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<SEC-DOCUMENT>0001062993-10-001466.txt : 20100506
<SEC-HEADER>0001062993-10-001466.hdr.sgml : 20100506
<ACCEPTANCE-DATETIME>20100506171906
ACCESSION NUMBER:		0001062993-10-001466
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20100331
FILED AS OF DATE:		20100506
DATE AS OF CHANGE:		20100506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
		IRS NUMBER:				980171860
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		10809208

	BUSINESS ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
		BUSINESS PHONE:		27 11 343 2000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, PRESIDENT PLACE
		STREET 2:		CNR. JAN SMUTS & BOLTON
		CITY:			ROSEBANK, JOHANNESBURG
		STATE:			T3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>form10q.htm
<DESCRIPTION>QUARTERLY REPORT FOR PERIOD ENDED MARCH 31, 2010
<TEXT>



<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Form 10-Q - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR></B>Washington, D.C. 20549
</P>
<P align=center><B><FONT size=5>FORM 10-Q </FONT></B></P>
<P align=center>(Mark One) </P>
<P align=center><b>[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </b></P>
<P align=center>For the quarterly period ended <B><U>March 31, 2010 </U></B></P>
<P align=center>OR </P>
<P align=center><b>[&nbsp; &nbsp;] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 </b></P>
<P align=center>For the transition period from _____________________ To
_____________________</P>
<P align=center>Commission file number:<B> </B><B><U>000-31203</U></B><B>
</B></P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES,
INC.</FONT></U></B><B> <BR></B>(Exact name of registrant as specified in its
charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>Florida </U></B></TD>
    <TD align=center width="50%"><B><U>98-0171860 </U></B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD align=center width="50%">(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation or organization) </TD>
    <TD align=center width="50%">Identification No.) </TD></TR></TABLE>
<P align=center><B>President Place, 4</B><B><SUP>th</SUP></B><B> Floor, Cnr. Jan
Smuts Avenue and Bolton Road <BR></B><B><U>Rosebank, Johannesburg 2196, South
Africa</U></B><B> <BR></B>(Address of principal executive offices, including zip
code) </P>
<P align=center>Registrant&#146;s telephone number, including area code:
<B><U>27-11-343-2000 </U></B></P>
<P align=center><B><U>Not Applicable</U></B><B> <BR></B>(Former Name, Former
Address and Former Fiscal Year, if Changed Since Last Report) </P>
<P align=center>Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d)
of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. <br>
YES
[X]&nbsp;&nbsp;&nbsp; NO [&nbsp;&nbsp; ] </P>
<P align=center>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405
of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and
post such files). <br>
YES [&nbsp; &nbsp;]&nbsp;&nbsp;&nbsp; NO [&nbsp; &nbsp;] </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a
smaller reporting company. See the definitions of &#147;large accelerated filer&#148;,
&#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the
Exchange Act (check one):</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>[X] Large accelerated filer </TD>
    <TD align=center width="50%">[&nbsp;&nbsp; ] Accelerated filer </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="50%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center>[&nbsp;&nbsp; ] Non-accelerated filer </TD>
    <TD align=center width="50%">[&nbsp;&nbsp; ] Smaller reporting company
  </TD></TR>
  <TR vAlign=top>
    <TD align=center>(do not check if a smaller reporting company) </TD>
    <TD align=center width="50%">&nbsp;</TD></TR></TABLE>
<P align=center>Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). <br>
YES [&nbsp;&nbsp;
]&nbsp;&nbsp;&nbsp; NO [X ] </P>
<P align=center>As of April 30, 2010 (the latest practicable date), 45,378,397
shares of the registrant&#146;s common stock, par value $0.001 per share, net of
treasury shares, were outstanding. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><B>Form 10-Q </B></P>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC. </B></P>
<P align=center><B>Table of Contents </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ></TD>
    <TD vAlign=bottom align=left width="3%"
      >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" ><B>Page No.</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="4" align=left vAlign=bottom  bgColor=#eeeeee
      ><A
      href="#page_4"><B>PART I. FINANCIAL INFORMATION</B> </A></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      ><A
      href="#page_4">2</A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ><A
      href="#page_4">Item 1. </A></TD>
    <TD colspan="2" align=left vAlign=bottom
      ><A
      href="#page_4">Financial Statements </A></TD>
    <TD vAlign=bottom align=center width="10%" ><A
      href="#page_4">2</A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ></TD>
    <TD vAlign=bottom align=left width="3%"  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#eeeeee><A
      href="#page_4">Condensed Consolidated Balance Sheets at March 31, 2010 and
      June 30, 2009 </A></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      ><A
      href="#page_4">2 </A></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ></TD>
    <TD vAlign=bottom align=left width="3%"
      >&nbsp;</TD>
    <TD vAlign=bottom align=left ><A
      href="#page_5">Unaudited Condensed Consolidated Statements of Operations
      for the Three and Nine Months Ended March 31, 2010 and 2009 </A></TD>
    <TD vAlign=bottom align=center width="10%"  ><A
      href="#page_5">3 </A></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ></TD>
    <TD vAlign=bottom align=left width="3%"  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD vAlign=bottom align=left  bgColor=#eeeeee><A
      href="#page_6">Unaudited Condensed Consolidated Statements of Changes in
      Equity for the Nine Months Ended March 31, 2010 </A></TD>
    <TD vAlign=bottom align=center width="10%"  bgColor=#eeeeee
    ><A
      href="#page_6">4 </A></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ></TD>
    <TD vAlign=bottom align=left width="3%"
      >&nbsp;</TD>
    <TD vAlign=bottom align=left ><A
      href="#page_7">Unaudited Condensed Consolidated Statements of Comprehensive
      Income (Loss) for the Three and Nine Months Ended March 31, 2010 and 2009
      </A></TD>
    <TD vAlign=bottom align=center width="10%"  ><A
      href="#page_7">5 </A></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ></TD>
    <TD vAlign=bottom align=left width="3%"  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD vAlign=bottom align=left  bgColor=#eeeeee><A
      href="#page_8">Unaudited Condensed Consolidated Statements of Cash Flows
      for the Three and Nine Months Ended March 31, 2010 and 2009 </A></TD>
    <TD vAlign=bottom align=center width="10%"  bgColor=#eeeeee
    ><A
      href="#page_8">6 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ></TD>
    <TD vAlign=bottom align=left width="3%"
      >&nbsp;</TD>
    <TD vAlign=bottom align=left><A
      href="#page_9">Notes to Unaudited Condensed Consolidated Financial Statements
      </A></TD>
    <TD vAlign=bottom align=center width="10%" ><A
      href="#page_9">7</A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ><A
      href="#page_23">Item 2. </A></TD>
    <TD colspan="2" align=left vAlign=bottom  bgColor=#eeeeee
    ><A
      href="#page_23">Management&#146;s Discussion and Analysis of Financial Condition
      and Results of Operations </A></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      ><A
      href="#page_23">21 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ><A
      href="#page_45">Item 3. </A></TD>
    <TD colspan="2" align=left vAlign=bottom
      ><A
      href="#page_45">Quantitative and Qualitative Disclosures About Market Risk
      </A></TD>
    <TD vAlign=bottom align=center width="10%" ><A
      href="#page_45">43 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ><A
      href="#page_46">Item 4. </A></TD>
    <TD colspan="2" align=left vAlign=bottom  bgColor=#eeeeee
    ><A
      href="#page_46">Controls and Procedures </A></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      ><A
      href="#page_46">44 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="4" align=left vAlign=bottom  ><A
      href="#page_47"><B>PART II. OTHER INFORMATION</B> </A></TD>
    <TD vAlign=bottom align=center width="10%" ><A
      href="#page_47">45</A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#eeeeee ><a href="#page_47"> Item 1.</a></TD>
    <TD colspan="2" align=left vAlign=bottom  bgColor=#eeeeee
    ><a href="#page_47">Legal Proceedings</a></TD>
    <TD vAlign=bottom align=center bgColor=#eeeeee
      ><a href="#page_47">45</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ><A
      href="#page_47">Item 1A. </A></TD>
    <TD colspan="2" align=left vAlign=bottom
    ><A
      href="#page_47">Risk Factors </A></TD>
    <TD vAlign=bottom align=center width="10%"
      ><A
      href="#page_47">45 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
      >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee ><A
      href="#page_47">Item 6. </A></TD>
    <TD colspan="2" align=left vAlign=bottom  bgColor=#eeeeee
    ><A
      href="#page_47">Exhibits </A></TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      ><A
      href="#page_47">45 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD vAlign=bottom align=left width="10%" ><A
      href="#page_48">Signatures </A></TD>
    <TD colspan="2" align=left vAlign=bottom
      >&nbsp; </TD>
    <TD vAlign=bottom align=center width="10%" ><A
      href="#page_48">46 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD colspan="3" align=left vAlign=bottom bgColor=#eeeeee
      >EXHIBIT 31.1 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD colspan="3" align=left vAlign=bottom >EXHIBIT 31.2 </TD>
    <TD vAlign=bottom align=center width="10%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD colspan="3" align=left vAlign=bottom bgColor=#eeeeee
      >EXHIBIT 32 </TD>
    <TD vAlign=bottom align=center width="10%" bgColor=#eeeeee
      >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  >&nbsp;</TD>
    <TD colspan="3" align=left vAlign=bottom >EXHIBIT 10.49 </TD>
    <TD vAlign=bottom align=left width="10%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="3%" align=left vAlign=bottom  bgColor=#eeeeee
    >&nbsp;</TD>
    <TD colspan="3" align=left vAlign=bottom bgColor=#eeeeee
      >EXHIBIT 10.50 </TD>
    <TD vAlign=bottom align=left width="10%" bgColor=#eeeeee
      >&nbsp; </TD>
  </TR>
</TABLE>
<P align=center>1</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center><B>Part I. Financial Information </B></P>
<P align=justify><B>Item 1. Financial Statements</B> </P>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC. </B><BR><B>Condensed
Consolidated Balance Sheets </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>Unaudited</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>(A)</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>March 31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>June 30,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD width="2%" align=left style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center>(In thousands, except share data) </TD>
    <TD align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><B>ASSETS</B> </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>CURRENT ASSETS </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Cash and cash equivalents </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;184,341
    </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp;220,786
    </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Pre-funded
      social welfare grants receivable (Note 3) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,752 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,930 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accounts receivable, net of allowances of &#150; March: $475; June:
      $395 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>46,822 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>42,475 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Finance
      loans receivable, net of allowances of &#150; March: $245; June: $226 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,575 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,563 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Deferred expenditure on smart cards </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>13 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>8 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Inventory
      (Note 4) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">5,195 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,250 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Deferred income taxes </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12,491 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12,282 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Total current assets before funds held for clients </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">258,189 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">290,294 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Funds held for clients </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,304 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current assets </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">261,493 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">290,294 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>OTHER LONG-TERM ASSETS, including available
      for sale securities (Note 5) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>6,896 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,147 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED <BR> &nbsp;&nbsp;&nbsp;
      DEPRECIATION OF &#150; March: $37,666; June: $28,169 </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">8,269 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,376 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>EQUITY-ACCOUNTED INVESTMENTS (Note 5) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,158 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,583 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>GOODWILL (Note 6) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">119,418 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">116,197 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>INTANGIBLE ASSETS, NET OF ACCUMULATED AMORTIZATION
      OF &#150; <BR> &nbsp;&nbsp;&nbsp;&nbsp; March: $32,281; June: $31,150 (Note
      6) </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">78,278 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">75,890 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL ASSETS</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">476,512 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">499,487 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><B>LIABILITIES</B> </TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>CURRENT LIABILITIES </TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accounts payable </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>6,594 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>5,481 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Other
      payables </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">77,422 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">61,454 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income taxes payable </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">15,136 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">10,874 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Total current liabilities before client fund obligations </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">99,152 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">77,809 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Client fund obligations </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,304 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      current liabilities </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">102,456 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">77,809 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>DEFERRED INCOME TAXES </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>50,220 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>41,737 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>OTHER LONG-TERM LIABILITIES, including non-controlling interest
      loans </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">5,274 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,185 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>COMMITMENTS AND CONTINGENCIES </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL LIABILITIES</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">157,950 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">123,731 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff><B>EQUITY</B> </TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;NET1
      EQUITY: </TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;COMMON STOCK (Note 8) </TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=right valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Authorized: 200,000,000
      with $0.001 par value; </TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issued
      and outstanding shares, net of treasury - March: 45,378,397; June: 54,506,487
    </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>59 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>59 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;ADDITIONAL PAID-IN-CAPITAL </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">132,133 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">126,914 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;TREASURY SHARES, AT COST: March: 13,149,042;
      June: 3,927,516 </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(173,671</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(48,637</TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;ACCUMULATED OTHER COMPREHENSIVE LOSS </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(51,496</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(58,472</TD>
    <TD width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;RETAINED EARNINGS </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">409,350 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">353,353 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;TOTAL NET1 EQUITY </TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">316,375 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">373,217 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;NON-CONTROLLING INTEREST </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,187 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,539 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL EQUITY</B> </TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">318,562 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 3px double">375,756 </TD>
    <TD width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146;
      EQUITY</B> </TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;476,512 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 3px double">&nbsp;499,487 </TD>
    <TD width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;(A)
      &#150; Derived from audited financial statements </TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
    <TD width="1%" align=right valign="bottom">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">&nbsp; </TD>
    <TD width="2%" align=right valign="bottom">&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See Notes to Unaudited Condensed Consolidated Financial Statements </P>
<P align=center>2</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC.</B> <BR><B>Unaudited Condensed
Consolidated Statements of Operations</B> <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>Nine
      months ended</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>March 31,</B> </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2010</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2009</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2010</B> </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2009</B> </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom>(In thousands, except per share
      data) </TD>
    <TD vAlign=bottom align=center width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom>(In thousands, except per share
      data) </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>REVENUE </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;72,291 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;55,878 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;211,669 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;185,201 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>EXPENSE </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left></TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold, IT processing,
      servicing and <br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; support </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>17,910 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>15,225 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>55,652 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>51,636 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Selling,
      general and administration </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>22,381 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,772 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>58,987 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>48,081 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depreciation
      and amortization </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,141 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,266 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,384 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,950 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>LOSS ON SALE OF MICROLENDING
      BUSINESS </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>742 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>742 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>IMPAIRMENT OF GOODWILL </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,836 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>OPERATING INCOME </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>26,859 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>20,873 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>82,646 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>70,956 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>FOREIGN EXCHANGE GAIN RELATED
      TO <BR> &nbsp;&nbsp;&nbsp; SHORT-TERM INVESTMENT </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>26,657 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>INTEREST INCOME, net </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,206 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,125 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>6,470 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,590 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>INCOME BEFORE INCOME TAXES </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>29,065 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>22,998 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>89,116 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>105,203 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
    bgColor=#e6efff>INCOME TAX EXPENSE &#150; (Note 12) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>10,441 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>8,543 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>32,964 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>35,444 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>NET INCOME FROM CONTINUING OPERATIONS&nbsp;<BR>
      &nbsp;&nbsp;&nbsp; BEFORE LOSS FROM EQUITY-ACCOUNTED&nbsp;<BR> &nbsp;&nbsp;&nbsp;
      INVESTMENTS </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>18,624 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,455 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>56,152 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>69,759 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>LOSS FROM EQUITY-ACCOUNTED INVESTMENTS&nbsp;<BR>
      &nbsp;&nbsp;&nbsp; (Note 5) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(44</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(261</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(425</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(797</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>NET INCOME </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>18,580 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,194 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>55,727 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>68,962 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>(ADD) LESS: NET (LOSS) INCOME    </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>ATTRIBUTABLE TO NON-CONTROLLING
      INTEREST </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(192</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(185</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(270</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>577 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>NET INCOME ATTRIBUTABLE TO NET1    </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;18,772 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;14, 379 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;55,997 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;68,385 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff><B>Net income per share, in cents
      (</B>Note 9) </TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; &nbsp; &nbsp;Basic earnings attributable
      to Net1 shareholders </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">41.4 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">25.8 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">120.3 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">120.1 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Diluted earnings
      attributable to Net1 shareholders </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>41.1 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>25.8 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>119.8 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>119.7 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; See Notes to Unaudited Condensed
Consolidated Financial Statements </P>
<P align=center>3</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center><B>NET 1 UEPS </B><B>TECHNOLOGIES,</B><B> INC.</B>
<BR><B>Unaudited</B><B> </B><B>Condensed</B><B> </B><B>Consolidated</B><B>
</B><B>Statement</B><B> of </B><B>Changes</B><B> in Equity (in
</B><B>thousands)</B> <BR><B>Net 1 UEPS </B><B>Technologies,</B><B> Inc.
</B><B>Shareholder</B><B> </B><BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Accumulated</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Number of</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Additional</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Other</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Non-</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Number</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Treasury</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Treasury</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Paid-In</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Retained</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Comprehensive</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>controlling</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="5%"><B>Comprehensive</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>of Shares</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Amount</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Shares</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Shares</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Capital</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Earnings</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>(Loss) Income</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Interests</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Total</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="5%"><B>Income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; July 1, 2009 </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>58,434,003 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>59 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(3,927,516</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(48,637</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>126,914 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>353,353 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(58,472</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>373,217 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Adjustment resulting from
      <BR>adoption of new accounting <BR>standards </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff><BR><BR>$2,539
</TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff><BR><BR>2,539 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Exercise of options by
      holders </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>83,338 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>303 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>303 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Restricted stock granted </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>10,098 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Settlement of loan note
      <BR>consideration for stock issued <BR>in accordance with 2004 Stock
      <BR>Incentive Plan </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff><BR><BR><BR>417
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff><BR><BR><BR>417
    </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff><BR><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Stock-based compensation
      charge </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>4,254 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>4,254 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Acquisition of treasury
      shares </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(9,221,526</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(125,034</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>(125,034</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>)
</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Income tax benefits from
      stock awards sold by employees </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>245 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%" bgColor=#e6efff>245 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Comprehensive income (loss),
      net of taxes: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp; Net income (loss) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">55,997 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">(270</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%">55,727 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="5%">55,997 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;&nbsp; Other
      comprehensive income (loss): </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%" bgColor=#e6efff></TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
      unrealized loss
      on&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;available for
      sale&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment, net of
      tax </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%"><BR><BR>(684</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="5%"><BR><BR></TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%"><BR><BR>(684</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="5%"><BR><BR>(684</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movement in
      foreign&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;currency
      translation&nbsp;<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reserve </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="5%" bgColor=#e6efff><BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#e6efff><BR><BR>7,660 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#e6efff><BR><BR>(82</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#e6efff><BR><BR>7,578 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="5%" bgColor=#e6efff><BR><BR>7,660 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="5%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff>Balance &#150; March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>58,527,439 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>59 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>(13,149,042</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>(173,671</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>132,133 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>409,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>(51,496</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>2,187 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>318,562 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="5%" bgColor=#e6efff>62,973 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="2%"  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>4</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC.</B> <BR><B>Unaudited Condensed
Consolidated Statements of Comprehensive Income (Loss)</B> <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three
      months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Nine
      months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center>(In thousands) </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center>(In thousands) </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Net income </TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;18,772 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;14, 379 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;55,997 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>&nbsp;68,385 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
    <TD vAlign=bottom width="1%" >&nbsp;</TD>
    <TD vAlign=bottom width="12%">&nbsp; </TD>
    <TD vAlign=bottom width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Other comprehensive (loss) income, net of
      taxes: </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;&nbsp;&nbsp; Net unrealized loss on asset available
      for sale, net of tax </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(684</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;&nbsp;Movement in foreign currency
      translation reserve </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(4,830</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(10,733</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>7,660 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(72,051</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Total other comprehensive (loss) income, net of taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(4,830</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(10,733</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">6,976 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(72,051</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Comprehensive
      income (loss) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">13,942 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">3,646 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">62,973 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,666</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Less(Add) comprehensive income (loss) <BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      attributable to non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>333 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>415 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>352 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(347</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp;Comprehensive income (loss) attributable to Net1 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;13,609 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;$4,061 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;62,621 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;(4,013</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P align=center>5</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC.</B> <BR><B>Unaudited Condensed
Consolidated Statements of Cash Flows</B> <BR></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>Three
      months ended</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>Nine
      months ended</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2010</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2009</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2010</B> </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="12%"><B>2009</B> </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">(In thousands) </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%">(In thousands) </TD>
    <TD vAlign=bottom align=center width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=center width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Cash flows from operating
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Net income </TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;18,580 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">14,194 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;55,727 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >$</TD>
    <TD vAlign=bottom align=right width="12%">&nbsp;68,962 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Depreciation and amortization
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>5,141 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,266 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>14,384 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>11,950 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Impairment of goodwill </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,836 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Loss from equity-accounted investments
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>44 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>261 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>425 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>797 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Fair value adjustments </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">183 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">487 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">12 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,957</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Unrealized foreign exchange
      gain related to short-term investment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,015</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Interest payable </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">74 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">105 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">229 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">336 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Loss on disposal of property,
      plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>29 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>31 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>9 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Loss on sale of microlending business </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">742 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">742 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Stock-based compensation charge
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,400 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1,317 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,254 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3,868 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Facility fee amortized </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,100 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >(Increase) Decrease in accounts
      receivable, pre-funded social
      welfare grants receivable and finance loans receivable </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,314</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(17,329</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,736 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(55,120</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Decrease (Increase) in deferred expenditure
      on smart cards </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">55 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">84 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(5</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">57 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >(Increase) Decrease in inventory
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(221</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,538</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,465 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(1,244</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Increase (Decrease) in accounts payable and
      other payables </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,325 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,215 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(8,017</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(15,374</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Increase in taxes payable    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,343 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>475 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>7,027 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>4,659 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Increase (Decrease) in deferred taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">1,070 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(182</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">3,181 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(1,601</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=center bgColor=#e6efff ><B>Net cash provided by operating
      activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>31,709 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>5,106 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>82,449 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>18,005 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=center >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Cash flows from investing
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Capital expenditures </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(984</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(413</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(2,310</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(3,696</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Proceeds from disposal of property,
      plant and equipment </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>62 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>1 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>124 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>3 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Acquisition of MediKredit, net of cash acquired
      (Note 2) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(981</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(981</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Acquisition of available for
      sale security </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,422</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,422</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Acquisition of Net1 UAT, net of cash acquired
    </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,906</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(97,992</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Acquisition of shares in equity-accounted
      investments </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(150</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(450</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Net change in funds held for clients </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">280 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">280 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;<B>Net cash
      used in investing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(1,623</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(5,890</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(2,887</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(105,557</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Cash flows from financing
      activities</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Proceeds from issue of share capital, net of
      share issue expenses </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">720 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">155 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Treasury stock acquired </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(126,304</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(24,752</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Proceeds from short-term loan facility </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">110,000 </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Repayment of short-term loan
      facility </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(110,000</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Payment of facility fee </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(1,100</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Repayment of non-controlling
      interest loan </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(137</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Net change in client funds obligations </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(280</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">(280</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD vAlign=bottom align=left width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Proceeds from bank overdrafts
    </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,401 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>2,496 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left >Repayment of loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(2,252</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">- </TD>
    <TD vAlign=bottom align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%">(2,252</TD>
    <TD vAlign=bottom align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;<B>Net cash
      (used in) provided by financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(280</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>149 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(126,001</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(25,453</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff >Effect of exchange rate changes
      on cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>1,664 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(2,996</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>9,994 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>(38,445</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Net increase (decrease) in
      cash and cash equivalents</B> </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>31,470 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(3,631</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(36,445</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff>(151,450</TD>
    <TD vAlign=bottom align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Cash and cash equivalents
      &#150; beginning of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>152,871 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>124,656 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>220,786 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>272,475 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=bottom align=left >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" >&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD vAlign=bottom align=left bgColor=#e6efff ><B>Cash and cash equivalents
