CarMax, Inc. Annual Shareholders’ Meeting

June 22, 2015

Board of Directors

2

Ron BlaylockFounder and Managing Partner GenNx360Retired CEO Blaylock & Company

Tom FolliardPresident and CEO CarMax

Board of Directors

3

Rakesh GangwalFormer CEO Worldspan TechnologiesFormer CEO U.S. Airways Group

Jeff GartenJuan Trippe Professor Yale School of ManagementChairman Garten Rothkopf

Board of Directors

4

Shira GoodmanPresident, North AmericanCommercial Staples

Bob GraftonRetired Managing Partner – Chief Executive Andersen Worldwide

Board of Directors

5

Ed GrubbRetired EVP and CFO Transamerica

Marcy ShinderChief Marketing Officer Nielsen N.V.

Board of Directors

6

Mitch SteenrodSVP, Chief Financial Officer Pilot Travel Centers

Tom StembergFounder and Chairman Emeritus StaplesManaging General Partner,Highland Consumer Fund Highland Capital Partners

Board of Directors

7

Bill TiefelChairman Emeritus The Ritz-Carlton Hotel CompanyRetired Vice Chairman Marriott International

CarMax, Inc. Annual Shareholders’ Meeting

Tom FolliardPresident and Chief Executive Officer

Forward-Looking Statements

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 and estimates is contained in the CarMax, Inc. SEC filings, including its Form 10-K, for the year ended February 28, 2015. The company disclaims any intent or obligation to update its forward-looking statements.

9

10

Current CarMax Locations

Existing markets, FY15 New markets opening in FY16

Today -- 150 used car stores in 75 markets

(Size of markers is based on number of stores in each market)

11

Compelling Growth Opportunity

6777

89100 100 103 108

118

131

144

158

171

184

50

75

100

125

150

175

200

225

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18

Used Car Store Base13 to 16 new

stores / yr

174

19014 newstores

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Compelling Growth Opportunity

Large Market Entries:

Fiscal 2013: DenverFiscal 2014: St. Louis

PhiladelphiaFiscal 2015: ClevelandFiscal 2016: Minneapolis / St. Paul

BostonBeyond: San Francisco

SeattleNew York City

Financial Summary

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$0.4

6

$0.6

1 $0.8

9

$0.8

0

$0.2

5

$1.2

4

$1.6

5

$1.7

9

$1.8

7 $2.1

6

$2.7

3

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Earnings per Diluted Share

10 year CAGR = 10.5%FY15 up 13.5%

10 year CAGR = 19.5%FY15 up 26.4%

$5.3

$6.3

$7.5

$8.2

$7.0

$7.5

$9.0

$10.

0 $11.

0

$12.

6

$14.

3

$0 B

$2 B

$4 B

$6 B

$8 B

$10 B

$12 B

$14 B

$16 B

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15

Total Revenues

Key Performance Metrics

14

FY15 up 10.5%

396 K408 K

448 K

527 K

582 K

300 K

350 K

400 K

450 K

500 K

550 K

600 K

FY11 FY12 FY13 FY14 FY15

Total Retail Used Units

263 K

317 K325 K

343 K

376 K

200 K

250 K

300 K

350 K

400 K

FY11 FY12 FY13 FY14 FY15

Total Wholesale Units

$220

$262

$299

$336

$367

$100 M

$150 M

$200 M

$250 M

$300 M

$350 M

$400 M

FY11 FY12 FY13 FY14 FY15

CAF Income

FY15 up 9.8% FY15 up 9.3%

Q1 FY16 Results

15

Q1 FY16 up 9.3% Q1 FY16 up 13.2%

112 K

137 K151 K

165 K

0 K

20 K

40 K

60 K

80 K

100 K

120 K

140 K

160 K

180 K

FY13 FY14 FY15 FY16

Used Units

$0.52

$0.64

$0.76

$0.86

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

FY13 FY14 FY15 FY16

Q1 EPS (diluted)

Stock Repurchase Program

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• Initially launched in fall 2012

• $3.8 billion in total authorizations

• As of 5/31/15:• $1.55 billion utilized• 31.9 million shares repurchased• $2.25 billion available for repurchase

FY15 CarMax Foundation milestones $5.2 million in annual grants; $25 million in total

giving since inception

800 volunteer events; 100% store participation

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CarMax Cares

KaBOOM! partnership 3-year, $4.1 million commitment to bring play

to more than 100,000 children

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CarMax Cares

KaBOOM! partnership 22 of 30 playgrounds completed

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CarMax Cares

CarMax Summer Basketball League 9th year in operation

+500 participants

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CarMax Cares

Above & Beyond Representatives:Gordon Amidon

Sales Associate – Jacksonville, Fla.

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Above & Beyond Recognition

Above & Beyond Representatives:Gordon Amidon

Sales Associate – Jacksonville, Fla.

Anita HowardBusiness Office Associate – Columbus Sawmill

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Above & Beyond Recognition

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