Mr. Calisto in connection with the registration of our ordinary shares.
82
Loan Arrangements
Given our commitment to South Africa's broad-based
Black economic codes of good practice, we entered into an Enterprise Development Loan Agreement with Bumbene House (Proprietary) Limited
in February 2020 under which we provided Bumbene House (Proprietary) Limited with a loan in an aggregate amount of ZAR 11.0 million. The
loan was extended by a further ZAR 8.4 million during the 2021 financial year and another ZAR 6.4 million during the 2023 financial year.
Our Chief Executive Officer, Isaias (Zak) Jose Calisto, serves as a trustee of the Kubu Trust that owns 100% of Bumbene House (Proprietary)
Limited. Amounts due under this loan bear no interest, have no fixed terms of repayment and are repayable on demand. As at February 28,
2023, ZAR 25.8 million of this loan remained outstanding in full.
On December 22, 2020, the Company entered into
an agreement with a related party (Orient Victoria Pte Ltd), whereby the related party agreed to lend and advance up to USD 65 million
for the sole purpose of facilitating the Company's acquisition of the remaining interest in the subsidiary, CTK. The related party
loan bore interest at a rate of 1.25% and was repayable as soon as possible and prior to the Company paying any dividends. On December
29, 2020, the Company received a USD 58.5 million (ZAR 882.4 million) loan from Orient Victoria Pte Ltd. This loan was fully repaid, with
interest, on April 22, 2021.
Acquisitions
Karooooo Logistics (Pty) Ltd:
In September
2021, the group strategically acquired 70.1% of the shares and voting interest in Karooooo Logistics (Picup), a logistics cloud-based
disruptive technology company located in South Africa. The acquisition may be a related party transaction given that Isaias (Zak) Jose
Calisto, founder and CEO of Karooooo, had been working with Picup prior to its acquisition by the group, to build the Picup business for
scale, including through a ZAR 4.5 million loan from Onecell Holdings (Pty) Ltd of which Mr J Marais and Mr Calisto hold substantial voting
interests, and Mr Calisto is a director, given the timing of the approval of the transaction. The loan was intended as a once-off short-term
bridge financing for Picup prior to final acquisition approvals, and was fully repaid in September 2021 following the completion of the
acquisition.
Mr J Marais, Mr Calisto and Onecell Holdings (Pty) Ltd had no interest
in Picup prior to the acquisition.
As Cartrack's mobility open eco system platform
allows for seamless integration into third party systems, Karooooo Logistics has been working with Cartrack to address the challenges
of last-mile delivery through an integrated offering. Karooooo Logistics simplifies transport operations and helps mitigate the risks
associated with logistics, specifically in relation to meeting tight delivery timeframes. Cartrack customers are now able to manage their
own fleets and workflows, interact with specialist courier companies, as well as a network of vetted crowd-sourced drivers, thus enabling
them to efficiently scale their e-commerce business, deliveries and general logistic needs. The platform allows enterprises and transporters
to plan and allocate their loads, access real-time tracking and proof of delivery with automated payments.
Purple Rain Properties (Pty) Ltd ("Purple
Rain"):
In February 2022, the group acquired 100% of the shares and voting interest in Purple Rain for a nominal consideration
of ZAR 100 which equaled the net asset value and issued share capital of Purple Rain at the time. See Note 28 to the accompanying consolidated
financial statements included elsewhere in this annual report for further information.
The Transaction is a related party transaction
due to Mr J Marais and Mr Calisto indirectly owning Purple Rain through their interest in Onecell Holdings (Pty) Ltd, a private company
registered in South Africa.
Purple Rain's only asset is the properties
at the location of the office space utilized by Cartrack businesses in Johannesburg, South Africa prior to this acquisition and redevelopment.
Independent valuation appraisals of these properties had been concluded.
Given Karooooo's consistent annual growth
rate since inception, its existing leased office premises in Johannesburg South Africa, Cartrack Corner, situated at 11 Keyes Avenue Rosebank
("office premises"), no longer provided adequate space to accommodate the expected growth.
Subsequent to the acquisition the office buildings
have been demolished and the properties consolidated to enable the erection of a head office suite for South Africa.
The full total cost for the redevelopment of the
office premises, including the site, is estimated to be ZAR 404.1 million. The complete asset estimated to be ZAR 404.1 million equates
to an estimated monthly long term lease cost of ZAR 115 per square meter, in comparison to the current market rate of ZAR 140 per square
meter with an annual escalation of 8%. The new offices, including 404 parking bays, will have a built-up area of approximately 31,800
square meters. Whilst the redevelopment is taking place, expected to be 2 years, Cartrack has temporarily leased offices opposite its
current offices in Rosebank, Johannesburg and another location in Johannesburg South Africa, as set out in Item 4.D "Property, Plant
and Equipment".
C.
INTERESTS OF EXPERTS AND COUNSEL
Not applicable.
83
Item 8. FINANCIAL INFORMATION
A.
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
See Item 18. "FINANCIAL STATEMENTS"
LEGAL PROCEEDINGS
To our knowledge, we are not currently a party
to any legal proceeding that would have a material adverse effect on our financial condition, results of operations, or liquidity, nor
are we aware of any pending legal proceedings, which may have a material adverse effect on our financial condition, results of operations,
or liquidity. From time to time in the future, we may become involved in legal proceedings arising in the ordinary course of our business.
Litigation is subject to many uncertainties, the outcome of individual litigated matters is not predictable with assurance, and it is
reasonably possible that some of these matters may be decided unfavorably to us.
DIVIDENDS AND DIVIDEND POLICY
Dividends are declared at the discretion of our
board of directors and we cannot assure you that we will pay any dividends to holders of our ordinary shares, or as to the amount of any
such dividends if our board of directors determines to do so.
The Group did not pay any dividends during Fiscal 2022 (Fiscal 2021:
ZAR 418 million).
The board recognizes the importance to the group of investment in achieving
growth at scale and endeavors to avoid swings in dividend profile.The payment and timing of dividends in cash or other distributions
(such as a return of capital to shareholders through share buy-backs, for example) are determined by the board after considering factors
that include: earnings and free cash flow; current and anticipated capital requirements; economic conditions; contractual, legal, tax
and regulatory restrictions (including covenants contained in any financing agreements), the ability of group subsidiaries to distribute
funds to Karooooo and such other factors the board may deem relevant. Karooooo aims to reinvest retained earnings to the extent that it
aligns with the group's required return on incrementally reinvested capital, return on equity, and short- to medium-term growth
strategy. See "Risk Factors—Although Karooooo has paid dividends in the past, our ability to pay dividends in the future depends
on many factors and we cannot guarantee you that we will continue to pay dividends in the future."
The board may, by ordinary resolution, declare
dividends at a general meeting of its shareholders, but no dividend shall be payable except out of our profits, and the amount of any
such dividend shall not exceed the amount recommended by the board of directors. Subject to Karooooo's constitution and in accordance
with the Singapore Companies Act, the board of directors may, without the approval of shareholders, declare and pay interim dividends,
but any final dividends the board declares must be approved by an ordinary resolution at a general meeting of shareholders.
In accordance with the stated dividend policy
above, an interim dividend of 60 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo's 2023 financial year,
was paid, out of Karooooo's retained earnings, on September 12, 2022 to shareholders on record as at the close of business on September
02, 2022.
On May 8, 2023, the board declared an interim
dividend of 85 U.S. cents per ordinary share, pertaining to the first quarter of Karooooo's 2024 financial year, which will be paid
on July 3, 2023 to shareholders on record as at the close of business on June 23, 2023. Although Karooooo's reporting currency is
ZAR, its statutory filings in Singapore are reported in USD, as a result of which dividends are declared in USD.
B.
SIGNIFICANT CHANGES
See Note 38 in the notes to the consolidated financial
statements attached to this annual report for discussion of subsequent events since the date of our most recent audited financial statements.
84
Item 9. THE OFFER AND LISTING
A.
OFFER AND LISTING DETAILS
The principal market in which our ordinary shares trade is the Nasdaq
Capital Market under the symbol "KARO".
The secondary market in which our ordinary shares trade is the Johannesburg
Stock Exchange ("JSE") under the symbol "KRO".
B.
PLAN OF DISTRIBUTION
Not applicable.
C.
MARKETS
Not applicable.
D.
SELLING SHAREHOLDERS
Not applicable.
E.
DILUTION
Not applicable.
F.
EXPENSES OF THE ISSUE
Not applicable.
85
Item 10. ADDITIONAL INFORMATION
A.
SHARE CAPITAL
Not applicable.
B.
MEMORANDUM AND ARTICLES OF ASSOCIATION
The information required by this section, including
a summary of certain key provisions of our constitution, has been included previously in our Registration Statement on Form F-1 (Registration
No. 333-253625) as filed under the Securities Act with the SEC on February 26, 2021 and has not changed since, and therefore is incorporated
by reference to that Registration Statement. A copy of our constitution is attached as Exhibit 1.1 to this annual report. For additional
information on our memorandum and articles of association, please see Exhibit 2.2 "Description of Ordinary Shares" to this
annual report.
C.
MATERIAL CONTRACTS
We have not entered into any material contracts
other than in the ordinary course of business and other than as may be described in Item 5.B. "Operating and Financial Review and
Prospects—Liquidity and Capital Resources," Item 7.B. "Major Shareholders and Related Party Transactions—Related
Party Transactions" or elsewhere in this annual report.
D.
EXCHANGE CONTROLS
There are no governmental laws, decrees, regulations or other legislation
of Singapore that may affect:
●
the import or export of capital including the availability of cash and cash equivalents for use by the Company, or
●
the remittance of dividends, interests or other payments to non-resident holders of the Company's securities other than those
deriving from the U.S.-Singapore double taxation treaty.
The risks associated with exchange controls experienced in the ordinary
course of business are described in Item 3.D. "Key Information—Risk Factors."
E.
TAXATION
TAX CONSIDERATIONS
The following are material Singaporean, South
African and U.S. federal income tax considerations relevant to an investment in our ordinary shares. This discussion does not address
all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should
consult their tax advisers regarding the Singaporean, South African, U.S. federal, state and local, and non-U.S. tax consequences of owning
and disposing of our ordinary shares in their particular circumstances.
Singaporean Tax Considerations
The statements made herein regarding taxation
are general in nature and based on certain aspects of current tax laws of Singapore and administrative guidelines issued by the relevant
authorities in force as of the date of this annual report and are subject to any changes in such laws or administrative guidelines, or
in the interpretation of these laws or guidelines, occurring after such date, which changes could be made on a retrospective basis. These
laws and guidelines are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with
the explanations or conclusions set out below. The statements below are not to be regarded as advice on the tax position of any holder
of our ordinary shares or of any person acquiring, selling or otherwise dealing with our ordinary shares or on any tax implications arising
from the acquisition, sale or other dealings in respect of our ordinary shares. The statements made herein do not purport to be a comprehensive
or exhaustive description of all of the tax considerations that may be relevant to a decision to purchase, own or dispose of our ordinary
shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers
in securities) may be subject to special rules. Holders of our ordinary shares are advised to consult their own tax advisers as to the
Singapore or other tax consequences of the acquisition, ownership of or disposal of our ordinary shares. The statements below regarding
the Singapore tax treatment of dividends received in respect of our ordinary shares are based on the assumption that the Company is tax
resident in Singapore for Singapore income tax purposes. It is emphasized that neither the Company nor any other persons involved in this
annual report accepts responsibility for any tax effects or liabilities resulting from the subscription for, purchase, holding or disposal
of our ordinary shares.
Individual Income Tax
An individual is a tax resident in Singapore in
a year of assessment if, in the preceding year, he was physically present in Singapore or exercised an employment in Singapore (other
than as a director of a company) for 183 days or more, or if he resides in Singapore.
86
Individual taxpayers who are Singapore tax residents
are subject to Singapore income tax on income accruing in or derived from Singapore. All foreign-sourced income received in Singapore
on or after January 01, 2004 by a Singapore tax resident individual (except for income received through a partnership in Singapore) is
exempt from Singapore income tax if the Comptroller of Income Tax in Singapore ("Comptroller") is satisfied that the tax exemption
would be beneficial to the individual. A Singapore tax resident individual is taxed at progressive rates ranging from 0% to 22% up to
YA2023. With effect from YA2024, the maximum tax rate for tax resident is 24%.
Non-resident individuals, subject to certain exceptions and conditions,
are subject to Singapore income tax on income accruing in or derived from Singapore at the rate of 22% up to year of assessment ("YA")
2023. With effect from YA2024, the non-resident tax rate is 24%.
Corporate Income Tax
A corporate taxpayer is regarded as resident in
Singapore for Singapore tax purposes if the control and management of its business is exercised in Singapore.
Corporate taxpayers who are Singapore tax residents
are subject to Singapore income tax on income accruing in or derived from Singapore and, subject to certain exceptions, on foreign-sourced
income received or deemed to be received in Singapore. Foreign-sourced income in the form of dividends, branch profits or after June 01,
2003 are exempt from tax if certain prescribed conditions are met, including the following:
(i)
such income is subject to tax of a similar character to income tax under the law of the jurisdiction from which such income is received;
and
(ii)
at the time the income is received in Singapore, the highest rate of tax of a similar character to income
tax (by whatever name called) levied under the law of the territory from which the income is received on any gains or profits from any
trade or business carried on by any company in that territory at that time is not less than 15%.
Certain concessions and clarifications have also been announced by
the Inland Revenue Authority of Singapore ("IRAS") with respect to such conditions.
A non-resident corporate taxpayer is subject to
income tax on income that is accrued in or derived from Singapore, and on foreign-sourced income received or deemed received in Singapore,
subject to certain exceptions.
The corporate tax rate in Singapore is currently
17%. In addition, three-quarters of up to the first S$10,000 of a company's annual normal chargeable income, and one-half of up
to the next S$190,000, is exempt from corporate tax from the YA2020 onwards. The remaining chargeable
income (after the tax exemption) will be fully taxable at the prevailing corporate tax rate.
New companies will also, subject to certain conditions
and exceptions, be eligible for tax exemption on three-quarters of up to the first S$100,000 of a company's annual normal chargeable
income, and one-half of up to the next S$100,000, a year for each of the Company's first three YAs from YA2020 onwards. The remaining
chargeable income (after the tax exemption) will be taxed at the applicable corporate tax rate.
Dividend Distributions
All Singapore-resident companies are currently under the one-tier corporate
tax system ("one-tier system").
Dividends received in respect of our ordinary
shares by either a resident or non-resident of Singapore are not subject to Singapore withholding tax, on the basis that we are a tax
resident of Singapore and under the one-tier system.
Under the one-tier system, the tax on corporate
profits is final and dividends paid by a Singapore resident company are tax exempt in the hands of a shareholder, regardless of whether
the shareholder is a company or an individual and whether or not the shareholder is a Singapore tax resident.
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Gains on Disposal of our Ordinary Shares
Singapore does not impose tax on capital gains.
There are no specific laws or regulations which deal with the characterization of whether a gain is income or capital in nature. Gains
arising from the disposal of our ordinary shares may be construed to be of an income nature and subject to Singapore income tax, especially
if they arise from activities which the IRAS regards as the carrying on of a trade or business in Singapore.
Holders of our ordinary shares who apply, or who
are required to apply, the Singapore Financial Reporting Standard ("FRS") 39, FRS 109 or Singapore Financial Reporting Standard
(International) 9 ("SFRS(I) 9") (as the case may be) may for the purposes of Singapore income tax be required to recognize
gains or losses (not being gains or losses in the nature of capital) in accordance with the provisions of FRS 39, FRS 109 or SFRS(I) 9
(as modified by the applicable provisions of Singapore income tax law) even though no sale or disposal of our ordinary shares is made.
Holders of our ordinary shares who may be subject
to this tax treatment should consult their accounting and tax advisers regarding the Singapore income tax consequences of their acquisition,
holding and disposal of our ordinary shares.
Stamp Duty
Where our ordinary shares evidenced in certificated
form are acquired in Singapore, stamp duty is payable on the instrument of their transfer at the rate of 0.2% of the consideration for,
or market value of, our ordinary shares, whichever is higher.
Stamp duty is borne by the purchaser unless there
is an agreement to the contrary. Where an instrument of transfer is executed outside Singapore or no instrument of transfer is executed,
no stamp duty is generally payable on the acquisition of our ordinary shares. However, stamp duty may be payable if the instrument of
transfer is executed outside Singapore and is received in Singapore.
Pursuant to recent amendments to the Stamp Duties
Act, Chapter 312 of Singapore, stamp duty is payable on certain electronic instruments that effect a transfer of interest in our ordinary
shares, where such instruments are regarded or deemed to be executed in Singapore, or executed outside Singapore and received in Singapore.
In this regard, an electronic instrument that is executed outside Singapore is received in Singapore if (a) it is retrieved or accessed
by a person in Singapore; (b) an electronic copy of it is stored on a device (including a computer) and brought into Singapore; or (c)
an electronic copy of it is stored on a computer in Singapore.
On the basis that any transfer instruments in
respect of any interests in our ordinary shares (whether traded on Nasdaq or JSE) are executed outside Singapore through the transfer
agent(s), share registrar(s) and/or administrative depositary agent(s) in the United States and/or South Africa for registration in our
share register(s) and/or administrative depositary register(s) (including branch register(s) of members) maintained in the United States
and/or South Africa respectively, no stamp duty should be payable in Singapore on such transfers to the extent that the instruments of
transfer (including electronic instruments) are not received in Singapore and all electronic records and any information relating to such
transfers are not electronically received by persons in Singapore, stored on any server or device in Singapore or made accessible to any
person in Singapore.
Estate Duty
Singapore estate duty was abolished with respect to all deaths occurring
on or after February 15, 2008.
Goods and Services Tax ("GST")
The sale of our ordinary shares by a GST-registered
investor belonging in Singapore for GST purposes to another person belonging in Singapore is an exempt supply not subject to GST. Any
input GST incurred by the GST-registered investor in making an exempt supply is generally not recoverable from the Singapore Comptroller
of GST.
Where our ordinary shares are sold by a GST-registered
investor in the course of or furtherance of a business carried on by such investor contractually to and for the direct benefit of a person
belonging outside Singapore, the sale should generally, subject to satisfaction of certain conditions, be considered a taxable supply
subject to GST at 0%. Any input GST incurred by the GST-registered investor in making such a supply in the course of or furtherance of
a business may be fully recoverable from the Singapore Comptroller of GST. Investors should seek their own tax advice on the recoverability
of GST incurred on expenses in connection with the purchase and sale of our ordinary shares.
88
Services consisting of arranging, brokering, underwriting
or advising on the issue, allotment or transfer of ownership of our ordinary shares rendered by a GST-registered person to an investor
belonging in Singapore for GST purposes in connection with the investor's purchase, sale or holding of our ordinary shares will
be subject to GST at the standard rate of 7.0%. Similar services rendered by a GST registered person contractually to and for the direct
benefit of an investor belonging outside Singapore should generally, subject to the satisfaction of certain conditions, be subject to
GST at 0%.
The Singapore's GST
will be raised in 2 phases, with the first increase from 7% to 8% taking place from January 01, 2023 and the second increase to 9% will
take place from January 01, 2024.
South African Tax Considerations
The following summary describes the principal
South African income tax considerations generally applicable to the acquisition, holding and disposal of the Company's ordinary
shares.
This summary is based on the current provisions
of the South African Income Tax Act No. 58 of 1962 ("Income Tax Act"), and the prevailing practice adopted by the South African
Revenue Service ("SARS"), published in writing prior to the date hereof. This summary does not consider legislative proposals
to amend the Income Tax Act. This summary is of a general nature only and is not intended to be legal or tax advice to any particular
shareholder. This summary is not exhaustive of all South African income tax considerations. Accordingly, shareholders should consult their
own tax advisors as to the tax consequences under the tax laws of the country of which they are resident or otherwise subject to tax.
As used in this registration statement, the term
"SA Corporate" means a person in section 64F(1)(a) of the Income Tax Act being "a company which is a resident"
for tax purposes in South Africa.
As used in this registration statement, the term
"Regulated Intermediary" means a regulated intermediary as contemplated in section 64D of the Income Tax Act.