      &#150; end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;184,341 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>121,025 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;184,341 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%"  bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>&nbsp;121,025 </TD>
    <TD vAlign=bottom align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>See Notes to Unaudited Condensed Consolidated Financial Statements</P>
<P align=center>6</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC. </B><BR><B>Notes to the
Unaudited Condensed Consolidated Financial Statements </B><BR><B>for the Three
and Nine Months Ended March 31, 2010 and 2009 </B><BR><B>(All amounts stated in
thousands of United States Dollars, unless otherwise stated) </B><BR></P>
<P
align=justify><B>1.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Basis
of Presentation and Summary of Significant Accounting Policies </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Unaudited
Interim Financial Information </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
accompanying unaudited condensed consolidated financial statements include all
majority-owned subsidiaries over which the Company exercises control and have
been prepared in accordance with US generally accepted accounting principles
(&#147;GAAP&#148;) and the rules and regulations of the Securities and Exchange Commission
for quarterly reports on Form 10-Q and include all of the information and
disclosures required for interim financial reporting. The results of operations
for the three and nine months ended March 31, 2010 and 2009 are not necessarily
indicative of the results for the full year. The Company believes that the
disclosures are adequate to make the information presented not misleading. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These
financial statements should be read in conjunction with the financial
statements, accounting policies and financial notes thereto included in the
Company&#146;s Annual Report on Form 10-K for the fiscal year ended June 30, 2009. In
the opinion of management, the accompanying unaudited condensed consolidated
financial statements reflect all adjustments (consisting only of normal
recurring adjustments), which are necessary for a fair representation of
financial results for the interim periods presented. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References
to the &#147;Company&#148; refer to Net1 and its consolidated subsidiaries, unless the
context otherwise requires. References to Net1 are references solely to Net 1
UEPS Technologies, Inc. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Translation
of foreign currencies </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary functional currency of the Company is the South African Rand (&#147;ZAR&#148;) and
its reporting currency is the US dollar. The Company also has consolidated
entities which have the euro, Russian ruble or Indian rupee as their functional
currency. The current rate method is used to translate the financial statements
of the Company to US dollar. Under the current rate method, assets and
liabilities are translated at the exchange rates in effect at the balance sheet
date. Revenues and expenses are translated at average rates for the period.
Translation gains and losses are reported in accumulated other comprehensive
income in shareholders&#146; equity.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign
exchange transactions are translated at the spot rate ruling at the date of the
transaction. Monetary items are translated at the closing spot rate at the
balance sheet date. Transactional gains and losses are recognized in income for
the period. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Revenue
recognition</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Fees
and commissions </EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company provides medical-related claims adjudication, reconciliation and
settlement services (&#147;medical-related claim service&#148;) to customers, for which it
charges fees. These fees are recognized in the statement of operations as the
underlying services are performed. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Funds
held for clients and client fund obligations </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds
held for clients represents cash held at banks for providers of services to our
medical scheme customers that the Company has adjudicated claims for. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client
fund obligations represent claims that have been adjudicated and reconciled and
which amounts are due to the providers of services to our medical scheme
customers. The Company is obligated to pay amounts to service providers once the
funds have been received from medical schemes. The Company has no obligation to
pay for provider claims that have not been deposited into the Company's bank
accounts by the medical schemes. </P>
<P align=center>7</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=justify><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B> Basis
of Presentation and Summary of Significant Accounting Policies (continued)
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recent
accounting pronouncements adopted</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following summary of recent accounting pronouncements reflects only the new
authoritative accounting guidance issued that is relevant and applicable to the
Company.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2010, the Financial Accounting Standards Board (&#147;FASB&#148;) issued guidance
on fair value measurement and disclosures, which amends existing guidance to add
new requirements for disclosures about transfers into and out of Levels 1 and 2
and separate disclosures about purchases, sales, issuance, and settlements
relating to Level 3 measurements. The guidance also clarifies existing fair
value disclosures about the level of disaggregation and about inputs and
valuation techniques used to measure fair value. However, the final guidance
does not require entities to provide sensitivity disclosures. The FASB will
consider whether to require sensitivity disclosures jointly with the
International Accounting Standards Board as part of the new convergence project
on fair value measurements and disclosures. The guidance is effective from the
first reporting period beginning on or after 15 December 2009. The adoption of
the guidance did not impact the Company&#146;s consolidated financial position,
results of operations or cash flows. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recent
accounting pronouncements not yet adopted as of March 31, 2010 </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
September 2009, the FASB issued guidance on revenue recognition in multiple
deliverable revenue arrangements. This amends the existing guidance on
allocating consideration received between the elements in a multiple-deliverable
arrangement and establishes a selling price hierarchy for determining the
selling price of a deliverable. The selling price used for each deliverable will
be based on vendor specific objective evidence (&#147;VSOE&#148;) if available, third
party evidence if VSOE is not available, or estimated selling price if neither
VSOE or third party evidence is available. It replaces the term fair value in
the revenue allocation with selling price to clarify that the allocation of
revenue is based on entity specific assumptions rather then the assumptions of a
market place participant. The guidance will eliminate the residual method of
allocation and requires that arrangement consideration be allocated using the
relative selling price method. It will also significantly expand the disclosures
related to a vendor&#146;s multiple-deliverable revenue arrangements. It will be
effective prospectively for revenue arrangements entered into or materially
modified for fiscal years beginning on or after June 15, 2010 and will therefore
be adopted by the Company, effective July 1, 2010. The Company is currently
evaluating the impact of adopting this guidance.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2009, the FASB issued new guidance on the consolidation of variable
interest entities. This guidance changes how a reporting entity determines when
an entity that is insufficiently capitalized or is not controlled through voting
(or similar rights) should be consolidated. The determination of whether a
reporting entity is required to consolidate another entity is based on, among
other things, the other entity&#146;s purpose and design and the reporting entity&#146;s
ability to direct the activities of the other entity that most significantly
impact the other entity&#146;s economic performance. The guidance also requires a
reporting entity to provide additional disclosures about its involvement with
variable interest entities and any significant changes in risk exposure due to
such involvement. This guidance is effective from the first annual reporting
period beginning on or after 15 November 2009 and will therefore be adopted by
the Company, effective 1 July 2010. The Company is currently evaluating the
impact of adopting this guidance.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
December 2009, the FASB issued new guidance issued on the accounting for
transfers of financial assets. This guidance requires more information about
transfers of financial assets, including securitization transactions, and where
entities have continuing exposure to the risks related to transferred financial
assets. It eliminates the concept of a &#147;qualifying special-purpose entity,&#148;
changes the requirements for derecognizing financial assets, and requires
additional disclosures. This guidance is effective from the first annual
reporting period beginning on or after 15 November 2009 and will therefore be
adopted by the Company, effective July 1, 2010. The Company is currently
evaluating the impact of adopting this guidance. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
April 2010, the FASB issued guidance on the effect of denominating the exercise
price of a share-based payment award in the currency of the market in which the
underlying equity security trades. This guidance clarifies that an employee
share-based payment award with an exercise price denominated in the currency of
a market in which a substantial portion of the entity&#146;s equity securities trades
should not be considered to contain a condition that is not a market,
performance, or service condition. Therefore, an entity would not classify such
an award as a liability if it otherwise qualifies as equity. The guidance will
be effective for fiscal years beginning on or after December 15, 2010 and will
therefore be adopted by the Company, effective July 1, 2011. The Company is
currently evaluating the impact of adopting this guidance.</P>
<P align=center>8</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P
align=justify><B>2.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Acquisitions
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MediKredit
Healthcare Solutions (Proprietary) Limited (&#147;MediKredit&#148;) </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 1, 2010, the Company acquired 100% of MediKredit, a South African
private company, for ZAR 74 million (approximately $10 million) in cash.
MediKredit offers transaction processing, financial and clinical risk management
solutions to both funders and providers of healthcare, primarily in South
Africa. The Company believes that the acquisition of MediKredit has increased
the depth and diversity of the Company&#146;s management team with the addition of
experienced executives, and provides the potential to strengthen its position as
the leading independent transaction processor in South Africa and expand its
offering in some of its existing markets like Ghana and Nigeria, where national
health insurance schemes have been introduced and where the UEPS platform and
installed card base could offer a complete national solution when combined with
the MediKredit system. In addition, MediKredit provides the Company with a
small, strategic entry point for the US healthcare administration market. The
rapidly changing US healthcare and administration industry provides a
significant opportunity for the introduction of MediKredit&#146;s technology.
Finally, the Company and MediKredit both operate similar back-end systems, which
require skilled developers and technicians and the addition of MediKredit would
significantly broaden the Company&#146;s base of qualified development employees.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>FIHRST
Management Services (Proprietary) Limited business and related software
(collectively &#147;FIHRST&#148;) </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 31, 2010, the Company acquired FIHRST, a South African business, for ZAR
70 million (approximately $9 million). The purchase consideration was settled in
cash in the first week of April 2010. FIHRST offers a third party payroll
payments solution to companies in South Africa. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
FIHRST acquisition provides the Company with access to employees of FIHRST&#146;s
customers which the Company believes will provide it with the opportunity to
market its range of transaction processing products and financial services,
including bill payments, insurance products, prepaid utilities and third party
payments to these employees. The Company will have the potential to promote its
wage payment initiative by offering the employees of FIHRST customers its
banking solutions through the Company&#146;s relationship with Grindrod Bank Limited.
Finally, the Company and FIHRST operate on different IT platforms, which will
result in additional resources with complementary IT skills. The Company may
also realize IT-related cost synergies in areas such as disaster recovery and
computer maintenance and support. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preliminary purchase price allocation of the MediKredit and FIHRST acquisitions,
translated at the foreign exchange rates applicable on the date of acquisition,
are provided in the table below: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0 align=center>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>MediKredit</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>FIHRST</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Total</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Cash and cash equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>9,005 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>77 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="15%" bgColor=#e6efff>9,082 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Accounts receivable, net </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">2,940 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">639 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">3,579 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Property, plant and equipment
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,290 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>106 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>1,396 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Intangible assets (see Note 6) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">6,070 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">7,971 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">14,041 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Trade and other payables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(9,931</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(414</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(10,345</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Deferred tax assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">2,718 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">435 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="15%">3,153 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Deferred tax liabilities (see
      Note 6) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(2,097</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(622</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#e6efff>(2,719</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Goodwill (see Note 6) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">1,263
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">1,263
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
      purchase price </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>9,995 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>9,455 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="15%"
    bgColor=#e6efff>19,450 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preliminary purchase price allocations were based on management estimates as of
March 31, 2010, and may be adjusted up to one year following the closing of the
transaction. The purchase price allocations have not been finalized as
management is still in the process of performing its detailed analysis of assets
and liabilities and contingencies acquired. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pro
forma results of operations have not been presented because the effect of the
MediKredit and FIHRST acquisitions, individually and in the aggregate, were not
material to the Company&#146;s consolidated results of operations. During the three
and nine months ended March 31, 2010, the Company incurred transaction-related
expenditures of $0.3 million and $0.4 million, respectively. </P>
<P
align=justify><B>3.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pre-funded
social welfare grants receivable </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-funded
social welfare grants receivable represents amounts pre-funded by the Company to
certain merchants participating in the merchant acquiring system. The April 2010
payment service commenced during the last two days of March 2010 and was offered
at merchant locations only. </P>
<P align=center>9</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P
align=justify><B>4.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inventory
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s inventory comprised the following categories as of March 31, 2010 and
June 30, 2009. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>March 31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>June 30,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Raw materials </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>38 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>153 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Finished goods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,157
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">7,097
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5,195 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>7,250 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P
align=justify><B>5.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fair
value of financial instruments and equity-accounted investments </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fair
value of financial instruments </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM><B>Risk
managemen</B>t </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company seeks to reduce its exposure to currencies other than the ZAR through a
policy of matching, to the extent possible, assets and liabilities denominated
in those currencies. In addition, the Company uses financial instruments in
order to economically hedge its exposure to exchange rate and interest rate
fluctuations arising from its operations. The Company is also exposed to equity
price and liquidity risks as well as credit risks.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Currency
exchange risk </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company is subject to currency exchange risk because it purchases inventories
that it is required to settle in other currencies, primarily the euro and US
dollar. The Company has used forward contracts in order to limit its exposure in
these transactions to fluctuations in exchange rates between the ZAR, on the one
hand, and the US dollar and the euro, on the other hand.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s outstanding foreign exchange contracts are as follows:</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2010</P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="10%" align=center>&nbsp; </TD>
      <TD align=center width="13%">&nbsp; </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD align=center width="10%">&nbsp; </TD>
      <TD align=center width="13%">&nbsp; </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD colspan="2" align=center><B>Fair market</B> </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD align=center>&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD colspan="2" align=center><B>Notional amount</B> </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD colspan="2" align=center><B>Strike price</B> </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD colspan="2" align=center><B>value price</B> </TD>
      <TD align=center width="2%">&nbsp;</TD>
      <TD align=center><B>Maturity</B> </TD>
    </TR>
    <TR vAlign=top>
      <TD width="10%" align=left bgColor=#e6efff>&nbsp;EUR </TD>
      <TD align=right width="13%" bgColor=#e6efff>30,800 </TD>
      <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
      <TD align=right width="13%" bgColor=#e6efff>10.4690 </TD>
      <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
      <TD align=right width="13%" bgColor=#e6efff>9.9254 </TD>
      <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
      <TD align=left bgColor=#e6efff>May 11, 2010 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="10%" align=left>&nbsp;EUR </TD>
      <TD align=right width="13%">207,000 </TD>
      <TD align=left width="2%">&nbsp;</TD>
      <TD align=left width="10%">ZAR </TD>
      <TD align=right width="13%">10.1107 </TD>
      <TD align=left width="2%">&nbsp;</TD>
      <TD align=left width="10%">ZAR </TD>
      <TD align=right width="13%">10.0644 </TD>
      <TD align=left width="2%">&nbsp;</TD>
      <TD align=left>July 30, 2010 </TD>
    </TR>
</TABLE>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2009 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="10%" align=center>&nbsp;</TD>
    <TD align=center width="14%">&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp;</TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD colspan="2" align=center><B>Fair market</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=center><B>Notional amount</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD colspan="2" align=center><B>Strike price</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD colspan="2" align=center><B>value price</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center><B>Maturity</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" align=left bgColor=#e6efff>&nbsp;EUR </TD>
    <TD align=right width="14%" bgColor=#e6efff>47,651 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
    <TD align=right width="10%" bgColor=#e6efff>12.8441 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
    <TD align=right width="14%" bgColor=#e6efff>12.7818 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left bgColor=#e6efff>April 30, 2009 </TD>
  </TR>
  <TR vAlign=top>
    <TD width="10%" align=left>&nbsp;EUR </TD>
    <TD align=right width="14%">241,500 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="10%">ZAR </TD>
    <TD align=right width="10%">13.1515 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="10%">ZAR </TD>
    <TD align=right width="14%">13.0233 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left>August 14, 2009 </TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Equity
Price and Liquidity Risk</EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
price risk relates to the risk of loss that the Company would incur as a result
of the volatility in the exchange-traded price of equity securities that it
holds and the risk that it may not be able to liquidate these securities. On
March 1, 2009, the Company acquired approximately 22% of the issued share
capital of Finbond Group Limited (&#147;Finbond&#148;), which are exchange-traded equity
securities. The fair value of these securities as of March 31, 2010, represented
approximately 1% of the Company&#146;s total assets, including these securities. The
Company expects to hold these securities for an extended period of time and it
is not concerned with short-term equity price volatility with respect to these
securities provided that the underlying business, economic and management
characteristics of the company remain sound. The market price of these
securities may fluctuate for a variety of reasons, consequently, the amount the
Company may obtain in a subsequent sale of these securities may significantly
differ from the reported market value. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
risk relates to the risk of loss that the Company would incur as a result of the
lack of liquidity on the exchange on which these securities are listed. The
Company may not be able to sell some or all of these securities at one time, or
over an extended period of time without influencing the exchange traded price,
or at all. </P>
<P align=center>10</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P
align=justify><B>5.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fair
value of financial instruments and equity-accounted investments (continued)
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
instruments </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following section describes the valuation methodologies the Company uses to
measure financial assets and liabilities at fair value.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Investments
in common stock</EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, and where applicable, the Company uses quoted prices in active markets
for similar assets or liabilities to determine fair value. This pricing
methodology would apply to Level 1 investments. If quoted prices in active
markets for identical assets or liabilities are not available to determine fair
value, then the Company uses quoted prices for similar assets and liabilities or
inputs other than the quoted prices that are observable either directly or
indirectly. These investments would be included in Level 2 investments. In
circumstances in which inputs are generally unobservable, values typically
reflect management&#146;s estimates of assumptions that market participants would use
in pricing the asset or liability. The fair values are therefore determined
using model-based techniques that include option pricing models, discounted cash
flow models, and similar techniques. Investments valued using such techniques
are included in Level 3 investments. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's Level 3 asset represents an investment of 84,632,525 shares of common
stock of Finbond. The Company&#146;s ownership interest in Finbond as of March 31,
2010, is approximately 22%. The Company has no rights to participate in the
financial, operating, or governance decisions made by Finbond. The Company also
has no participation on Finbond&#146;s board of directors whether through contractual
agreement or otherwise. Consequently, the Company has concluded that it does not
have significant influence over Finbond and therefore equity accounting is not
appropriate. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finbond&#146;s
shares are traded on the JSE Limited (&#147;JSE&#148;) and the Company has designated such
shares as available for sale investments. The Company has concluded that the
market for Finbond shares is not active and consequently has employed
alternative valuation techniques in order to determine the fair value of such
stock. Currently, the operations of Finbond include primarily mortgage brokering
services, property investment and microlending. In determining the fair value of
Finbond, the Company has considered amongst other things Finbond&#146;s historical
financial information (including its most recent public accounts), press
releases issued by Finbond and its published net asset value. The Company
believes that the best indicator of fair value of Finbond is its published net
asset value and has used this value to determine the fair value.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Derivative
transactions - Foreign exchange contracts</EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
part of the Company&#146;s risk management strategy, the Company enters into
derivative transactions to mitigate exposures to foreign currencies using
foreign exchange contracts. These foreign exchange contracts are
over-the-counter customized derivative transactions. Substantially all of the
Company&#146;s derivative exposures are with counterparties that have long-term
credit ratings of BBB or better. The Company uses quoted prices in active
markets for identical assets and liabilities to determine fair value. The
Company has no derivatives that require fair value measurement under level 1 or
3 of the fair value hierarchy. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents the Company&#146;s assets measured at fair value on a
recurring basis as of March 31, 2010 according to the fair value hierarchy: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Quoted</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Price in</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Active</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Significant</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Markets for</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Other</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Significant</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Identical</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Observable</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Unobservable</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Assets</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Inputs</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Inputs</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>(Level 1)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>(Level 2)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>(Level 3)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Total</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;&nbsp;&nbsp;Investment
      in common stock&nbsp;<BR>&nbsp;&nbsp;&nbsp;(available for sale assets
      included in </TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="1%"  bgColor=#e6efff><BR></TD>
    <TD align=left width="12%" bgColor=#e6efff><BR></TD>
    <TD align=left width="2%"  bgColor=#e6efff><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp;OTHER LONG-TERM ASSETS) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,754
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,754
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Total assets at fair value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,754 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>6,754 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Foreign exchange
      contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Total liabilities at fair value </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>11</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P
align=justify><B>5.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fair
value of financial instruments and equity-accounted investments (continued)
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
instruments (continued) </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Assets
and liabilities measured at fair value on a nonrecurring basis</EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company measures its equity-accounted investments at fair value on a
nonrecurring basis. The Company has no liabilities that are measured at fair
value on a nonrecurring basis. These equity-accounted investments are recognized
at fair value when they are deemed to be other-than-temporarily impaired.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company reviews the carrying values of its investments when events and
circumstances warrant and considers all available evidence in evaluating when
declines in fair value are other-than-temporary. The fair values of the
Company&#146;s investments are determined based on valuation techniques using the
best information available, and may include quoted market prices, market
comparables, and discounted cash flow projections. An impairment charge is
recorded when the cost of the investment exceeds its fair value and the excess
is determined to be other-than-temporary. The Company determined that there was
not a decline in the fair value below cost of the equity-accounted investments
during the reporting periods presented herein, and therefore has not recorded an
impairment charge during the three and nine months ended March 31, 2010.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the three and nine months ended March 31, 2010, the Company&#146;s share in VTU
Colombia&#146;s accumulated losses exceeded its investment. VTU Colombia other
shareholders are providing short-term funding for continued operations and the
Company has no obligation to provide any additional funding at this stage. In
addition, in February 2010, the Company&#146;s investment in VTU Colombia was diluted
from 50% to 37.50% due to the admission of a new independent shareholder. The
funds received from this shareholder by VTU Colombia were used to fund its
continuing operations. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has sold hardware, software and/or licenses to SmartSwitch Namibia,
SmartSwitch Botswana and VTU Colombia and defers recognition of 50% of the net
income after tax related to these sales until SmartSwitch Namibia, SmartSwitch
Botswana and VTU Colombia have used the purchased asset or has sold it to a
third party. The deferral of the net income after tax is shown in the
Elimination column in the table below. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
functional currency of the Company&#146;s equity-accounted investments is not the US
dollar and thus the investments are restated at the period end US dollar/foreign
currency exchange rate with an entry against accumulated other comprehensive
loss. The functional currency of SmartSwitch Namibia is the Namibian dollar, the
functional currency of SmartSwitch Botswana is the Botswana pula, the functional
currency of VTU Colombia is the Colombian peso and the functional currency of
Vinapay is the Vietnamese dong. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summarized
below is the Company&#146;s interest in equity-accounted investments as of June 30,
2009 and March 31, 2010: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%"><B>Earnings </B></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Loans </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>(Loss) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Elimination </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%"><B>Total </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as of June 30, 2009 </TD>
    <TD style="BORDER-LEFT: #000000 0px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>3,467 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,468 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>(3,451</TD>
    <TD align=left width="1%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>99 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="10%" bgColor=#e6efff>2,583 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Loss) Earnings from equity-accounted investments </TD>
    <TD style="BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(698</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">273
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-LEFT: #000000 0px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(425</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;SmartSwitch Namibia<SUP>(1)
      </SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>5 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>90 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>95 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;SmartSwitch Botswana<SUP>(1) </SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(155</TD>
    <TD align=left width="1%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">183 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">28 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;VTU Colombia<SUP>(1) </SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(407</TD>
    <TD align=left width="1%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(407</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;VinaPay<SUP>(1) </SUP></TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(141</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(141</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign currency adjustment<SUP>(2)
    </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>131 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>95 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(187</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(39</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance as of March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">3,598
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">2,563
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
    width="10%">(4,336</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">333
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">2,158
    </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) &#150;
includes the recognition of realized net income as described below. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
&#150; the foreign currency adjustment represents the effects of the combined net
fluctuations between the functional currency of the equity-accounted investments
and the US dollar. </P>
<P align=center>12</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P
align=justify><B>5.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fair
value of financial instruments and equity-accounted investments (continued)
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
instruments (continued) </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Assets
and liabilities measured at fair value on a nonrecurring basis
(continued)</EM></B> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summarized
below is the Company&#146;s equity-accounted (loss) earnings for the three months
ended March 31, 2010: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="11%"><B>(Loss)</B> </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%"><B>Earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%"><B>Elimination</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="11%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="11%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>(Loss) Earnings from equity-
      <BR>accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(136</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>92 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(44</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;SmartSwitch Namibia </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">1 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">30 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">31 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;SmartSwitch
      Botswana </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(79</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>62 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(17</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp; &nbsp;VTU Colombia </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; &nbsp;VinaPay </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(58</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(58</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
  were no significant sales to these investees that require elimination during
  the three and nine months ended March 31, 2010 and 2009. </P>
<P
align=justify><B>6.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Goodwill
and intangible assets </B></P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summarized
below is the movement in the carrying value of goodwill for the nine months
ended March 31, 2010.</P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0 align=center>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>Carrying</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>value</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance as of June 30, 2009 </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>116,197 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Acquisitions<SUP>(1)</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,263 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Foreign currency adjustment
      <SUP>(2)</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,958 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance as of March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%">$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">119,418 </TD>
<TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
&#150; represents goodwill arising from the acquisition of FIHRST and has been
translated at the foreign exchange rates applicable on the date the transactions
became effective. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
&#150; the foreign currency adjustment represents the effects of the fluctuations
between the ZAR and the euro against the US dollar on the carrying value of
goodwill. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill
has been allocated to the Company&#146;s reportable segments as follows: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0 align=center>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>As of</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>As of</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>March 31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>June 30,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transaction-based activities<SUP>(1)</SUP>
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>38,969 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>35,362 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Smart card accounts </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Financial services </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Hardware, software and related technology sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">80,449 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">80,835 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Total </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>119,418 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>116,197 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
&#150; Goodwill arising from the acquisition of FIHRST has been allocated to the
Transaction-based activities operating segment. </P><p align="center">13</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P
align=justify><B>6.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Goodwill
and intangible assets (continued) </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Intangible
assets </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Summarized
below is the carrying value and accumulated amortization of the intangible
assets as of March 31, 2010 and June 30, 2009:</P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>As
        of March 31, 2010</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>As
        of June 30, 2009</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Gross</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Net</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Gross</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Net</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>carrying</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Accumulated </B></TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%" ><B>carrying</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>carrying</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>Accumulated</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="9%"><B>carrying</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>value</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>amortization</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>value</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>value</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>amortization</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="2%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="9%"><B>value</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Finite-lived intangible assets: </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=left valign="bottom">&nbsp; </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Customer relationships(1)
      </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>84,712 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(21,681</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>63,031 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>83,824 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(12,306</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>$</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>71,518 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software and unpatented
        <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; technology(1)
      </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">11,436 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">(438</TD>
      <TD width="2%" align=left valign="bottom" >) </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">10,998 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">10,079 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">(10,079</TD>
      <TD width="2%" align=left valign="bottom" >) </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">- </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;FTS patent </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>5,184 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(4,945</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>239 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>4,861 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(4,333</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>528 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Exclusive licenses </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">4,506 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">(3,779</TD>
      <TD width="2%" align=left valign="bottom" >) </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">727 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">4,506 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">(3,293</TD>
      <TD width="2%" align=left valign="bottom" >) </TD>
      <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom">1,213 </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Trademarks </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>3,898 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(1,369</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>2,529 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>3,656 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>(1,025</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" bgColor=#e6efff>2,631 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Customer database(1) </TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">823
      </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(69</TD>
      <TD width="2%" align=left valign="bottom" >) </TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">754
      </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">-
      </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">-
      </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
      <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
      <TD width="9%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">-
      </TD>
      <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        &nbsp;&nbsp;&nbsp; Total finite-lived intangible <br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        assets </TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">110,559 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(32,281</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">78,278 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">106,926 </TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">(31,036</TD>
      <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
      <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
      <TD width="9%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">75,890 </TD>
      <TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
    </TR>
</TABLE>

