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REGISTERED NUMBER: 08528652 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 28 February 2025

for

Cartrack Investments UK Limited

Cartrack Investments UK Limited (Registered number: 08528652)

Contents of the Financial Statements

for the Year Ended 28 February 2025

Page |

Company Information | 1 |

Report of the Director | 2 |

Report of the Independent Auditors | 3 |

Statement of Comprehensive Income | 7 |

Statement of Financial Position | 8 |

Statement of Changes in Equity | 9 |

Statement of Cash Flows | 10 |

Notes to the Statement of Cash Flows | 11 |

Notes to the Financial Statements | 12 |

Cartrack Investments UK Limited

Company Information

for the Year Ended 28 February 2025

| DIRECTOR: | G Z M Calisto

| REGISTERED OFFICE: | 467 Rayners Lane

| Pinner

| Middlesex

| HA5 5ET

| REGISTERED NUMBER: | 08528652 (England and Wales)

| AUDITORS: | Lawrence Johns

| Registered Auditors

| 164 Field End Road

| Eastcote

| Middlesex

| HA5 1RH

| BANKERS: | Barclays Bank Plc

| Business Banking

| Leicester

| Leicestershire

| LE87 2BB

Cartrack Investments UK Limited (Registered number: 08528652)

Report of the Director

for the Year Ended 28 February 2025

The director presents his report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an non-trading company.

DIVIDENDS

No dividends will be distributed for the year ended 28 February 2025.

DIRECTOR

G Z M Calisto held office during the whole of the period from 1 March 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with UK-adopted international accounting standards. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Lawrence Johns, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Z M Calisto - Director

14 August 2025

Report of the Independent Auditors to the Members of

Cartrack Investments UK Limited

Opinion

We have audited the financial statements of Cartrack Investments UK Limited (the 'company') for the year ended 28 February 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the UK.

In our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 28 February 2025 and of its loss for the year then ended;

- | have been properly prepared in accordance with IFRSs as adopted by the UK; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - basis of preparation of financial statements

The company has not traded for several years and as such the director does not consider it to be appropriate to adopt the going concern basis of accounting when preparing the financial statements.

Accordingly, the financial statements have been prepared on a basis other than that of a going concern. Our opinion is not modified in respect of this matter.

Other information

The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- | the information given in the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- | the Report of the Director has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of director's remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of

Cartrack Investments UK Limited

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Cartrack Investments UK Limited

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

- enquiring of management and the audit committee, including obtaining and reviewing supporting documentation concerning the company's policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

- discussing among the engagement team indicators of fraud.

As part of this discussion, we identified potential fraud risks in relation to:

- obtaining an understanding of the legal and regulatory framework that the company operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the company. The key laws and regulations we considered in this context included the Companies Act 2006, Tax legislation, and regulations for overseas parents of UK companies.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- completed focussed testing on the dividends and investments disposed of in the year;

- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

Report of the Independent Auditors to the Members of

Cartrack Investments UK Limited

- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

- | Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the company to cease to continue as a going concern.

- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

T M O'Keeffe (Senior Statutory Auditor)

for and on behalf of Lawrence Johns

Registered Auditors

164 Field End Road

Eastcote

Middlesex

HA5 1RH

14 August 2025

Cartrack Investments UK Limited (Registered number: 08528652)

Statement of Comprehensive Income

for the Year Ended 28 February 2025

| 28.2.25 |  | 29.2.24

| Notes | € | € |

CONTINUING OPERATIONS

Revenue | - |  | - |  |

Other (expense)/income | (248 | ) | (130 | ) |

General and administration | (7,747 | ) | (7,255 | ) |

OPERATING LOSS | (7,995 | ) | (7,385 | ) |

LOSS BEFORE TAXATION | 4 | (7,995 | ) | (7,385 | ) |

Taxation | 5 | - |  | - |  |

LOSS FOR THE YEAR | (7,995 | ) | (7,385 | ) |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (7,995 | ) | (7,385 | ) |

Cartrack Investments UK Limited (Registered number: 08528652)

Statement of Financial Position

28 February 2025

| 28.2.25 |  | 29.2.24

| Notes | € | € |

ASSETS

CURRENT ASSETS

Cash and cash equivalents | 6 | 2,611 |  | 2,575 |  |

TOTAL ASSETS | 2,611 |  | 2,575 |  |

EQUITY

SHAREHOLDERS' EQUITY

Share capital | 7 | 127 |  | 127 |  |

Retained earnings | 8 | (21,623 | ) | (13,628 | ) |

TOTAL EQUITY | (21,496 | ) | (13,501 | ) |

LIABILITIES

NON-CURRENT LIABILITIES

Payables and related party | 9 | 17,279 |  | 9,132 |  |

CURRENT LIABILITIES

Payables and related party | 9 | 6,828 |  | 6,944 |  |

TOTAL LIABILITIES | 24,107 |  | 16,076 |  |

TOTAL EQUITY AND LIABILITIES | 2,611 |  | 2,575 |  |

The financial statements were approved by the director and authorised for issue on 14 August 2025 and were signed by:

G Z M Calisto - Director

Cartrack Investments UK Limited (Registered number: 08528652)