For tax years ending before March 31, 2023, the
Corporate Income Tax rate applicable to the corporate income of both resident and non-resident companies is 28%. This rate will be reduced
to 27% with effect for years of assessment ending on or after March 31, 2023.
SA Tax Resident Shareholders
SA Tax Resident Shareholders (i.e. shareholders
of the Company who are subject to income tax in South Africa on their worldwide income) will initially be reflected in the administrative
depositary share register in South Africa and will not hold their shares through DTC. SA Tax Resident Shareholders who choose to hold
their shares through DTC will need to ensure they have sufficient single discretionary allowance in respect of individuals and trusts
or foreign direct investment allowance for SA Corporates.
South African dividend tax at 20% will be withheld
on any cash dividends declared and paid by the Company to SA Tax Resident Shareholders holding Company ordinary shares listed on the JSE,
subject to any applicable exemptions that may apply.
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No South African dividend tax will be withheld
on any cash dividends declared and paid by the Company to SA Tax Resident Shareholders holding Company ordinary shares through DTC. Such
dividends will be subject to income tax in South Africa in the hands of the SA Tax Resident Shareholders.
A controlled foreign company ("CFC")
is a non-South African company in which more than 50% of the participation rights/voting rights are directly or indirectly held/exercisable
by SA Tax Residents who are not headquarter companies. Certain profits of CFCs are included in the taxable income of certain SA Tax Resident
ordinary shareholders.
The Company's shares are not held more than 50% by SA Tax Resident
ordinary shareholders and thus the Company is not currently a CFC.
The shareholder base of the Company, classified
either as SA Tax Resident Shareholders or non-SA Tax Resident Shareholders, may vary over time. Where the Company achieves CFC status
in future, only those SA Tax Resident Shareholders holding, alone or together with any connected person, 10% or more of the Company's
ordinary shares must include in their taxable income (i.e. impute unless any of the exemptions from imputation apply — see below)
their proportion of the "profit" of the Company, with such proportion being their proportional shareholding equivalent to
the percentage of their shareholding in the Company's ordinary shares.
SA Tax Resident Shareholders who, together with
connected persons, will acquire more than 10% of the Company's ordinary shares in future are advised to obtain tax advice regarding
whether they will have a South African tax exposure as a result of the Company potentially being a CFC as at that date, having regard
to the Company's shareholder base as at that point in time.
SA Tax Resident Shareholders that dispose of their
Company ordinary shares will be subject to either income tax (in the case of share dealers) or capital gains tax (in the case of capital
investors).
Non-SA Tax Resident Shareholders
No South African dividend tax will be withheld
on any cash dividends declared and paid by the Company to Non-SA Tax Resident Shareholders (i.e. shareholders of the Company who are not
subject to income tax in South Africa on their worldwide income) holding Company ordinary shares. Where such shares are registered on
the JSE, a specific exemption is applicable in terms of the Income Tax Act, provided that the Non-SA Tax Resident Shareholder has submitted
the prescribed information to their Regulated Intermediary or the Company as required in terms of section 64G(2)(a) prior to payment of
the relevant cash dividend. Where such shares are registered through the DTC, South African dividend tax is not applicable.
Non-SA Tax Resident Shareholders that dispose
of their Company ordinary shares registered on the JSE or through the DTC will not be subject to capital gains tax (in the case of capital
investors) in South Africa provided that the Company ordinary shares are not attributable to a permanent establishment of the Non-SA Tax
Resident Shareholder in South Africa.
Where the Non-SA Tax Resident Shareholders are
share dealers no income tax will be payable on disposal of their Company ordinary shares registered on the JSE or through the DTC as the
income will not be from a South African source, provided that the Company ordinary shares are not attributable to a permanent establishment
of the Non-SA Tax Resident shareholder in South Africa.
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U.S. Federal Income Tax Considerations
The following are certain U.S. federal income
tax consequences to the "U.S. Holders" described below of owning and disposing of ordinary shares, but this discussion does
not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person's decision
to hold ordinary shares.
This discussion applies only to a U.S. Holder
that holds the ordinary shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax
consequences that may be relevant in light of a U.S. Holder's particular circumstances, including any alternative minimum tax or
Medicare contribution tax considerations, or consequences applicable to U.S. Holders subject to special rules, such as:
●
certain financial institutions;
●
dealers or traders in securities that use a mark-to-market method of tax accounting;
●
persons holding ordinary shares as part of a straddle, integrated or similar transaction;
●
persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
●
entities classified as partnerships for U.S. federal income tax purposes and their partners;
●
tax-exempt entities, "individual retirement accounts" or "Roth IRAs";
●
persons that own or are deemed to own 10% or more of our stock by voting power or value;
●
persons who acquired our ordinary shares pursuant to the exercise of an employee stock option or otherwise as compensation; or
●
persons holding ordinary shares in connection with a trade or business outside the United States.
If a partnership (or other entity that is classified
as a partnership for U.S. federal income tax purposes) owns ordinary shares, the U.S. federal income tax treatment of a partner will generally
depend on the status of the partner and the activities of the partnership. Partnerships that own ordinary shares and their partners should
consult their tax advisers as to their particular U.S. federal income tax consequences of owning and disposing of ordinary shares.
This discussion is based on the Internal Revenue
Code of 1986, as amended (the "Code"), administrative pronouncements, judicial decisions, and final, temporary and proposed
Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.
As used herein, a "U.S. Holder" is a person that is, for
U.S. federal income tax purposes, a beneficial owner of ordinary shares and:
●
a citizen or individual resident of the United States;
●
a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state
therein or the District of Columbia; or
●
an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.
91
This discussion does not address the effects of any state, local or
non-U.S. tax laws, or any U.S. federal tax laws other than income tax laws (such as U.S. federal estate or gift tax laws). U.S. Holders
should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of
ordinary shares in their particular circumstances.
Except as described below under "—
Passive Foreign Investment Company Rules," this discussion assumes that we are not, and will not be, a passive foreign investment
company (a "PFIC") for any taxable year.
Taxation of Distributions
Distributions, if any, paid on our ordinary shares,
other than certain pro rata distributions of ordinary shares, will be treated as dividends to the extent paid out of our current or accumulated
earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings
and profits under U.S. federal income tax principles, U.S. Holders generally should expect that distributions will be treated as dividends.
Dividends will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Subject to
applicable limitations, (including a minimum holding period requirement), dividends paid by "qualified foreign corporations"
to certain non-corporate U.S. investors are taxable at a preferential rate applicable to long-term capital gains. A non-U.S. corporation
is treated as a qualified foreign corporation with respect to dividends paid on stock that is readily tradable on certain U.S. securities
markets, such as the Nasdaq. The preferential rate does not apply if the non-U.S. corporation is a PFIC for the year the dividend is paid
or the preceding year. Non-corporate U.S. Holders should consult their tax advisers regarding the availability of the preferential rate
and any limitations that may apply in their particular circumstances.
Dividends will be included in a U.S. Holder's
income on the date of receipt. The amount of any dividend income paid in a currency other than the U.S. dollar will be the U.S. dollar
amount calculated by reference to the spot rate in effect on the date of receipt, regardless of whether the payment is in fact converted
into U.S. dollars on such date. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should
not be required to recognize foreign currency gain or loss in respect of the amount received. A U.S. Holder may have foreign currency
gain or loss if the dividend is converted into U.S. dollars after the date of receipt. Dividends will be treated as foreign-source income
for foreign tax credit purposes, which may be relevant to U.S. Holders in calculating their foreign tax credit limitation. Foreign currency
gain or loss generally will be treated as U.S.-source income or loss for foreign tax credit purposes.
As described under Item 10.E. "Tax Considerations—Singaporean
Tax Considerations—Dividend Distributions" and "Tax Considerations—South African Tax Considerations—Non-SA
Tax Resident Shareholders," Singapore and South Africa generally do not impose withholding taxes on dividends paid by the Company
on ordinary shares held through DTC (and in the case of a Non-SA Tax Resident Shareholder, JSE, provided that procedural requirements
to establish an exemption are met). If any non-U.S. jurisdiction imposes taxes on dividends, U.S. Holders should consult their tax advisers
regarding the creditability or deductibility of any such foreign taxes (including any applicable limitations that may apply either generally
or in their particular circumstances).
Sale or Other Taxable Disposition of Ordinary Shares
A U.S. Holder will generally recognize capital
gain or loss on a sale or other taxable disposition of ordinary shares, which will be long-term capital gain or loss if, at the time of
the sale or disposition, the U.S. Holder has owned the ordinary shares for more than one year. The amount of gain or loss will equal the
difference between the amount realized on the sale or disposition and the U.S. Holder's tax basis in the ordinary shares disposed
of, in each case as determined in U.S. dollars. A U.S. Holder's gain or loss will generally be treated as U.S.-source income or
loss for foreign tax credit purposes. U.S. Holders that sell ordinary shares for an amount denominated in a non-U.S. currency should consult
their tax advisers regarding the exchange rate at which the amount received should be translated to U.S. dollars, and whether any U.S.-source
foreign currency gain or loss may be required to be recognized as a result of the sale. Long-term capital gains recognized by non-corporate
U.S. Holders are taxed at a rate that is lower than the rate applicable to ordinary income. The deductibility of capital losses is subject
to limitations.
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As described under Item 10.E. "Tax Considerations—Singaporean
Tax Considerations—Gains on Disposal of our Ordinary Shares" and "Tax Considerations—South African Tax Considerations—Non-SA
Tax Resident Shareholders," Singapore and South Africa generally do not tax capital gains of non-resident investors from the sale
of their ordinary shares. If any non-U.S. taxes are imposed on dispositions of our ordinary shares generally, they will not be creditable
for U.S. federal income tax purposes (although, in certain circumstances, such taxes may reduce the amount realized by a U.S. Holder
on the disposition, or be deductible). U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences
of the imposition of any non-U.S. taxes on dispositions of our ordinary shares.
Passive Foreign Investment Company Rules
In general, a non-U.S. corporation is a PFIC for
U.S. federal income tax purposes for any taxable year in which (i) 50% or more of the value of its assets (generally determined based
on the average of the quarterly values of its gross assets) consists of assets that produce, or are held for the production of, passive
income, or (ii) 75% or more of its gross income consists of passive income. For purposes of the above calculations, a non-U.S. corporation
that owns, directly or indirectly, at least 25% by value of the shares of another corporation is treated as if it held its proportionate
share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive
income generally includes dividends, interest, certain rents and royalties, and gains from the sale or exchange of investment property.
Cash is generally a passive asset for these purposes. Goodwill is generally characterized as an active asset to the extent it is associated
with business activities that produce active income.
Based on the composition of our income and assets
and the value of our assets, including the value of our goodwill, we believe that we were not a PFIC for our taxable year ended February
28, 2023. However, our PFIC status for any taxable year is an annual factual determination that can be made only after the end of that
year, and depends on the composition of our income and assets and the value of our assets from time to time (including the value of our
goodwill, which may be determined in part by reference to the market price of the ordinary shares, which has been, and could continue
to be, volatile). We hold a significant amount of cash and cash equivalents and our PFIC status for any taxable year may also depend on
how, and how quickly, we use them. Because the value of our goodwill may be determined by reference to our market capitalization, we could
become a PFIC for any taxable year if the price of our ordinary shares declines significantly while we hold a substantial amount of cash,
cash equivalents and financial investments. In addition, the application of the PFIC rules is subject to certain uncertainties and the
proper characterization of some of our income and assets is not entirely clear. Accordingly, there can be no assurance that we will not
be a PFIC for our current or any future taxable year.
If we are a PFIC for any taxable year and any
entity in which we own equity interests is also a PFIC (any such entity, a "Lower-tier PFIC"), U.S. Holders will be deemed
to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and will be subject to U.S. federal income tax according
to the rules described in the next paragraph on (i) certain distributions by the Lower-tier PFIC and (ii) dispositions of shares of the
Lower-tier PFIC, in each case as if the U.S. Holders held such shares directly, even though the U.S. Holder will not receive any proceeds
of those distributions or dispositions.
In general, if we are a PFIC for any taxable year
during which a U.S. Holder owns ordinary shares, gain recognized by such U.S. Holder on a sale or other disposition (including certain
pledges) of its ordinary shares will be allocated ratably over its holding period. The amounts allocated to the taxable year of the sale
or disposition and to any year before we became a PFIC with respect to such U.S. Holder will be taxed as ordinary income. The amount allocated
to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as applicable, for that
taxable year, and an interest charge will be imposed on the resulting tax liability for each such year. Furthermore, to the extent that
distributions received by a U.S. Holder in any taxable year on its ordinary shares exceed 125% of the average of the annual distributions
on the ordinary shares received during the preceding three taxable years or the U.S. Holder's holding period, whichever is shorter,
such excess distributions will be subject to taxation in the same manner. If we are a PFIC for any taxable year during which a U.S. Holder
owns ordinary shares, we will generally continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding taxable years
during which the U.S. Holder owns the ordinary shares, even if we cease to meet the threshold requirements for PFIC status, unless the
U.S. Holder makes a timely "deemed sale" election. If we are a PFIC for any taxable year, a mark-to-market election may be
available, which will result in an alternative treatment of the ordinary shares. U.S. Holders should consult their tax advisers to determine
whether any of these elections will be available or advisable, and, if so, what the consequences of the resulting alternative treatments
will be in their particular circumstances.
93
If we are a PFIC (or with respect to a particular U.S. Holder are
treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential tax rate described above
with respect to dividends paid to certain non-corporate U.S. Holders will not apply.
We do not intend to provide information necessary
for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from the general
tax treatment for PFICs described above.
If we are a PFIC for any taxable year during which
a U.S. Holder owns any ordinary shares, the U.S. Holder will generally be required to file annual reports on an Internal Revenue Service
Form 8621. Substantial penalties and other adverse tax consequences may apply for failure to timely file such reports. U.S. Holders should
consult their tax advisers regarding the determination of whether we are a PFIC for any taxable year and the potential application of
the PFIC rules to their ownership of ordinary shares.
Information Reporting and Backup Withholding
Payments of distributions and sales proceeds that
are made within the United States or through certain U.S. related financial intermediaries may be subject to information reporting and
backup withholding, unless (i) the U.S. Holder is a corporation or other "exempt recipient" and (ii) in the case of backup
withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.
The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against its U.S. federal income tax liability
and may entitle it to a refund, provided that the required information is timely furnished to the Internal Revenue Service.
Certain U.S. Holders who are individuals (or certain
specified entities) may be required to report information relating to their ownership of ordinary shares or non-U.S. financial accounts
through which ordinary shares are held, on Internal Revenue Service Form 8938. Substantial penalties and other tax consequences may apply
for failure to timely file such reports. U.S. Holders should consult their tax advisers regarding their reporting obligations with respect
to our ordinary shares.
F.
DIVIDENDS AND PAYING AGENTS
Not applicable.
G.
STATEMENT BY EXPERTS
Not applicable.
H.
DOCUMENTS ON DISPLAY
We are subject to the informational requirements
of the Exchange Act. In accordance with these requirements, we file reports and furnish other information as a foreign private issuer
with the SEC, including annual reports on Form 20-F and reports on Form 6-K. The SEC maintains an Internet website that contains reports
and other information regarding registrants, like us, that file electronically with the SEC. The address of that website is www.sec.gov.
I.
SUBSIDIARY INFORMATION
Not applicable.
J.
ANNUAL REPORT TO SECURITY HOLDERS
Not applicable.
94
Item 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT RISK
We are exposed to market risks in the ordinary
course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial
market prices and rates. Our market risk exposure is primarily the result of fluctuations in foreign currency exchange rates and interest
rates. Please refer to Note 31 to the accompanying consolidated financial statements included elsewhere in this annual report for information
about quantitative and qualitative disclosures about market risk.
Foreign Currency Risk
We conduct business in multiple countries and
currencies, and as a result, the Group is exposed to currency risk to the extent that sales, purchases, and borrowings of the foreign
operations are denominated in a currency other than the respective functional currencies of Group companies. The functional currencies
of Group companies are primarily the ZAR, USD, Euro, Mozambican metical, the Singapore dollar and Polish zloty.
(Refer to the Risk Factors note on foreign currencies on page 23 and
Note 31.2 (c) on Currency Risk on page F-52)
At this time, we do not hedge our foreign currency risk.
Interest Rate Risk
Interest rate risk primarily relates to our loan
obligations with variable interest rates. For example, amounts outstanding under our Term Loan Facilities accrue interest at variable
rates linked to the South African prime rate and 12-month Euribor which exposes us to interest rate risk. Short-term deposits held at
banking institutions also carry interest rates at prevailing market conditions.
An increase of 100 basis points at February 28, 2023 would have resulted
in ZAR0.6 million in additional interest income.
We have not entered into any financial instruments to mitigate interest
rate risk.
Credit Risk
Credit risk primarily results from when a customer
fails to meet its contractual obligations, and arises principally from our receivables from customer, cash deposits and cash equivalents.
Credit risk is managed by each subsidiary subject to our policies and procedures. A significant percentage of our individual customers
pay via direct debit in order to minimize our credit risk.
We evaluate credit risk relating to customers
on an ongoing basis using independent ratings, or if independent ratings are not available, we assess the credit quality of our customers
by taking into account their financial position, past experience and other factors, including the default risk associated with the country
in which the customer operates. Individual risk limits are set based on internal or external ratings in accordance with limits set by
our board of directors. The utilization of credit limits is regularly monitored.
We do not have any significant credit risk exposure to any single customer
or any group of customers having similar characteristics.
95
Item 12. DESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES
A.
DEBT SECURITIES
Not applicable.
B.
WARRANTS AND RIGHTS
Not applicable.
C.
OTHER SECURITIES
Not applicable.
D.
AMERICAN DEPOSITORY SHARES
Not applicable.
96
PART II
Item 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
A.
DEFAULTS
Not applicable.
B.
ARREARS AND DELINQUENCIES
Not applicable.
Item 14. MATERIAL MODIFICATIONS TO THE RIGHTS
OF SECURITY HOLDERS AND USE OF PROCEEDS
None.
Item 15. CONTROLS AND PROCEDURES
A.
DISCLOSURE CONTROLS AND PROCEDURES
We have evaluated, with the participation of our
Chief Executive Officer and Chief Financial Officer, the effectiveness of the Group's disclosure controls and procedures (as defined
in Rule 13a-15(e) of the Exchange Act, as amended) as of February 28, 2023. Based on that evaluation, we concluded that, as of such date,
our disclosure controls and procedures were effective and ensured that the information required to be disclosed by us in reports that
we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officers and
our Chief Financial Officer, to allow timely decisions regarding required disclosures, and is recorded, processed, summarized and reported
within the time periods specified by the SEC's rules and forms.
B.
MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING
Management of Karooooo is responsible for establishing
and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934,
as amended, for the Company. Karooooo's internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of Karooooo's financial reporting and the preparation and fair presentation of financial statements for
external purposes in accordance with IFRS as issued by the IASB.
Karooooo's internal control over financial
reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures are being made only
in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.
Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can
provide only reasonable assurance with respect to financial statement preparation and presentation in accordance with IFRS.
Management assessed the effectiveness of the Company's
internal control over financial reporting as of February 28, 2023. In making these assessments, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in "Internal Control— Integrated Framework
(2013)'' and assessed the current processes as effective.
97
C.
ATTESTATION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
As Karooooo Ltd is still classified as an Emerging
Growth Company ("EGC") company, under the Jumpstart our Business Startups Act (JOBS Act). The effectiveness of internal control
over financial reporting as of February 28, 2023 need not be independently audited by the independent registered public accounting firm.
This exemption was applied in the current reporting cycle.
D.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There were no changes in our internal control
over financial reporting that occurred during the year ended February 28, 2023 that have materially affected, or are reasonably likely
to materially affect, the Group's internal control over financial reporting.