<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
Includes the customer relationships and software and unpatented technology
acquired as part of the MediKredit acquisition in January 2010 and the FIHRST
acquisition in March 2010. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
useful life of the MediKredit and FIHRST software and MediKredit customer
database is three years and the useful life of the FIHRST customer relationships
is 10 years. On acquisition, the Company recognized a deferred tax asset of
approximately $0.4 million related to the acquisition of the FIHRST software and
a deferred tax liability of approximately $2.7 million related to the MediKredit
and remaining FIHRST intangible assets.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate
amortization expense on the finite-lived intangible assets for the three and
nine months ended March 31, 2010, was approximately $4.0 million and $11.3
million, respectively (three and nine months ended March 31, 2009, was
approximately $3.4 million and $9.3 million, respectively). Future annual
amortization expense is estimated at approximately $16.1 million, however, this
amount could differ from the actual amortization as a result of changes in
useful lives, exchange rate fluctuations and other relevant factors.</P>
<P
align=justify><B>7.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Short-term
facilities </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2010, the Company had short-term facilities in ZAR of approximately
$67.6 million, translated at exchange rates applicable as of March 31, 2010. As
of March 31, 2010, the overdraft rate on these facility was 8.85%, and the
facility was fully undrawn. In addition, Net 1 Universal Technologies (Austria)
AG (&#147;Net1 UAT), formerly BGS Smartcard Systems AG (&#147;BGS&#148;) has short-term
facilities of approximately $1.3 million, translated at exchange rates
applicable as of March 31, 2010, with each of two of Austria&#146;s largest banks.
These facilities are available to the Company. The interest rate applicable to
these short-term facilities is negotiated when the facilities are utilized. As
of March 31, 2010, the Company had utilized none of its South African short-term
facilities. The Company&#146;s management believes its current short-term facilities
are sufficient in order to meet its future obligations as they arise. </P>
<P
align=justify><B>8.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Capital
structure </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s capital structure is described in Note 12 to the Company&#146;s audited
consolidated financial statements included within the Company&#146;s Annual Report on
Form 10-K for the fiscal year ended June 30, 2009.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Common
stock repurchases </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
July 28, 2009, the Company repurchased an aggregate of 9,221,526 shares of its
common stock from two shareholders, who originally acquired their shares in
connection with the Aplitec transaction. The purchase price was $13.50 (ZAR
105.98) per share and was paid from the Company&#146;s cash reserves in ZAR for an
aggregate purchase price of $124.5 million (ZAR 977.3 million). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
February 2010, the Company&#146;s Board of Directors authorized the repurchase of up
to $50 million of the Company's common stock and in May 2010 the Board of
Directors increased this authorization a further $50 million to $100 million in
total. The authorization does not have an expiration date.</P>
<P align=center>14</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P
align=justify><B>8.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Capital
structure (continued) </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Common
stock repurchases (continued) </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
share repurchase authorization will be used at management&#146;s discretion, subject
to limitations imposed by SEC Rule 10b-18 and other legal requirements and
subject to price and other internal limitations established by the Board.
Repurchases will be funded from the Company&#146;s available cash. Share repurchases
may be made through open market purchases, privately negotiated transactions, or
both. There can be no assurance that the Company will purchase any shares or any
particular number of shares.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorization may be suspended, terminated or modified at any time for any
reason, including market conditions, the cost of repurchasing shares, liquidity
and other factors that management deems appropriate. During the three months
ended March 31, 2010, the Company did not repurchase any shares. </P>
<P
align=justify><B>9.&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Earnings
per share </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic
earnings per share includes restricted stock awards that meet the definition of
a &#147;participating security&#148;. Restricted stock awards are eligible to receive
non-forfeitable dividend equivalents at the same rate as common stock. Basic
earnings per share have been calculated using the two-class method and basic
earnings per share for the three and nine months ended March 31, 2010 and 2009,
reflects only undistributed earnings. Basic earnings per shares for the three
and nine months ended March 31, 2009, have been retrospectively adjusted to
include participating securities in the weighted average number of outstanding
shares of common stock. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted
earnings per share have been calculated to give effect to the number of
additional shares of common stock that would have been outstanding if the
potential dilutive instruments had been issued in each period. The calculation
of diluted earnings per share for the three months and nine ended March 31, 2010
and 2009, includes the dilutive effect of a portion of the restricted stock
awards granted to employees in August 2007 as these restricted stock awards are
considered contingently issuable shares for the purposes of the diluted earnings
per share calculation and as of March 31, 2010 and 2009, the vesting conditions
in respect of a portion of the awards had been satisfied. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table details the weighted average number of outstanding shares used
for the calculation of earnings per share for the three and nine months ended
March 31, 2010 and 2009. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=center><B>Three months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD colspan="4" align=center><B>Nine months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009<SUP>(1)</SUP></B> </TD>
    <TD align=center width="2%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009<SUP>(1)</SUP></B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>&#145;000</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Weighted average number of outstanding
      <br> &nbsp;&nbsp;&nbsp;&nbsp; shares of&nbsp;&nbsp;common stock &#150; basic
    </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><BR>
      45,378 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><BR>
      55,674 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><BR>
      46,532 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><BR>
      56,933 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left>Weighted average effect of dilutive securities:&nbsp;<BR>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;employee stock options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><BR>
      265 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><BR>
      125 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><BR>
      193 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><BR>
      193 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>Weighted average number of outstanding<br>
      &nbsp;&nbsp;&nbsp;&nbsp; shares of&nbsp;&nbsp;common stock &#150; diluted
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><BR>
      45,643 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><BR>
      55,799 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><BR>
      46,725 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff><BR>
      57,126 </TD>
    <TD vAlign=bottom align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
the weighted average number of outstanding shares have been retrospectively
adjusted to conform with the requirements. </P>
<P align=center>15</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=justify><B>10.&nbsp;</B>&nbsp;&nbsp;&nbsp;<B>Stock-based
compensation </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock
option and restricted stock activity</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Options
</EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes stock option activity for the nine months ended March
31, 2010, and 2009: </P>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Weighted</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Average</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Weighted</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Weighted</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Remaining</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Average</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>average</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Contractual</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Aggregate</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Grant</B> </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Number</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>exercise</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Term</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Intrinsic</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Date Fair</B> </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>of shares</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>price</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>(in years)</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Value</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Value</B> </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Outstanding &#150; July 1, 2009
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,896,994 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>19.03 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8.30 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,576 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(83,338</TD>
    <TD align=left width="2%" >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,667 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Outstanding &#150; March 31, 2010
    </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,813,656 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>19.76 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>7.66 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Outstanding &#150; July 1, 2008
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>953,378 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>18.20 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7.40 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,813 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Granted under plan
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">560,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">24.46 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10.00 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">4,017 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(50,006</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,270 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Outstanding &#150; March 31, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">1,463,372 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">21.12
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">7.80
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">1,959 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
  </TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stock options became exercisable during the three and nine months ended March
31, 2010 and 2009. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
stock options were exercised during the three months ended March 31, 2010 and
2009. During the nine months ended March 31, 2010 and 2009, the Company received
approximately $0.3 million and $0.2 million, respectively, from stock options
exercised and approximately $0.4 million and $0 million from repayment of stock
option-related loans. The Company issues new shares to satisfy stock option
exercises.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Restricted
stock </EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes restricted stock activity for the nine months ended
March 31, 2010, and 2009: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="17%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Weighted</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Number of</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Average</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Shares of</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Grant</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Restricted</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="17%"><B>Date Fair</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="17%"><B>Stock</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="17%"><B>Value</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Non-vested &#150; July 1, 2009 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>597,162 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp;Granted &#150; August
      2009 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">10,098 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">$185 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Vested &#150; September 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(198,338</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-vested &#150; December 31, 2009 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">408,922 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Vested &#150; February 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(1,094</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-vested &#150; March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">407,828 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-vested &#150; July 1, 2008 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">594,782 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Granted &#150; August 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>3,474 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>$85 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-vested &#150; December 31, 2008 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">598,256 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="17%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;
      &nbsp;Vested &#150; February 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>(1,094</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >Non-vested &#150; March 31, 2008 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="17%">597,162 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
fair value of restricted stock vested during the nine months ended March 31,
2010 and 2009, was $3.8 million and $0.02 million, respectively. </P>
<P align=center>16</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=justify><B>10.&nbsp;&nbsp;&nbsp; Stock-based compensation (continued)
</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stock-based
compensation charge and unrecognized compensation cost </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Company has recorded a stock compensation charge of $1.4 million and $1.3 million
  for the three months ended March 31, 2010 and 2009, respectively, which comprised:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD  >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center >&nbsp;</TD>
    <TD align=center >&nbsp;</TD>
    <TD align=center><B>Allocated to </B></TD>
    <TD align=center >&nbsp;</TD>
    <TD align=center >&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>cost of goods </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>sold, IT </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Allocated to </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>processing, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>selling, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Total </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>servicing </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>general and </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>charge </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>and support </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>administration </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Three months ended March 31, 2010 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation charge </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,400
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">50 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,350
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total &#150; Three
      months ended March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,400 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>50 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,350 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Three months ended March 31, 2009 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation charge </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,317
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">60 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,257
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total &#150; Three
      months ended March 31, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,317 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>60 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,257 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company has recorded a stock compensation charge of $4.3 million and $3.9
million for the nine months ended March 31, 2010 and 2009, respectively, which
comprised: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Allocated to </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>cost of goods </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>sold, IT </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Allocated to </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>processing, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>selling, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Total </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>servicing </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>general and </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>charge </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>and support </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>administration </B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Nine months ended March 31,
      2010 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;&nbsp;&nbsp;&nbsp; Stock-based
      compensation charge </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,254
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">152
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,102
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      &#150; Nine months ended March 31, 2010 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,254 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>152 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,102 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Nine months ended March 31,
      2009 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;&nbsp;&nbsp;&nbsp; Stock-based
      compensation charge </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,868
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">181
    </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,687
    </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff
      >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total
      &#150; Nine months ended March 31, 2009 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,868 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>181 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,687 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stock-based compensation charges have been allocated to cost of goods sold, IT
processing, servicing and support and selling, general and administration based
on the allocation of the cash compensation paid to the employees.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2010, the total unrecognized compensation cost related to stock
options was approximately $5.1 million, which the Company expects to recognize
over approximately four years. As of March 31, 2010, the total unrecognized
compensation cost related to restricted stock awards was approximately $4.9
million, which the Company expects to recognize over approximately one and half
years. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2010, the Company has recorded a deferred tax asset of
approximately $0.7 million related to the stock-based compensation charge
recognized related to employees of Net1 as it is able to deduct the grant date
fair value for taxation purposes in the United States.</P>
<P align=justify><B>11.&nbsp;&nbsp;&nbsp; Operating segments </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company discloses segment information as reflected in the management information
systems reports that its chief operating decision makers use in making decisions
and to report certain entity-wide disclosures about products and services, major
customers, and the material countries in which the entity holds assets and
reports revenues. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company currently has four reportable segments: Transaction-based activities,
Smart card accounts, Financial services and Hardware, software and related
technology sales. Each segment, other than the Hardware, software and related
technology sales segment, operates mainly within South Africa. The Company&#146;s
reportable segments offer different products and services and require different
resources and marketing strategies and share the Company&#146;s assets. </P>
<P align=center>17</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=justify><B>11.&nbsp;&nbsp;&nbsp; Operating segments (continued)
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transaction-based activities segment currently consists mainly of a state
pension and welfare benefit distribution service provided to provincial
governments in South Africa, transaction processing for retailers, utilities,
medical-related claim service customers and banks and transaction fees generated
from UEPS-enabled smartcards used in Iraq. The MediKredit and FIHRST business
have been allocated to the transaction-based activities segment and are more
fully described in note 2. Fee income is earned based on the number of
beneficiaries included in the government pay-file as well as from merchants and
card holders using the Company&#146;s merchant retail application. In addition,
utility providers and banks are charged a fee for transaction processing
services performed on their behalf at retailers. This segment has individually
significant customers that each provides more than 10% of the total revenue of
the Company. For the three and nine months ended March 31, 2010, there were
three such customers, providing 28%, 17% and 11% and 29%, 17% and 11%,
respectively, of total revenue (the three and nine months ended March 31, 2009:
there were three and two such customers, providing 34%, 15% and 10%, and 31% and
14%, respectively, of total revenue). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Smart card accounts segment derives revenue from the provision of smart card
accounts, as a fixed monthly fee per card is charged for the maintenance of
these accounts.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Financial services segment provides short-term loans as a principal and life
insurance products on an agency basis and generates interest income and
initiation and services fees. Interest income is recognized in the consolidated
statement of operations as it falls due, using the interest method by reference
to the constant interest rate stated in each loan agreement. The Company sold
its traditional microlending business included in this segment on March 1, 2009,
and therefore the Financial services segment for the three and nine months ended
March 31, 2010, comprised only the Company&#146;s UEPS-based microlending business.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Hardware, software and related technology sales segment markets, sells and
implements the UEPS as well as develops and provides Prism secure transaction
technology, solutions and services. From September 1, 2008, the segment includes
the operations of Net1 UAT, which comprise mainly hardware sales and licenses of
the DUET system. The segment undertakes smart card system implementation
projects, delivering hardware, software and business solutions in the form of
customized systems. Sales of hardware, SIM cards, cryptography services, SIM
card licenses and other software licenses are recorded within this segment. This
segment also generates rental income from hardware provided to merchants
enrolled in the Company&#146;s merchant retail application. Sales to SmartSwitch
Nigeria Limited and the related taxation implications are not reflected in
revenue to external customers, operating income, income taxation expense or net
income after taxation presented in the tables below. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate/Eliminations
includes the Company&#146;s head office cost centers in addition to the elimination
of inter-segment transactions. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company evaluates segment performance based on operating income. The following
tables summarize segment information which is prepared in accordance with GAAP:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Three months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Nine months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Revenues to external customers </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">50,854 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">35,995 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">141,247 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">109,159 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,956 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>6,676 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>24,167 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>21,957 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,149 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,357 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,799 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4,571 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Hardware, software and
      related technology sales </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12,332 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">11,850 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">43,456 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">49,514 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">72,291 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">55,878 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">211,669 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">185,201 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Inter-company revenues </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,013 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">810 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">3,064 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,603 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Hardware, software and
      related technology sales </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">664 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(19</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,548 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,999 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">1,677    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">791 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">4,612    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">4,602    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >Operating income </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">26,837 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">21,638 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">80,238 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">60,929 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>3,616 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>3,034 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>10,985 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>9,979 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">831 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(261</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,908 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,504</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Hardware, software and
      related technology sales </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,798</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,398</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,851</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>8,229 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp; &nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(2,627</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(2,140</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(8,634</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(6,677</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">26,859 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">20,873 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">82,646 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">70,956 </TD>
    <TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=center>18</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=justify><B>11.&nbsp;&nbsp;&nbsp; Operating segments (continued)
