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Forward-Looking Statement.


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This presentation contains forward-looking explanations, which are liable to dangers and vulnerabilities. Extra examination of elements that could bring about real results to vary physically from management’s projections, gauges, assessments and desires is contained in the CarMax, Inc. SEC filings. Forward-Looking Statement 2

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1 Mid-sized Markets (14) Large Markets (8) CarMax Today Used Car Superstores Nation’s driving utilized auto expert Pioneered utilized auto superstore –1993 Operates 47 utilized auto superstores FY03: Sales: $ 4Bn Net benefit: $ 95mm Separation Costs: $ 8mm Earnings ex Sep.: $103mm Chicago 8 1 Sacramento 4 Baltimore/DC Kansas City 1 Richmond 1 Raleigh 1 Las Vegas Knoxville 1 2 1 Nashville 1 Greensboro Charlotte Los Angeles Memphis 4 Greenville 1 4 Birmingham Atlanta Dallas/Fort Worth 4 Houston 2 San Antonio Orlando 1 2 Tampa 3 Miami/Ft. Lauderdale 3

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CarMax Sells More Cars Sales/Store (Units) 2002 CARMAX 5,210 Public dealers 2,023 Average merchant (NADA) 1,376 4

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Used auto center Consumer-favored idea Process-driven upper hands Organic development arrangement Why Does CarMax Work? 5

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CarMax as business sector creator 1mm+ evaluations ± 250,000 examination purchases Wholesale barters CarMax Appraisal Process 6

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What about off-lease pattern? CarMax 7

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What about motivating forces? CarMax 8

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Active Efficient Transparent Keys To Healthy Wholesale Market 9

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