Limitations on effectiveness of controls and procedures
In designing and evaluating the disclosure controls
and procedures and internal control over financial reporting, management recognizes that any controls and procedures, no matter how well
designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure
controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that
management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
Item 16. RESERVED
Item 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Audit Committee
The audit committee, which consists of Siew Koon
Lim, Andrew Leong and Kim White will assist the board in overseeing our accounting and financial reporting processes and the audits of
our financial statements. In addition, the audit committee is directly responsible for the appointment, compensation, retention and oversight
of the work of our independent registered public accounting firm. The audit committee is also responsible for reviewing and determining
whether to approve certain transactions with related parties. See "Certain Relationships and Related Party Transactions—Related
Person Transaction Policy." The board of directors has determined that Siew Koon Lim qualifies as an "audit committee financial
expert," as such term is defined in the rules of the SEC, and that Siew Koon Lim, Andrew Leong and Kim White are independent, as
independence is defined under the rules of the SEC and the Nasdaq applicable to foreign private issuers. Siew Koon Lim acts as chairman
of our audit committee.
Item 16B. CODE OF ETHICS
Our board of directors has adopted a code of business
conduct and ethics that applies to all of our employees, officers and directors, including our Chief Executive Officer, Chief Financial
Officer and other executive and senior financial officers. The full text of our code of business conduct and ethics is posted on the investor
relations page of our website at https://www.karooooo.com/corporate-governance.php. We intend to disclose any amendments to our code of
business conduct and ethics, or waivers of its requirements, as it applies to our executive officers and directors, on our website or
in filings under the Exchange Act.
98
Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth the aggregate audit and audit-related
fees, tax fees and all other fees billed or accrued for professional services rendered by our principal accountants Ernst & Young
LLP, Singapore for fiscal year February 28, 2023 and KPMG LLP, Singapore for fiscal year February 28, 2022:
Year ended February 28
2023
2023
2022
(U.S.$
thousands
(1)
)
In R thousands
Audit fees
780
14,307
12,364
Tax fees
-
-
-
All other fees
-
-
-
Total
780
14,307
12,364
(1)
For convenience purposes only, amounts in South African rand as at February 28, 2023 have been translated
to U.S. dollars using an exchange rate of ZAR 18.3425 to U.S.$1.00, the exchange rate for U.S. dollars at February 28, 2023 as set forth
in the H.10 statistical release of the Board of Governors of the Federal Reserve System. These translations should not be considered representations
that any such amounts have been, could have been or could be converted at that or any other exchange rate. See "Exchange Rates"
for further information about recent fluctuations in exchange rates.
Audit fees consist of fees billed or accrued for
the annual audit of our consolidated financial statements and the audit of statutory financial statements of our subsidiaries, including
fees billed for assurance and related services that are reasonably related to the performance of the audit or reviews of our financial
statements that are services that only an external auditor can reasonably provide.
Item 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not applicable.
Item 16E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
Not applicable.
Item 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
The information required by Item 16F was previously reported in our
Annual Report on Form 20-F for the year ended February 28, 2022.
99
Item 16G. CORPORATE GOVERNANCE
We are a "foreign private issuer"
under the securities laws of the United States and the rules of Nasdaq. Under Nasdaq's rules, a foreign private issuer is subject
to less stringent corporate governance requirements. Subject to certain exceptions, the rules of Nasdaq permit a foreign private issuer
to follow its home country practice in lieu of the listing requirements of Nasdaq. We intend to follow home country practices in lieu
of the listing requirements of Nasdaq with regard to the following:
●
the requirement under Section 5605(e)(2) of Nasdaq listing rules that companies must adopt a formal written charter or board resolution,
as applicable, addressing the nominations process and such related matters as may be required under the U.S. federal securities laws;
●
the requirement under Section 5605(d) of Nasdaq listing rules that a compensation committee comprised solely of independent directors
governed by a compensation committee charter oversee executive compensation;
●
the requirement under Section 5605(b)(2) of Nasdaq listing rules that the independent directors have regularly scheduled meetings
with only the independent directors present;
●
the requirement under Section 5605(c) of Nasdaq listing rules that a quorum must consist of at least 331∕3 percent of the outstanding
shares of a listed company's common voting stock; and
●
the requirement under Section 5610 of Nasdaq listing rules that a company must have adopted one or more codes of conduct applicable
to all directors, officers and employees, and that such codes are publicly available.
Otherwise, we intend to follow the requirements of Nasdaq to the extent
possible under Singapore law.
In addition, because we are a foreign private
issuer, our directors and executive officers are not subject to short-swing profit liability and insider trading reporting obligations
under Section 16 of the Exchange Act. They will, however, be subject to the obligations to report changes in share ownership under Section
13 of the Exchange Act and related SEC rules to the extent appropriate.
The SEC maintains an internet site that contains
reports,  proxy and information statements, other information regarding issuers that file electronically with the SEC and the address
of that site is http://www.sec.gov
Item 16H. MINE SAFETY DISCLOSURE
Not applicable.
Item 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT
INSPECTIONS
Not applicable.
Item 16J. INSIDER TRADING POLICIES
Not applicable.
100
PART III
Item 17. FINANCIAL STATEMENTS
Not applicable.
Item 18. FINANCIAL STATEMENTS
See the financial statements beginning on page F-1 of this annual report.
Item 19. EXHIBITS
List all exhibits filed as part of the registration statement or annual
report, including exhibits incorporated by reference.
EXHIBIT INDEX
Incorporated by Reference
Schedule/
File
Exhibit
Description
Form
Number
Exhibit
File Date
1.1#
Constitution of Karooooo Ltd.
Form F-1
333-253635
3.1
February 26, 2021
2.1#
Specimen Share Certificate
Form F-1/A
333-253635
4.1
March 22, 2021
2.2*
Description of Ordinary Shares
4.1#
Revolving Credit Facility dated February 18, 2021 by and between Cartrack
Proprietary
    Limited, The Standard Bank of South Africa Limited and the parties listed therein as the original guarantors
Form F-1
333-253635
10.1
February 26, 2021
4.2#
Loan Agreement dated July 4, 2019 by and between Isaias (Zak) Jose Calisto
and Karoo Pte. Ltd.
Form F-1
333-253635
10.2
February 26, 2021
4.3#
Loan Capitalization Agreement dated November 18, 2020 by and between Isaias (Zak) Jose Calisto and Karooooo Ltd.
Form F-1
333-253635
10.3
February 26, 2021
4.4#
Loan Agreement dated December 22, 2020 by and between Orient Victoria
Pte. Ltd. and
    Karooooo Ltd., as supplemented by the addendum dated
February 15, 2021
Form F-1
333-253635
10.4
February 26, 2021
4.5#
Registration Rights Agreement
Form F-1/A
333-253635
10.5
March 22, 2021
4.6#
Form of Deed of Indemnity
Form F-1/A
333-253635
10.6
March 12, 2021
8.1#*
List of subsidiaries
June 13, 2023
101
12.1*
Certification by the Principal Executive Officer pursuant to Securities
Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
June 13, 2023
12.2*
Certification by the Principal Financial Officer pursuant to Securities
Exchange Act Rules
    13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
June 13, 2023
13.1**
Certification by the Principal Executive Officer and Principal Financial
Office pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
June 13, 2023
101.INS*
Inline XBRL Instance Document.
101.SCH*
Inline XBRL Taxonomy Extension Schema Document.
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
*
Filed herewith.
#
Portions of this exhibit (indicated by asterisks) have been excluded from the exhibit because it both (i) is not material and (ii)
would likely cause competitive harm to the registrant if disclosed.
102
SIGNATURES
The registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on Form 20-F on
its behalf.
Karooooo Ltd.
By:
/s/ Isaias (Zak) Jose Calisto
Name:
Isaias (Zak) Jose Calisto
Title:
Chief Executive Officer
By:
/s/ Hoe Shin Goy
Name:
Hoe Shin Goy
Title:
Chief Financial Officer
Date: June 13, 2023
103
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Audited Consolidated Financial Statements
for the Years Ended February 28, 2023, February
28, 2022 and February 28, 2021— Karooooo Ltd.
Page
Reports of the Independent Registered Public Accounting Firms (PCAOB ID:
1247
)
F-2
Reports of the Independent Registered Public Accounting Firms (PCAOB ID:
1051
)
F-3
Consolidated Statement of Financial Position
F-4
Consolidated Statement of Profit or Loss
F-5
Consolidated Statement of Comprehensive Income
F-6
Consolidated Statement of Changes in Equity
F-7
Consolidated Statement of Cash Flows
F-10
Notes to the Consolidated Financial Statements
F-11
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of Karooooo Ltd.
Opinion on the Financial Statements
We have audited the accompanying consolidated
statement of financial position of Karooooo Ltd. (the Company) as of February 28, 2023, the related consolidated statements of profit or
loss, comprehensive income, changes in equity and cash flows for the period ended February 28, 2023, and the related notes (collectively
referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company at February 28, 2023, and the results of its operations and its cash flows
for the period ended February 28, 2023, in conformity with International Financial Reporting Standards as issued by the International
Accounting Standards Board.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.
/s/
Ernst & Young LLP
We have served as the Company's auditor since 2022.
Singapore
June 13, 2023
F-
2
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
Karooooo Ltd.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated
statement of financial position of Karooooo Ltd. and subsidiaries (the Company) as of February 28, 2022, the related consolidated statements
of profit and loss, comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended February
28, 2022, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of the Company as of February 28, 2022, and the results of its operations
and its cash flows for each of the years in the two-year period ended February 28, 2022, in conformity with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
Basis for Opinion
These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's
internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.
/s/
KPMG LLP
We have served as the Company's auditor since 2021.
Singapore
June 09, 2022
F-
3
Consolidated
Statement of Financial Position
As of February 28
Figures in Rand thousands
Notes
2023
2022
ASSETS
Non-current assets
Property, plant and equipment
5
1,591,814
1,390,659
Capitalized commission assets
6
287,054
231,537
Intangible assets
7
85,642
77,031
Goodwill
8
212,481
186,384
Loans to related parties
12
25,800
19,400
Long-term other receivables and prepayments
11
24,715
9,722
Non-current financial asset
14
388
1,359
Deferred tax assets
9
60,919
58,383
Total non-current assets
2,288,813
1,974,475
Current assets
Inventories
10
79,159
25,369
Trade and other receivables and prepayments
11
409,191
333,886
Income tax receivables
8,627
8,818
Other financial asset
14
-
15,305
Cash and cash equivalents
13
965,790
731,748
Total current assets
1,462,767
1,115,126
Total assets
3,751,580
3,089,601
EQUITY AND LIABILITIES
Equity
Share capital
15
7,142,853
7,142,853
Capital reserve
(
3,582,568
)
(
3,587,640
)
Common control reserve
1
(
2,709,236
)
(
2,709,236
)
Foreign currency translation reserve
245,109
28,776
Retained earnings
1,564,809
1,276,523
Equity attributable to equity holders of parent
2,660,967
2,151,276
Non-controlling interest
30,908
22,905
Total equity
2,691,875
2,174,181
Liabilities
Non-current liabilities
Term loans
16
38,304
71,194
Lease liabilities
17
67,882
64,784
Deferred revenue
18
112,185
108,256
Deferred tax liabilities
9
51,894
47,063
Total non-current liabilities
270,265
291,297
Current liabilities
Term loans
16
21,643
18,156
Trade and other payables
19
374,047
281,866
Loans from related parties
12
607
2,134
Lease liabilities
17
52,845
47,294
Deferred revenue
18
283,682
218,148
Bank overdraft
13
40
13,722
Income tax payables
55,996
40,918
Provision for warranties
580
1,885
Total current liabilities
789,440
624,123
Total liabilities
1,059,705
915,420
Total equity and liabilities
3,751,580
3,089,601
The accompanying notes form an integral part of
these financial statements.
F-
4
Consolidated
Statement of Profit and Loss
Year ended February 28
Figures in Rand thousands
Notes
2023
2022
2021
Revenue
20
3,507,067
2,746,151
2,290,543
Cost of sales
(
1,234,672
)
(
922,561
)
(
670,523
)
Gross profit
2,272,395
1,823,590
1,620,020
Other income
9,828
1,841
2,166
Operating expenses
(
1,400,308
)
(
1,126,306
)
(
895,624
)
Sales and marketing
(
431,140
)
(
333,259
)
(
238,110
)
General and Administration
(
704,603
)
(
555,327
)
(
476,534
)
Research and development
(
177,024
)
(
149,238
)
(
100,138
)
Expected credit losses on financial assets
(
87,541
)
(
88,482
)
(
80,842
)
Operating profit
21
881,915
699,125
726,562
Initial public offering costs ("IPO")
1
-
(
10,288
)
(
25,570
)
Finance income
22
23,255
6,083
4,358
Finance costs
23
(
10,095
)
(
12,331
)
(
9,302
)
Fair value changes to derivative assets
(
971
)
(
506
)
–
Profit before taxation
894,104
682,083
696,048
Taxation
24
(
285,298
)
(
205,476
)
(
198,628
)
Profit for the year
608,806
476,607
497,420
Profit attributable to:
Owners of the parent
597,153
449,953
318,183
Non-controlling interest
11,653
26,654
179,237
608,806
476,607
497,420
Earnings per share
Basic and diluted earnings per share (ZAR)
35
19.29
15.24
15.65
The accompanying notes form an integral part of
these financial statements.
F-
5
Consolidated
Statement of Comprehensive Income
Year ended February 28
Figures in Rand thousands
Notes
2023
2022
2021
Profit for the year
608,806
476,607
497,420
OTHER COMPREHENSIVE INCOME
Items that may be reclassified to profit or loss in future periods:
Exchange differences on translating foreign operations
220,471
17,955
(
10,240
)
Other comprehensive income for the year
220,471
17,955
(
10,240
)
Total comprehensive income for the year net of income tax
829,277
494,562
487,180
Total comprehensive income attributable to:
Owners of the parent
813,486
469,024
316,037
Non-controlling interest
15,791
25,538
171,143
829,277
494,562
487,180
The accompanying notes form an integral part of
these financial statements.
F-
6
Consolidated
Statement of Changes in Equity
Figures in Rand thousands
Notes
Share
capital
Common
control
reserve
Foreign
currency
translation
Investment
by owner
Retained
earnings
Total
attributable
to owner of
the parent
Non-
controlling
interest
Total
equity
Balance at March 1, 2020
10
–
11,851
30,383
835,978
878,222
346,913
1,225,135
Profit for the year
–
–
–
–
318,183
318,183
179,237
497,420
Other comprehensive income
–
–
(
2,146
)
–
–
(
2,146
)
(
8,094
)
(
10,240
)
Total comprehensive income for the year
–
–
(
2,146
)
–
318,183
316,037
171,143
487,180
Transactions with owner, recognized directly in equity Contributions by and distributions to owner
Dividends
26
–
–
–
–
(
272,235
)
(
272,235
)
(
145,859
)
(
418,094
)
Common control reserve
1
2,739,619
(
2,709,236
)
–
(
30,383
)
–
–
–
–
Total contribution by and distributions to owner
2,739,619
(
2,709,236
)
–
(
30,383
)
(
272,235
)
(
272,235
)
(
145,859
)
(
418,094
)
Reclassification
2
–
–
–
–
(
58,671
)
(
58,671
)
58,671
–
Total transactions with owner
2,739,619
(
2,709,236
)
–
(
30,383
)
(
330,906
)
(
330,906
)
(
87,188
)
(
418,094
)
Changes in ownership interest in subsidiaries
Acquiring interest in subsidiaries without change in control
–
–
–
–
(
7,893
)
(
7,893
)
(
3,666
)
(
11,559
)
Disposal of interest in subsidiary
–
–
–
–
(
147
)
(
147
)
(
69
)
(
216
)
Total changes in ownership interest in subsidiaries
–
–
–
–
(
8,040
)
(
8,040
)
(
3,735
)
(
11,775
)
Balance at February 28, 2021
2,739,629
(
2,709,236
)
9,705
–
815,215
855,313
427,133
1,282,446
F-
7
Figures in Rand thousands
Notes
Share
capital
Capital
reserve
Common
control
reserve
Foreign
currency
translation
Retained
earnings
Total
attributable
to owner of
the parent
Non-
controlling
interest
Total
equity
Balance at March 1, 2021
2,739,629
–
(
2,709,236
)
9,705
815,215
855,313
427,133
1,282,446
Profit for the year
–
–
–
–
449,953
449,953
26,654
476,607
Other comprehensive income
–
–
–
19,071
–
19,071
(
1,116
)
17,955
Total comprehensive income for the year
–
–
–
19,071
449,953
469,024
25,538
494,562
Transactions with owner, recognized directly in equity Contributions by and distributions to owner
Issuance of share capital
4,452,423
–
–
–
–
4,452,423
–
4,452,423
IPO costs off set against share capital
(
49,199
)
–
–
–
–
(
49,199
)
–
(
49,199
)
Dividends
–
–
–
–
–
–
(6,726
)
4
(
6,726
)
Derivative – put option
14
–
–
–
–
15,305
15,305
–
15,305
Total contribution by and distributions to owner
4,403,224
–
–
–
15,305
4,418,529
(
6,726
)
4,411,803
Reclassification
2
–
–
–
–
(
3,950
)
(
3,950
)
3,950
–
Total transactions with owner
4,403,224
–
–
–
11,355
4,414,579
(
2,776
)
4,411,803
Changes in ownership interest in subsidiaries
Acquiring interest in subsidiaries without change in control
3
–
(
3,587,640
)
–
–
–
(
3,587,640
)
(
426,990
)
(
4,014,630
)
Total changes in ownership interest in subsidiaries
–
(
3,587,640
)
–
–
–
(
3,587,640
)
(
426,990
)
(
4,014,630
)
Balance at February 28, 2022
7,142,853
(
3,587,640
)
(
2,709,236
)
28,776
1,276,523
2,151,276
22,905
2,174,181
F-
8
Figures in Rand thousands
Notes
Share
capital
Capital
reserve
Common
control
reserve
Foreign
currency
translation
Retained
earnings
Total
attributable
to owner of
the parent
Non-
controlling
interest
Total
equity
Balance at March 1, 2022
7,142,853
(
3,587,640
)
(
2,709,236
)
28,776
1,276,523
2,151,276
22,905
2,174,181
Profit for the year
–
–
–
–
597,153
597,153
11,653
608,806
Other comprehensive income
–
–
–
216,333
–
216,333
4,138
220,471
Total comprehensive income for the year
–
–
–
216,333
597,153
813,486
15,791
829,277
Transactions with owner, recognized directly in equity Contributions by and distributions to owner
Dividends
–
–
–
–
(
293,562
)
(
293,562
)
(8,518
)
5
(
302,080
)
Derivative – put option
14
–
–
–
–
(
15,305
)
(
15,305
)
–
(
15,305
)
Total transactions with owner
–
–
–
–
(
308,867
)
(
308,867
)
(
8,518
)
(
317,385
)
Changes in ownership interest in subsidiaries
Disposal of interest in subsidiaries without change in control
–
5,072
–
–
–
5,072
730
5,802
Total changes in ownership interest in subsidiaries
–
5,072
–
–
–
5,072
730
5,802
Balance at February 28, 2023
7,142,853
(
3,582,568
)
(
2,709,236
)
245,109
1,564,809
2,660,967
30,908
2,691,875
1
Karooooo Ltd ("Karooooo") acquired control of Cartrack Holdings Limited ("Cartrack") on November 18, 2020 when the loan from Isaias Jose Calisto to Karooooo was extinguished through the issuance of shares.
2
In November 2014, a change in interest in Cartrack from 88.3% to 68.0% was not accounted for retained earnings transfer to non-controlling interest ("NCI"). During the financial year ended February 28, 2021 and February 28, 2022, the Group corrected the error prospectively as the impact to comparatives is not material. On April 21, 2021, when Karooooo acquired the minority interest and took control of 100% interest in Cartrack, all NCI relating to the Karooooo minority interest was transferred back to capital reserve.
3
During the financial year ended February 28, 2022, the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, "capital reserve" instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent acquisition of interest in subsidiaries without change in control is accounted for under capital reserve.
4
Dividends declared during the financial year ended February 28, 2022 amounting to ZAR 4.20 per ordinary share and remains payable by a subsidiary to NCI as of February 28, 2022.
