Katharine W. KennyVice President, Investor Relations

Oppenheimer Investor MeetingsOctober 12-13, 2016

Forward-Looking Statements

Thispresentationcontainsforward‐lookingstatements,whicharesubjecttorisksanduncertainties.Additionaldiscussionoffactorsthatcouldcauseactualresultstodiffermateriallyfrommanagement’sprojectionsandestimatesiscontainedintheCarMax,Inc.SECfilings,includingitsForm10‐K,fortheyearendedFebruary29,2016.Thecompanydisclaimsanyintentorobligationtoupdateitsforward‐lookingstatements.

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Fiscal 2016 Highlights

• Increased store base by 10%• Opened 14 stores for the first time

• Sold over 1 million vehicles• 620,000 retail and 395,000 wholesale

• Total revenues increased by 6% to $15 billion

• Net earnings grew by 4% to $623 million• Earnings per share grew by 11% to $3.03

• CAF income increased by 7% to $392 million

• Repurchased 16 million shares• 46 million shares repurchased since 2012

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Current CarMax Locations165usedcarstoresin83marketsin38states

(asofSeptember28,2016)

Large Markets Small Format

FY14: St. Louis Harrisonburg, VAPhiladelphia Jackson, TN

FY15: Cleveland Dothan, AL Tupelo, MSLynchburg, VA

FY16: Minneapolis Gainesville, FL Bloomington, ILBoston Tallahassee, FL St. Louis, MO (fill-in)

FY17: San Francisco Springfield, IL Mobile, ALBristol, TN Albany, NY

FY18 1H: Seattle Pensacola, FL Salisbury, MDWaterbury, CT

Compelling Growth Opportunity

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Financial Summary

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10 year CAGR = 9.2% 10 year CAGR = 17.4%

$0 B

$2 B

$4 B

$6 B

$8 B

$10 B

$12 B

$14 B

$16 B

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Total Revenues

$0.61  $0

.89 

$0.80 

$0.25 

$1.24 

$1.65 

$1.79 

$1.87  $2

.16 

$2.73  $3

.03 

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Earnings per Diluted Share

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CarMax Business Model

*Percentagesrepresentbreakdownofgrossprofitdollars,includingCAFincome,excludingOthergrossprofit

Diversifiedgrossprofitbase*: Used Wholesale EPP Finance

• Websiteredesign Increaseengagementanddriveleads

Adaptivetoallscreensizes

Morepersonalizedexperience

Improved,highresolutionpictures

Abilitytoscheduleanappt,transfer/holdvehicles

Monthlypaymentestimates/calculator

State‐of‐the‐arttechnologyplatform Easiertobuildanddisplaynewfeatures

CarMaxOwnerApp Oneplacetostorevehicledocuments

Exclusivediscounts 8

Online Enhancements

CustomerExperience Homedelivery TestinCharlotteNC

Onlinefinance(loanprequalification) Currentlyin13stores

Rolloutinnextfewmonths

Enhancingexecution/reducingwaste Mobileappraisaltoolforbuyers

Moreefficienttransportationsystem

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Continuous Improvement

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