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Three months ended</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Nine months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Interest earned </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >$</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Hardware, software and related
      technology sales </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">2,450    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">4,279    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">7,257    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">16,062 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">2,450 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">4,279 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">7,257 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">16,062 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Interest expense </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>222 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,081 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>744 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>6,284 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hardware, software and related technology sales
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">4 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">196 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">22 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">72 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">38 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,992 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">244 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">2,154    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">787 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">8,472    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Depreciation and amortization </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,108 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>900 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>4,552 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>2,929 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>129 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>102 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>380 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>317 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hardware, software and related technology sales
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,611 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,991 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">8,575 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,818 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">293 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">273 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">877 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">886 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">5,141    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">4,266    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">14,384 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">11,950 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Income taxation expense </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>7,511 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>5,576 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>22,517 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>15,853 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,012 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">849 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">3,074 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,793 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>233 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>423 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>534 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>589 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hardware, software and related technology sales
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(389</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(292</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">124 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,449 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">2,074 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1,987 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,715 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">13,760 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">10,441 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">8,543    </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">32,964 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">35,444 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Net income </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>19,140 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>13,980 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>57,145 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>38,793 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,605 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,185 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,911 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">7,185 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>599 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>271 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>1,373 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>(1,139</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hardware, software and related technology sales
    </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,491</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(1,115</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">(2,085</TD>
    <TD width="2%" align=left valign="bottom" >) </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">5,661 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,081</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(942</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(8,347</TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>) </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">17,885 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">18,772 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">14,379 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">55,997 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 2px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 2px solid">68,385 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Segment assets </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">476,512 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">422,832 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">476,512 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">422,832 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
    <TD width="1%" valign="bottom" >&nbsp;</TD>
    <TD width="12%" valign="bottom">&nbsp; </TD>
    <TD width="2%" valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expenditures for long-lived assets </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Transaction-based activities </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">831 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">157 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">1,845 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">2,400 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Smart card accounts </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>- </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Financial services </TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">122 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">34 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">240 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom">666 </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Hardware, software and related
      technology sales </TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>31 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>222 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>225 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" bgColor=#e6efff>630 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Corporate/Eliminations </TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
    <TD width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">- </TD>
    <TD width="2%" align=left valign="bottom" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Total </TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">984 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">413 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">2,310 </TD>
    <TD width="2%" align=left valign="bottom"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" align=left valign="bottom"
     bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%" align=right valign="bottom"
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 2px solid">3,696 </TD>
    <TD width="2%" align=left valign="bottom"
  bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
segment information as reviewed by the chief operating decision maker does not
include a measure of segment assets per segment as all of the significant assets
are used in the operations of all, rather than any one, of the segments. The
Company does not have dedicated assets assigned to a particular operating
segment. Accordingly, it is not meaningful to attempt an arbitrary allocation
and segment asset allocation is therefore not presented. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is impractical to disclose revenues from external customers for each product and
service or each group of similar products and services. </P>
<P align=center>19</P>
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<P align=justify><B>12.&nbsp;&nbsp;&nbsp; Income tax in interim periods</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the purposes of interim financial reporting, the Company determines the
appropriate income tax provision by first applying the effective tax rate
expected to be applicable for the full fiscal year to ordinary income. This
amount is then adjusted for the tax effect of significant unusual or
extraordinary items that are reported separately, and have an impact on the tax
charge. The cumulative effect of any change in the enacted tax rate, if and when
applicable, on the opening balance of deferred tax assets and liabilities is
also included in the tax charge as a discrete event in the interim period in
which the enactment date occurs. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the three and nine months ended March 31, 2010, the tax charge was calculated
using the expected effective tax rate for the year (34.55%) . The Company&#146;s
effective tax rate for the three and nine months ended March 31, 2010, was 35.9%
and 37.0%, respectively.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company increased its unrecognized tax benefits by $0.1 million and $0.3 million
during the three and nine months ended March 31, 2010. As of March 31, 2010, the
Company had accrued interest related to uncertain tax positions of approximately
$0.1 million on its balance sheet. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company does not expect the change related to unrecognized tax benefits will
have a significant impact on its results of operations or financial position in
the next 12 months. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company files income tax returns mainly in South Africa, Austria, the Russian
Federation and in the US federal jurisdiction. As of March 31, 2010, the Company
is no longer subject to income tax examination by the South African Revenue
Service for years before March 31, 2006. The Company is subject to income tax in
other jurisdictions outside South Africa, none of which are individually
material to its financial position, statement of cash flows, or results of
operations. </P>
<P align=center>20</P>
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<P align=justify><B>Item 2. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following discussion and analysis of our financial condition and results of
operations should be read in conjunction with our unaudited condensed
consolidated financial statements and the notes thereto appearing elsewhere in
this Quarterly Report on Form 10-Q.</P>
<P align=justify><B>Forward-looking statements </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some
of the statements in this Quarterly Report on Form 10-Q constitute
forward-looking statements. These statements relate to future events or our
future financial performance and involve known and unknown risks, uncertainties
and other factors that may cause our or our industry&#146;s actual results, levels of
activity, performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed, implied or
inferred by these forward-looking statements. Such factors include, among other
things, those listed under &#147;Risk Factors&#148; and elsewhere in our Annual Report on
Form 10-K for the year ended June 30, 2009. In some cases, you can identify
forward-looking statements by terminology such as &#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
&#147;could,&#148; &#147;would,&#148; &#147;expects,&#148; &#147;plans,&#148; &#147;intends,&#148; &#147;anticipates,&#148; &#147;believes,&#148;
&#147;estimates,&#148; &#147;predicts,&#148; &#147;potential&#148; or &#147;continue&#148; or the negative of such terms
and other comparable terminology. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
we believe that the expectations reflected in the forward-looking statements are
reasonable, we do not know whether we can achieve positive future results,
levels of activity, performance, or goals. Actual events or results may differ
materially. We undertake no obligation to update any of the forward-looking
statements after the date of this Quarterly Report on Form 10-Q to conform those
statements to reflect the occurrence of unanticipated events, except as required
by applicable law. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read this Quarterly Report on Form 10-Q and the documents that we
reference herein and the documents we have filed as exhibits hereto and which we
have filed with the Securities and Exchange Commission completely and with the
understanding that our actual future results, levels of activity, performance
and achievements may be materially different from what we expect. We qualify all
of our forward-looking statements by these cautionary statements. </P>
<P align=justify><B>Business Developments During Fiscal 2010 </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>South
Africa</EM> </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>SASSA
update </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our one-year contract with the South African Social Security Agency, or SASSA, for the payment of social welfare grants in the five provinces we serve, was scheduled to expire on March 31, 2010, and was extended for a further three months until June 30, 2010, provisionally under the same terms and conditions. We are currently in discussions with the South African government and expect to conclude such discussions over the next four to six weeks. Following the election of a new president and cabinet, the economic crisis and reduced spending requirements and austerity measures imposed on South African government bodies by the new Minister of Finance, SASSA must reduce the cost of grant administration and distribution and has communicated this requirement to its largest suppliers, including us. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have tabled a number of proposals to government including further contract extensions, a new fixed-term contract, and the commencement of a new tender process and various permutations of the foregoing. The terms of any agreement reached with SASSA, whether a further contract extension or a new fixed-term contract, may vary significantly from the current contract in terms of pricing, volume and service delivery criteria. Such new terms and conditions may be applied retrospectively to become effective from April 1, 2010 in order to coincide with the commencement of SASSA&rsquo;s fiscal year and the South African National Treasury&rsquo;s budget allocation period. Should we fail to reach any agreement with SASSA, our current contract will terminate on June 30, 2010, unless the current contract is further extended. We are and expect to remain an integral supplier to the South African government.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Progress
of wage payment implementation and UEPS-based lending</EM> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
recently appointed Financial Services Cluster general manager is pursuing a
number of projects in order to further expand our wage payment initiative in
South Africa. In addition, through our recent acquisition of FIHRST Management
Services (Pty) Limited&#146;s business and related software, or FIHRST, described in
more detail below, we will be able to promote our wage payment initiative by
offering the employees of FIHRST customers banking solutions through our
relationship with Grindrod Bank Limited.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010 we grew our UEPS-based lending book through
coordinated marketing of our products to our customer base.</P>
<P align=center>21</P>
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<A name=page_24></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Acquisition
of FIHRST</EM> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the end of March 2010, we acquired FIHRST, a South African business, for ZAR 70
million (approximately $9 million) in cash. FIHRST offers a third party payroll
payments solution to South African companies, representing approximately 700,000
employees with a transaction volume of approximately R40 billion per annum. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that the acquisition of FIHRST will enhance our position as one of the
leading independent transaction processors in South Africa. We believe that the
acquisition is strategically important for the following reasons:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>FIHRST gives us access to the 700,000 employees of FIHRST customers will
  provide us the opportunity to market our range of transaction processing
  products and financial services, including bill payments, insurance products,
  prepaid utilities and third party payments to these employees. </P>
  <LI>
  <P>As described above, FIHRST will enable us to promote our wage payment
  initiative to employees of FIHRST&#146;s customers. </P>
  <LI>
  <P>FIHRST&#146;s technology platforms and IT development resources enhance our
  existing platforms and resources. We operate on different IT platforms to
  FIHRST, which will result in additional resources with complementary IT
  skills. We may also realize IT-related cost synergies in areas such as
  disaster recovery and computer maintenance and support.&nbsp; </P>
  <LI>
  <P>The addition of FIHRST&#146;s experienced executives increases the depth and
  diversity of our management team. The FIHRST management team has significant
  experience and relationships within the third-party payment processing
  industry, which is key focus area for us. </P></LI></UL>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Acquisition
of MediKredit Integrated Healthcare Solutions (Pty) Limited, or MediKredit</EM>
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
January 2010, we acquired 100% of MediKredit, a South African private company,
for a purchase price of ZAR 74 million (approximately $10 million). MediKredit
offers transaction processing, financial and clinical risk management solutions
to both funders and providers of healthcare. MediKredit was advised in late
calendar 2009 that one of its major customers had decided to cancel its
contractual relationship with MediKredit. The purchase price paid by Net1
reflects such loss of customer. MediKredit will continue to recognize fees from
the customer until April 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediKredit
currently operates its core business in South Africa and this business is
currently cash sustainable. In addition, MediKredit is currently exploring
various opportunities, primarily in the United States, and the development and
set up costs, taken together with the core South Africa business, will result in
a net monthly operating loss post April 2010. We do not expect the operating
loss at MediKredit to be material to our overall profitability. The MediKredit
management team will actively pursue new customers and business opportunities in
South Africa&#146;s rapidly consolidating private health care industry and will focus
on realizing cost savings and synergies identified during the acquisition due
diligence process to minimize, and ultimately reverse, the anticipated operating
losses.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MediKredit
management view processing fee per scheme card holders (the main member in the
scheme) and scheme lives (the individuals linked to the main member in the
scheme) and fee per line (the number of products within a claim) processed as
major drivers of the business. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
believe that MediKredit will provide us the opportunity to expand our technology
to another adjacent market and to cross-sell our payment technologies. Together
with the FIHRST acquisition, MediKredit has expanded our position as the leading
independent transaction processor in South Africa, as we have added leadership
in the healthcare transaction processing space to our existing leadership
position in the merchant processing space (through EasyPay). The acquisition has
also provided us with a small, strategic entry point for the US healthcare
administration market. The rapidly changing US healthcare and administration
industry provides a significant opportunity for the introduction of MediKredit&#146;s
technology. MediKredit&#146;s wholly owned subsidiary in the US, XeoHealth
Corporation, recently launched its proven Real Time Adjudication rules engine
for the health care industry in the US. Finally, like FIHRST, the MediKredit
acquisition has also enhanced our technology platforms and IT development
resources and added depth and diversity to our management team. </P>
<P align=center>22</P>
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Outside
South Africa</EM> </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>The
African Continent and Iraq </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010, we recorded revenue from transaction fees and
the delivery of smartcards under our contract with the government of Iraq.
During early January 2010, we received additional orders for 800,000
UEPS-enabled smart cards and 1,500 point of sale devices. We expect to generate
ongoing revenues from these sales as well as transaction fees under our Iraqi
contract during the fourth quarter of fiscal 2010. We have entered the second
phase of our initiative in Ghana and now generate recurring income in the form
of hardware and software maintenance fees. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
continue to service our current customers on the African continent and in Iraq.
Our UETS business unit continued its business development efforts in multiple
new countries on the African continent during the quarter.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010, SmartSwitch Namibia generated incremental
transaction fees from prepaid airtime and electricity transactions and
transactions conducted between merchants and UEPS-enabled smartcards in Namibia.
SmartSwitch Botswana generated transaction fees during the third quarter of
fiscal 2010 from the payment of food voucher grants. We expect SmartSwitch
Namibia and Botswana to continue generating transaction fees during the fourth
quarter of fiscal 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Net
1 Universal Technologies (Austria) AG, or Net1 UAT </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net1
UAT&#146;s operations are seasonal and the first quarter and third quarters are
historically its weakest. Growth at Net1 UAT during the third quarter of fiscal
2010 continued to be adversely impacted by our transitioning of its business
model from a hardware and software sale-oriented model to one which generates
recurring transaction fees, as well as by challenging economic conditions in
Eastern Europe. For the fourth quarter of fiscal 2010, we expect revenue from
Net1 UAT to be lower than a year ago due to the business transformation and weak
economic conditions. We expect to sign our first agreement that reflects the
transformed business model for Net1 UAT during the fourth quarter of fiscal
2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Net1
Virtual Card </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010, we increased our business development efforts
of our Virtual Card offering in the continental United States and surrounding
territories and successfully demonstrated, in a live environment, this product
to a number of prospective partners, including mobile operators, banks and card
associations. The Company is currently increasing its technical and operating
staff at our Dallas, Texas offices in order to meet anticipated client demand.
</P>
<P align=justify><B>Critical Accounting Policies</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
unaudited condensed consolidated financial statements have been prepared in
accordance with US GAAP, which requires management to make estimates and
assumptions about future events that affect the reported amount of assets and
liabilities and disclosure of contingent assets and liabilities. As future
events and their effects cannot be determined with absolute certainty, the
determination of estimates requires management&#146;s judgment based on a variety of
assumptions and other determinants such as historical experience, current and
expected market conditions and certain scientific evaluation techniques.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Critical
accounting policies are those that reflect significant judgments or
uncertainties, and potentially may result in materially different results under
different assumptions and conditions. Management has identified the following
critical accounting policies that are described in more detail in our Annual
Report on Form 10-K for the year ended June 30, 2009.</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Deferred taxation;
  <LI>Stock-based compensation;
  <LI>Intangible assets acquired;
  <LI>Accounts receivable and provision for doubtful debts;
  <LI>Research and development; and
  <LI>Revenue Recognition &#150; System Implementation Projects. </LI></UL>
<P align=center>23</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recent
accounting pronouncements adopted </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer
to Note 1 of the unaudited condensed consolidated financial statements for a
full description of recent accounting pronouncements adopted as of March 31,
2010, including the expected dates of adoption and effects on financial
condition, results of operations and cash flows.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Recent
accounting pronouncements not yet adopted as of March 31, 2010</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer
to Note 1 of the unaudited condensed consolidated financial statements for a
full description of recent accounting pronouncements not yet adopted as of March
31, 2010, including the expected dates of adoption and effects on financial
condition, results of operations and cash flows. </P>
<P align=justify><B>Currency Exchange Rate Information</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Actual
exchange rates </EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
actual exchange rates for and at the end of the periods presented were as
follows: </P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left ><B>Table 1</B> </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD colspan="4" align=center><B>Three months ended</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD colspan="4" align=center><B>Nine months ended</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%"><B>Year ended</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
        31,</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
        31,</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>June 30,</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2010</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2010</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >ZAR : $ average exchange rate </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.5359 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>9.9583 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.6287 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>9.2287 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>9.0484 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Highest ZAR : $ rate during period </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="11%">7.8939 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">10.7025 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">8.3187 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">11.8506 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">11.8506 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Lowest ZAR : $ rate during period </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.2129 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>9.1614 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.2120 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.1557 </TD>
      <TD align=center width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=center width="11%" bgColor=#e6efff>7.1556 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Rate at end of period </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="11%">7.3926 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">9.7205 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">7.3926 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">9.7205 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%">7.8821 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
</TABLE>