5
Dividends declared by a subsidiary during the financial year ended February 28, 2023 amounting to ZAR 5.32 per ordinary share remains payable by a subsidiary to NCI as of February 28, 2023.
The accompanying notes form an integral part of
these financial statements.
F-
9
Consolidated
Statement of Cash Flows
Year ended February 28
Figures in Rand thousands
Notes
2023
2022
2021
Cash flows from operating activities
Profit before taxation
894,104
682,083
696,048
Adjustments
591,190
583,734
448,804
Depreciation on property, plant and equipment
5
493,788
458,281
372,936
Amortization of capitalized commission assets
6
64,707
64,566
46,957
Amortization of intangible assets
7
51,143
39,078
25,856
Capitalized commission assets written off
6
-
15,301
–
Gain on disposal of property, plant and equipment
(
4,954
)
(
1,150
)
(
1,191
)
Finance income
22
(
23,255
)
(
6,083
)
(
4,358
)
Finance costs
23
10,095
12,331
9,302
Provision for warranties charge
(
1,305
)
904
(
698
)
Fair value changes to derivative assets
971
506
–
Working capital adjustments
Inventories
(
53,790
)
(
25,369
)
–
Trade and other receivables and prepayments
(
62,833
)
(
52,053
)
(
78,625
)
Trade and other payables
67,940
(
11,677
)
115,179
Deferred revenue
46,251
78,130
43,227
Capitalized commission assets
(
112,738
)
(
112,639
)
(
95,999
)
Cash generated from operating activities
1,370,124
1,142,209
1,128,634
Interest received
23,255
6,083
4,358
Interest paid
(
10,095
)
(
14,061
)
(
7,254
)
Income tax paid
25
(
256,621
)
(
202,525
)
(
187,887
)
Net cash generated from operating activities
1,126,663
931,706
937,851
Cash flows from investing activities
Purchase of property, plant and equipment
5
(
579,656
)
(
552,634
)
(
478,036
)
Purchase of property, plant and equipment – Telematics
    devices and equipment on hand
(
457,542
)
(
500,203
)
(
445,377
)
Purchase of property, plant and equipment – Other
(
122,114
)
(
52,431
)
(
32,659
)
Proceeds on disposal of property, plant and equipment
10,499
4,840
14,362
Investment in intangible assets
7
(
46,653
)
(
43,816
)
(
45,630
)
Acquisition of subsidiary, net of cash acquired
28
–
(
66,607
)
–
Advances of loans to related party
(
6,400
)
–
(
8,400
)
Repayment of loans from related party
–
–
13
Net cash utilized by investing activities
(
622,210
)
(
658,217
)
(
517,691
)
Cash flows from financing activities
Proceeds from related parties loans
16
315
–
857,367
Repayment of related parties loans
16
(
1,940
)
(
845,003
)
(
1,512
)
Cash transferred from/(to) restricted cash
1
–
834,543
(
857,216
)
Acquiring interest in subsidiaries without change in control
–
(
66,386
)
(
11,559
)
Net proceeds from issuance of share capital
2
–
450,727
–
Proceeds from term loans obtained
16
502
110,000
–
Repayment of term loans
16
(
31,034
)
(
101,708
)
(
8,247
)
Payments of lease liabilities
16
(
56,617
)
(
47,201
)
(
46,751
)
Dividends paid
26
(
331,252
)
–
(
418,094
)
Net cash (utilized by)/ generated from financing activities
(
420,026
)
334,972
(
486,012
)
Net increase/(decrease) in cash and cash equivalents
84,427
608,461
(
65,852
)
Cash and cash equivalents at the beginning of the year
718,026
76,098
146,591
Effect of exchange rate changes on cash and cash equivalents
163,297
33,467
(
4,641
)
Cash and cash equivalents at the end of the year
13
965,750
718,026
76,098
1
On December 29, 2020, the Group received ZAR 882.4 million (USD 58.5 million) from a related party - Orient Victoria Pte Ltd for the sole purpose of facilitating the Company's acquisition of the remaining interest in Cartrack Holdings Proprietary Limited. The loan was fully repaid on April 22, 2021.
2
On April 21, 2021 Karooooo bought out all of the minority shareholders of Cartrack and delisted Cartrack from Johannesburg Stock Exchange ("JSE"). In terms of the reinvestment offer, investors who elected to remain invested in Cartrack received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of the reinvestment offer. Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued 9,410,712 ordinary shares of ZAR 3,952 million to eligible Cartrack shareholders who opted to reinvest the proceeds of sale of their Cartrack shares into Karooooo. Included in the net proceeds from issuance of share capital are transaction costs of ZAR 49.2 million. See Note 1 for details.
The accompanying notes form an integral part of
these financial statements.
F-
10
Notes
to consolidated financial statementS
1. PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
Reporting entity
Karooooo Ltd. ("Karooooo" or "the
Company") was incorporated on May 19, 2018 in the Republic of Singapore and wholly owned by Isaias Jose Calisto ("Zak").
Cartrack Holdings Proprietary Limited previously known as Cartrack Holdings Limited ("Cartrack") was a public company listed
on the Johannesburg stock exchange ("JSE") in December 2014. Zak is the current CEO of Cartrack. Karooooo acquired an approximate
68
per cent interest in Cartrack effective July 17, 2019.
Through a flow of funds arrangement, Karooooo's
acquisition of control of Cartrack was facilitated by Zak capitalizing Karooooo, which resulted in a loan from Zak that was repayable
on demand in either cash or through the receipt of that number of Cartrack shares where the Cartrack share price is the equivalent of
ZAR
13.44
per share, being the share price at which a mandatory public offer was made pursuant to the acquisition. Subsequent to the acquisition,
Karooooo was the legal and beneficial owner of the Cartrack shares. As a consequence of the call option embedded within the loan, Karooooo
did not acquire control as defined by IFRS 10
Consolidated Financial Statements
of Cartrack at that time; instead, control remained
with Zak.
On November 18, 2020, the loan from Zak was converted
into Karooooo share capital and as a consequence, Karooooo acquired control of Cartrack.
On this date, 20,331,894 shares were issued to
Zak and Karooooo registered ZAR 2,739,619,000 paid-up capital which resulted in a common control reserve of ZAR 2,709,236,000 arising
due to the common control transaction.
Since the loan was eliminated as part of the common control transaction, it is not presented as
a financial liability in the consolidated annual financial statements.
The acquisition of control of Cartrack by Karooooo
is considered to be a transaction under common control as ultimately both entities were controlled by Zak before and after the transaction.
Therefore, the consolidated financial statements was retrospectively recast to reflect Karooooo's controlling interest in Cartrack
for all previous periods presented prior to the date of acquisition. For the period prior to the incorporation of Karooooo the consolidated
financial statements reflect Zak's controlling interest in Cartrack, which he held through another personal holding company with
no other operations that does not form part of the consolidated Group. There is currently no specific guidance on accounting for common
control transactions under International Financial Reporting Standards (IFRS) issued by the the International Accounting Standards Board
(IASB). In the absence of specific guidance Karooooo elected to apply the "pooling of interests" method of accounting. Under
"pooling of interests" the assets and liabilities of Cartrack are carried over at their book values with no adjustment made
for the acquisition price and prior periods are restated as if the common control transaction had occurred at the beginning of the earliest
period presented.
Karooooo listed on the NASDAQ on April 1, 2021
and raised USD
33.8
million gross cash for general corporate purposes including the growth and expansion of Cartrack, such as research
and development. Karooooo issued
1,207,500
shares at an offer price of USD
28
per share which is equivalent to the offer price made to
Cartrack shareholders to participate in the reinvestment offer, enabling Karooooo to proceed with the IPO in order to meet the requirements
to list on the NASDAQ.
Total IPO costs incurred amounted to ZAR
85.1
million of which ZAR
25.6
million and ZAR
10.3
million were expensed in the financial year ended February 28, 2021 and February 28, 2022
respectively, and ZAR
49.2
million which is directly attributable to the issuance of shares were set off against share capital.
F-
11
As at February 28, 2021, certain Cartrack shareholders
have agreed to participate in the reinvestment offer of Karooooo through the issue of irrevocable undertakings. As the reinvestment offer
is based on exchanging a fixed number of Karooooo shares for a fixed number of Cartrack shares, this contract is classified as equity.
Accordingly, Karooooo adopted the present-access method to account for the transaction where the non-controlling shareholders still have
an economic interest in the equity returns of Cartrack and there was no net impact to equity.
The reinvestment offer to Cartrack shareholders
was finalized on April 16, 2021 with
99
% of the eligible Cartrack shareholders opting to remain invested in Karooooo. These shareholders
received 1 Karooooo share for every 10 Cartrack shares held.
Karooooo, as listed on the NASDAQ and inward listed
on the JSE on April 21, 2021, owns 100% of Cartrack. As at February 28, 2022, Zak is the ultimate controlling shareholder of the Group,
holding 20,028,811 shares (65.0% shareholdings) of Karooooo.
The principal activities of the Group relate to
the provision of real-time mobility data analytics solutions for smart transportation through its software-as-a-service ("SaaS")
platform, physical and e-commerce vehicle buying and selling and providing a technology platform focused on last mile delivery. The Group's
SaaS platform acts as a central nervous system for connected vehicles and other mobile assets, such as construction equipment, generators,
refrigeration units, trailers and boats.
These consolidated financial statements comprise
the Company and its subsidiaries (collectively the "Group" and individually "group companies").
Statement of compliance
The consolidated financial statements of the Group
have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board (IASB).
The policies applied in these annual financial
statements are based on IFRS effective for annual period beginning on March 1, 2022.
The Group has prepared the financial statements
on the basis that it will continue to operate as a going concern.
The financial statements were approved for issue
by the Directors on June 13, 2023.
Basis of measurement
The consolidated financial statements have been
prepared on the historical cost basis with the exception of certain financial instruments that have been measured at fair value.
Functional and presentation currency
The consolidated financial statements are presented
in South African Rand (ZAR), which is the Group's presentation currency and all values are rounded to the nearest thousand (ZAR'000),
except when otherwise indicated. The Company's functional currency is in United States Dollars (USD).
F-
12
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Significant accounting judgements, estimates and assumptions
The preparation of the Group's consolidated
financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses,
assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period. Uncertainty about these assumptions
and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in
the future periods.
Judgements
Management is of the opinion that there is no
significant judgement made in applying accounting policies that have a significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial period.
Estimates and assumptions
The key assumptions concerning the future and
other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates
on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future
developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes
are reflected in the assumptions when they occur.
i.
Useful life estimates of capitalized telematics devices and capitalized commission assets
The Group completes a detailed assessment annually
on the expected life cycle of subscriber contracts across the Group. The continued growth in the subscriber base over the past few years
has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of subscriber
contracts. On the basis of the statistical assessment, there has been no change to the estimated average useful life of 60 months of a
subscriber contract in the current financial year. Contracts which terminate prior to 60 months result in accelerated depreciation of
the underlying capitalized telematic devices and capitalized commission assets being recognized immediately in profit or loss.
ii.
Goodwill
The Group tests goodwill for impairment on an
annual basis. The recoverable amounts of cash-generating units have been determined based on value-in-use calculations. These calculations
are performed internally by the Group and require the use of various estimates and assumptions regarding discount rates and the future
financial performance of the cash-generating units.
The Group's goodwill is subjected to impairment
assessment for the financial year ended February 28, 2023. Management assesses goodwill impairment annually. For impairment assessment,
management uses a discounted cash flow model which involves significant judgement in estimating the recoverable values of these assets.
Any shortfall of the recoverable values against the carrying amounts of these assets will be recognized as impairment losses. The recoverable
amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and
the growth rate used for extrapolation purposes. The carrying amounts of the Group's goodwill and key assumptions applied in the
determination of the value-in-use including a sensitivity analysis, are disclosed and further explained in Note 8 to the financial statements.
F-
13
2.2 Accounting policies
The accounting policies applied in the preparation
of these consolidated financial statements are set out below. The Group consistently applied the following accounting policies to all
periods presented in these consolidated financial statements, unless otherwise stated.
a)
Basis of consolidation
The consolidated financial statements comprises the financial statement
of the Company and its subsidiaries as at the end of the reporting period. The financial statements of the subsidiaries used in the preparation
of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied
to like transactions and events in similar circumstances.
All intra-group balances, income and expenses and unrealized gains
and losses resulting from intra-group transactions and dividends are eliminated in full.
Subsidiaries are consolidated from the date of acquisition, being the
date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.
Losses within a subsidiary are attributed to the non-controlling interest
even if that results in a deficit balance.
Business combinations and goodwill
Business combinations are accounted for using
the acquisition method. Identifiable assets acquired and liabilities assumed in business combination are measured initially at their fair
values at the acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and
the services are received.
Any contingent consideration to be transferred
by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration
which is an asset or liability are recognized in profit or loss.
Non-controlling interest in the acquire, that
are present ownership interests and entitled their holders to a proportionate share of net assets of the acquire are recognized on the
acquisition date at either fair value, or the non-controlling interest's proportionate share of the acquiree's identifiable
net assets.
Any excess of the sum of the fair value of the
consideration transferred in the business combination, the amount of non-controlling interest in the acquiree (if any), and the fair value
of the Group's previously held equity interest in the acquiree (if any), over the net fair value of the acquiree's identifiable
assets and liabilities is recorded as goodwill. In instances where the latter amount exceeds the former, the excess is recognized as gain
on bargain purchase in profit or loss on the acquisition date.
Goodwill is initially measured at cost. Following
initial recognition, goodwill is measured at cost less any accumulated impairment losses.
For the purpose of impairment testing, goodwill
acquired in a business combination is, from the acquisition date, allocated to the Group's cash-generating units that are expected
to benefit from the synergies of the combination.
The cash-generating units to which goodwill have
been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired. Impairment
is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-generating units) to which
the goodwill relates.
F-
14
Subsidiaries
Subsidiaries are entities controlled by the Group.
The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the
ability to affect those returns through its power over the entity. The financial results of subsidiaries are consolidated into the Group's
results from acquisition date until loss of control.
When the Group loses control over a subsidiary,
it derecognizes the assets and liabilities of the subsidiary, and any related NCI and other components of equity. Any resulting gain or
loss is recognized in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Non-controlling interest
Non-controlling interest represents the equity
in subsidiaries not attributable, directly or indirectly, to owners of the Company. Changes in the Company's ownership interest
in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying
amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received
is recognized directly in equity and attributed to owners of the Company.
During the financial year ended February 28, 2022,
the Group changed the accounting policy voluntarily and accounted for the acquisition of NCI of Cartrack as a separate reserve, "capital
reserve" instead of retained earnings. This is to provide transparency to the users since the reinvestment offer is a significant
event (see Note 1). The change in accounting policy was corrected prospectively as the impact to the prior period is not material. Subsequent
acquisition of interest in subsidiaries without change in control is accounted for under capital reserve.
b)
Foreign currency
i.
Functional and presentation currency
The financial statements are presented in ZAR,
which is the Group's presentation currency. Each entity in the Group determines its own functional currency and items included in
the financial statements of each of entities are measured using the currency of the primary economic environment in which the entity operates.
ii.
Transactions and balances
Transactions in foreign currencies are measured
in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional
currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign
currencies are translated at the rate of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms
of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary
items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured.
Exchange differences arising on the settlement
of monetary items or on translating monetary items at the end of the reporting period are recognized in profit or loss.
F-
15
iii.
Consolidated financial statements
For consolidation purpose, the assets and liabilities
of foreign operations are translated into ZAR at the rate of exchange ruling at the end of the reporting period and their profit or loss
are translated at the exchange rates prevailing at the date of the transactions. The exchange differences arising on the translation are
recognized in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive income relating to
that particular foreign operation is recognized in profit or loss.
Exchange differences arising on monetary
items that form part of the Group's net investment in foreign operations are recognized initially in other comprehensive income and accumulated
under foreign currency translation reserve in equity. The foreign currency translation reserve is reclassified from equity to profit or
loss of the Group on disposal of the foreign operation.
Monetary items cease to form part of the net investment
in the foreign operation at the moment in time when the Group decides that settlement is planned or is likely to occur in the foreseeable
future. Accordingly, exchange differences arising on these monetary items up to that date are recognized in other comprehensive income
and accumulated under foreign currency translation reserve in equity. The exchange differences that arise after that date are recognized
in profit or loss. When these monetary items are settled, the exchange differences accumulated under foreign currency translation reserve
in equity are reclassified from equity to profit or loss.
c)
Financial instruments
i.
Financial assets
Initial recognition and measurement
Financial assets are recognized when, and only
when, the Group becomes a party to the contractual provisions of the financial instruments.
At initial recognition, the Group measures a financial
asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or
loss are expensed in profit or loss.
Trade receivables are measured at the amount of
consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding
amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition.
Subsequent measurement
Subsequent measurement of debt instruments depends
on the Group's business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories
for classification of debt instruments are:
Amortized cost
Financial assets that are held for the collection of contractual cash
flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Financial assets are
measured at amortized cost using the effective interest method, less impairment. Gains and losses are recognized in profit or loss when
the assets are derecognized or impaired, and through amortization process.
F-
16
Fair value through other comprehensive income
("FVOCI")
Financial assets that are held for collection of contractual cash flows
and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured
at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of
the financial assets are recognized in other comprehensive income, except for impairment losses, foreign exchange gains and losses and
interest calculated using the effective interest method are recognized in profit or loss. The cumulative gain or loss previously recognized
in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset
is derecognized.
Fair value through profit or loss ("FVPL")
Assets that do not meet the criteria for amortized
cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at
fair value through profit or loss and is not part of a hedging relationship is recognized in profit or loss in the period in which it
arises.
Derecognition
A financial asset is derecognized where the contractual right to receive
cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount
and the sum of the consideration received and any cumulative gain or loss that had been recognized in other comprehensive income for debt
instruments is recognized in profit or loss.
ii.
Financial liabilities
Initial recognition and measurement
Financial liabilities are recognized when, and
only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification
of its financial liabilities at initial recognition.
All financial liabilities are recognized initially
at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs.
Subsequent measurement
After initial recognition, financial liabilities
that are not carried at fair value through profit or loss are subsequently measured at amortized cost using the effective interest rate
method. Gains and losses are recognized in profit or loss when the liabilities are derecognized, and through the amortization process.
Derecognition
A financial liability is derecognized when the
obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and
the consideration paid is recognized in profit or loss.
d)
Derivative financial instruments
Derivatives are initially measured at fair value
and any directly attributable transactions are recognized in profit or loss as incurred. Subsequent to initial recognition, derivatives
are measured at fair value, and changes therein are generally recognized in profit or loss. For derivatives entered as a transaction with
owner, changes in the fair value is recognized directly in equity.
e)
Impairment of financial assets
The Group recognizes an allowance for expected
credit losses ("ECLs") for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference
between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral
held or other credit enhancements that are integral to the contractual terms.
F-
17
ECLs are recognized in two stages. For credit
exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses
that result from default events that are possible within the next 12-months (a "12-month ECL"). For those credit exposures for
which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognized for credit losses
expected over the remaining life of the exposure, irrespective of timing of the default (a "lifetime ECL").
For trade receivables, the Group applies a simplified
approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based
on lifetime ECLs at each reporting date. The Group has established a provision matrix based on its historical credit loss experience,
adjusted for forward-looking factors specific to the debtors and the economic environment which could affect debtor's ability to
pay.
The Group considers a financial asset in default
when contractual payments are 360 days past due. However, in certain cases, the Group may also consider a financial asset to be in default
when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before
taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation
of recovering the contractual cash flows.
f)
Property, plant and equipment
i.
Recognition and measurement
All items of property, plant and equipment are
initially recorded at cost. Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation
and any accumulated impairment losses.
The cost of telematic devices is capitalized as
property, plant and equipment.
In-vehicle capitalized telematics devices are installed in customers'
vehicles as part of a subscription contract. The telematics device and directly related installation costs are capitalized and depreciated
over the expected useful life of the average contract. The related depreciation expense is recorded as part of cost of sales in the consolidated
statement of profit and loss. If a subscriber contract with a customer is cancelled prior to the end of its useful life, the unamortized
cost is recognized immediately in profit and loss.
