Karooooo Ltd. (NasdaqCM:KARO) commences share repurchases in February 2024, under the program mandated by shareholders in the Annual General Meeting held on July 12, 2023. As per the mandate, the company is authorized to repurchase up to 3,095,111 shares, representing 10% of the issued ordinary share capital. In case of on market repurchases, the maximum price that will be paid by the company for repurchases will be the highest independent bid or the last independent transaction price, whichever is higher, of company's ordinary shares quoted or reported on the NASDAQ Global Select Market or the securities exchange operated by JSE Limited (the ?JSE?), as the case may be, or shall not exceed any volume weighted average price, or other price determined under any pricing mechanism, in compliance with the requirements under Rule 10b-18 under the Exchange Act, at the time the purchase is effected.

The repurchased shares will be cancelled, unless held as treasury shares. The company intends to use internal sources of funds or bank borrowings and/or a combination of both to finance purchases of shares. The authority shall expire at the earliest of the next Annual General Meeting, the date on which the next Annual General Meeting is required to be held or the date on which the authority is carried out to the full extent, unless varied or revoked in a General Meeting.