<P align=center><B><U>ZAR: US $ Exchange Rates</U></B></P>
<P align=center><IMG
src="graph.gif"
border=0></P>
<P align=center>24</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Translation
exchange rates </EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
  are required to translate our results of operations from ZAR to US dollars on
  a monthly basis. Thus, the average rates used to translate this data for the
  three and nine months ended March 31, 2010 and 2009, vary slightly from the
  averages shown in the table above. The translation rates we use in presenting
our results of operations are the rates shown in the following table: </P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left ><B>Table 2</B> </TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD colspan="4" align=center><B>Three months ended</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD colspan="4" align=center><B>Nine months ended</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="11%"><B>Year ended</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
        31,</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
        31,</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>June 30,</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2010</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2010</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>2009</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Income and expense items: $1 = ZAR . </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>7.5341 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>9.9617 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>7.6247 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>9.0829 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>8.9397 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR>
      <TD >&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Balance sheet items: $1 = ZAR </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>7.3926 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>9.7205 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>7.3926 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>9.7205 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>7.8821 </TD>
      <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD>
    </TR>
</TABLE>

<P
align=justify><B>Results
of operations </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
discussion of our consolidated overall results of operations is based on amounts
as reflected in &#147;Item 1 &#150; Financial Statements&#148; which are reported in US dollars
and are prepared in accordance with US GAAP. Our discussion analyzes our results
of operations both in US dollars and ZAR, because ZAR is the functional currency
of the entities which contribute the majority of our profits and is the currency
in which the majority of our transactions are initially incurred and measured.
Due to the significant impact of currency fluctuations between the US dollar and
ZAR on our reported results and because we use the US dollar as our reporting
currency, we believe that the supplemental presentation of our results of
operations in ZAR is useful to investors to understand the changes in the
underlying trends of our business. Our results of operations for the three and
nine months ended March 31, 2009, include the operations of Net1 UAT from
September 1, 2008. Net1 UAT&#146;s operations are included in our consolidated
financial statements for the entire third quarter of fiscal 2010 and 2009 and
the year to date fiscal 2010. The results of operation for the three months
ended March 31, 2010, include the operations of MediKredit, which has been
allocated to our transaction-based activities operating segment. Our acquisition
of FIHRST occurred at the end of the third quarter of fiscal 2010 and therefore,
our results will include FIHRST&#146;s operations from April 1, 2010. FIHRST has been
allocated to our transaction-based activities operating segment. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
analyze our business and operations in terms of four inter-related but
independent operating segments: (1) transaction-based activities, (2) smart card
accounts, (3) financial services, and (4) hardware, software and related
technology sales. In addition, corporate and corporate office activities that
are impracticable to ascribe directly to any of the other operating segments, as
well as any inter-segment eliminations, are included in corporate/eliminations.
</P>
<P align=justify><B>Third quarter fiscal 2010 compared to the third quarter of
fiscal 2009 </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following factors had an influence on our results of operations during the third
quarter of fiscal 2010 as compared with the same period in the prior year: </P>
<UL style="TEXT-ALIGN: justify">
  <LI><B><I>Favorable impact from the weakness of the US dollar:
  </I></B>Emerging market currencies were negatively impacted by the global
  financial crisis during the last three months of calendar 2008 and the first
  half of calendar 2009. The US dollar depreciated by 24% compared to the ZAR
  during the third quarter of fiscal 2010 compared to fiscal 2009 which has had
  a positive impact on our reported results;
  <LI><B><I>Increased transaction volumes at EasyPay: </I></B>Our reported
  results were favorably impacted by increased transaction volumes at EasyPay
  resulting from growth in value-added services;
  <LI><B><I>Increased revenue from MediKredit at lower operating margins than
  other transaction-based activity business:</I></B><BR>Our MediKredit
  acquisition positively impacted on our revenue during the third quarter of
  fiscal 2010, however, MediKredit generates a lower operating margin than our
  other transaction-based activity businesses and therefore lowered our reported
  segment margins;
  <LI><B><I>Increased user adoption in Iraq: </I></B>Our reported results were
  positively impacted by increased transaction revenues from the adoption of our
  UEPS technology in Iraq;
  <LI><B><I>Lower revenues and margins from hardware, software and related
  technology sales segment: </I></B>Our hardware, software and related
  technology sales segment continues to be adversely impacted by lower revenues,
  primarily as a result of fewer ad hoc sales to the Bank of Ghana when compared
  to a year ago, and overall margin pressure at Net1 UAT and weaker demand for
  our products as well as pricing pressures resulting from the global recession,
  all of which was partially offset by hardware sales to Iraq;
  <LI><B><I>Intangible asset amortization related to acquisitions: </I></B>Our
  reported results were adversely impacted by additional intangible asset
  amortization of approximately $0.5 million related to the RMT acquisition,
  which closed in April 2009 and $0.5 million related to the MediKredit
  acquisition, which closed in January 2010; and
  <LI><B><I>Non-recurring items: </I></B>During the third quarter of fiscal 2009
  we recognized a loss on the sale of our traditional microlending business of
  $0.7 million (ZAR 7.4 million). </LI></UL>
<P align=center>25</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Consolidated
overall results of operations </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based on the amounts which were prepared in accordance with US
GAAP.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables show the changes in the items comprising our statements of
operations, both in US dollars and in ZAR:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="7" align=center><B>In United States Dollars </B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><B>Table 3 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(US
      GAAP) </B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three
      months ended March 31, </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2010 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2009 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>% </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>$&nbsp;&#146;000 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>$&nbsp;&#146;000 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>change </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>72,291 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>55,878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Cost of goods sold, IT processing, servicing and support </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,910 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">15,225 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Selling, general and administration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,381 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,772 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>52% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Depreciation and amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,141 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,266 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">21% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss on sale of microlending business </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>742 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Operating income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,859 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,873 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Interest income, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,206 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,125 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Income before income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29,065 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">22,998 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>10,441 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,543 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income before loss from equity-accounted investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18,624 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,455 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">29% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss from equity-accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(44</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(261</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(83)%</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">18,580 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,194 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">31% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >(Add) Less: net (loss) income attributable
    to non-controlling interest </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(192</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(185</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">-% </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income attributable to us </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%">18,772 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%">14,379 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">31% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="7" align=center><B>In South African Rand </B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><B>Table 4 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(US
      GAAP) </B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three
      months ended March 31, </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2010 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2009 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>% </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#146;000 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#146;000 </B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>change </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>544,651 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>556,640 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2)%</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Cost of goods sold, IT processing, servicing and support </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">134,937 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">151,666 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(11)%</TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Selling, general and administration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>168,622 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>147,154 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Depreciation and amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38,732 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">42,496 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(9)%</TD>
    <TD align=left width="2%" ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss on sale of microlending business </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,392 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Operating income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">202,360 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">207,932 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3)%</TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Interest income, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>16,620 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>21,169 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(21)%</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Income before income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">218,980 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">229,101 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4)%</TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>78,664 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>85,103 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(8)%</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income before loss from equity-accounted investments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">140,316 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">143,998 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3)%</TD>
    <TD align=left width="2%" ></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss from equity-accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(332</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,600</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(87)%</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">139,984 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">141,398 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1)%</TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF" >(Add) Less: net (loss) income attributable
    to non-controlling interest </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(1,447</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
    width="12%" align=right bgcolor="#E6EFFF" style="BORDER-BOTTOM: #000000 1px solid">(1,843</TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >) </TD>
    <TD width="1%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right bgcolor="#E6EFFF">-% </TD>
    <TD width="2%" align=left bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income attributable to us </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%">141,431 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%">143,241 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(1)%</TD>
    <TD align=left width="2%"></TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyzed
in ZAR, the decrease in revenue and cost of goods sold, IT processing, servicing
and support for the third quarter of fiscal 2010, was primarily due to lower
sales of hardware, software and related technologies, which was partially offset
by higher revenues in our transaction-based activities operating segment.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating income margin for the third quarter of fiscal 2010 and 2009 was 37%.
We discuss the components of the operating income margin under &#147;&#151;Results of
operations by operating segment&#148;.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyzed
in ZAR, selling, general and administration expenses increased during the third
quarter of fiscal 2010 primarily due to increases in goods and services
purchased from third parties and the inclusion of MediKredit&#146;s operations.
Selling, general and administration expenses include transaction-related costs
of $0.3 million (ZAR 2.1 million) and the stock-based compensation charge
related to the stock options awarded in the May 2009 and restricted stock
granted in August 2009.</P>
<P align=center>26</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
direct costs of maintaining a listing on Nasdaq and obtaining a listing on the
JSE, as well as compliance with the Sarbanes-Oxley Act of 2002, or Sarbanes,
particularly Section 404 of Sarbanes, includes independent directors&#146; fees,
legal fees, fees paid to Nasdaq and the JSE, our compliance officer&#146;s salary,
fees paid to consultants who assist with Sarbanes compliance and fees paid to
our independent accountants related to the audit and review process. This has
resulted in expenditures of $0.6 million (ZAR 4.5 million) and $0.4 million (ZAR
4.1 million) during the third quarter of fiscal 2010 and 2009, respectively.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization and deferred tax expenses increased during fiscal 2010
primarily as a result of the RMT and MediKredit acquisitions, as summarized in
the tables below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="5" align=center><B>Three months ended</B> </TD>
    <TD align=right width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 5</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortization included in depreciation and amortization
      expense: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>3,780 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>3,189 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">429 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">999 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>532 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">497 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>2,322 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>2,190 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred tax included in income tax expense:
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>1,047 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>888 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">144 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">340 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>149 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">172 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>582 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>548 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="5" align=center><B>Three months ended</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 6</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortization included in depreciation and amortization
      expense: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>28,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>31,767 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">3,229 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">9,951 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>4,010 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">3,745 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>17,494 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>21,816 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred tax included in income tax expense:
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>7,883 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>8,844 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">1,081 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">3,385 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1,123 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">1,294 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>4,385 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>5,459 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment acquired to provide administration and distribution services
to our customers is depreciated over the shorter of expected useful life and the
contract period with SASSA. Through March 31, 2010, we were in an extension
phase with our contract and thus the majority of our property, plant and
equipment related to the administration and distribution of social welfare
grants had been fully depreciated in prior periods. Accordingly, depreciation
expense related to these activities decreased during the third quarter of fiscal
2010 compared with the third quarter of fiscal 2009. This reduction in
depreciation was partially offset by the increase in depreciation related to new
back-end processing computers, our participating merchant POS terminals and
MediKredit assets acquired.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2009 we sold our traditional microlending business
and recognized a loss of approximately $0.7 million (ZAR 7.4 million). </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
on surplus cash for the third quarter of fiscal 2010 decreased to $2.5 million
(ZAR 18.8 million) from $4.3 million (ZAR 42.6 million) for the third quarter of
fiscal 2009. The decrease in interest on surplus cash held in South Africa was
due to a lower average daily ZAR cash balance during the third quarter of fiscal
2010 compared with the third quarter of fiscal 2009 and lower deposit rates
resulting from the adjustment in the South African prime interest rate from an
average of approximately 14.32% per annum for the third quarter of fiscal 2009
to 10.47% per annum for the third quarter of fiscal 2010. The lower cash
balances resulted primarily from our repurchase of our shares from Brait S.A&#146;s
investment affiliates in August 2009.</P>
<P align=center>27</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
expense decreased during the third quarter of fiscal 2010 due to a decrease in
the average rates of interest on our short-term facilities and the elimination
of our obligation to provide prefunded social welfare grants to provincial
governments. In ZAR, finance costs decreased to $0.2 million (ZAR 1.5 million)
for the third quarter of fiscal 2010 from $2.1 million (ZAR 21.4 million) for
the third quarter of fiscal 2009.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
tax expense for the third quarter of fiscal 2010 was $10.4 million (ZAR 78.7
million) compared with $8.5 million (ZAR 85.1 million) during the same period in
the prior fiscal year. Our total tax expense decreased due to lower taxable
income resulting from a decrease in overall trading activity. Our effective tax
rate for the third quarter of fiscal 2010 was 35.9%, compared to 37.1% for the
third quarter of fiscal 2009. The change in our effective tax rate was primarily
due to a decrease in non-deductible expenses during the third quarter of fiscal
2010 compared to the third quarter of fiscal 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Results
of operations by operating segment </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
composition of revenue and the contributions of our business activities to
operating income are illustrated below.</P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left><B>Table 7</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="15" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B><I>In United States Dollars (US GAAP)</I></B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="15" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B>Three months ended March 31,</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2010</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2009</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>%</B> </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Operating Segment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>$&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>$&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>change</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Consolidated revenue: </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Transaction-based activities </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">50,854 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">70% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">35,995 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">64% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">41% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>7,956 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>6,676 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>12% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Financial services </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">1,149 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">1,357 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(15)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>12,332 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>17% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>11,850 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>22% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;<B>Total consolidated revenue</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">72,291 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">55,878 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">29% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Consolidated operating income (loss): </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Transaction-based activities </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">26,837 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">100% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">21,638 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">104% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">24% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Operating income before
        amortization </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>28,143 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>21,962 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>28% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Amortization of intangible assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(1,306</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(324</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">303% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,616 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>3,034 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>19% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Financial services </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">831 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">3% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(261</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(1)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(418)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income
        before loss on sale of&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;microlending
        business </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>831 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>481 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>73% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Loss on sale of microlending business
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(742</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,798</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(7)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,398</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(7)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>29% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Operating income before amortization
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">676 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">1,467 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(54)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Amortization of intangible
        assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(2,474</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(2,865</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(14)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Corporate/eliminations </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(2,627</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(9)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(2,140</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(11)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">23% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;<B>Total consolidated
        operating income</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>26,859 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>20,873 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>29% </TD>
      <TD vAlign=bottom align=left width="1%"
  bgColor=#e6efff>&nbsp;</TD>
    </TR>
</TABLE>

<P align=center>28</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A><BR>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left ><B>Table 8</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B><I>In South African Rand (US GAAP)</I></B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B>Three months ended March 31,</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD align=left width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>2010</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%">&nbsp; </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>2009</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%">&nbsp; </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%">&nbsp; </TD>
      <TD align=center width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD align=left width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>ZAR</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>% of</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>ZAR</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>% of</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD align=center width="11%"><B>%</B> </TD>
      <TD align=center width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left ><B>Operating Segment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>change</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Consolidated revenue: </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Transaction-based activities </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">383,141 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">70% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">358,572 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">64% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">7% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>59,942 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>11% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>66,504 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>12% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(10)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Financial services </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">8,657 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">13,518 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(36)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>92,911 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>17% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>118,046 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>22% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(21)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; &nbsp; &nbsp;<B>Total consolidated revenue</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%">544,651 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%">556,640 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(2)%</TD>
      <TD vAlign=bottom align=left width="1%"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Consolidated operating income (loss): </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Transaction-based activities </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">202,194 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">100% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">215,552 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">103% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(6)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Operating income before
        amortization </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>212,037 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>218,781 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(3)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; &nbsp; &nbsp;Amortization of intangible assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(9,843</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(3,229</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">205% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>27,243 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>13% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>30,224 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>15% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(10)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Financial services </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">6,261 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">3% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(2,600</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(1)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(341)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >&nbsp;&nbsp;&nbsp;&nbsp; Operating income
        before loss on sale&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of microlending
        business </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>6,261 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>4,792 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>31% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; &nbsp; &nbsp;Loss on sale of microlending business
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">- </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(7,392</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(13,546</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(7)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(13,926</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(7)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(3)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; &nbsp; &nbsp;Operating income before amortization
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">5,089 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">14,612 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(65)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Amortization of intangible
        assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(18,635</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(28,538</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(35)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Corporate/eliminations </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(19,792</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(9)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(21,318</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%">(10)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%">(7)%</TD>
      <TD vAlign=bottom align=left width="1%"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;<B>Total consolidated
        operating income</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>202,360 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>207,932 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>(3)%</TD>
      <TD vAlign=bottom align=left width="1%"
bgColor=#e6efff></TD>
    </TR>
</TABLE>

