CarMax, Inc. Annual Shareholders’ Meeting June 22, 2015

Board of Directors 2 Ron Blaylock Founder and Managing Partner GenNx360 Retired CEO Blaylock & Company Tom Folliard President and CEO CarMax

Board of Directors 3 Rakesh Gangwal Former CEO Worldspan Technologies Former CEO U.S. Airways Group Jeff Garten Juan Trippe Professor Yale School of Management Chairman Garten Rothkopf

Board of Directors 4 Shira Goodman President, North American Commercial Staples Bob Grafton Retired Managing Partner – Chief Executive Andersen Worldwide

Board of Directors 5 Ed Grubb Retired EVP and CFO Transamerica Marcy Shinder Chief Marketing Officer Nielsen N.V.

Board of Directors 6 Mitch Steenrod SVP, Chief Financial Officer Pilot Travel Centers Tom Stemberg Founder and Chairman Emeritus Staples Managing General Partner, Highland Consumer Fund Highland Capital Partners

Board of Directors 7 Bill Tiefel Chairman Emeritus The Ritz-Carlton Hotel Company Retired Vice Chairman Marriott International

CarMax, Inc. Annual Shareholders’ Meeting Tom Folliard President 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, 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 used car stores in 75 markets (Size of markers is based on number of stores in each market)

11 Compelling Growth Opportunity

12 Compelling Growth Opportunity

Financial Summary year CAGR = 10.5% FY15 up 13.5% 10 year CAGR = 19.5% FY15 up 26.4%

Key Performance Metrics 14 FY15 up 10.5% FY15 up 9.8% FY15 up 9.3%

Q1 FY16 Results 15 Q1 FY16 up 9.3%Q1 FY16 up 13.2%

Stock Repurchase Program 16 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 17 CarMax Cares

 KaBOOM! partnership  3-year, $4.1 million commitment to bring play to more than 100,000 children 18 CarMax Cares

 KaBOOM! partnership  22 of 30 playgrounds completed 19 CarMax Cares

 CarMax Summer Basketball League  9 th year in operation  +500 participants 20 CarMax Cares

Above & Beyond Representatives: Gordon Amidon Sales Associate – Jacksonville, Fla. 21 Above & Beyond Recognition

Above & Beyond Representatives: Gordon Amidon Sales Associate – Jacksonville, Fla. Anita Howard Business Office Associate – Columbus Sawmill 22 Above & Beyond Recognition

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