Where subscriber contracts are expected to be
in existence for periods significantly shorter than the average useful life of 60 months, these are depreciated over a reduced useful
life.
Uninstalled telematics devices are devices not
installed and available for installation. Work in progress telematics devices are devices in progress of being manufactured.
ii.
Depreciation
Depreciation is computed on a straight-line basis
over their estimated useful lives of property, plant and equipment including right of use assets as follows:
Category
Depreciation method
Average useful life
Property
Straight line
20
-
50
years
Property - Right of use assets
Straight line
Lease term or useful life whichever is shorter
Property - Leasehold improvements
Straight line
3
years or lease term
Plant, equipment and vehicles
Straight line
4
-
5
years
IT equipment
Straight line
3
years
Capitalized telematics devices - Installed
Straight line
5
years
Depreciation is recognized when the property,
plant and equipment are installed and are ready for use. Land and construction in progress are stated at cost and are not depreciated.
The residual value, useful life and depreciation
method are reviewed at each financial year-end, and adjusted prospectively, if appropriate.
An item of property, plant and equipment is derecognized
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset
is included in profit and loss in the year the asset is derecognized.
F-
18
g)
Capitalized commission assets
i.
Recognition and measurement
Incremental sales commission costs which are directly
related to a customer contract are capitalized to capitalized commission assets and are measured at cost less accumulated amortization.
ii.
Amortization
The capitalized commission assets are amortized
over the expected useful life of the average contract which is 60 months. If a contract with a customer is cancelled prior to the end
of its useful life, the unamortized cost is recognized immediately in profit and loss.
The useful life of items of capitalized commission
assets has been assessed as follows:
Item
Amortization method
Average useful life
Capitalized commission assets
Straight line
5
years
h)
Intangible assets
Intangible assets acquired separately are measured initially at cost.
Following initially acquisition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment
losses.
The useful lives of intangible assets are assessed as either finite
or indefinite.
Intangible assets with finite useful lives are
amortized over the estimated useful life and assessed for impairment annually whenever there is an indication that the intangible asset
may be impaired. The amortization period and the amortization method are reviewed at least at each financial year end. Changes in the
expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing
the amortization period or method, as appropriate, and are treated as changes in accounting estimates.
Intangible assets with indefinite useful lives
or not yet available for use are tested for impairment annually, or more frequently if the events and circumstances indicate that the
carrying value may be impaired either individually or at the cash-generating unit level. Such intangible assets are not amortized. The
useful life of an intangible asset with an indefinite useful life is reviewed annually to determine whether the useful life assessment
continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.
Gains or losses arising from de-recognition of an intangible asset
are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the profit
or loss when the asset is derecognized.
i.
Product development costs
Product development costs that are directly attributable
to the design, testing and development of identifiable hardware and software, controlled by the Group, are recognized as intangible assets
when the following criteria are met:
●
It is technically feasible to complete the software or product so that it will be available for use or sale;
●
Management intends to complete the software or product and use or sell it;
●
There is an ability to use or sell the software or product;
●
It can be demonstrated how the software or product will generate probable future economic benefits;
●
Adequate technical, financial and other resources to complete the development and use or sell the software or product are available; and
●
The expenditure attributable to the software or product during its development can be reliably measured.
F-
19
Directly attributable costs that are capitalized
as part of the intangible assets include software costs and the costs of personnel whose sole responsibility is their involvement in the
Group's research and development function.
Other product development expenditures that do
not meet the recognition criteria are recognized as an expense as incurred. Product development costs previously recognized as an expense
are not recognized as an asset in a subsequent period if the criteria are subsequently met.
Costs incurred in enhancing current telematics
hardware (telematics devices) and software (SaaS platform) are expensed when incurred.
The capitalized product development costs are
amortized over their estimated useful life which is considered to be three years due to the life cycle of telematics hardware and software
applications.
ii.
Computer software
Computer software comprises self-developed computer
software acquired in a business combination and externally acquired computer software. Acquired computer software licenses are capitalized
on the basis of costs incurred to acquire and bring the software into use.
The acquired computer software is amortized over
the expected useful life which is generally three to five years. Self-developed computer software acquired in a business combination are
recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses, if any.
iii.
Brand name
Brand name acquired in a business combination
are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses. Brand name is amortized on a straight-line basis over the expected useful life of five years.
iv.
Customer relationship
Customer relationship acquired in a business combination
are recognized at fair value at the acquisition date and subsequently carried at cost less accumulated amortization and accumulated impairment
losses. Customer relationship is amortized on a straight-line basis over the expected useful life of three years.
i)
Impairment of non-financial assets
The Group assesses at each reporting date whether
there is an indication of impairment that an asset may be impaired or that a previously recognized impairment loss for an asset other
than goodwill may no longer exist or may have decreased. If any indication exists, or when an annual impairment testing for an asset is
required, the Group makes an estimate of the asset's recoverable amount.
An asset's recoverable amount is the higher
of an asset's or cash-generating unit's fair value less costs of disposal and its value in use and is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where
the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
The impairment losses are recognized in profit
or loss.
A previously recognized impairment loss is reversed
only if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss
was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized previously. Such reversal
is recognized in profit or loss. Impairment loss relating to goodwill cannot be reversed in future periods.
j)
Taxation
i.
Current income tax
Current income tax assets and liabilities for
the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted at the end of the reporting period, in the
countries where the Group operates and generates taxable income.
F-
20
Current income taxes are recognized in profit
or loss except to the extent that the tax relates to items recognized outside profit or loss, either in other comprehensive income or
directly in equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions where appropriate.
Dividend withholding tax is currently payable
on dividends distributed to equity holders of the Group at a rate as determined by each country's jurisdiction. This tax is not
attributable to the Company, but is collected by the Company and paid to the tax authorities on behalf of the shareholder.
On receipt of a dividend by a company from an
investment held in a tax jurisdiction outside that of the Company, any dividend withholding tax payable is recognized as part of current
tax.
ii.
Deferred tax
Deferred tax is provided using the liability method
on temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts
for financial reporting purposes.
Deferred tax liabilities are recognized for all
temporary differences, except:
●
When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
●
In respect of taxable temporary differences associated with investments in subsidiaries and interests in joint venture, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognized for all deductible
temporary differences, the carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit
will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses
can be utilized, except:
●
When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
●
In respect of deductible temporary differences associated with investments in subsidiaries and interests in joint venture, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.
The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end
of each reporting period and are recognized to the extent that it has become probable that future taxable profit will allow the deferred
tax asset to be recovered.
Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and
tax laws) that have been enacted or substantively enacted at the end of each reporting period.
Deferred tax relating to items recognized outside profit or loss is
recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive
income or directly in equity.
The Group offsets deferred tax assets and deferred
tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred
tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity
or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are
expected to be settled or recovered.
F-
21
iii.
Sales tax
Revenues, expenses and assets are recognized net
of the amount of sales tax except:
●
Where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
●
Receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from,
or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.
k)
Leases
The Group assesses at contract inception whether
a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration.
i.
As Lessee
The Group applies a single recognition and measurement
approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities representing
the obligations to make lease payments and right-of-use assets representing the right to use the underlying leased assets.
Right-of-use assets
The Group recognizes right-of-use assets at the
commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated
useful life of the asset. The right-of-use assets are also subject to impairment. The accounting policy for impairment is disclosed in
Note 2.2(i).
The Group's right-of-use assets are presented
in property, plant and equipment in the consolidated statement of financial position.
Lease liabilities
At the commencement date of the lease, the Group
recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognized
as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment
occurs.
In calculating the present value of lease payments,
the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily
determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change
in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to
determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
The Group's lease liabilities are presented
separately in the consolidated statement of financial position and in Note 17.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition
exemption to not recognize right-of-use assets and lease liabilities that have a lease term of 12 months or less and leases of low-value
assets. The lease payments associated with these leases are charged directly to profit on a straight-line basis over the lease term.
ii.
As Lessor (Finance lease)
Leases where the Group has transferred substantially
all risks and rewards incidental to ownership of the leased assets to the lessees are classified as finance leases.
The leased asset is derecognized and the present
value of the lease receivable is recognized on the balance sheet and included in "trade and other receivables and prepayments".
The difference between the gross receivable and the present value of the lease receivable is recognized as finance income.
Each lease payment received is applied against
the gross investment in the finance lease receivable to reduce both the principal and the unearned finance income. The finance income
is recognized in profit or loss on a basis that reflects a constant periodic rate of return on the net investment in the finance lease
receivable.
Initial direct costs incurred by the Group in
negotiating and arranging finance leases are added to finance lease receivables and reduce the amount of income recognized over the lease
term.
F-
22
l)
Inventories
Inventories are stated at the lower of cost and
net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make the sale. The cost of inventories comprises of all costs of purchase, costs of
conversion and other costs incurred in bringing the inventories to their present location and condition.
Cost is determined on a weighted average cost
basis.
Management considers the condition and usability
of inventories on an annual basis to determine whether an allowance for obsolete inventory is required.
m)
Cash and cash equivalents
Cash and cash equivalents comprise cash balances
and short-term deposits with maturities of three months or less from the date of acquisition that are subject to an insignificant risk
of changes in their fair value, and are used by the Group in the management of its short-term commitments.
For the purpose of the statement of cash flows,
bank overdrafts that are repayable on demand and form an integral part of the Group's cash management are included in cash and cash
equivalents. Bank overdrafts are included within current liabilities on the statement of financial position. Restricted cash is excluded
from the statement of cash flows.
n)
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction
or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized
as part of the cost of the asset. All other borrowing costs are expensed in the period they occur. Borrowing costs consist of interest
and other costs that an entity incurs in connection with the borrowing of funds.
o)
Employee benefits
i.
Defined contribution plans
The Group participates in the national pension
schemes as defined by the laws of the countries in which it has operations. In particular, the Singapore companies in the Group make contributions
to the Central Provident Fund scheme in Singapore, a defined contribution pension scheme. Contributions to defined contribution pension
schemes are recognized as an expense in the period in which the related service is performed.
ii.
Employee leave entitlement
Employee entitlements to annual leave are recognized
as a liability when they are accrued to the employees. The undiscounted liability for leave expected to be settled wholly before twelve
months after the end of the reporting period is recognized for services rendered by employees up to the end of the reporting period.
p)
Provisions and contingencies
Provisions are recognized when the Group has a
present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation can be estimated reliably.
Provisions are reviewed at the end of each reporting period and adjusted
to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the
obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current
pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognized as a finance cost.
The Group offers warranties of up to ZAR
1.0
million
in the event of the non-recovery of a stolen vehicle, subject to various terms and conditions. The provision for future warranty claims
is based on known claims at year end and takes into account the historic claims to payment ratio.
q)
Revenue
The Group principally generates revenue from providing
a full-stack smart mobility software-as-a-service ("SaaS") platform for connected vehicles and other assets. The Group recognizes
revenue as or when it satisfies its performance obligations.
Hardware revenue
Hardware revenue is recognized when control of
the telematics device was transferred to the customer which occurred upon installation on the customer's vehicle. The payment terms
is generally 30 days.
F-
23
Installation revenue
Installation revenue is recognized when the device
is successfully installed, which occurs at the same time that control of the hardware is transferred to the customer, which occurs upon
installation on the customer's vehicle. Customers are invoiced when the devices are installed and payment terms is generally 30
days.
Subscription revenue
Revenues arising from the SaaS service is recognized
as the service is provided over the contractual term. Customers are invoiced monthly in advance and invoices are payable on presentation.
The Group has assessed whether its subscription
contract arrangements contain a significant financing component and it was determined that the contracts do not have a significant financing
component because the difference between the timing of when the cash is received and the services are transferred to the customer is not
to provide the customer with a benefit of financing.
Miscellaneous contract fees
The Group sometimes makes miscellaneous SaaS charges
to customers to maintain the telematic devices, process administrative changes to contractual terms, or for contract cancellation. Such
charges are recognized and invoiced when they arise and payment terms are generally 30 days.
Motor Dealership Embedded Devices
The Group installs devices into motor dealership vehicles free of charge,
but ownership of the embedded devices remains with the Group. Such devices were recognized as properly, plant and equipment under the
category of "capitalized telematics devices - installed". In some cases, installed devices are removed from dealership vehicles
and returned to capitalized telematics devices uninstalled. During the financial year ended February 28, 2022, the reclassification was
corrected prospectively as the impact to comparative amounts is not material.
Although the group does collect certain upfront
fees from its customers, these fees represent an insignificant proportion of the total transaction price, and therefore the Company has
concluded that the amount invoiced each month for subscription services reasonably represents the value to customers of the group's
performance completed to date. Therefore, revenue is recognized for the amount to which the group has a right to invoice and the group
qualifies for the practical expedient provided in IFRS 15:B16. Accordingly, as permitted by IFRS 15:121, the quantitative disclosures
about the group's remaining performance obligations (future subscription services) are not provided.
When the motor dealership sells the motor vehicle
to a customer, a customer may sign a SaaS subscription contract. Subscription revenue will then be recognized as the service is provided.
If the customer does not sign a subscription contract the cost of the device will be recognized immediately in cost of sales.
Since control of the embedded device is not transferred
to the customer and the customer does not have the ability to determine how and for what purpose the device is used, the Group has concluded
that its contracts do not contain a lease arrangement.
Vehicle sales
Vehicle sales is recognized when ownership of
the vehicle is transferred to the customer.
Delivery service fees
Delivery service fee is recognized as the service
is rendered.
Interest income
Interest income is recognized using the effective
interest method.
F-
24
r)
Government grants
Government grant relates to Research and Development
("R&D") incentives and various COVID-19 relief government initiatives.
Government grants are recognized when there is
reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an
expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate,
are expensed. Where the grant relates to an asset, the fair value is recognized as deferred capital grant on the balance sheet and is
amortized to profit or loss over the expected useful life of the relevant asset.
s)
Earnings per share
Basic earnings per share
Basic earnings per share is calculated by dividing
the profit or loss attributable to ordinary shareholders of the Group by the weighted average number of ordinary shares outstanding during
the financial year.
Diluted earnings per share
Diluted earnings per share is calculated by dividing
the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during
the financial year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential
ordinary shares into ordinary shares.
t)
Share capital and share issue expenses
Proceeds from issuance of ordinary shares are
recognized as share capital in equity. Incremental costs directly attributable to the issuance of ordinary shares are deducted against
share capital.
u)
Treasury shares
The Group's own equity instruments, which
are reacquired are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale,
issue or cancellation of the Group's own equity instruments. Any difference between the carrying amount of treasury shares and the consideration
received, if reissued, is recognized directly in equity. Voting rights related to treasury shares are nullified for the Group and no dividends
are allocated to them respectively.
v)
Contingencies
A contingent liability is:
●
a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group; or
●
a present obligation that arises from past events but is not recognized because:
(i)
It is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or
(ii)
The amount of the obligation cannot be measured with sufficient reliability.
A contingent asset is a possible asset that arises
from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Group.
Contingent liabilities and assets are not recognized
on the statement of financial position of the Group.
F-
25
3. STANDARDS ISSUED BUT NOT YET EFFECTIVE
The Group will apply for the first-time certain
standards and amendments, which are effective for annual periods beginning on or after March 1, 2023. The Group has not early adopted
any other standard, interpretation or amendment that has been issued but is not yet effective.
Based on an initial assessment, the following
new and amended standards are not expected to have a significant impact on the Group's consolidated financial statements.
Details of amendment
Annual periods
beginning on/after
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts
January 1, 2023
Amendments to IAS 8: Definition of Accounting Estimates
January 1, 2023
Amendments to IAS 12 Income Taxes: Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction
January 1, 2023
Amendments to IAS 1 and IFRS Practice Statement 2: Disclosure of Accounting Policies
January 1, 2023
Initial Application of IFRS 17 and IFRS 9 – Comparative information (Amendments to IFRS 17)
January 1, 2023
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
January 1, 2024
Amendments to IFRS 16: Lease Liability in a Sale and Leaseback
January 1, 2024
Amendments to IFRS 1: Non-current Liabilities with Covenants
January 1, 2024
Amendments to IAS 28 and IFRS 10: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
To be determined
4. SEGMENT REPORTING
Operating segments are reported in a manner consistent
with the internal reporting provided to the Chief Operating Decision Maker ("CODM"). The CODM, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the Group Chief Executive Officer ("CEO"),
who makes strategic decisions.
Prior to the financial year ended February 28,
2022, the Group was organized into geographical business units and had four reportable segments by geography.
There was only one reportable
business segment, the Cartrack business segment. However, with the new business setup and new business acquired in the previous financial
year, for management purposes, the Group organized its business units based on its products and services into the following reportable
segments:
-
Cartrack is a provider of an on-the-ground operational Internet of Things ("IoT") Software-as-a-service ("SaaS") cloud that maximizes the value of transportation, operations and workflow data by providing insightful real-time data analytics to connected vehicles and equipment.
-
Carzuka is a physical and e-commerce vehicle buying and selling marketplace which allows customers to source, buy and sell vehicles efficiently and cost effectively.
-
Karooooo Logistics provides a software application enabling the management of last mile delivery and general operational logistics. This technology addresses the challenges of on-the-ground distribution for large enterprises requiring systems integrations, payment gateways, third-party long-haul services and crowd-sourced drivers in order to scale and meet their operational needs.
F-
26
The CODM monitors the operating results of its
business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance
is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from
operating profit or loss in the consolidated financial statements.
The segment information provided to the Group
CEO, for the reportable segments for the financial year ended February 28, 2023 and February 28, 2022 as follows:
Figures in Rand thousands
Cartrack
Carzuka
Karooooo
Logistics
Total
February 28, 2023
Subscription revenue
3,003,931
-
6,141
3,010,072
Other revenue
72,709
-
-
72,709
Vehicle sales
-
250,845
-
250,845
Delivery service
-
-
173,441
173,441
Segment revenue
3,076,640
250,845
179,582
3,507,067
Segment operating profit/ (loss)
914,981
(
37,813
)
4,747
881,915
Depreciation and amortization
541,238
2,133
1,560
544,931
Capital expenditure
605,716
12,074
8,519
626,309
February 28, 2022
Subscription revenue
2,565,745
–
2,420
2,568,165
Other revenue
71,055
–
–
71,055
Vehicle sales
–
67,310
–
67,310
Delivery service
–
–
39,621
39,621
Segment revenue
2,636,800
67,310
42,041
2,746,151
Segment operating profit/ (loss)
715,336
(
13,302
)
(
2,909
)
699,125
Depreciation and amortization
497,161
97
101
497,359
Capital expenditure
594,171
1,916
363
596,450
For financial year ended February 28, 2021, the
Group only has one business segment, the Cartrack business segment and hence, it is not separately presented in this note.
F-
27
Reconciliation of information on reportable
segments to the amounts reported in consolidated financial statements
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Total segment operating profits
881,915
699,125
726,562
IPO costs
-
(
10,288
)
(
25,570
)
Finance income
23,255
6,083
4,358
Finance cost
(
10,095
)
(
12,331
)
(
9,302
)
Fair value changes to derivative assets
(
971
)
(
506
)
–
Consolidated profit before taxation
894,104
682,083
696,048
Information about geographical areas:
As of February 28
Non-current operating assets
1
2023
2022
South Africa
1,417,103
1,295,683
Africa-Other
116,463
92,517
Europe
270,379
192,712
Asia-Pacific
2
, Middle East & USA
380,436
314,421
2,184,381
1,895,333
1
Non-current operating assets consist of property, plant and equipment, capitalized commission assets, intangible assets, goodwill and prepayments.
2
Included in Asia-Pacific is non-current assets from Singapore amount to ZAR
140.0
million (2022: ZAR
113.0
million).
Information about revenue from geographical areas are disclosed in
Note 20.
There are no customers which contribute in excess
of
10
% of Group revenue for the financial year ended February 28, 2023, February 28, 2022 and February 28, 2021.