<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transaction-based
activities </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, the increases in revenue were primarily due to increased transaction
volumes at EasyPay and from the utilization of our UEPS system in Iraq and the
acquisition of MediKredit.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
for transaction-based activities include the transaction fees we earn through
our merchant acquiring system and reflect the elimination of inter-company
transactions.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin of our transaction-based activities decreased to 53% from 60%. The
decrease was primarily due to additional intangible asset amortization related
to the acquisition of MediKredit, lower margins in our MediKredit operation
compared with other transaction-based activities and ad hoc hardware maintenance
charges at Easypay, which was partially offset by increased transaction fees
from the utilization of our UEPS system in Iraq. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Pension
and welfare operations</EM>:</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective
April 1, 2009, we signed a one-year contract with SASSA which expired on March
31, 2010, and which was subsequently extended on its existing terms (which may
be varied retrospectively by any subsequent agreement reached with SASSA) by
three months to June 30, 2010. The SASSA contract contains a standard pricing
formula for all provinces based on a transaction fee per beneficiary paid
regardless of the number or amount of grants paid per beneficiary, calculated on
a guaranteed minimum number of beneficiaries per month. Under our previous
provincial contracts, depending on the province, we received either a fee per
grant distributed, or per beneficiary paid, or as a percentage of the total
grant amount distributed. In addition, commencing with the May 2009 pay cycle,
SASSA assumed responsibility for the pre-funding of all social welfare grants.
Our average revenue per beneficiary paid will therefore remains unchanged during
the term of the contract, including the current extension. From time to time, we
are requested to assist with the payment of ad-hoc special grants or benefits
(such as disaster relief payments), which may be at a different rate than the
standard welfare distribution price. We also receive a once-off registration fee
for every new beneficiary we enroll on our system.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Key
statistics of our merchant acquiring system:</EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase in the number of POS devices and number of participating UEPS retail
locations since March 31, 2009, is due to increased rental or purchase of POS
devices by current merchants requesting additional equipment and new merchants
joining our UEPS merchant acquiring system. </P>
<P align=center>29</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
key statistics and indicators of our merchant acquiring system during the third
quarter of fiscal 2010 and 2009, in each of the South African provinces where we
distribute social welfare grants are summarized in the table below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Table 9</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=center><B>Three months ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">NC, EC, </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">NC, EC, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">KZN, L </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">KZN, L </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Province included (1) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%">and NW </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%">and NW </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Total POS devices installed </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">4,700 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">4,263 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Number of participating UEPS retail locations    </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,552 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">2,391 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Value of transactions processed through POS devices during
      the quarter (2) (in $ &#146;000) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">397,141 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">276,947 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Value of transactions processed through POS
      devices during the <BR>
    completed pay cycles for the quarter (3) (in $ &#146;000) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><BR>
    381,993 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><BR>
    278,685 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Value of transactions processed through POS devices during
      the quarter (2) (in ZAR &#146;000) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">2,992,828 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">2,758,391 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Value of transactions processed through POS
      devices during the <BR>
    completed pay cycles for the quarter (3) (in ZAR &#146;000) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><BR>
    2,878,675 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%"><BR>
    2,775,707 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Number of grants paid through POS devices during the quarter
      (2) </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">4,370,553 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">4,690,822 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Number of grants paid through POS devices during
      the completed pay cycles for the quarter (3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,699,620 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">4,769,010 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#E6EFFF">Average number of grants processed per terminal during the
      quarter (2) . </TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">933 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="1%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
    <TD width="12%" align=right vAlign=bottom bgcolor="#E6EFFF">1,111 </TD>
    <TD width="2%" align=left vAlign=bottom bgcolor="#E6EFFF" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Average number of grants processed per terminal
      during the completed pay cycles for the quarter (3) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,003 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%">1,129 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>NC = Northern Cape, EC = Eastern Cape, KZN =
      KwaZulu-Natal, L = Limpopo, NW = North West.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Refers to events occurring during the quarter (i.e.,
      based on three calendar months).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Refers to events occurring during the completed pay
      cycle.</P></TD></TR></TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>EasyPay
transaction fees: </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010 and 2009, EasyPay processed 162 million and 143
million transactions with an approximate value of $4.7 billion (ZAR 35.4
billion) and $3.1 billion (ZAR 31.3 billion), respectively. The increase in
transaction volumes results from more value-added services processed by EasyPay
during the third quarter of fiscal 2010 compared with 2009. The average fee per
transaction during the third quarter of fiscal 2010 and 2009, was $0.03 (ZAR
0.21) and $0.02 (ZAR 0.21), respectively. We expect transaction volumes to
increase as a result of higher value-added services processed by EasyPay during
the fourth quarter of fiscal 2010 compared with fiscal 2009. In ZAR, we do not
expect a significant fluctuation in the average fee per transaction during the
fourth quarter of fiscal 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin generated by EasyPay during each of the third quarter of fiscal
2010 and 2009 are lower than those generated by our pension and welfare business
and reduced the operating income margins within our transaction-based activities
segment. During the third quarter of fiscal 2010, we incurred ad hoc hardware
maintenance costs which reduced our margin. We have entered into hardware
maintenance supply contracts in order to mitigate the re-occurrence of these ad
hoc maintenance costs in future. Certain EasyPay intangible assets were fully
amortized at the end of fiscal 2009. Accordingly, our results for the third
quarter of fiscal 2010 includes less EasyPay intangible asset amortization
compared with fiscal 2009 which has resulted in a higher operating income margin
at EasyPay.</P>
<P align=center>30</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>MediKredit
service fees: </EM></B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
acquired MediKredit at the beginning of January 2010 and its results are
included for the entire third quarter of fiscal 2010. MediKredit&#146;s results
include claims processing support fees received from a customer it lost in late
calendar 2009 and will continue to contractually pay fees through the end of
April 2010. MediKredit currently generates a nominal amount of operating income
after intangible asset amortization. We expect this business to generate a loss
during the fourth quarter of fiscal 2010.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Smart
card accounts </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, revenue from the provision of smart card-based accounts decreased in
proportion to the lower number of beneficiaries serviced through our SASSA
contract. A total number of 3,609,652 smart card-based accounts were active at
March 31, 2010, compared to 4,006,847 active accounts as at March 31, 2009. The
decrease in the number of active accounts resulted largely from the suspension
and removal of invalid or fraudulent grants by SASSA. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin from providing smart card accounts was constant at 45% for the
third quarter of fiscal 2010 and 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
services </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 1, 2009, we sold our traditional microlending business to Finbond, and
therefore our segment results for the third quarter of fiscal 2010 do not
include any revenue or loss from this business.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
in our operating loss for the first quarter of fiscal 2009 is the loss on the
sale of our traditional microlending business of $0.7 million (ZAR 7.4 million).
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue
from UEPS-based lending increased primarily due to an increase in the number of
loans granted. In addition, on average, the return on these UEPS-based loans was
higher. Our current UEPS-based lending portfolio comprises loans made to elderly
pensioners in some of the provinces where we distribute social welfare grants.
We insure the UEPS-based lending book against default and thus no allowance is
required.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin before the loss on sale of our traditional microlending business
for the financial services segment increased to 72% for the third quarter of
fiscal 2010 from 35% for the third quarter of fiscal 2009 primarily due to sale
of the traditional microlending business, which had an overall lower operating
income margin compared with UEPS-based lending. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Hardware,
software and related technology sales </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table presents our revenue and operating income during the third
quarter of fiscal 2010 and 2009:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="5" align=center><B>Three months ended</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 10</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>12,332 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>11,850 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">10,408 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">9,690 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>1,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>2,160 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income before amortization of intangible
      assets </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>676 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%" bgColor=#e6efff>1,467 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="11%">&nbsp; </TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(1,798</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(1,398</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">1,587 </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">2,018 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(3,385</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(3,416</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net1
      UAT excluding amortization of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(1,063</TD>
    <TD vAlign=bottom align=left width="1%">) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="11%">(1,226</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amortization
      of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(2,322</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="11%" bgColor=#e6efff>(2,190</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P align=center>31</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="5" align=center><B>Three months ended</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 11</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>92,911 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>118,046 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">78,415 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">96,529 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>14,496 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>21,517 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income before amortization of intangible
      assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>5,089 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>14,612 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="11%">&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(13,546</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(13,926</TD>
    <TD align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">11,957 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">20,103 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(25,503</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(34,029</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1 UAT excluding
      amortization of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(8,009</TD>
    <TD align=left width="1%">) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(12,213</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amortization
      of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(17,494</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(21,816</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, the decrease in revenue was primarily due to lower revenues at Net1 UAT and
lower ad hoc hardware and software development sales in 2010 as compared with
the prior year when we recorded revenue from sales under our Ghana contract,
which was offset marginally by increase hardware sales to Iraq. In addition, our
revenues in ZAR were further impacted by the depreciation of the USD against the
ZAR as sales to customers in Europe, Ghana and Iraq are primarily denominated in
USD. In ZAR, the decrease in operating income was primarily due to lower sales
activity. </P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2009, we delivered hardware, including smart cards,
to and performed software development for the Bank of Ghana and recognized
revenue of approximately $0.8 million (ZAR 8.1 million). </P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
of Prism intangible assets during the third quarter of fiscal 2010 and 2009 was
approximately $0.2 million (ZAR 1.1 million) and $0.7 million (ZAR 6.7 million),
respectively, and reduced our operating income. </P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
we expand internationally, whether through traditional selling arrangements to
provide products and services (such as in Ghana and Iraq) or through joint
ventures (such as with SmartSwitch Namibia and SmartSwitch Botswana), we expect
to receive revenues from sales of hardware and from software customization and
licensing to establish the infrastructure of POS terminals and smart cards
necessary to enable utilization of the UEPS and DUET technology in a particular
country. To the extent that we enter into joint ventures and account for the
investment as an equity investment, we are required to eliminate the sale of
hardware, software and licenses to the investees. The sale of hardware, software
and licenses under these arrangements occur on an ad hoc basis as new
arrangements are established, which can materially affect our revenues and
operating income in this segment from period to period. </P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Corporate/eliminations </B></P>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
USD, the increase in our losses in this segment resulted from increases in
corporate head office-related expenditure, including the effects of the increase
in inflation in South Africa and stock-based compensation charges. </P>
<P
align=justify>&nbsp;&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>&nbsp;&nbsp;&nbsp;Our
operating loss includes expenditure related to compliance with Sarbanes;
non-executive directors&#146; fees; employee and executive salaries and bonuses;
stock-based compensation; legal and audit fees; directors and officer&#146;s
insurance premiums; telecommunications expenses; property-related expenditures
including utilities, rental, security and maintenance; and elimination entries.
</P>
<P align=center>32</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year
to date fiscal 2010 compared to year to date fiscal 2009 </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following factors had an influence on our results of operations during the year
to date fiscal 2010 as compared with the same period in the prior year: </P>
<UL style="TEXT-ALIGN: justify">
  <LI><B><I>Favorable impact from the weakness of the US dollar: </I></B>The US
  dollar depreciated by 16% compared to the ZAR during the year to date fiscal
  2010 compared to fiscal 2009 which has had a positive impact on our reported
  results;
  <LI><B><I>Improved operating income from pension and welfare business:
  </I></B>Our year to date fiscal 2010 results were favorably impacted by cost
  management controls and continued increases in merchant adoption;
  <LI><B><I>Increased transaction volumes at EasyPay: </I></B>Our reported
  results were positively impacted by increased transaction volumes at EasyPay
  resulting from growth in value-added services and higher than expected
  activity at retailers during the Christmas season;
  <LI><B><I>Increased user adoption in Iraq: </I></B>Our reported results were
  favorably impacted by increased transaction revenues from the adoption of our
  UEPS technology in Iraq;
  <LI><B><I>Lower revenues and margins from hardware, software and related
  technology sales segment: </I></B>Our hardware, software and related
  technology sales segment was adversely impacted by fewer ad hoc sales to the
  Bank of Ghana, lower revenues and overall margin generated by Net1 UAT and
  weaker demand for our products as well as pricing pressures resulting from the
  global recession in calendar 2009, all of which was partially offset by
  hardware sales to Iraq;
  <LI><B><I>Intangible asset amortization related to acquisition: </I></B>Our
  reported results were adversely impacted by additional intangible asset
  amortization of approximately $0.5 million related to the RMT acquisition,
  which closed in April 2009 and $0.5 million related to the MediKredit
  acquisition, which closed in January 2010; and
  <LI><B><I>Non-recurring items: </I></B>During the year to date fiscal 2009 we
  recognized a foreign exchange gain of $26.7 million (ZAR 234.6 million)
  resulting from an asset swap arrangement, impaired goodwill with a value of
  $1.8 million and recognized a loss on the sale of our traditional microlending
  business of $0.7 million (ZAR 6.7 million). </LI></UL>
<P
align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated overall results of operations </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
discussion is based on the amounts which were prepared in accordance with US
GAAP.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following tables show the changes in the items comprising our statements of
operations, both in US dollars and in ZAR:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>In United States Dollars</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(US
      GAAP)</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Nine
      months ended March 31,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2009</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>$%</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>$&nbsp;&#146;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>$&nbsp;&#146;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>change</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>211,669 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>185,201 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Cost of goods sold, IT processing, servicing and support </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">55,652 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">51,636 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">8% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Selling, general and administration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>58,987 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>48,081 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>23% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Depreciation and amortization </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14,384 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">11,950 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">20% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss on sale of microlending business </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>742 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Impairment of goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,836
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,646 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>70,956 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Unrealized foreign exchange gain related to short-term investment
    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">26,657 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest income, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>6,470 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,590 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(15)% </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Income before income taxes </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">89,116 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">105,203 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(15)% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>32,964 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>35,444 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(7)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Net income before loss from equity-accounted investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">56,152 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">69,759 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(20)% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss from equity-accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(425</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(797</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(47)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Net income </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">55,727 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">68,962 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(19)% </TD>
    <TD align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>(Add) Less: net (loss) income attributable
      to non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(270</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>577 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"
    bgColor=#e6efff>-% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Net income attributable to us </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">55,997 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">68,385 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left
    width="1%">&nbsp;</TD>
    <TD align=right width="12%">(18)%    </TD>
    <TD align=left width="2%"></TD>
  </TR>
</TABLE>
<P align=center>33</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>In South African Rand </B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><B>Table 13 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>(US
      GAAP) </B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Nine
      months ended March 31, </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2010 </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2009 </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>% </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#146;000 </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#146;000 </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>change </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revenue </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,613,904 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,682,170 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4)% </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Cost of goods sold, IT processing, servicing and support </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">424,327 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">469,007 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(10)% </TD>
    <TD align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Selling, general and administration </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>449,755 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>436,716 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Depreciation and amortization </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">109,673 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">108,542 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss on sale of microlending business </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,740 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>-% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Impairment of goodwill </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">16,676 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">-% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Operating income </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>630,149 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>644,489 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Unrealized foreign exchange gain related to short-term investment
    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">242,124 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">-% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Interest income, net </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>49,332 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>68,940 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(28)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Income before income taxes </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">679,481 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">955,553 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(29)% </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Income tax expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>251,339 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>321,936 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(22)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income before loss from equity-accounted investments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">428,142 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">633,617 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(32)% </TD>
    <TD align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Loss from equity-accounted investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,240</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(7,239</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(55)% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">424,902 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">626,378 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(32)% </TD>
    <TD align=left width="2%"></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >(Add) Less: net (loss) income attributable
      to non-controlling interest </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,059</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,241 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"
    bgColor=#e6efff>-% </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Net income attributable to us </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">426,961 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">621,137 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(31)% </TD>
    <TD align=left width="2%"></TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyzed
in ZAR, the decrease in revenue and cost of goods sold, IT processing, servicing
and support for the year to date fiscal 2010, was primarily due to lower sales
of hardware, software and related technologies, which was partially offset by
higher revenues in our transaction-based activities operating segment.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating income margin for the year to date fiscal 2010 increased to 39% from
38% for the year to date fiscal 2009. We discuss the components of the operating
income margin under &#147;&#151;Results of operations by operating segment&#148;.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analyzed
in ZAR, selling, general and administration expenses increased during the year
to date fiscal 2010 primarily due to increases in goods and services purchased
from third parties and the inclusion of MediKredit&#146;s operations. Selling,
general and administration expenses include transaction-related costs of $0.4
million (ZAR 2.9 million) and the stock-based compensation charge related to the
stock options awarded in the May 2009 and restricted stock granted in August
2009.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
direct costs of maintaining a listing on Nasdaq and obtaining a listing on the
JSE, as well as compliance with Sarbanes, particularly Section 404 of Sarbanes,
includes independent directors&#146; fees, legal fees, fees paid to Nasdaq and the
JSE, our compliance officer&#146;s salary, fees paid to consultants who assist with
Sarbanes compliance, fees paid to our independent accountants related to the
audit and review process and, during fiscal 2009, fees paid to our consultants
and advisors assisting with the JSE listing. This has resulted in expenditures
of $1.8 million (ZAR 13.3 million) and $1.8 million (ZAR 15.9 million) during
the year to date fiscal 2010 and 2009, respectively. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation
and amortization and deferred tax expenses increased during fiscal 2010
primarily as a result of the RMT and MediKredit acquisitions, as summarized in
the tables below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="5" align=center><B>Nine months ended </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 14 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31, </B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2010 </B></TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2009 </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&#146;000 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortization included in depreciation and amortization
      expense: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>10,532 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>8,488 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">1,270 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">3,287 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1,576 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>0 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">491 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">0 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>7,195 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>5,201 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred tax included in income tax expense:
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>2,839 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>2,420 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">425 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">1,118 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>441 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>0 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">170 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">0 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>1,803 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>1,302 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=center>34</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="5" align=center><B>Nine months ended</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 15</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortization included in depreciation and amortization
      expense: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>80,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>77,093 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">9,686 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">29,853 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>12,018 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">3,745 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>54,859 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>47,240 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred tax included in income tax expense:
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>21,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>21,981 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prism acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">3,244 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">10,155 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;RMT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>3,365 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;MediKredit acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">1,294 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT acquisition </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>13,747 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>11,826 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%"
bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant and equipment acquired to provide administration and distribution services
to our customers is depreciated over the shorter of expected useful life and the
contract period with SASSA. Through March 31, 2010, we were in an extension
phase with our contract and thus the majority of our property, plant and
equipment related to the administration and distribution of social welfare
grants had been fully depreciated in prior periods. Accordingly, depreciation
expense related to these activities decreased during the year to date fiscal
2010 compared with the year to date fiscal 2009. This reduction in depreciation
was partially offset by the increase in depreciation related to new back-end
processing computers, our participating merchant POS terminals and MediKredit
assets acquired.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recognized a foreign exchange gain of $26.7 million (ZAR 234.6 million) during
the year to date fiscal 2009 resulting from an asset swap arrangement we entered
into in August 2008.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year to date fiscal 2009 we sold our traditional microlending business and
recognized a loss of approximately $0.7 million (ZAR 6.7 million) and impaired
goodwill of $1.8 million (ZAR 16.7 million). </P>
<P align=center>35</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
on surplus cash for the year to date fiscal 2010 decreased to $7.4 million (ZAR
56.5 million) from $16.1 million (ZAR 146.0 million) for the year to date fiscal
2009. The decrease in interest on surplus cash held in South Africa was due to a
lower average daily ZAR cash balance during the year to date fiscal 2010
compared with the year to date fiscal 2009 and lower deposit rates resulting
from the adjustment in the South African prime interest rate from an average of
approximately 15.08% per annum for the year to date fiscal 2009 to 10.57% per
annum for the year to date fiscal 2010. The lower cash balances resulted
primarily from our repurchase of our shares from Brait S.A&#146;s investment
affiliates in August 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
in interest expense for the year to date fiscal 2009 is the facility fee of
approximately $1.1 million (ZAR 9.7 million) that we paid to the lender under
the short-term loan facility we obtained to fund the Net1 UAT acquisition and
approximately $0.8 million (ZAR 7.3 million) interest on the short-term loan
facility. Excluding the impact of this facility fee and the interest on the
short-term loan facility, interest expense decreased during the year to date
fiscal 2010 due to a decrease in the average rates of interest on our short-term
facilities and the elimination of our obligation to provide prefunded social
welfare grants to provincial governments. In ZAR, excluding the impact of the
facility fee, finance costs decreased to $0.8 million (ZAR 6.1 million) for the
year to date fiscal 2010 from $6.6 million (ZAR 59.6 million) for the year to
date fiscal 2009.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
tax expense for the year to date fiscal 2010 was $33.0 million (ZAR 251.3
million) compared with $35.4 million (ZAR 321.9 million) during the same period
in the prior fiscal year. Deferred tax assets and liabilities are measured
utilizing the enacted fully distributed tax rate. Accordingly, a reduction in
the fully distributed tax rate from 35.45% to 34.55% results in lower deferred
tax assets and liabilities and the net change of $3.5 million (ZAR 26.5 million)
is included in our income tax expense in our unaudited condensed consolidated
statement of operations for the year to date fiscal 2009. Our total tax expense
decreased primarily due to the foreign exchange gain discussed above. Our
effective tax rate for the year to date fiscal 2010 was 37.0%, compared to 33.7%
for the year to date fiscal 2009. The change in our effective tax rate was
primarily due to reduction in our fully distributed tax rate to 34.55% during
fiscal 2009, offset by an increase in non-deductible expenses, including
stock-based compensation charges and legal fees, during the year to date fiscal
2010 compared to the year to date fiscal 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Results
of operations by operating segment </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
composition of revenue and the contributions of our business activities to
operating income are illustrated below.</P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left><B>Table 16</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B><I>In United States Dollars (US GAAP)</I></B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B>Nine months ended March 31,</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2010</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2009</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>%</B> </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Operating Segment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>$&nbsp;&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>$&nbsp;&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>change</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Consolidated revenue: </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Transaction-based activities </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>141,247 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>67% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>109,159 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>59% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>29% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">24,167 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">11% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">21,957 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">12% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">10% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Financial services </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,799 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>1% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,571 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(39)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Hardware, software and related technology sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">43,456 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">21% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">49,514 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">27% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(12)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;<B>Total consolidated
        revenue</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>211,669 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>185,201 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Consolidated operating income (loss): </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Transaction-based activities </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>80,238 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>97% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>60,929 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>86% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>32% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Operating income before amortization
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">83,127 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">61,995 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">34% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Amortization of intangible
        assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(2,889</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,066</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>171% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">10,985 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">13% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">9,979 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">14% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">10% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Financial services </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>1,908 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(1,504</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(227)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before impairment
        and loss&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on sale of microlending
        business </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%"><BR>
        1,908 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%"><BR></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%"><BR>
        1,074 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%"><BR></TD>
      <TD vAlign=bottom align=right width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%"><BR>
        78% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment
        of goodwill and loss on sale of&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;microlending
        business </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><BR>
        - </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff><BR>
        (2,578</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR></TD>
      <TD vAlign=bottom align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Hardware, software and related technology sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(1,851</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(2)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">8,229 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">12% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(122)%</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Operating income before
        amortization </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,793 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>15,651 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(63)%</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Amortization of intangible assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(7,644</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(7,422</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">3% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Corporate/eliminations </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(8,634</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(10)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(6,677</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(10)%</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>29% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;<B>Total consolidated operating income</B>
      </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">82,646 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">70,956 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">16% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
</TABLE>

<P align=center>36</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A><BR>

<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left><B>Table 17</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B><I>In South African Rand (US GAAP)</I></B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD colspan="17" align=center style="BORDER-BOTTOM: #000000 1px solid">
        <B>Nine months ended March 31,</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2010</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>2009</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>ZAR</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>ZAR</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>% of</B> </TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="10%"><B>%</B> </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Operating Segment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>&#146;000</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>total</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=center width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=center
    width="10%"><B>change</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Consolidated revenue: </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Transaction-based activities </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">1,076,961 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">67% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">991,485 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">59% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">9% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>184,265 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>11% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>199,434 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>12% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Financial services </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">21,341 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">1% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">41,518 </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(49)% </TD>
      <TD vAlign=bottom align=left width="1%"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>331,337 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>21% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>449,733 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>27% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(26)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;<B>Total consolidated revenue</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,613,904 </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">1,682,170 </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%">100% </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(4)% </TD>
      <TD vAlign=bottom align=left width="1%"></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Consolidated operating income (loss): </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Transaction-based activities </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">611,788 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">97% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">553,414 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">86% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">11% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Operating income before
        amortization </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>633,814 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>563,100 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Amortization of intangible assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(22,026</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(9,686</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">127% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Smart card accounts </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>83,757 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>13% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>90,639 </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>14% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(8)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Financial services </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">14,548 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">2% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(13,661</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(2)% </TD>
      <TD vAlign=bottom align=left width="1%"></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(206)% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp; Operating income
        before impairment and loss&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on
        sale of microlending business </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR>
        14,548 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff><BR></TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR>
        9,755 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff><BR></TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff><BR>
        49% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; Impairment of goodwill and loss
        on sale of&nbsp;<BR> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;microlending business
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">- </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%"></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(23,416</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%"></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%"></TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>Hardware, software and related technology
        sales </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(14,113</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>74,744 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>12% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(119)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp; &nbsp;Operating income before amortization
      </TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">44,169 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">142,151 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%">&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">(69)% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Amortization of intangible
        assets </TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(58,282</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(67,407</TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left width="1%" bgColor=#e6efff>) </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(14)% </TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Corporate/eliminations </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(65,831</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(10)% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(60,647</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">) </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%">(10)% </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%">9% </TD>
      <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;<B>Total consolidated
        operating income</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>630,149 </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>644,489 </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>100% </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(2)% </TD>
      <TD vAlign=bottom align=left width="1%"
bgColor=#e6efff></TD>
    </TR>
</TABLE>

