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Forward-Looking Statement

This presentation contains forward-looking statements, which are subject to risks and uncertainties. Additional discussion of factors that could cause actual results to differ materially from management’s projections, forecasts, estimates and expectations is contained in the CarMax, Inc. SEC filings.

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Sacramento

Richmond

Raleigh

Atlanta

Nashville

Orlando

Tampa

Miami / Ft. Lauderdale

San Antonio

Dallas/Fort Worth

Houston

Los Angeles

Baltimore / DC

Chicago

Charlotte Greensboro

1

2

4

4

11

4

22

21

4

3

1

8

Mid-sized Markets (14)

Large Markets (8)

1

Greenville

Knoxville1

Nation’s leading used car specialist

Pioneered used car superstore –1993

Operates 47 used car superstores

FY03: Sales: $ 4Bn Net profit: $ 95mm Separation Costs: $ 8mm Earnings ex Sep.: $103mm

1Las Vegas

1

1

Kansas City

1Birmingham

1Memphis

3

CarMax TodayUsed Car Superstores

CarMax Sells More Cars

CARMAX 5,210

Public dealers 2,023

Average dealer (NADA) 1,376

Sales/Store (Units)

2002

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Why Does CarMax Work?

Used car focus

Consumer-preferred concept

Process-driven competitive advantages

Organic growth plan

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CarMax Appraisal Process

CarMax as market maker

1mm+ appraisals

± 250,000 appraisal buys

Wholesale auctions

6

CarMax

What about off-lease trend?

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CarMax

What about incentives?

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Keys To Healthy WholesaleMarket

Active

Efficient

Transparent

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