F-
28
5. PROPERTY, PLANT AND EQUIPMENT
Land and
Property
3
Plant,
equipment
and vehicles
IT
equipment
Capitalized
telematics
devices –
Work-in-
Progress
Capitalized
telematics
devices –
Uninstalled
Capitalized
telematics
devices -
Installed
Construction
in progress
Total
At February 28, 2023
Owned assets
Cost
147,607
134,813
143,734
202,425
104,951
2,566,867
76,519
3,376,916
Accumulated depreciation
(
26,422
)
(
105,337
)
(
79,563
)
–
–
(
1,691,206
)
–
(
1,902,528
)
Carrying value
121,185
29,476
64,171
202,425
104,951
875,661
76,519
1,474,388
Right-of-use assets
Cost
172,155
53,083
21,170
–
–
–
–
246,408
Accumulated depreciation
(
88,208
)
(
19,928
)
(
20,846
)
–
–
–
–
(
128,982
)
Carrying value
83,947
33,155
324
–
–
–
–
117,426
Total
205,132
62,631
64,495
202,425
104,951
875,661
76,519
1,591,814
At February 28, 2022
Owned assets
Cost
141,873
132,870
100,299
138,405
173,871
2,039,265
4,166
2,730,749
Accumulated depreciation
(
21,858
)
(
101,426
)
(
50,932
)
-
-
(
1,268,141
)
-
(
1,442,357
)
Carrying value
120,015
31,444
49,367
138,405
173,871
771,124
4,166
1,288,392
Right-of-use assets
Cost
112,516
43,435
20,586
–
–
–
–
176,537
Accumulated depreciation
(
48,128
)
(
10,927
)
(
15,215
)
–
–
–
–
(
74,270
)
Carrying value
64,388
32,508
5,371
–
–
–
–
102,267
Total
184,403
63,952
54,738
138,405
173,871
771,124
4,166
1,390,659
Reconciliation of the carrying value of property, plant and equipment
Land and
Property
3
Plant,
equipment
and vehicles
IT
equipment
Capitalized
telematics
devices –
Work-in-
Progress
Capitalized
telematics
devices –
Uninstalled
Capitalized
telematics
devices -
Installed
Construction
in progress
Total
At February 28, 2023
Beginning balance
120,015
31,444
49,367
138,405
173,871
771,124
4,166
1,288,392
Additions
9,057
7,513
33,191
142,586
111,661
203,295
72,353
579,656
Transfer
–
–
–
(
78,566
)
(
189,160
)
267,726
–
–
Disposals
(
3,230
)
(
2,033
)
(
282
)
–
–
(
2,890
)
–
(
8,435
)
Depreciation
(
5,425
)
(
8,957
)
(
25,152
)
–
–
(
404,577
)
–
(
444,111
)
Translation adjustments
768
1,509
7,047
–
8,579
40,983
–
58,886
Ending balance
121,185
29,476
64,171
202,425
104,951
875,661
76,519
1,474,388
Right-of-use assets
Beginning balance
64,388
32,508
5,371
–
–
–
–
102,267
Additions
48,978
9,959
635
–
–
–
–
59,572
Disposals
(
698
)
(
187
)
(
2
)
–
–
–
–
(
887
)
Depreciation
(
34,450
)
(
9,517
)
(
5,710
)
–
–
–
–
(
49,677
)
Translation adjustments
5,729
392
30
–
–
–
–
6,151
Ending balance
83,947
33,155
324
–
–
–
–
117,426
Total
205,132
62,631
64,495
202,425
104,951
875,661
76,519
1,591,814
F-
29
Figures in Rand thousands
Land and
Property
Plant,
equipment
and vehicles
IT
equipment
Capitalized
telematics
devices –
Work-in-
Progress
Capitalized
telematics
devices –
Uninstalled
Capitalized
telematics
devices -
Installed
Construction
in progress
Total
At February 28, 2022
Owned assets
Beginning balance
17,742
20,151
25,270
104,475
116,422
761,433
-
1,045,493
Acquisition of subsidiary
110,000
45
261
-
-
-
4,166
114,472
Additions
3,152
5,940
43,339
212,940
56,857
2
230,406
-
552,634
Transfer
-
-
-
(
179,010
)
(
47,825
)
226,835
-
-
Disposals
(
108
)
(
27
)
(
470
)
-
-
(
2,391
)
-
(
2,996
)
Depreciation
(
4,992
)
(
9,023
)
(
14,798
)
-
-
(
384,058
)
-
(
412,871
)
Reclassification (to)/ from right-of-use assets
(
5,816
)
14,620
(
4,649
)
-
-
-
-
4,155
Reclassification
1
-
-
-
-
50,355
(
50,355
)
-
-
Translation adjustments
37
(
262
)
414
-
(
1,938
)
(
10,746
)
-
(
12,495
)
Ending balance
120,015
31,444
49,367
138,405
173,871
771,124
4,166
1,288,392
Right-of-use assets
Beginning balance
52,633
33,993
5,073
-
-
-
-
91,699
Additions
38,859
25,183
132
-
-
-
-
64,174
Transfer
(
3,798
)
3,629
169
-
-
-
-
-
Disposals
(
146
)
(
528
)
(
20
)
-
-
-
-
(
694
)
Depreciation
(
26,948
)
(
14,123
)
(
4,339
)
-
-
-
-
(
45,410
)
Reclassification from/(to) owned
assets
5,816
(
14,620
)
4,649
-
-
-
-
(
4,155
)
Translation adjustments
(
2,028
)
(
1,026
)
(
293
)
-
-
-
-
(
3,347
)
Ending balance
64,388
32,508
5,371
-
-
-
-
102,267
Total
184,403
63,952
54,738
138,405
173,871
771,124
4,166
1,390,659
1
During
the financial year ended February 28, 2022, the Group has reclassified capitalized telematics devices - installed to capitalized telematics
devices - uninstalled of ZAR
50.4
million to better reflect the underlying nature of these assets. The reclassification was corrected
prospectively as the impact to the prior period is not material.
2
Amount
is net of the provision for unconverted motor dealership units amounting to ZAR
13.3
million.
3
Certain freehold land and building of the Group with a carrying
amount of ZAR
186.5
million were mortgaged to a bank as security for mortgaged loan (Note 16). The freehold land and building is a head
office suite for South Africa and is located at Rosebank, Johannesburg.
The carrying amount of the property under construction at February 28, 2023 was ZAR
186.5
million. The amount of borrowing costs capitalized during the year ended February 28, 2023 was ZAR
4.6
million. The rate used to determine the amount of borrowing costs eligible for capitalization was prime rate plus
1.15
%, which is the effective interest rate ("EIR") of the specific borrowings.
F-
30
6. CAPITALIZED COMMISSION ASSETS
As of February 28
Figures in Rand thousands
2023
2022
Cost
537,367
413,240
Accumulated amortization
(
250,313
)
(
181,703
)
Carrying value
287,054
231,537
Reconciliation of the carrying value of capitalized sales commissions
As of February 28
Figures in Rand thousands
2023
2022
At March 1
231,537
201,075
Additions
112,738
112,639
Amortization
(
64,707
)
(
64,566
)
Write off
–
(
15,301
)
Translation adjustments
7,486
(
2,310
)
At February 28
287,054
231,537
The Group capitalizes sales commission costs arising
from activated subscription contracts.
During the financial year ended February 28, 2022,
the Group uncovered collusion between a few insurance brokers and certain staff members. This resulted in write-off of capitalized commission
assets, of ZAR
15.3
million through profit or loss. The write-off was recognized in general and administration operating expenses for
the year ended February 28, 2022. The error was corrected prospectively as the impact to the prior periods is not material. No instances
were noted for the financial year ended February 28, 2023.
7. INTANGIBLE ASSETS
Figures in Rand thousands
Product
development
costs
Computer
software
Trade name
Customer
relationship
Total
At February 28, 2023
Cost
144,922
34,039
782
6,385
186,128
Accumulated amortization
(
76,621
)
(
20,281
)
(
391
)
(
3,193
)
(
100,486
)
Carrying value
68,301
13,758
391
3,192
85,642
At February 28, 2022
Cost
123,036
24,680
782
6,385
154,883
Accumulated amortization
(
63,299
)
(
13,359
)
(
130
)
(
1,064
)
(
77,852
)
Carrying value
59,737
11,321
652
5,321
77,031
Staff costs of ZAR
38.8
million (2022: ZAR
40.8
million) have been capitalized to product development costs with regard to the development of new generation telematics hardware and platform
software which was deployed in the current financial year.
F-
31
Reconciliation of the carrying value of intangible assets
Figures in Rand thousands
Note
Product
development
costs
Computer
software
Trade name
Customer
relationship
Total
At February 28, 2023
Beginning balance
59,737
11,321
652
5,321
77,031
Additions
38,837
7,816
–
–
46,653
Amortization
(
42,638
)
(
6,115
)
(
261
)
(
2,129
)
(
51,143
)
Translation adjustments
12,365
736
–
–
13,101
Ending balance
68,301
13,758
391
3,192
85,642
At February 28, 2022
Beginning balance
53,644
5,695
–
–
59,339
Acquisition of subsidiary
28
–
6,218
782
6,385
13,385
Additions
40,787
3,029
–
–
43,816
Amortization
(
34,288
)
(
3,596
)
(
130
)
(
1,064
)
(
39,078
)
Translation adjustments
(
406
)
(
25
)
–
–
(
431
)
Ending balance
59,737
11,321
652
5,321
77,031
8. GOODWILL
Goodwill is allocated to the following cash generating
units (CGUs): Cartrack - Mozambique, Portugal, Spain and Other and Karooooo Logistics.
Cartrack
Karooooo
Figures in Rand thousands
Note
Mozambique
Portugal
Spain
Other
Logistics
Total
At March 1, 2021
57,232
32,192
22,818
11,910
–
124,152
Acquisition of subsidiary
28
–
–
–
–
58,314
58,314
Translation adjustments
7,849
(
2,028
)
(
1,437
)
(
466
)
–
3,918
At February 28, 2022
65,081
30,164
21,381
11,444
58,314
186,384
Translation adjustments
17,196
4,305
3,051
1,545
–
26,097
At February 28, 2023
82,277
34,469
24,432
12,989
58,314
212,481
Impairment testing
The Group performs its annual impairment test
at the end of each financial year, or more frequently if there are indications that goodwill may be impaired. No impairment was identified
in the current financial year which is consistent with the conclusions reached in 2022.
The Group considers the relationship between its
market capitalization and its equity attributable to equity holders of the parent, among other factors, when performing the annual test
of impairment. At February 28, 2023, the market capitalization of the Group exceeded the value of equity by ZAR
11.8
billion (2022: ZAR
12.6
billion).
The recoverable amount of each cash-generating
unit (CGU) with the exception of the Other CGUs is determined using a discounted cash flow valuation technique, which requires the use
of various estimates. Each of the cash flow projections are based on forecasts over a five-year period, which have been approved by senior
management. The Other CGUs are valued on an earnings multiple basis.
For the financial year ended February 28, 2022,
the Group was of the view that the total consideration paid was representative of Karooooo Logistics fair value less costs of disposal
as the acquisition of Karooooo Logistics was completed in September 2021. There were no significant events since the date of acquisition
to the financial year ended February 28, 2022 that would have resulted in a significant reduction of its fair value. Accordingly, the
recoverable amount approximates the carrying amount as of February 28, 2022 and goodwill arising from the acquisition of Karooooo Logistics
was not impaired.
F-
32
The key estimates used for the value in use calculations and sensitivity
to changes in assumptions are as follows:
As of February 28
Key estimates
CGU
2023
2022
Revenue growth rate
This is the average annual compound growth rate in revenue that is derived from management's forecast and is based on external available information, such as GDP and industry growth rate within the region.
Mozambique
16
%
17
%
Portugal
15
%
10
%
Spain
19
%
16
%
Karooooo Logistics
51
%
-
The growth rate applied for revenue is considered to be the main driver of profitability and hence free cash flow. CGUs are at different maturity levels in their business cycles and hence will reflect considerably different growth rates. The various geographical markets the CGUs operate within also have differences in their economies which have been taken into consideration. The growth rate determined by management is based on historical data from both external and internal sources and is consistent with reported global telematics growth forecasts for the medium to long term and with the assumptions that a market participant would make.
Terminal growth rate
The estimated rate of growth after the five-year forecast period. This rate is informed primarily by external forecasts about economic activity by region. Changes in these rates are reflective of changes in market views on the economic growth in those regions.
Mozambique
8
%
8
%
Portugal
2
%
1
%
Spain
2
%
1
%
Karooooo Logistics
5
%
-
Discount rate
The rate reflects the specific risks relating to the country and industry in which the entity operates. These rates were determined using externally available information. The rates were determined using the Capital Asset pricing model and adjusting for risk. The rate is a pre-tax rate.
Mozambique
31
%
30
%
Portugal
19
%
16
%
Spain
19
%
17
%
Karooooo Logistics
38
%
-
Sensitivity analysis
The Group has applied a 50 basis point (2022:
50 basis point) increase and decrease to the revenue growth rates, terminal growth rates and discount rates used in the impairment testing.
For Spain, Portugal and Karooooo Logistics, it does not result in impairment. However, for Mozambique, an increase of the discount rate,
decrease of revenue growth rate or decrease in terminal growth rate by 50 basis point would result in an immaterial impairment.
F-
33
9. DEFERRED TAX
As of February 28
Figures in Rand thousands
Note
2023
2022
Deferred tax liabilities
(
51,894
)
(
47,063
)
Deferred revenue
59,402
58,137
Property, plant and equipment and capitalized commission assets
(
144,007
)
(
144,782
)
Lease obligations
4,812
4,690
ECL provision on trade receivables
17,238
21,887
Other
10,661
13,005
Deferred tax assets
60,919
58,383
Deferred revenue
4,856
540
Property, plant and equipment and capitalized commission assets
25,233
27,059
Tax losses
8,795
19,710
Lease obligations
2,903
1,303
ECL provision on trade receivables
8,890
3,953
Other
10,242
5,818
Total net deferred tax assets
9,025
11,320
Reconciliation of deferred tax assets/(liabilities)
At March 1
11,320
5,022
Acquisition of subsidiaries
-
(
13,386
)
Increase in deferred revenue temporary differences
5,417
13,912
Decrease in property, plant and equipment and capitalized commission assets temporary differences
(
469
)
(
23,479
)
(Decrease)/increase in tax losses temporary differences
(
13,076
)
8,887
Increase/(decrease) in lease obligation temporary differences
1,659
(
6,365
)
(Decrease)/increase in ECL provision on trade receivables temporary differences
(
430
)
13,855
Increase in other temporary differences
1,504
12,954
Translation adjustments
3,100
(
80
)
At February 28
9,025
11,320
Reconciliation of deferred tax balances
At March 1
11,320
5,022
Acquisition of subsidiaries
–
(
13,386
)
(Charge)/credit to income statement
24
(
17,229
)
19,764
Others
14,570
-
Translation adjustments
364
(
80
)
At February 28
9,025
11,320
Unrecognized deferred tax assets
The Group has not recognized deferred tax assets
relating to available tax losses in start-up subsidiaries where the probability of future taxable income is uncertain. These potential
deferred tax assets will be recognized and utilized in future periods as and when they meet the recognition criteria. The tax losses available
from these subsidiaries are ZAR
116.2
million (2022: ZAR
6.2
million). Detailed budgets and forecasts have been prepared by management
which support the recoverability of these tax losses. None of the tax losses expire in terms of local tax legislation.
F-
34
Unrecognized deferred tax liabilities
No deferred tax liability is recognized on temporary
differences of ZAR
1,194.7
million (2022: ZAR
1,484.7
million) relating to the unremitted earnings of overseas subsidiaries as the Group
is able to control the timings of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable
future.
10. INVENTORIES
As of February 28
Figures in Rand thousands
2023
2022
Vehicles
75,843
25,369
Other consumables
3,316
-
Total inventories
79,159
25,369
Inventories recognized as an expense in cost of sales
218,847
59,213
11. TRADE AND OTHER RECEIVABLES AND PREPAYMENTS
As of February 28
Figures in Rand thousands
2023
2022
Amounts due from related parties
-
2,515
Trade receivables
485,740
448,212
Expected credit loss provision
(
149,541
)
(
161,683
)
336,199
289,044
Other receivables
Deposits
11,811
6,386
Sundry debtors
24,739
9,131
Finance lease receivables
21,403
-
Subtotal
394,152
304,561
Prepayments
32,387
28,964
Other taxes
7,367
10,083
Total trade and other receivables and prepayments
433,906
343,608
Non-current
24,715
9,722
Current
409,191
333,886
433,906
343,608
Amounts due from related parties are unsecured,
interest-free and repayable on demand.
The Group recognizes a loss allowance for expected
credit losses on financial assets that are measured at amortized cost. The determination of the expected credit loss provision is calculated
on a basis specific to each customer grouping and jurisdiction in which the Group operates and requires the use of estimates. Additional
information regarding credit risk applicable to trade receivables is disclosed in Note 31.2 (a).
The Group has recognized a loss allowance of
100
%
(2022:
100
%) against aged receivables, and debts are considered aged and not recoverable when they typically reach 360 or 450 days, depending
on respective entities' historical experiences.
With customers being afforded payment holidays
and extended payment terms, the ageing profile of trade receivables has extended which in turn has resulted in the expected credit loss
provision being increased. The method in providing for expected credit losses is consistent with prior years.
The average credit period extended to customers
is 30 days (2022: 30 days). No interest is charged on outstanding trade receivables.
F-
35
Credit quality of trade and other
receivables
Information on credit quality of trade and other receivables is on
Note 31.2 (a).
Reconciliation of the expected credit loss provision recognized
with regard to trade and other receivables
As of February 28
Figures in Rand thousands
2023
2022
At March 1
(
161,683
)
(
101,066
)
Allowance for expected credit losses, net
(
87,541
)
(
88,482
)
Amounts utilized
105,921
26,896
Translation adjustments
(
6,238
)
969
At February 28
(
149,541
)
(
161,683
)
During the year ended February 28, 2023, the Group
entered into a finance leasing arrangement as a lessor for a property to a third party. The average term of finance leases entered into
is
five years
. The following table shows the maturity analysis of the undiscounted lease payments to be received:
As of
February 28
Figures in Rand thousands
2023
Maturities analysis
– within one year
4,078
– within two to four years
14,525
– over four years
2,800
Present value of lease payments
21,403
Non-current asset
17,325
Current asset
4,078
21,403
12. LOANS TO/(FROM) RELATED PARTIES
As of February 28
Figures in Rand thousands
2023
2022
Non-current assets
Loans to related party
25,800
19,400
Current liabilities
Loans from related parties
(
607
)
(
2,134
)
Related party loans are unsecured, bear no interest
and have no fixed terms of repayment. The fair value of these financial instruments approximates the carrying amount.
F-
36
13. CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT
As of February 28
Figures in Rand thousands
2023
2022
Cash on hand
398
2,175
Bank balances
318,630
717,935
Short-term deposits
646,762
11,638
Cash and cash equivalents in the consolidated statement of financial position
965,790
731,748
Bank overdrafts
(
40
)
(
13,722
)
Cash and cash equivalents in the consolidated statement of cash flows
965,750
718,026
Current assets
965,790
731,748
Current liabilities
(
40
)
(
13,722
)
965,750
718,026
Information on cash flow management is included
in Note 31.2 (b). Refer to Note 36 for information on the various facilities available to the Group.
14. OTHER FINANCIAL ASSETS
As of February 28
Figures in Rand thousands
2023
2022
Non-current assets
Derivative – call option
1
388
1,359
Current assets
Derivative – put option
2
-
15,305
388
16,664
1
Relates to the acquisition of Picup. See Note 28 for details.
2
Relates to the put option agreement entered with ultimate controlling shareholder to grant the Group the right to sell all its interest in Picup. The put option expired on August 31, 2022. As this is a transaction with owner, the fair value and subsequent changes fair value of the put option is recognized directly against retained earnings.
15.