<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transaction-based
activities </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, the increases in revenue were primarily due to our MediKredit acquisition
and increased transaction volumes at EasyPay. We discuss these factors in more
detail below. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues
for transaction-based activities include the transaction fees we earn through
our merchant acquiring system and reflect the elimination of inter-company
transactions.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin of our transaction-based activities increased to 57% from 56%. The
increase was due primarily to cost management controls in our pension and
welfare business and increased transaction fees from the utilization of our UEPS
system in Iraq. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Pension
and welfare operations</EM>:</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer
to discussion under &#147;&#151;Third quarter of fiscal 2010 compared to the third quarter
of fiscal 2009&#151;Results of operations by operating segment&#151;Transaction-based
activities&#151;<B><I> </I></B>Pension and welfare operations.&#148; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
  the first quarter of fiscal 2010 we paid ad hoc grants on behalf of the South
  Africa government which resulted in higher revenue and operating income during
  the year to date 2010 compared with 2009.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Continued
adoption of our merchant acquiring system: </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer
to discussion under &#147;&#151;Third quarter of fiscal 2010 compared to the third quarter
of fiscal 2009&#151;Results of operations by operating segment&#151;Transaction-based
activities&#151;<B><I> </I></B>Key statistics of our merchant acquiring system.&#148; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>EasyPay
transaction fees: </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year to date fiscal 2010 and 2009, EasyPay processed 488 million and 434
million transactions with an approximate value of $14.1 billion (ZAR 107.5
billion) and $10.9 billion (ZAR 99.2 billion), respectively. The increase in
transaction volumes results from more value-added services processed by EasyPay
during the year to date fiscal 2010 compared with 2009.The average fee per
transaction during each of the year to date fiscal 2010 and 2009, was $0.03 (ZAR
0.21) and $0.02 (ZAR 0.21), respectively.</P>
<P align=center>37</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin generated by EasyPay during the year to date fiscal 2010 and 2009
are is lower than those generated by our pension and welfare business and
reduced the operating income margins within our transaction-based activities
segment. Certain EasyPay intangible assets were fully amortized at the end of
fiscal 2009. Accordingly, our results for the year to date fiscal 2010 includes
less EasyPay intangible asset amortization compared with fiscal 2009 which has
resulted in a higher operating income margin at EasyPay.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>MediKredit
service fees: </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refer
to discussion under &#147;&#151;Third quarter of fiscal 2010 compared to the third quarter
of fiscal 2009&#151;Results of operations by operating segment&#151;Transaction-based
activities&#151; MediKredit service fees.&#148; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Smart
card accounts </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, revenue from the provision of smart card-based accounts decreased in
proportion to the lower number of beneficiaries serviced through our SASSA
contract. A total number of 3,609,652 smart card-based accounts were active at
March 31, 2010, compared to 4,006,847 active accounts as at March 31, 2009. The
decrease in the number of active accounts resulted largely from the suspension
and removal of invalid or fraudulent grants by SASSA. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
income margin from providing smart card accounts was constant at 45% for the
year to date fiscal 2010 and 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Financial
services </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
March 1, 2009, we sold our traditional microlending business to Finbond, and
therefore our segment results for the year to date fiscal 2010 do not include
any revenue or loss from this business.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue
from UEPS-based lending increased primarily due to an increase in the number of
loans granted. In addition, on average, the return on these UEPS-based loans was
higher. Our current UEPS-based lending portfolio comprises loans made to elderly
pensioners in some of the provinces where we distribute social welfare grants.
We insure the UEPS-based lending book against default and thus no allowance is
required. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
recorded a goodwill impairment of $1.8 million and a loss on the sale of our
microlending business of $0.7 million during the year to date fiscal 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding
the effects of the goodwill impairment and loss on the sale of our traditional
microlending business, operating income margin for the Financial services
segment increased to 68% from 23%. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Hardware,
software and related technology sales </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating
results include Net1 UAT for the entire year to date fiscal 2010 and from
September 1, 2008, for the year to date fiscal 2009. The following table
presents our revenue and operating income during the year to date fiscal 2010
and 2009: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="5" align=center><B>Nine months ended</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 18</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>$&nbsp;&#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>43,456 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>49,514 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">31,792 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">35,745 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>11,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>13,769 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income before amortization of intangible
      assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>5,793 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>15,651 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(1,851</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>8,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">5,661 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">9,339 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(7,512</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(1,110</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1 UAT excluding
      amortization of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(317</TD>
    <TD align=left width="1%">) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">4,091 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amortization
      of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(7,195</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(5,201</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P align=center>38</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="5" align=center><B>Nine months ended</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Table 19</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="5" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>March
      31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2010</B> </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="11%"><B>2009</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%"><B>ZAR &#146;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>331,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>449,733 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">242,403 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    align=left width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">324,670 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>88,934 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>125,063 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating income before amortization of intangible
      assets </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>44,169 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>142,151 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Operating (loss) income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(14,113</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>74,744 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hardware, software and related technology
      sales excluding Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">43,163 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
width="1%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">84,826 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Net1 UAT </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(57,276</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(10,082</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1 UAT excluding
      amortization of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(2,417</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="1%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">37,158 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Amortization
      of acquisition related intangible assets </TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(54,859</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>(47,240</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
ZAR, the decrease in revenue was primarily due to lower revenues at Net1 UAT and
software development sales in 2009 from sales under our Ghana contract, which
was offset marginally by increase hardware sales to Iraq. In addition, our
revenues in ZAR are further impacted by the depreciation of the USD against the
ZAR as sales to customers in Europe, Ghana and Iraq are primarily denominated in
USD. In ZAR, the decrease in operating income was primarily due to amortization
of Net1 UAT intangible assets and lower sales activity. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year to date fiscal 2010 and 2009, we delivered hardware, including smart
cards and terminals, to the Bank of Ghana and recognized revenue of
approximately $2.3 million (ZAR 18.3 million) and $8.1 million (ZAR 71.5
million), respectively. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the year to date fiscal 2010 and 2009 we recognized revenue of $2.3 million (ZAR
17.7 million) and $2.5 million (ZAR 19.5 million), respectively, from sales of
hardware to Nedbank. Sales to Nedbank occur on an ad hoc basis and there were no
significant sales during the year to date fiscal 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization
of Prism intangible assets during the year to date fiscal 2010 and 2009,
respectively, was approximately $0.5 million (ZAR 3.4 million) and $2.2 million
(ZAR 20.2 million), respectively, and reduced our operating income. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Corporate/eliminations
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
increase in our losses in this segment resulted from increases in corporate head
office-related expenditure, including the effects of the increase in inflation
in South Africa and stock-based compensation charges. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
operating loss includes expenditure related to compliance with Sarbanes;
non-executive directors&#146; fees; employee and executive salaries and bonuses;
stock-based compensation; legal and audit fees; directors and officer&#146;s
insurance premiums; telecommunications expenses; property-related expenditures
including utilities, rental, security and maintenance; and elimination entries.
</P>
<P align=justify><B>Liquidity and Capital Resources </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business has historically generated and continues to generate high levels of
cash. At March 31, 2010, our cash balances were $184.3 million, which comprised
mainly ZAR-denominated balances of ZAR 1,180.8 million ($159.7 million), US
dollar-denominated balances of $16.4 million and other currency deposits,
primarily euro, of $8.2 million. Our cash balances decreased from June 30, 2009,
levels mainly as a result of the repurchase of our common stock from Brait
S.A.&#146;s investment affiliates, which decrease was offset by cash generated by
operating activities. In April 2010, we paid approximately $9 million (ZAR 70.0
million) to acquire the business and software of FIHRST. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 5, 2010, our Board of Directors authorized the repurchase of up to $50
million of our common stock and on May 5, 2010, the authorization was increased
by an additional $50 million to $100 million in total. The authorization does
not have an expiration date. The authorization may be suspended, terminated or
modified at any time for any reason, including market conditions, the cost of
repurchasing shares, liquidity and other factors that management deems
appropriate. During the three months ended March 31, 2010, we did not repurchase
any shares. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
generally invest the surplus cash held by our South African operations in
overnight call accounts that we maintain at South African banking institutions,
and surplus cash held by our non-South African companies in the US and European
money markets. </P>
<P align=center>39</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
we have financed most of our operations, research and development, working
capital, capital expenditures and acquisitions through our internally generated
cash. We take the following factors into account when considering whether to
borrow under our financing facilities: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>cost of capital;
  <LI>cost of financing;
  <LI>opportunity cost of utilizing surplus cash; and
  <LI>availability of tax efficient structures to moderate financing costs.
</LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have a unique cash flow cycle due to the funding mechanism under our SASSA
contact and our pre-finding of merchants. Under our SASSA contract, we receive
the grant funds 48 hours prior to the provision of the service and any interest
we earn on these amounts is for the benefit of SASSA. In addition, we pre-fund
certain merchants who facilitate the distribution of grants through our merchant
acquiring system. When grants are paid at merchant locations before the start of
the payment service at pay points, we pre-fund these payments to the merchants
distributing the grants on our behalf. We typically reimburse these merchants
within 48 hours after they distribute the grants to the social welfare
beneficiaries. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently believe that our cash and credit facilities are sufficient to fund our
current operations for at least the next four quarters. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Cash
flows from operating activities </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Three
months ended March 31, 2010 </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by operating activities for the third quarter of fiscal 2010 was
$31.7 million (ZAR 238.9 million) compared to $5.1 million (ZAR 50.9 million)
for the third quarter of fiscal 2009. Our net cash from operating activities
increased mainly due to the removal of the requirement to pre-fund social
welfare grant payments in the fourth quarter of fiscal 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010 we made additional first provisional tax
payments of $2.0 million (ZAR 14.7 million) related to our 2010 tax year in
South Africa. During the third quarter of fiscal 2009, we paid a $8.2 million
(ZAR 82.4 million) first provisional payment for our 2009 tax year. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes
paid during the third quarter of fiscal 2010 and 2009 were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left ><B>Table 20</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="10" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>Three
      months ended March 31,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2009</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2010</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>2009</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>$</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">$</TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >First provisional payments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,979 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,598 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>14,734 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>85,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><B>Total tax paid</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">1,979
    </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%">8,598
    </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">14,734 </TD>
    <TD align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">85,976 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect to pay our second provisional payments in South Africa related to our
2010 tax year in the fourth quarter of fiscal 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Nine
months ended March 31, 2010 </EM></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash provided by operating activities for fiscal period to March 2010 was $82.4
million (ZAR 628.6 million) compared to $18.0 million (ZAR 163.5 million) for
the third quarter of fiscal 2009. Our net cash from operating activities
increased mainly due to the removal of the requirement to pre-fund social
welfare grant payments in the fourth quarter of fiscal 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2010 we made an additional second provisional tax
payment of $3.9 million (ZAR 29.6 million) related to our 2009 tax year in South
Africa. In addition, we made a first provisional payment of $17.8 million (ZAR
133.5 million) related to our 2010 tax year in South Africa. See the table below
for a summary of all taxes paid (refunded).</P>
<P align=center>40</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2009, we made a third provisional payment of $2.9
million (ZAR28.7 million) and an additional second provisional payment of $8.6
million (ZAR 66.9 million) related to our 2008 tax year in South Africa. In
addition, we paid our first provisional tax payments of $18.1 million (ZAR 181.5
million) related to our 2009 tax year in South Africa. We also paid taxes of
$1.2 million related to our 2008 tax year in the United States and $1.4 million
(ZAR 13.4 million) related to our 2008 tax year in Europe, primarily Austria.
Finally, we paid Secondary Tax on Companies of $2.2 million (ZAR 22.3 million)
related to dividends paid by one of our South African subsidiaries to Net1.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes
paid during the fiscal period to March 2010 and 2009 were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>Table 21</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="10" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>Nine
      months ended March 31,</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2009</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2010</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>2009</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>$</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>$</B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="12%"><B>ZAR</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>&#145;000</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>First provisional payments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,788 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,497 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>133,522 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>185,068 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Second provisional payments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,595 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">76,826 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Third provisional payments </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>239 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,868 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,789 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>28,704 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Taxation paid related to prior years </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,929 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">29,611 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Taxation refunds received </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(241</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(61</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,913</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(471</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Secondary taxation on companies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,230
    </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">22,318 </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Total tax paid</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>21,715 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>33,129 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>163,009 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>312,445 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Cash
flows from investing activities </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Three
months ended March 31, 2010 </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
used in investing activities for the third quarter of fiscal 2010 includes
capital expenditure of $1.0 million (ZAR 7.4 million), primarily for the
acquisition of POS devices to service our merchant acquiring system,
improvements to leasehold property and the acquisition of computer equipment.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010, we paid $1.0 million (ZAR 7.3 million), net of
cash received, for 100% of the outstanding ordinary capital of MediKredit and
all claims outstanding.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
used in investing activities for the third quarter of fiscal 2009 includes
capital expenditure of $0.4 million (ZAR 4.1 million). </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2009, we paid $3.4 million (ZAR 34.8 million) in
cash to acquire 43,495,150 shares in Finbond Property Finance Company, or
Finbond. In addition, we received 41,137,375 shares as consideration for the
sale of our traditional microlending business to Finbond on March 1, 2009. Under
the Net1 UAT purchase agreement we paid an additional $1.9 million (ZAR 19.1
million) to former shareholders of BGS on March 31, 2009. Finally, in March
2009, we provided additional loan funding to VTU Colombia of approximately $0.2
million.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Nine
months ended March 31, 2010 </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
used in investing activities for the fiscal period to March 2010 includes
capital expenditure of $2.3 million (ZAR 17.6 million), primarily for the
acquisition of POS devices to service our merchant acquiring system,
improvements to leasehold property and the acquisition of computer equipment.
</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2010, we paid $1.0 million (ZAR 7.3 million), net of
cash received, for 100% of the outstanding ordinary capital of MediKredit and
all claims outstanding. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash
used in investing activities for the fiscal period to March 2009 includes
capital expenditure of $3.7 million (ZAR 33.0 million), related to six backend
processing machines to maintain and expand current operations, equipment
acquired for our card manufacturing facility and modifications to vehicles
acquired to distribute social welfare grants.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2009 we paid $97.7 million (ZAR 767.3 million), net
of cash received, for 80.1% of the outstanding ordinary capital of Net1 UAT,
which includes approximately $0.5 million paid to consultants. In addition, we
acquired additional shares of VinaPay for approximately $0.3 million and
acquired additional shares of VTU Colombia for approximately $0.3 million and
provided loan funding of approximately $0.2 million. Finally, during the fiscal
period to March 2009 we paid $3.4 million (ZAR34.8 million) in cash to acquire
Finbond, </P>
<P align=center>41</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Cash
flows from financing activities </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Three
months ended March 31, 2010 </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were no significant cash flows from financing activities during the third
quarter of fiscal 2010. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the third quarter of fiscal 2009, we were required to use our overdraft
facilities. The majority of the amount utilized was repaid in March 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<EM>Nine
months ended March 31, 2010 </EM></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2010 we repurchased, using our ZAR reserves,
9,221,526 shares of our common stock from Brait S.A.&#146;s investment affiliates for
$13.50 (ZAR 105.98) per share, for an aggregate repurchase price of $124.5
million (ZAR 977.3 million). In addition, we incurred costs of approximately
$0.5 million (ZAR 3.9 million) related to the repurchase of these shares. During
the fiscal period to March 2010, we also paid $1.3 million on account of shares
we repurchased on June 30, 2009, under our share buy-back program. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2010 and 2009 we received $0.7 (ZAR 5.5 million) and
$0.2 (ZAR 1.2 million), respectively, from employees exercising stock options
and repaying loans. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the fiscal period to March 2009, we received and repaid the $110 million
short-term loan facility described above. In addition we paid the $1.1 million
facility fee related to this facility. During the fiscal period to March 2009 we
acquired 2,419,581 shares of our common stock for $24.8 million. </P>
<P align=justify><B>Off-Balance Sheet Arrangements</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no off-balance sheet arrangements. </P>
<P align=justify><B>Capital Expenditures</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of our capital expenditures for the past three fiscal years have been funded
through internally generated funds. We had outstanding capital commitments of
$0.2 million as of March 31, 2010. We anticipate that capital spending for the
fourth quarter of fiscal 2010 will relate primarily to on-going replacement of
equipment used to administer and distribute social welfare grants and provide a
switching service through EasyPay. We expect to fund these expenditures through
internally generated funds.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
discuss our capital expenditures during the third quarter of fiscal 2010 under &#150;
&#147;Liquidity and capital resources &#150; Cash flows from investing activities.&#148; </P>
<P align=justify><B>Contingent Liabilities, Commitments and Contractual
Obligations</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
lease various premises under operating leases. Our minimum future commitments
for leased premises as well as other commitments are as follows:</P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left ><B>Table 22</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD colspan="13" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Payments
        due by Period, as at March 31, 2010 (in $ &#146;000s) </B></TD>
      <TD align=right width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="12%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>Less</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>More</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=center width="12%">&nbsp; </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>than 1</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>1-3</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>3-5</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD align=center width="1%" >&nbsp;</TD>
      <TD align=center width="12%"><B>than 5</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Total</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>year</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>years</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>years</B> </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>years</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Interest-bearing liabilities </TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="12%" bgColor=#e6efff>4,272 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="12%" bgColor=#e6efff>4,272 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Operating lease obligations </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="12%">8,021 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >$</TD>
      <TD align=right width="12%">3,188 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >$</TD>
      <TD align=right width="12%">3,680 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >$</TD>
      <TD align=right width="12%">1,153 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="12%">- </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >Purchase obligations </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>2,562 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>2,562 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="12%" bgColor=#e6efff>- </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Capital commitments </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">207
      </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">207
      </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
      <TD align=left width="2%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff >&nbsp; &nbsp; &nbsp;Total </TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>15,062 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>5,957 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>3,680 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>1,153 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>4,272 </TD>
      <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD>
    </TR>
</TABLE>

<P align=center>42</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=justify><B>Item 3. Quantitative and Qualitative Disclosures About
Market Risk </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
seek to reduce our exposure to currencies other than the South African rand, or
ZAR, through a policy of matching, to the extent possible, assets and
liabilities denominated in those currencies. In addition, we use financial
instruments to economically hedge our exposure to exchange rate and interest
rate fluctuations arising from our operations. We are also exposed to equity
price and liquidity risks as well as credit risks. </P>
<P align=justify><B>Currency Exchange Risk </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
are subject to currency exchange risk because we purchase inventories that we
are required to settle in other currencies, primarily the euro and US dollar. We
have used forward contracts to limit our exposure in these transactions to
fluctuations in exchange rates between the ZAR, on the one hand, and the US
dollar and the euro, on the other hand. As of March 31, 2010 and 2009, our
outstanding foreign exchange contracts were as follows:</P>
<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of March 31, 2010 </B></P>

  <table
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellspacing=0 cellpadding=0 width="100%" border=0>
    <tr valign=top>
      <td width="10%" align=center>&nbsp; </td>
      <td align=center width="13%">&nbsp; </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td align=center width="10%">&nbsp; </td>
      <td align=center width="13%">&nbsp; </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td colspan="2" align=center><b>Fair market</b> </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td align=center>&nbsp; </td>
    </tr>
    <tr valign=top>
      <td colspan="2" align=center><b>Notional amount</b> </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td colspan="2" align=center><b>Strike price</b> </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td colspan="2" align=center><b>value price</b> </td>
      <td align=center width="2%"  >&nbsp;</td>
      <td align=center><b>Maturity</b> </td>
    </tr>
    <tr valign=top>
      <td width="10%" align=left bgcolor=#e6efff>&nbsp;EUR </td>
      <td align=right width="13%" bgcolor=#e6efff>30,800 </td>
      <td align=left width="2%"  bgcolor=#e6efff
    >&nbsp;</td>
      <td align=left width="10%" bgcolor=#e6efff>ZAR </td>
      <td align=right width="13%" bgcolor=#e6efff>10.4690 </td>
      <td align=left width="2%"  bgcolor=#e6efff
    >&nbsp;</td>
      <td align=left width="10%" bgcolor=#e6efff>ZAR </td>
      <td align=right width="13%" bgcolor=#e6efff>9.9254 </td>
      <td align=left width="2%"  bgcolor=#e6efff
    >&nbsp;</td>
      <td align=left bgcolor=#e6efff>May 11, 2010 </td>
    </tr>
    <tr valign=top>
      <td width="10%" align=left>&nbsp;EUR </td>
      <td align=right width="13%">207,000 </td>
      <td align=left width="2%"  >&nbsp;</td>
      <td align=left width="10%">ZAR </td>
      <td align=right width="13%">10.1107 </td>
      <td align=left width="2%"  >&nbsp;</td>
      <td align=left width="10%">ZAR </td>
      <td align=right width="13%">10.0644 </td>
      <td align=left width="2%"  >&nbsp;</td>
      <td align=left>July 30, 2010 </td>
    </tr>
</table>