Statement of Changes in Equity

for the Year Ended 28 February 2025

| Share |  | Retained |  | Total

| capital |  | earnings |  | equity

€ | € | € |

Balance at 1 March 2023 | 127 |  | (6,243 | ) | (6,116 | ) |

Changes in equity

Total comprehensive loss | - |  | (7,385 | ) | (7,385 | ) |

Balance at 29 February 2024 | 127 |  | (13,628 | ) | (13,501 | ) |

Changes in equity

Total comprehensive loss | - |  | (7,995 | ) | (7,995 | ) |

Balance at 28 February 2025 | 127 |  | (21,623 | ) | (21,496 | ) |

Cartrack Investments UK Limited (Registered number: 08528652)

Statement of Cash Flows

for the Year Ended 28 February 2025

| 28.2.25 |  | 29.2.24

| Notes | € | € |

Cash flows from operating activities

Cash generated from operations | 1 | (8,111 | ) | (2,967 | ) |

Net cash from operating activities | (8,111 | ) | (2,967 | ) |

Cash flows from financing activities

Loans from related party | 8,147 |  | 259 |  |

Net cash from financing activities | 8,147 |  | 259 |  |

Increase/(decrease) in cash and cash equivalents | 36 |  | (2,708 | ) |

Cash and cash equivalents at beginning of year | 2 | 2,575 |  | 5,283 |  |

Cash and cash equivalents at end of year | 2 | 2,611 |  | 2,575 |  |

Cartrack Investments UK Limited (Registered number: 08528652)

Notes to the Statement of Cash Flows

for the Year Ended 28 February 2025

1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 28.2.25 |  | 29.2.24

€ | € |

| Loss before taxation | (7,995 | ) | (7,385 | ) |

| (Decrease)/increase in trade and other payables | (116 | ) | 4,418 |  |

| Cash generated from operations | (8,111 | ) | (2,967 | ) |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 28 February 2025

| 28.2.25 |  | 1.3.24

€ | € |

| Cash and cash equivalents | 2,611 |  | 2,575 |  |

| Year ended 29 February 2024

| 29.2.24 |  | 1.3.23

€ | € |

| Cash and cash equivalents | 2,575 |  | 5,283 |  |

Cartrack Investments UK Limited (Registered number: 08528652)

Notes to the Financial Statements

for the Year Ended 28 February 2025

1. | STATUTORY INFORMATION

| Cartrack Investments UK Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Accounting convention

| a) |  |  | Basis of preparation |

|  | These financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention. |

| b) |  |  | Financial instruments |

|  | Basic Financial Instruments as covered by IFRS are measured at amortised costs. The company does not have any Other Financial Instruments as covered by IFRS. |

| c) |  |  | Revenue |

| Dividend income |  |

|  | Dividend income is recognised in revenue at the point in time when the right to receive payment is established. |

| Management fees |  |

| Management fees are recognised in revenue at the point in time when the invoice is raised. |  |

| d) |  |  | Foreign currencies |

|  | Assets and liabilities in foreign currencies are translated into Euro at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into Euro at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |

| Cash and cash equivalents

| Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.

| In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities’ on the Statement of Financial Position.

| Taxation

| Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.

3. | EMPLOYEES AND DIRECTORS

| There were no staff costs for the year ended 28 February 2025 nor for the year ended 29 February 2024.

| The average number of employees during the year was NIL (2024 - NIL).

| There was no director's remuneration in either the year ended 29 February 2024 nor the year ended 28 February 2023.

Cartrack Investments UK Limited (Registered number: 08528652)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

4. | LOSS BEFORE TAXATION

| The loss before taxation is stated after charging:

| 28.2.25 |  | 29.2.24

€ | € |

| Auditors' remuneration | 7,633 |  | 7,115 |  |

5. | TAXATION

| Analysis of tax expense

| No liability to UK corporation tax arose for the year ended 28 February 2025 nor for the year ended 29 February 2024.

| Factors affecting the tax expense

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 28.2.25 |  | 29.2.24

€ | € |

| Loss before income tax | (7,995 | ) | (7,385 | ) |

| Loss multiplied by the standard rate of corporation tax in the UK of 19% (2024 - 19%) | (1,519 | ) | (1,403 | ) |

| Effects of:

| Losses carried forward | 1,519 |  | 1,403 |  |

| Tax expense | - |  | - |  |

6. | CASH AND CASH EQUIVALENTS

|  | 28.2.25 |  |  | 29.2.24 |  |

|  | € |  |  | € |  |

| Bank balances |  |  | 2,611 |  |  | 2,575 |  |

7. | SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 28.2.25 |  | 29.2.24

| value: | € | € |

| 100 | Ordinary | £1 | 127 |  | 127 |  |

| Ordinary shares carry full and equal rights to participate in voting in all circumstances, in dividends and in capital distributions, whether on a winding up or otherwise. The shares are not redeemable.

Cartrack Investments UK Limited (Registered number: 08528652)

Notes to the Financial Statements - continued

for the Year Ended 28 February 2025

8. | RETAINED EARNINGS

| Retained

| earnings

€ |

| At 1 March 2024 | (13,628 | ) |

| Deficit for the year | (7,995 | ) |

| At 28 February 2025 | (21,623 | ) |

9. | PAYABLES AND RELATED PARTY

| 28.2.25 |  | 29.2.24

€ | € |

| Current:

| Accruals | 6,828 |  | 6,944 |  |

| Non-current:

| Loans from related parties | 17,279 |  | 9,132 |  |

| Aggregate amounts | 24,107 |  | 16,076 |  |

10. | ULTIMATE PARENT COMPANY

| Karooooo Limited (incorporated in Singapore and listed on NASDAQ (KARO) and JSE (KRO) is regarded by the director as being the company's ultimate parent company.

| The immediate parent company is Cartrack Technologies Pte Ltd (incorporated in Singapore).