SHARE CAPITAL
As of February 28
Figures in Rand thousands
2023
2022
Issued and fully paid
30,951,106
(2022:
30,951,106
) ordinary shares of no par value
7,142,853
7,142,853
As discussed in Note 1, Karooooo acquired control
of Cartrack when the loan from Zak to Karooooo was extinguished through the issuance of shares. The acquisition of control of Cartrack
has been accounted for as a transaction under common control. The Company's authorized and issued number of ordinary shares increased
on November 18, 2020 to
20,332,894
shares as of February 28, 2021.
Karooooo listed on NASDAQ in April 2021 with
20,332,894
shares and issued additional
1,207,500
shares to public shareholders. On April 21, 2021, Karooooo bought out all of the minority shareholders
of Cartrack and delisted Cartrack from the JSE. In terms of the reinvestment offer, investors who elected to remain invested in Cartrack
received 1 Karooooo ordinary share for every 10 Cartrack ordinary shares owned on the JSE prior to the finalization of reinvestment offer.
Karooooo concluded an inward secondary listing on the JSE on April 21, 2021 and issued another
9,410,712
ordinary shares to eligible Cartrack
shareholders. The Company's authorized and issued number of ordinary shares increased from
20,332,894
to
30,951,106
as at February
28, 2022.
The holder of ordinary shares is entitled to receive
dividends as declared from time to time, and is entitled to one vote per share at meetings of the Company.
F-
37
16. TERM LOANS
As of February 28
Figures in Rand thousands
Notes
Currency
Interest rate
Maturity
2023
2022
Non-current liabilities
Interest-bearing loans
1
ZAR
JIBAR + 2.05%
February 2024
-
20,003
Interest-bearing loans
ZAR
7.25%
February 2025
504
-
Interest-bearing loans
EUR
EURIBOR + 3%
December 2023
243
5,024
Mortgaged bonds
28
ZAR
Prime rate + 1.15%
December 2025
37,557
46,167
38,304
71,194
Current liabilities
Interest-bearing loans
EUR
EURIBOR + 3%
December 2023
5,497
5,235
Mortgaged bonds
28
ZAR
Prime rate +1.15%
December 2025
16,146
12,921
21,643
18,156
Total term loans
59,947
89,350
1
The ZAR interest-bearing loans were fully repaid on December 8, 2022.
As at February 28, 2023 and February 28, 2022, the Group met the loan
covenants.
Reconciliation of movement of liabilities to cash flows arising
from financing activities
Figures in Rand thousands
Loans
from
related
parties
Other
loans and
borrowings
Lease
liabilities
Total
Balance at March 1, 2022
2,134
89,350
112,078
203,562
Changes from financing cash flows
(
1,625
)
(
30,532
)
(
56,617
)
(
88,774
)
Proceeds from borrowings
315
502
–
817
Repayment of related parties loans
(
1,940
)
–
–
(
1,940
)
Repayment of term loans
–
(
31,034
)
–
(
31,034
)
Payment of lease liabilities
–
–
(
56,617
)
(
56,617
)
The effect of changes in foreign exchange rates
98
1,129
5,694
6,921
Other changes
–
–
59,572
59,572
Interest paid
–
(
797
)
(
8,199
)
(
8,996
)
New leases
–
–
59,572
59,572
Interest expense
–
797
8,199
8,996
Balance at February 28, 2023
607
59,947
120,727
181,281
Balance at March 1, 2021
891,977
15,930
98,684
1,006,591
Changes from financing cash flows
(
845,003
)
8,292
(
47,201
)
(
883,912
)
Proceeds from borrowings
–
110,000
–
110,000
Repayment of related parties loans
(
845,003
)
–
–
(
845,003
)
Repayment of term loans
–
(
101,708
)
–
(
101,708
)
Payment of lease liabilities
–
–
(
47,201
)
(
47,201
)
Acquisition of a subsidiary
–
66,047
–
66,047
The effect of changes in foreign exchange rates
(
43,110
)
(
919
)
(
2,609
)
(
46,638
)
Other changes
(
1,730
)
–
63,204
61,474
Interest paid
(
1,730
)
(
4,317
)
(
6,249
)
(
12,296
)
New leases
–
–
63,204
63,204
Interest expense
–
4,317
6,249
10,566
Balance at February 28, 2022
2,134
89,350
112,078
203,562
F-
38
17. LEASE LIABILITIES
As of February 28
Figures in Rand thousands
2023
2022
Maturities analysis
– within one year
52,843
47,294
– within two to four years
57,930
56,868
– over four years
9,954
7,916
Present value of lease payments
120,727
112,078
Non-current liabilities
67,882
64,784
Current liabilities
52,845
47,294
120,727
112,078
It is Group policy to lease the various commercial
properties occupied by the Group's operations and certain motor vehicles are leased in terms of installment sale agreements. The
average term of the installment sale agreements is between
three
to
four
years
and interest is charged at prime linked interest rates.
The Group's obligations under instalment sale agreements are secured by the leased assets.
Property leases capitalized have an average lease
term of four years and interest incurred is at an incremental borrowing rate of a similar asset. External sources of information were
used to determine incremental borrowing rate of a similar asset. Total cash outflows for leases recognized in statement of cash flows
ZAR
64.8
million (2022: ZAR
53.5
million, 2021: ZAR
52.3
million).
The Group leases office building, motor vehicles
and IT equipment with contract terms less than twelve months. These leases are short-term. For the financial year ended February 28, 2023,
the Group recognized lease payments of ZAR
6.2
million (2022: ZAR
8.2
million, 2021: ZAR
11.2
million) associated with these short-term
leases as an expense on a straight-line basis over the lease term.
18. DEFERRED REVENUE
As of February 28
Figures in Rand thousands
2023
2022
Beginning balance
326,404
246,765
Acquisition of subsidiary
–
2,678
Amounts deferred in current financial year
353,719
355,873
Amounts released to revenue in the current financial year
(
304,541
)
(
277,939
)
Translation adjustments
20,285
(
973
)
Ending balance
395,867
326,404
Non-current liabilities
112,185
108,256
Current liabilities
283,682
218,148
395,867
326,404
Majority of subscription revenues are billed monthly
in advance and then recognized in revenue as the service is provided. In most situations, ownership of all telematics devices remain with
the Group. For customers who have paid for the hardware fees and service upfront, revenue is deferred and recognized over 60 months and
the expected term of the customer relationship respectively.
The following table includes estimated revenue
expected to be recognized in the future related to performance obligations that are unsatisfied or partially satisfied at the end of the
reporting period.
As of February 28
Figures in Rand thousands
2023
2022
Maturities analysis
– within one year
283,682
218,148
– within two to four years
107,558
103,026
– over four years
4,627
5,230
Present value of amounts received in advance
395,867
326,404
F-
39
19. TRADE AND OTHER PAYABLES
As of February 28
Figures in Rand thousands
2023
2022
Trade payables
Amounts due to related parties
13,081
8,963
Trade payables
137,400
90,387
Accrued expenses
121,784
115,198
272,265
214,548
Other payables
Sundry creditors
22,918
14,754
Other taxes
44,566
30,896
Dividend payable to NCI
34,298
21,668
374,047
281,866
The amounts due to related parties are unsecured,
interest-free and repayable on demand.
Trade payables are non-interest bearing and are
normally settled on 30 to 60 days term.
The fair value of the financial instruments approximates
their carrying amounts.
20. REVENUE
The Group generates revenue by offering a full-stack
smart mobility technology SaaS platform for connected vehicles and other assets, vehicles sales and delivery services.
In the following table, revenue from contract
with customers is disaggregated by revenue streams, primary geographical markets and timing of revenue recognition.
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Revenue from contracts with customers
Subscription revenue - Cartrack
3,003,931
2,565,745
2,209,017
Subscription revenue - Karooooo Logistics
6,141
2,420
–
Other revenue - Cartrack
Hardware sales
29,685
37,435
45,280
Installation revenue
29,278
21,321
20,511
Miscellaneous contract fees
13,746
12,299
15,735
Vehicle sales
250,845
67,310
–
Delivery service fees
173,441
39,621
–
Total revenue
3,507,067
2,746,151
2,290,543
Primary geographical markets
South Africa
2,730,401
2,123,153
1,681,928
Africa-Other
131,077
101,019
105,895
Europe
257,078
229,671
219,866
Asia-Pacific*, Middle East and USA
388,511
292,308
282,854
3,507,067
2,746,151
2,290,543
Timing of revenue recognition
Products and services transferred at a point in time
323,554
177,986
81,526
Services transferred over time
3,183,513
2,568,165
2,209,017
Total revenue
3,507,067
2,746,151
2,290,543
*
Included in Asia-Pacific is revenue from Singapore amounted to ZAR
105.6
million (2022: ZAR
96.1
million, 2021: ZAR
98.6
million).
F-
40
21. OPERATING PROFIT
Year ended February 28
Figures in Rand thousands
Notes
2023
2022
2021
Operating profit is stated after accounting for the following charges:
Depreciation of property, plant and equipment
5
493,788
458,281
372,936
Amortization of capitalized commission assets
6
64,707
64,566
46,957
Amortization of intangible assets
7
51,143
39,078
25,856
Employee benefits expense
1
865,831
720,606
396,369
Defined contribution plan
44,681
26,534
21,742
1
After offsetting government grant received ZAR
nil
(2022: ZAR
6.7
million, 2021: ZAR
16.7
million).
22. FINANCE INCOME
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Interest income from bank balances
23,255
6,083
4,358
23. FINANCE COSTS
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Lease liabilities
8,199
6,249
5,588
Term loans
797
4,317
2,711
Overdraft
291
794
870
Others
808
971
133
10,095
12,331
9,302
F-
41
24. TAXATION
Year ended February 28
Figures in Rand thousands
Note
2023
2022
2021
Major components of the tax expense:
Current tax
Current year
250,606
208,141
160,751
Prior year
(
4,671
)
8,573
5,725
Other – Securities Transfer tax
–
–
200
245,935
216,714
166,676
Deferred tax
Current year
15,972
(
16,370
)
36,184
Prior year
1,257
(
3,394
)
(
19,188
)
9
17,229
(
19,764
)
16,996
Withholding tax
22,134
8,526
14,956
Total tax expense
285,298
205,476
198,628
Reconciliation between accounting profit and tax expense:
Profit before taxation
894,104
682,083
696,048
Tax at the applicable tax rate of 17%
1
(2022: 17%
1
, 2021: 17%
1
)
151,998
115,954
118,328
Effect of different tax rates in foreign jurisdictions
91,841
66,257
71,122
Taxation effect of adjustments on taxable income:
Utilization of previously unrecognized tax losses
(
2,239
)
(
982
)
(
1,332
)
Tax incentive
(
5,975
)
(
2,709
)
(
5,827
)
Income not subject to tax
(
4,184
)
(
270
)
(
219
)
Non-deductible expenses
20,789
12,556
12,072
Recognition of previously unrecognized tax losses
(
1,794
)
(
2,060
)
–
Current year losses for which no deferred tax asset is recognized
14,085
1,040
2,791
Withholding tax
22,134
8,526
14,956
Securities transfer tax
–
–
200
Prior year tax under/(over) provision
(
3,414
)
5,179
(
13,463
)
Tax effect of deferred tax on decrease in tax rate
(
594
)
–
–
Others
2,651
1,985
–
Total tax expense
285,298
205,476
198,628
1
This is the corporate tax rate in Singapore.
F-
42
25. TAXATION PAID
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Balance payable at beginning of the year
(
32,100
)
(
10,203
)
(
16,458
)
Acquisition of subsidiary
–
477
–
Current tax for the year recognized in profit or loss
(
268,069
)
(
225,240
)
(
181,632
)
Translation adjustments
(
3,821
)
341
–
Balance payable at end of the year
47,369
32,100
10,203
(
256,621
)
(
202,525
)
(
187,887
)
26. DIVIDEND PAID
During the financial year ended February 28, 2022, no dividends were
paid.
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Dividend paid by the Company to owner of the Company
(
331,252
)
–
(
272,235
)
Dividend paid by subsidiaries to NCI
–
–
(
145,859
)
Total dividend paid
(
331,252
)
–
(
418,094
)
Dividend per share
Dividend paid by the Company to owner of the
Company
Year ended February 28
2023
2021
Figures in Rand thousands
Per share (ZAR)
Amount
Per share (ZAR)
Amount
Interim dividend
10.70
331,252
104,385.00
104,385
Final dividend
–
–
8.26
167,850
331,252
272,235
Dividend paid by subsidiaries to NCI
Year ended February 28
Figures in Rand thousands
2023
2021
Subsidiary
Per share (ZAR)
Amount
Per share (ZAR)
Amount
Cartrack Holdings Proprietary Limited
–
–
0.54
51,536
Cartrack Holdings Proprietary Limited
–
–
0.87
83,030
Cartrack Limitada
–
–
5.68
9,090
Found Proprietary Limited
–
–
20,000.00
1,020
Cartrack Polska.Sp.zo.o
–
–
119,019.27
1,183
–
145,859
F-
43
27. INTEREST IN SUBSIDIARIES
The following table lists the entities which are controlled by the
Group.
Company Name
Held by
Country of incorporation
%  holding 2023
%  holding 2022
Cartrack Holdings Proprietary Limited
4
Karooooo Ltd
South Africa
100.0
100.0
Carzuka.com Pte Ltd
1
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Management Company Pte. Ltd.
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Software Pte. Ltd.
Karooooo Ltd
Singapore
100.0
100.0
Karooooo Proprietary Ltd
Karooooo Ltd
South Africa
100.0
100.0
Karooooo Cartrack Limited
11
Karooooo Ltd
Uganda
100.0
-
Cartrack (Cambodia) Co. Ltd
Karooooo Management Company Pte. Ltd.
Cambodia
100.0
-
Carzuka Pte Ltd
1
Carzuka.com Pte. Ltd.
Singapore
100.0
100.0
Karooooo Technologies Proprietary Limited
2
Karooooo Proprietary Ltd
South Africa
100.0
100.0
Cartrack Management Services Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Manufacturing Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Insurance Agency Proprietary Limited
3
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Cartrack Namibia Proprietary Limited
Cartrack Holdings Proprietary Limited
Namibia
100.0
100.0
Cartrack Technologies Pte. Limited
Cartrack Holdings Proprietary Limited
Singapore
100.0
100.0
Carzuka Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Purple rain Properties No.444 Proprietary Limited
Cartrack Holdings Proprietary Limited
South Africa
100.0
100.0
Karooooo Logistics (Pty) Ltd
6
Cartrack Holdings Proprietary Limited
South Africa
70.1
70.1
Cartrack Telematics Proprietary Limited
10
Cartrack Proprietary Limited
South Africa
49.0
49.0
CTK
    Shell 1 (Pty) Ltd
1,7
Cartrack Proprietary Limited
South Africa
100.0
100.0
Karu Holdings Proprietary Limited
Cartrack Proprietary Limited
South Africa
100.0
100.0
Combined Telematics Services Proprietary Limited
1, 10
Cartrack Proprietary Limited
South Africa
49.0
49.0
CTK Shell 2 (Pty) Ltd
1,8
Cartrack Proprietary Limited
South Africa
100.0
100.0
Cartrack Tanzania Limited
Cartrack Technologies Pte. Limited
Tanzania
100.0
100.0
Karooooo Kenya Limited
5
Cartrack Technologies Pte. Limited
Kenya
70.0
100.0
Cartrack Engineering Technologies Limited
Cartrack Technologies Pte. Limited
Nigeria
100.0
100.0
PT. Cartrack Technologies Indonesia
Cartrack Technologies Pte. Limited
Indonesia
100.0
100.0
F-
44
Company Name
Held by
Country of incorporation %
holding 2023
%  holding 2022
Cartrack Investments UK Limited
1
Cartrack Technologies Pte. Limited
United Kingdom
100.0
100.0
Cartrack Technologies (China) Limited
Cartrack Technologies Pte. Limited
Hong Kong
100.0
100.0
Cartrack Malaysia SDN.BHD
Cartrack Technologies Pte. Limited
Malaysia
100.0
100.0
Cartrack Technologies LLC
Cartrack Technologies Pte. Limited
U.A.E
100.0
100.0
Cartrack Technologies PHL.INC.
Cartrack Technologies Pte. Limited
Philippines
100.0
100.0
Cartrack Technologies South East Asia Pte. Limited
Cartrack Technologies Pte. Limited
Singapore
100.0
100.0
Cartrack Ireland Limited
Cartrack Technologies Pte. Limited
Republic of Ireland
100.0
100.0
Cartrack Technologies (Thailand) Company Limited
Cartrack Technologies Pte. Limited
Thailand
100.0
100.0
Cartrack New Zealand Limited
Cartrack Technologies Pte. Limited
New Zealand
51.0
51.0
Cartrack (Australia) Proprietary Limited
Cartrack Technologies Pte. Limited
Australia
100.0
100.0
Cartrack Technologies Zambia Limited
1
Cartrack Technologies Pte. Limited
Zambia
100.0
100.0
Cartrack (Mauritius) Ltd
1
Cartrack Technologies Pte. Limited
Mauritius
100.0
100.0
Cartrack Vietnam Limited Liability Company
1
Cartrack Technologies Pte. Limited
Vietnam
100.0
100.0
Cartrack INC.
Cartrack Ireland Limited
U.S.A
100.0
100.0
Cartrack Polska.Sp.zo.o
Cartrack Ireland Limited
Poland
90.9
90.9
Cartrack Portugal S.A.
Cartrack Ireland Limited
Portugal
100.0
100.0
Cartrack Espana. S.L.U.
Cartrack Ireland Limited
Spain
100.0
100.0
Karu.Com. Unipessoal. Lda
Cartrack Portugal S.A.
Portugal
100.0
100.0
Cartrack France SAS
9
Cartrack Portugal S.A.
France
-
100.0
Cartrack Limitada
10
Cartrack Technologies LLC
Mozambique
50.0
50.0
Auto Club LDA
Cartrack Technologies LLC
Mozambique
80.0
80.0
Cartrack for Information Technology
    Company
1
Cartrack Technologies LLC
Kingdom of Saudi Arabia
51.0
-
1
Dormant
2
Previously known as Cartrack
Technologies Proprietary Limited
3
Previously known as Drive and
Save Proprietary Limited
4
Previously known as Cartrack
Holdings Limited
5
Previously known as Retriever Limited
6
Previously known as Picup Technologies Proprietary Limited
7
Previously known as Veraspan Proprietary Limited
8
Previously known as Zonke Bonke Telecoms Proprietary Limited
9
Liquidated on May 19, 2022
10
The
Group considers Cartrack Limitada, Combined Telematics Services Proprietary Limited and Cartrack Telematics Proprietary limited as subsidiaries
of the Group as the Group has the right to appoint majority of the directors on the Board of Directors of these entities through contractual
shareholders' agreement. The Board of Directors of the companies direct the relevant activities of these entities. Accordingly, the Group
is exposed to and has the rights to variable returns, and has the ability to affect those returns through the Board of Directors.
11
90
% of the share capital of Karooooo Cartrack Limited is held by Karooooo Limited and the remainder
10
% of the share capital is held by Karooooo Management Company Pte Limited.
Loans provided to subsidiary companies which require
financial support have been subordinated in favour of third- party creditors of the underlying companies.
On September 1, 2021, Cartrack Holdings (Pty)
Ltd acquired 70.1% of the shares and voting interests in Picup Technologies Proprietary Limited for a consideration of ZAR 70.1 million
(see Note 28).
On September 24, 2021, Cartrack Technologies
Pte. Limited acquired 49% of the shares and voting interest in Cartrack Technologies PHL. INC., for a cash consideration of PHP 9.2
million. As a result, the equity interest in Cartrack Technologies PHL. INC. increased from 51% to 100%.
On February 28, 2022, Cartrack acquired 100% of
the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited for a consideration of ZAR 100 (see Note 28).
On June 15, 2022, the Group disposed of 30% of
its interest in Karooooo Kenya Limited for a consideration of USD 380,000. An amount of ZAR 730,112, being the proportion share of the
carrying amount of net assets in Karooooo Kenya Limited has been transferred to non-controlling interests.