<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
  of March 31, 2009 </B></P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="10%" align=center>&nbsp; </TD>
      <TD align=center width="13%">&nbsp; </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD align=center width="10%">&nbsp; </TD>
      <TD align=center width="13%">&nbsp; </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD colspan="2" align=center><B>Fair market</B> </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD align=center>&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD colspan="2" align=center><B>Notional amount</B> </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD colspan="2" align=center><B>Strike price</B> </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD colspan="2" align=center><B>value price</B> </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD align=center><B>Maturity</B> </TD>
    </TR>
    <TR vAlign=top>
      <TD width="10%" align=left bgColor=#e6efff>&nbsp;EUR </TD>
      <TD align=right width="13%" bgColor=#e6efff>47,651 </TD>
      <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
      <TD align=right width="13%" bgColor=#e6efff>12.8441 </TD>
      <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=left width="10%" bgColor=#e6efff>ZAR </TD>
      <TD align=right width="13%" bgColor=#e6efff>12.7818 </TD>
      <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>April 30, 2009 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="10%" align=left>&nbsp;EUR </TD>
      <TD align=right width="13%">241,500 </TD>
      <TD align=left width="2%"  >&nbsp;</TD>
      <TD align=left width="10%">ZAR </TD>
      <TD align=right width="13%">13.1515 </TD>
      <TD align=left width="2%"  >&nbsp;</TD>
      <TD align=left width="10%">ZAR </TD>
      <TD align=right width="13%">13.0233 </TD>
      <TD align=left width="2%"  >&nbsp;</TD>
      <TD align=left>August 14, 2009 </TD>
    </TR>
  </TABLE>

<P align=justify><B>Translation Risk </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation
risk relates to the risk that our results of operations will vary significantly
as the US dollar is our reporting currency, but we earn most of our revenues and
incur most of our expenses in ZAR. The US dollar to ZAR exchange rate has
fluctuated significantly over the past three years. As exchange rates are
outside our control, there can be no assurance that future fluctuations will not
adversely affect our results of operations and financial condition. </P>
<P align=justify><B>Interest Rate Risk </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of our normal borrowing and leasing activities, our operating results
are exposed to fluctuations in interest rates, which we manage primarily through
our regular financing activities. We generally maintain limited investment in
cash equivalents and have occasionally invested in marketable securities. The
interest earned on our bank balances and short term cash investments is
dependent on the prevailing interest rates in the jurisdictions where our cash
reserves are invested.</P>
<P align=justify><B>Credit Risk</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit
risk relates to the risk of loss that we would incur as a result of
non-performance by counterparties. We maintain credit risk policies with regard
to our counterparties to minimize overall credit risk. These policies include an
evaluation of a potential counterparty&#146;s financial condition, credit rating, and
other credit criteria and risk mitigation tools as our management deems
appropriate.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to credit risk on financial instruments, we maintain a policy of
entering into such transactions only with South African and European financial
institutions that have a credit rating of BBB or better, as determined by credit
rating agencies such as Standard &amp; Poor&#146;s, Moody&#146;s and Fitch Ratings. </P>
<P align=justify><B>Equity Price and Liquidity Risk</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
price risk relates to the risk of loss that we would incur as a result of the
volatility in the exchange-traded price of equity securities that we hold and
the risk that we may not be able to liquidate these securities. We have invested
in approximately 22% of the issued share capital of Finbond Group Limited, or
Finbond, which are exchange-traded equity securities. The fair value of these
securities as of March 31, 2010, represented approximately 1% of our total
assets, including these securities. We expect to hold these securities for an
extended period of time and we are not concerned with short-term equity price
volatility with respect to these securities provided that the underlying
business, economic and management characteristics of the company remain
sound.</P>
<P align=center>43</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
market price of these securities may fluctuate for a variety of reasons,
consequently, the amount we may obtain in a subsequent sale of these securities
may significantly differ from the reported market value. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity
risk relates to the risk of loss that we would incur as a result of the lack of
liquidity on the exchange on which these securities are listed. We may not be
able to sell some or all of these securities at one time, or over an extended
period of time without influencing the exchange traded price, or at all.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table summarizes our exchange traded equity securities with equity
price risk as of March 31, 2010. The effects of a hypothetical 10% increase and
a 10% decrease in market prices as of March 31, 2010 is also shown. The selected
10% hypothetical change does not reflect what could be considered the best or
worst case scenarios. Indeed, results could be far worse due both to the nature
of equity markets and the aforementioned liquidity risk. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="10" align=center style="BORDER-BOTTOM: #000000 1px solid"> <B>As
      of March 31, 2010</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><B>Table 23</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Hypothetical</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Estimated fair</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Percentage</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>value after</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Increase</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Fair</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%">&nbsp; </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>hypothetical</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>(Decrease) in</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>value</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Hypothetical</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>change in price</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD align=center width="1%" >&nbsp;</TD>
    <TD align=center width="12%"><B>Shareholders&#146;</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>($ &#146;000)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>price change</B> </TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>($ &#146;000)</B></TD>
    <TD align=center width="2%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>Equity</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Exchange-traded equity securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,754 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,429 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.21% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,754 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(10)%</TD>
    <TD align=left width="2%" ></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,079 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(0.21)%</TD>
    <TD align=left width="2%" ></TD>
  </TR>
</TABLE>
<P align=justify><B>Item 4. Controls and Procedures</B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Evaluation
of disclosure controls and procedures</EM></B> </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
  the supervision and with the participation of our management, including our
  chief executive officer and our chief financial officer, we conducted an evaluation
  of our disclosure controls and procedures, as such term is defined under Rule
  13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended,
  as of March 31, 2010. Management recognizes that any controls and procedures,
  no matter how well designed and operated, can provide only reasonable assurance
  of achieving their objectives and management necessarily applies its judgment
  in evaluating the cost-benefit relationship of possible controls and procedures.
  Based on this evaluation, the chief executive officer and the chief financial
  officer concluded that our disclosure controls and procedures were effective
  as of March 31, 2010.</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><EM>Changes
in Internal Control over Financial Reporting </EM></B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have not been any changes in our internal control over financial reporting
during the fiscal quarter ended March 31, 2010, that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting. </P>
<P align=center>44</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A>
<P align=center><B>Part II. Other Information</B> </P>
<P align=justify><B>Item 1. Legal Proceedings</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sued SASSA in the South African High Court, the court, alleging that it unlawfully moved beneficiaries to the South African Post Office, or SAPO, in violation of our contract and the Public Finance Management Act, seeking injunctive relief. On January 26, 2010, the court ruled in our favor and directed SASSA to discontinue the registration of any beneficiaries with SAPO until a proper procurement process has been completed. On January 26, 2010, SASSA notified the court and us that it will appeal the court's ruling.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no other material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party or of which any of our property is the subject.</P>
<P align=justify><B>Item 1A. Risk Factors </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See
Item 1A RISK FACTORS in Part I of the Company&#146;s Annual Report on Form 10-K for
the fiscal year ended June 30, 2009, for a discussion of the Company&#146;s risk
factors. We do not believe that there have been any material changes to these
risk factors. </P>
<P align=justify><B>Item 6. Exhibits </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed as part of this Form 10-Q </P>

  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
      <TD align=center><B>Exhibit</B> <BR>
        <B>Number</B> </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><BR>
        <B>Description</B> </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><a href="exhibit31-1.htm">31.1 </a></TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><a href="exhibit31-1.htm">Certification of Principal
        Executive Officer pursuant to Rule 13a-14(a) under the Exchange Act </a></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><a href="exhibit31-2.htm">31.2 </a></TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><a href="exhibit31-2.htm">Certification of Principal
        Financial Officer pursuant to Rule 13a-14(a) under the Exchange Act </a></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><a href="exhibit32-1.htm">32 </a></TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><a href="exhibit32-1.htm">Certification pursuant
        to 18 USC Section 1350 </a></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><a href="exhibit10-49.htm">10.49* </a></TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><a href="exhibit10-49.htm">Amendment
          to Restricted Stock Agreement for Non-U.S. Employees by and Net 1 UEPS
          Technologies, Inc. and Serge C. P. Belamant dated March 18, 2010 </a></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><a href="exhibit10-50.htm">10.50* </a></TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="88%" ><a href="exhibit10-50.htm">Amendment
          to Restricted Stock Agreement for Non-U.S. Employees by and Net 1 UEPS
          Technologies, Inc. and Herman G. Kotze dated March 18, 2010 </a></TD>
    </TR>
</TABLE>

<P align=justify>* Indicates a management contract or compensatory plan or
arrangement. </P>
<P align=center>45</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_48></A>
<P align=justify><B>SIGNATURES </B></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized, on May 6, 2010. </P>
<P style="MARGIN-LEFT: 5%" align=justify>NET 1 UEPS TECHNOLOGIES, INC.</P>
<P style="MARGIN-LEFT: 5%" align=justify>By: /s/ Dr. Serge C.P. Belamant</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Dr. Serge C.P. Belamant<BR></U>Chief
Executive Officer, Chairman of the Board and Director</P>
<P style="MARGIN-LEFT: 5%" align=justify>By: /s/ Herman Gideon Kotz&#233;</P>
<P style="MARGIN-LEFT: 5%" align=justify><U>Herman Gideon Kotz&#233;<BR></U>Chief
Financial Officer, Treasurer and Secretary, Director</P>
<P align=center>46</P>
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<DOCUMENT>
<TYPE>EX-10.49
<SEQUENCE>2
<FILENAME>exhibit10-49.htm
<DESCRIPTION>AMENDMENT TO RESTRICTED STOCK AGREEMENT - SERGE C. P. BELAMANT
<TEXT>



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<P align=justify><B>EXHIBIT 10.49 </B></P>
<P align=center><B>AMENDMENT TO THE </B><BR><B>NET 1 UEPS TECHNOLOGIES, INC.
</B><BR><B>RESTRICTED STOCK AGREEMENT </B><BR><B>FOR NON-U.S. EMPLOYEES
</B><BR></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
AMENDMENT</B> is dated March 18, 2010, and is between <B>NET 1 UEPS
TECHNOLOGIES, INC.</B>, a Florida corporation (the &#147;<U>Company</U>&#148;), and <B>DR.
SERGE C.P. BELAMANT</B> (the &#147;<U>Participant</U>&#148;). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties entered into the Net 1 UEPS Technologies, Inc. Restricted Stock
Agreement for Non-U.S. Employees, effective as of August 7, 2007 (the
&#147;<U>Agreement</U>&#148;). The Agreement evidences the award of 40,000 restricted
shares of Company common stock, par value $0.001 per share, under the Amended
and Restated 2004 Stock Incentive Plan of Net 1 UEPS Technologies, Inc. The
restricted shares vest ratably on September 1 of 2009, 2010, and 2011, based on
the Participant&#146;s continued service to the Company through the applicable
vesting date and a 25% increase, compounded annually, in fundamental earnings
per share (diluted) (expressed in South African rand) (defined in the Agreement
as &#147;<U>Fundamental EPS</U>&#148;) for the 2009, 2010, and 2011 fiscal years. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third
of the restricted shares vested on September 1, 2009, after the Remuneration
Committee of the Board of Directors of the Company used its discretion to
determine that the Fundamental EPS target was met for the fiscal year ending
June 30, 2009, after accounting for unusual and non-recurring events. On
November 5, 2009, the Board of Directors of the Company, upon recommendation of
the Remuneration Committee, determined to amend the award such that the
Fundamental EPS target is 20% for the remaining two tranches of restricted
shares that are scheduled to vest, if at all, on September 1 of 2010 and 2011.
No consent of the Participant is required for the amendment under section 10.3
of the Agreement because the modification would have no materially adverse
effect on the restricted shares. Nevertheless, the parties desire to formally
adopt this Amendment to memorialize the action of the Board of Directors of the
Company on November 5, 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSEQUENTLY,
in consideration for the promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which consideration is hereby
acknowledged, the parties agree to amend the Agreement, effective as of November
5, 2009, as follows: </P>
<P align=justify>&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2(c) is hereby amended by revising the second sentence of that section to read
as follows (revisions marked): </P>
<blockquote>
  <blockquote>
    <p align="justify">Specifically, the financial performance targets set forth
      in the table are based on a <STRIKE>25%</STRIKE><B><U>20% </U></B>increase, compounded annually, in fundamental earnings per share
      (diluted) (expressed in South African rand) (referred to hereafter as
      &#147;<B><I>Fundamental EPS</I></B>&#148;) above the Fundamental EPS for the fiscal
    year ended June 30, 2007.</p>

  </blockquote>
</blockquote>
<p align="justify">&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all other respects, the Agreement is hereby ratified
      and confirmed.</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>[<I>Signature page follows.</I>] </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties are signing this Amendment as of the date stated in the introductory
clause. This Amendment may be executed in two or more counterparts, each being
an original and all of which, when taken together, shall be deemed one
instrument. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>NET 1 UEPS TECHNOLOGIES, INC.
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >By: </TD>
    <TD align=left width="45%" ><U>/s/ Herman Kotz&#233;</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Herman Kotz&#233; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Chief Financial Officer,
      Secretary and Treasurer </TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=justify><U>/s/ Serge C. P. Belamant</U> </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>DR. SERGE C.P. BELAMANT </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>3
<FILENAME>exhibit10-50.htm
<DESCRIPTION>AMENDMENT TO RESTRICTED STOCK AGREEMENT - HERMAN G. KOTZE
<TEXT>



<HTML>
<HEAD>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=justify><B>EXHIBIT 10.50 </B></P>
<P align=center><B>AMENDMENT TO THE </B><BR><B>NET 1 UEPS TECHNOLOGIES, INC.
</B><BR><B>RESTRICTED STOCK AGREEMENT </B><BR><B>FOR NON-U.S. EMPLOYEES
</B><BR></P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
AMENDMENT</B> is dated March 18, 2010, and is between <B>NET 1 UEPS
TECHNOLOGIES, INC.</B>, a Florida corporation (the &#147;<U>Company</U>&#148;), and
<B>HERMAN KOTZ&#201;</B> (the &#147;<U>Participant</U>&#148;). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties entered into the Net 1 UEPS Technologies, Inc. Restricted Stock
Agreement for Non-U.S. Employees, effective as of August 7, 2007 (the
&#147;<U>Agreement</U>&#148;). The Agreement evidences the award of 40,000 restricted
shares of Company common stock, par value $0.001 per share, under the Amended
and Restated 2004 Stock Incentive Plan of Net 1 UEPS Technologies, Inc. The
restricted shares vest ratably on September 1 of 2009, 2010, and 2011, based on
the Participant&#146;s continued service to the Company through the applicable
vesting date and a 25% increase, compounded annually, in fundamental earnings
per share (diluted) (expressed in South African rand) (defined in the Agreement
as &#147;<U>Fundamental EPS</U>&#148;) for the 2009, 2010, and 2011 fiscal years. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third
of the restricted shares vested on September 1, 2009, after the Remuneration
Committee of the Board of Directors of the Company used its discretion to
determine that the Fundamental EPS target was met for the fiscal year ending
June 30, 2009, after accounting for unusual and non-recurring events. On
November 5, 2009, the Board of Directors of the Company, upon recommendation of
the Remuneration Committee, determined to amend the award such that the
Fundamental EPS target is 20% for the remaining two tranches of restricted
shares that are scheduled to vest, if at all, on September 1 of 2010 and 2011.
No consent of the Participant is required for the amendment under section 10.3
of the Agreement because the modification would have no materially adverse
effect on the restricted shares. Nevertheless, the parties desire to formally
adopt this Amendment to memorialize the action of the Board of Directors of the
Company on November 5, 2009. </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONSEQUENTLY,
in consideration for the promises contained herein, and other good and valuable
consideration, the receipt and sufficiency of which consideration is hereby
acknowledged, the parties agree to amend the Agreement, effective as of November
5, 2009, as follows: </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
2(c) is hereby amended by revising the second sentence of that section to read
as follows (revisions marked): </P>
<blockquote>
  <blockquote>
    <p align="justify">Specifically, the financial performance targets set forth in
          the table are based on a <STRIKE>25%</STRIKE><B><U>20%</U></B> increase,
          compounded annually, in fundamental earnings per share (diluted) (expressed in
          South African rand) (referred to hereafter as &#147;<B><I>Fundamental EPS</I></B>&#148;)
          above the Fundamental EPS for the fiscal year ended June 30, 2007. </p>
  </blockquote>
</blockquote>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
all other respects, the Agreement is hereby ratified and confirmed. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>[<I>Signature page follows.</I>] </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties are signing this Amendment as of the date stated in the introductory
clause. This Amendment may be executed in two or more counterparts, each being
an original and all of which, when taken together, shall be deemed one
instrument. </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>NET 1 UEPS TECHNOLOGIES, INC.
</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Serge C. P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Dr. Serge C.P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="45%" >Chairman and Chief Executive
      Officer </TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=justify><U>/s/ Herman Kotz&#233;</U> </P>
<P style="MARGIN-LEFT: 50%" align=justify><B>HERMAN KOTZ&#201; </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>exhibit31-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>



<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 31.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 31.1 </B></P>
<P align=center>CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER<BR>PURSUANT TO
RULES 13A-14(A) AND 15D-14(A)<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED<BR></P>
<P align=justify>I, Serge Belamant, certify that:</P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this quarterly
report on Form 10-Q of Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;) for the quarter
ended March 31, 2010;</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations and cash flows of Net1 as of, and for, the periods presented in this
report;</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1&#146;s other certifying
officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for Net1 and have:</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to Net1, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) Evaluated the effectiveness of Net1&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) Disclosed in this report any change in Net1&#146;s internal control over
financial reporting that occurred during Net1&#146;s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, Net1&#146;s
internal control over financial reporting; and</P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1&#146;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to Net1&#146;s auditors and the Audit Committee of
Net1&#146;s Board of Directors (or persons performing the equivalent functions):</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect Net1&#146;s ability to record, process, summarize and
report financial information; and</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in Net1&#146;s internal control over financial
reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: May 6, 2010 </TD>
    <TD align=left width="35%"><U>/s/ Dr. Serge C. P. Belamant</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%">Dr. Serge C. P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%">Chief executive officer
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>5
<FILENAME>exhibit31-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>



<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 31.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 31.2 </B></P>
<P align=center>CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER<BR>PURSUANT TO
RULES 13A-14(A) AND 15D-14(A)<BR>UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED<BR></P>
<P align=justify>I, Herman Kotz&#233;, certify that:</P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this quarterly
report on Form 10-Q of Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;) for the quarter
ended March 31, 2010;</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;</P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the
financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of
operations and cash flows of Net1 as of, and for, the periods presented in this
report;</P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1&#146;s other certifying
officer and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for Net1 and have:</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to Net1, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles; </P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c) Evaluated the effectiveness of Net1&#146;s disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d) Disclosed in this report any change in Net1&#146;s internal control over
financial reporting that occurred during Net1&#146;s most recent fiscal quarter that
has materially affected, or is reasonably likely to materially affect, Net1&#146;s
internal control over financial reporting; and</P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net1&#146;s other certifying
officer and I have disclosed, based on our most recent evaluation of internal
control over financial reporting, to Net1&#146;s auditors and the Audit Committee of
Net1&#146;s Board of Directors (or persons performing the equivalent functions):</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect Net1&#146;s ability to record, process, summarize and
report financial information; and</P>
<P
align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in Net1&#146;s internal control over financial
reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: May 6, 2010 </TD>
    <TD align=left width="35%" ><U>/s/ Herman Gideon Kotz&#233;</U>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Herman Gideon Kotz&#233; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Chief financial officer
  </TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>6
<FILENAME>exhibit32-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>



<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 32.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=right><B>Exhibit 32 </B></P>
<P align=center>CERTIFICATION<BR>PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED
PURSUANT TO <BR>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 <BR></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with the quarterly report of Net 1 UEPS Technologies, Inc. (&#147;Net1&#148;)
on Form 10-Q for the quarter ended March 31, 2010, as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), Dr. Serge Belamant
and Herman Kotz&#233;, Chief Executive Officer and Chief Financial Officer,
respectively, of Net1, certify, pursuant to 18 U.S.C. &#167; 1350, as adopted
pursuant to 906 of the Sarbanes-Oxley Act of 2002, that to their knowledge:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>The Report fully complies with the requirements of
      Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
      and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>The information contained in the Report fairly presents,
      in all material respects, the financial condition and results of
      operations of Net1.</P></TD></TR></TABLE>
<P><BR>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: May 6, 2010 </TD>
    <TD align=left width="35%" ><U>/s/: Dr. Serge C. P.
      Belamant</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Name: Dr. Serge C. P. Belamant
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Chief Executive Officer and
      Chairman </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >of the Board </TD></TR>
  <TR>
    <TD align=left>&nbsp; </TD>
    <TD width="35%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Date: May 6, 2010 </TD>
    <TD align=left width="35%" ><U>/s/: Herman Kotz&#233;</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Name: Herman Kotz&#233; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Chief Financial Officer,
      Treasurer and </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="35%" >Secretary
</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