F-
45
28. ACQUISITION OF SUBSIDIARY
(i)
Karooooo Logistics (Pty) Ltd
(formerly known as Picup Technologies Proprietary Limited)
On September 1, 2021,
the Group acquired 70.1%
of the shares and voting interests in Picup, for a consideration of ZAR 70.1 million, recognizing a goodwill of ZAR 58.3 million. The
principal activity of Picup is that of providing a technology platform focused on last mile delivery.
From the date of acquisition to February 28, 2022,
Picup contributed revenue of ZAR 42.0 million and net loss of ZAR 2.1 million to the Group's results. If the acquisition had occurred
on March 1, 2021, management estimates the contribution to the Group's revenue and net loss would have been ZAR 68.9 million and
ZAR 10.6 million respectively.
The fair values of identifiable net assets and
the cash outflows on the acquisition were as follows:
Figures in Rand thousands
Notes
As of
February 28,
2022
Intangible assets
1
7
13,385
Other non-current assets
5,055
Cash and cash equivalents
2,140
Other current assets (excluding cash and cash equivalents)
11,090
Non-current liabilities
(
13,478
)
Current liabilities
(
3,967
)
Net identifiable assets acquired
14,225
Add: Goodwill
8
58,314
Add: Other financial asset
2
1,865
Less: NCI based on proportionate interest
(
4,253
)
Cash consideration transferred for the business
70,151
Less: cash and cash equivalents acquired
(
2,140
)
Net outflow of cash
68,011
Goodwill arising on the acquisitions is attributable
to the synergies expected to arise from their integration with the Group, the skilled workforce acquired and the distribution networks.
The primary reason for these acquisitions is to enhance capability and broaden product offering to customers.
The fair value and gross contractual amount of
trade and other receivables is ZAR
11.0
million.
1
The intangible assets comprised of computer software, trade name and customer relationships estimated at ZAR
13.4
million. The computer software was valued based on replacement cost following review of the useful life. In measuring the fair value of the trade name and customer-related intangibles, relief-from-royalty method and multi-period excess earnings method were used. The relief-from-royalty method considers the discounted estimated royalty payments that are expected to be avoided as a result of the technical know-how being owned. The multi-period excess earnings method considers the present value of net cash flows expected to be generated by the customer relationships, by excluding any cash flows related to contributory assets.
2
This relates to a call option agreement with the non-controlling shareholders of Picup to acquire additional
13
% interest in Karooooo Logistics. The option is exercisable from September 1, 2024 and expires on February 29, 2028. The value of the call option as of February 28, 2023 is disclosed in Note 14.
F-
46
(ii)
Purple Rain Properties No.444
Proprietary Limited
On February 28, 2022, the Group acquired
100
%
of the shares and voting interests in Purple Rain Properties No. 444 Proprietary Limited ("Purple Rain") for a consideration
of ZAR
100
. The acquisition was accounted for as an asset acquisition as based on the concentration test, substantially all of the fair
values of the gross assets is concentrated in properties of Purple Rain.
The fair values of identifiable net assets and
the net cash inflows on the acquisition were as follows:
Figures in Rand thousands
Note
As of
February 28,
2022
Property, plant and equipment
114,166
Cash and cash equivalents
1,404
Other current assets (excluding cash and cash equivalents)
1,476
Term loans
16
(
59,088
)
Other non-current liabilities
(
14,387
)
Current liabilities
(
1,167
)
Net identifiable assets acquired
42,404
Settlement of amounts due from Purple Rain
(
42,404
)
Cash consideration transferred for acquisition of asset
*
Less: cash and cash equivalents acquired
(
1,404
)
Net inflow of cash
(
1,404
)
*
Amount is less than a thousand Rand.
29. MATERIAL NON-CONTROLLING INTEREST
On April 21, 2021, the Group acquired the remaining
31.9
% equity interest in Cartrack, increasing its ownership from
68.1
% to
100
%. Reinvestment scheme was offered to the minority shareholders
of Cartrack by exchanging a fixed number of Karooooo shares for a fixed number of Cartrack Shares (see Note 1).
The carrying amount of Cartrack's net assets
in the Group's consolidated financial statements on the date of acquisition was ZAR
435.1
million. Subsequent to the acquisition
of the remaining
31.9
% stake in Cartrack, there is no material non-controlling interest as at February 28, 2023 and February 28, 2022.
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47
The following table summarizes the information
relating to the Group's subsidiary that has a material NCI, before intra-group eliminations as at February 28, 2021:
Cartrack Holdings Proprietary Limited
Figures in Rand thousands
As of
February 28,
2021
NCI percentage
31.9
%
Principal place of business
South Africa
Revenue
2,290,543
Profit for the year after tax
542,338
Other comprehensive income
(
12,942
)
Total comprehensive income
529,396
Profit attributable to NCI
179,237
Other comprehensive income attributable to NCI
(
8,094
)
Total comprehensive income attributable to NCI
171,143
Non-current assets
1,588,204
Current assets
453,576
Current liabilities
(
533,914
)
Non-current liabilities
(
198,430
)
Net assets
1,309,436
Net assets attributable to NCI
427,133
Cash flows from operating activities
955,309
Cash flows from investing activities
(
517,691
)
Cash flows from financing activities
(
500,629
)
Net decrease in cash and cash equivalents
(
63,011
)
Dividends paid to NCI
(
145,859
)
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48
30. RELATED PARTIES
In addition to the information disclosed in Notes
11, 12 and 19 in the financial statements, the following transactions took place between the Group and related parties at the terms agreed
between parties:
Transactions with related parties
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Sales to related parties
(
20,139
)
(
28,915
)
(
24,901
)
Purchases from related parties
92,520
98,032
54,470
Rent paid to related parties
6,121
13,697
18,260
Interest paid to related party
–
–
2,048
Information regarding the key management and prescribed officers is
detailed in Note 34.
31. RISK MANAGEMENT
The Directors have overall responsibility for
the establishment in oversight of the Group's risk management framework. The Directors have established the Audit and risk committee
which is responsible for developing and monitoring the Group's risk management policies. The committee reports regularly to the
Directors on its activities.
The Group's risk management policies are
established to identify and analyze the risk faced by the Group, to set appropriate risk limits, implement controls to enforce limits
to monitor risk and adherence to limits.
The committee is assisted in its oversight role
by internal audit. Internal audit reviews risk and management controls and procedures, the results of which are reported to the committee.
31.1 Capital management
The Group's policy is to maintain a strong
capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management
monitors return of capital, as well as the level of dividends to shareholders.
The capital structure of the Group consists of
debt, which includes the borrowings and lease obligations disclosed in Note 16 and 17 respectively, cash and cash equivalents and bank
overdraft disclosed in Note 13, and equity as disclosed in the consolidated statement of financial position.
There were no changes in the Group's approach
to the capital management during the financial year.
In order to maintain or adjust the capital structure,
the Group may adjust the amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to
reduce debt.
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49
31.2 Financial risk management
The Group has exposure to the following risks
arising from financial instruments: credit risk, liquidity risk, currency and interest rate risk.
31.2 (a) Credit risk
Credit risk is the risk of financial loss to the
Group if a customer fails to meet its contractual obligations, and arises principally from the Group's receivables from customers,
cash deposits and cash equivalents.
Credit risk is managed by each subsidiary subject
to the Group's established policy and procedure. The Group has a general credit policy of only dealing with credit worthy customers.
A significant element of its individual customers is on debit-order payment method to assess credit risk.
Trade receivables comprise a widespread customer
base. Management evaluates credit risk relating to customers on an ongoing basis. If customers are independently rated, these ratings
are used. Otherwise, if there is no independent rating. risk control assesses the credit quality of the customer, taking into account
its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance
with limits set by the Directors. The utilization of credit limits is regularly monitored. The Group does not have any significant credit
risk exposure to any single customer or any Group of customers having similar characteristics.
There has been no change in credit risk estimation
techniques since the last financial year. The carrying amounts of financial assets represent the maximum credit exposure.
Expected credit losses on financial assets recognized
in profit or loss were as follows:
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Expected credit loss provision on trade receivables arising from contracts with customers
87,541
88,482
80,842
Trade receivables
The Group's exposure to credit risk is influenced
mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit
risk of its customer base, including the default risk associated with the country in which the customer operates. Details of concentration
of revenue are included in Note 20.
Expected credit loss assessment process followed
in the current financial year
An impairment analysis is performed at each reporting
date using a provision matrix to measure expected credit losses.
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50
The provision rates are based on days since invoicing
date for various groupings of various customer segments with similar loss patterns.
The calculation reflects the probability-weighted
outcome and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts
of future conditions.
The following table provides information about
the expected credit loss rate for trade receivables by ageing category:
Figures in Rand thousands
Expected
credit loss
rate
Gross
carrying
amount
Impairment
loss
allowance
At February 28, 2023
Since invoicing
7
%
195,058
13,177
1 month since invoicing date
18
%
51,655
9,434
2 months since invoicing date
25
%
29,777
7,328
3 months since invoicing date
57
%
209,250
119,602
Total
31
%
485,740
149,541
Figures in Rand thousands
Expected
credit loss
rate
Gross
carrying
amount
Impairment
loss
allowance
At February 28, 2022
Since invoicing
7
%
148,625
10,139
1 month since invoicing date
14
%
47,681
6,661
2 months since invoicing date
22
%
26,329
5,729
3 months since invoicing date
61
%
228,092
139,154
Total
36
%
450,727
161,683
Cash and cash equivalents
The Group held cash and cash equivalents of ZAR
965.8
million as at February 28, 2023 (2022: ZAR
731.7
million). The cash is held with major banks and financial institutions which are
rated and regulated in each country. None of the bank's holding deposits show financial strain. Impairment on cash and cash equivalents
at bank has been measured on a 12-month expected loss and reflect the short maturity of the exposures. The Group considers that its cash
and cash equivalents at bank have low credit risk and the amount of the allowance to be insignificant.
31.2 (b) Liquidity risk
The Group manages liquidity risk through an ongoing
review of future commitments and ensures that there is adequate funding available in terms of cash reserves and committed funding facilities.
Cash flow forecasts are prepared and available
borrowing facilities are monitored on an ongoing basis.
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51
Exposure to liquidity risk
The table below analyzes the Group's financial
liabilities into relevant maturity groupings based on the remaining period at the statement of financial position to the contractual maturity
date. The amounts disclosed in the table are the contractual undiscounted cash flows and includes contractual interest payments.
Figures in Rand thousands
Less than
1 year
2 years
3 years
4 years
>5 years
Total
At February 28, 2023
Term loans
21,993
18,352
17,596
15,751
–
73,692
Lease obligations
56,511
37,454
15,084
11,180
10,271
130,500
Trade and other payables
329,481
–
–
–
–
329,481
Loans from related parties
607
–
–
–
–
607
Bank overdraft
40
–
–
–
–
40
At February 28, 2022
Term loans
22,408
43,884
17,938
16,036
–
100,266
Lease obligations
50,821
42,853
17,305
4,733
8,333
124,045
Trade and other payables
250,970
–
–
–
–
250,970
Loans from related parties
2,134
–
–
–
–
2,134
Bank overdraft
13,722
–
–
–
–
13,722
31.2 (c) Currency risk
The Group is exposed to currency risk to the extent
that sales, purchases, and borrowings of the foreign operations are denominated in a currency other than the respective functional currencies
of Group companies. The functional currencies of Group companies are primarily the ZAR, USD, Euro (EUR), Mozambican metical (MZN), the
Singapore dollar (SGD) and Polish zloty (PLN).
The Group does not apply hedge accounting.
Exposure to currency risk
The summarized quantitative data about the Group's
exposure to currency risk as reported to the management of the Group is as follows:
Figures in Rand thousands
USD
EUR
SGD
At February 28, 2023
Trade and other receivables
104,583
40
433
Loan from related parties
114,186
80,342
–
Loan to related parties
(
229,229
)
–
(
20,040
)
Cash and cash equivalents
61,780
2,337
560
Trade and other payables
(
50,581
)
(
5,846
)
(
8,135
)
739
76,873
(
27,182
)
At February 28, 2022
Trade and other receivables
62,247
228
–
Loan from related parties
86,159
71,994
32,085
Loan to related parties
(
112,334
)
–
(
7,227
)
Cash and cash equivalents
144,173
9,618
1,880
Trade and other payables
(
53,609
)
(
5,286
)
(
2,299
)
126,636
76,554
24,439
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52
Sensitivity analysis
A strengthening/weakening of the ZAR against the
USD, EUR and SGD, at year-end would have impacted the measurement of financial instruments denominated in a foreign currency, equity and
profit or loss by the amounts shown below. The analysis assumes that all other variables remain constant. A factor change of
10
% has been
applied to the exchange rates.
Figures in Rand thousands
Strengthening
of ZAR
Weakening of
ZAR
February 28, 2023
USD
(
74
)
74
EUR
(
7,687
)
7,687
SGD
2,718
(
2,718
)
(
5,043
)
5,043
February 28, 2022
USD
(
12,664
)
12,664
EUR
(
7,655
)
7,655
SGD
(
2,444
)
2,444
(
22,763
)
22,763
31.2 (d) Interest rate risk
Interest rate risk is the risk that the fair value
of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
A fundamental reform of major interest rate benchmarks
is being undertaken globally, including the replacement of some interbank offered rates ("IBORs") with alternative nearly
risk-free rates (referred to as "IBOR reform"). The Group has exposures to IBORs on its financial instruments that will be
replaced or reformed as part of these market-wide initiatives. The Group's exposure to interest rate risk relates primarily to the
Group's loan obligations with variable interest rates as follow:
●
The term loan with Caixa Geral Depositos de S.A attracts interest at a rate of
3
% p.a plus 12-month Euro Interbank Offered Rate ("EURIBOR"). The reform of EURIBOR was completed and as a result it can continue to be used as a reference rate.
●
The term loan with Standard Bank South Africa attracts interest at a rate of
2.05
% plus 3-month Johannesburg Interbank Average Rate ("JIBAR"). To-date, no fixed date has been set for the cessation of JIBAR by South Africa Reserve Bank. There is uncertainty over the timing and the methods of transition for replacing the existing benchmark IBORs with alternative rates.
●
The mortgaged loan with First National Bank attracts interest at a rate of
1.15
% p.a plus prime rate. There is uncertainty over the timing and the methods of transition for replacing the existing prime rate with alternative rates.
No financial instruments were entered into to
mitigate the risk of interest rate movements.
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53
Interest rate sensitivity
The following table illustrates the effects on
Group's earnings and equity, all other factors remaining constant. A factor of
1
% has been applied to the interest rates:
As of February 28
Figures in Rand thousands
2023
2022
Effect on profit before tax (1% increase)
(
599
)
(
893
)
Effect on profit before tax (1% decrease)
599
893
32. ANALYSIS OF ASSETS AND LIABILITIES BY FINANCIAL INSTRUMENT CLASSIFICATION
The following table shows the carrying amounts
and classification of financial assets and financial liabilities. The carrying amounts approximate their fair values.
As of February 28
Figures in Rand thousands
Notes
2023
2022
Financial assets (at amortized cost)
Loans to related party
12
25,800
19,400
Trade and other receivables (excludes prepayments and other taxes)
11
376,827
304,561
Cash and cash equivalents
13
965,790
731,748
1,368,417
1,055,709
Financial assets (at fair value)
Other financial assets
14
388
16,664
Financial liabilities (at amortized cost)
Loans from related parties
12
607
2,134
Trade and other payables (excludes other taxes)
19
329,481
250,970
Term loans
16
59,947
89,350
Bank overdraft
13
40
13,722
390,075
356,176
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54
33. FAIR VALUE OF ASSETS AND LIABILITIES
Fair value hierarchy
The Group categorizes fair value measurement using a fair value hierarchy
that is dependent on the valuation inputs used as follows:
●
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.
●
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
●
Level 3: Unobservable inputs for the asset or liability
Fair value measurements that use inputs of different
hierarchy levels are categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant
to the entire measurement.
Assets and liabilities measured at fair value
As of February 28, 2023, Derivative – call
option (Note 14) was measured at level 3 fair value.
The fair value of the underlying share of Picup
is determined using discounted cash flow model. The key unobservable inputs of the discounted cash flow are as disclosed in Note 8.
Assets and liabilities not measured at fair
value, for which fair value is disclosed
As of February 28, 2023, the fair value of loan
to related party as disclosed in the table below is based on significant unobservable inputs (Level 3) and have been calculated by discounting
the expected future cash flows using rates currently available for instruments on with similar terms, credit risk and remaining maturities.
As of February 28, 2023
Figures in Rand thousands
Notes
Carrying amount
Aggregate fair value
Loan to related party
12
25,800
24,112
Fair value of financial instruments by classes
that are not carried at fair value and whose carrying amounts are reasonable approximation of fair value
Cash and cash equivalents (Note 13), trade and
other receivables (Note 11), trade and other payables (Note 19), term loans (Note 16), loans from related parties (Note 12), and lease
liabilities (Note 17). The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values as they
are short term in nature, market interest rate instruments.
Fair value of financial instrument classes
that are not carried at fair value and whose carrying amounts are not reasonable approximation of fair value
There are no financial instruments that are not
carried at fair value and whose carrying amounts are not reasonable approximation of fair value.
34. DIRECTORS AND KEY MANAGEMENT PERSONNEL EMOLUMENTS
Key management personnel compensation comprised the following:
Year ended February 28
Figures in Rand thousands
2023
2022
2021
Short-term employee benefits
16,557
13,109
27,775
Post-employment benefits
378
276
590
16,935
13,385
28,365
The amounts disclosed in the table are the amounts
recognized as an expense during the reporting period related to directors and key management personnel.
35. BASIC AND DILUTED EARNINGS PER SHARE INFORMATION
Basic and diluted earnings per share
The calculation of basic and diluted earnings
per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue.
Year ended February 28
Figures in Rand
2023
2022
2021
Basic earnings
Profit attributable to ordinary shareholder of Karooooo (ZAR '000)
597,153
449,953
318,183
Weighted average number of ordinary shares issued
30,951,106
29,528,020
20,332,894
Basic and diluted earnings per share (ZAR)
19.29
15.24
15.65
Diluted earnings per share
There are no dilutive instruments and therefore
diluted earnings per share is the same as basic earnings per share.
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55
36. FUNDING FACILITIES
Cartrack Proprietary Limited ("CTSA")
has entered into funding agreements with The Standard Bank South Africa Limited ("SBSA") and Mercantile Bank, a division of
Capitec Bank Limited ("Mercantile") as follows: The SBSA facility comprises a ZAR
925
million revolving credit funding facility
(the "Loan"), of which ZAR
75.0
million is committed and ZAR
850
million is uncommitted. The final repayment date of the Loan
is
three years
from the commencement date. Interest is levied at a rate of 3 months JIBAR plus margin. A guarantee has been provided by
Cartrack and Cartrack Manufacturing Proprietary Limited ("CTM"). Security has been provided by Cartrack, CTSA and CTM in the
form of a pledge and cession of certain rights in favor of the lender, including shares held in South African entities, all claims, bank
accounts, cash and cash equivalent investments, intellectual property, insurance policies and insurance proceeds. At February 28, 2023,
ZAR
Nil
(2022: ZAR
20
million) was utilized.
The Mercantile facility comprises an unsecured short-term overdraft
facility of ZAR
75.0
million at the bank's prime lending rate of
11.75
% (2022:
7
%) per annum. No security is provided on this facility.
At February 28, 2023, ZAR
Nil
(2022: ZAR
13.7
million) was utilized.
37. COMMITMENTS
Other than the lease commitments disclosed in
Note 17, as at February 28, 2023, the Group has commitments for capital expenditure of ZAR
45.0
million (2022: ZAR
13.8
million), relating
to the redevelopment of its head office suite for South Africa. The total estimated redevelopment cost is ZAR
294
million.
38. SUBSEQUENT EVENTS
In March 2023, for strategic reasons, the group
acquired
76
% of Cartrack Swaziland (Proprietary) Limited, from its existing franchisees for a purchase consideration of ZAR
9.1
million.
On May 8, 2023,
the Board of Directors declared an interim dividend
of 85 U.S. cents per ordinary shares which shall be payable entirely out of the Karooooo Ltd's retained earnings.
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