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<SEC-DOCUMENT>0001062993-10-003619.txt : 20101109
<SEC-HEADER>0001062993-10-003619.hdr.sgml : 20101109
<ACCEPTANCE-DATETIME>20101109162523
ACCESSION NUMBER:		0001062993-10-003619
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101109
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101109
DATE AS OF CHANGE:		20101109

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		101176567

	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>8-K
<SEQUENCE>1
<FILENAME>form8k.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Form 8K - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

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<P align=center><B><FONT size=5>UNITED STATES</FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>Washington, D.C. 20549
<BR>___________________________</B></P>
<P align=center><B><FONT size=5>FORM 8-K</FONT></B></P>
<P align=center><B>CURRENT REPORT<BR></B><B>Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</B></P>
<P align=center>Date of Report (Date of earliest event reported): November 9,
2010</P>
<P align=center><B><U><FONT size=5>NET 1 UEPS TECHNOLOGIES,
INC.</FONT></U><BR></B>(Exact name of registrant as specified in its
charter)</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=center><U><B>Florida </B></U></TD>
    <TD width="33%" align=center><U><B>000-31203 </B></U></TD>
    <TD width="33%" align=center><U><B>98-0171860 </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction </TD>
    <TD width="33%" align=center>(Commission </TD>
    <TD width="33%" align=center>(IRS Employer </TD></TR>
  <TR vAlign=top>
    <TD align=center>of incorporation) </TD>
    <TD width="33%" align=center>File Number) </TD>
    <TD width="33%" align=center>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><U>Rosebank, Johannesburg, South
Africa</U><BR></B>(Address of principal executive offices) (ZIP Code)</P>
<P align=center>Registrant&#146;s telephone number, including area code:
<B>011-27-11-343-2000</B></P>
<P align=center>Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:</P>
<P align=center>[ ] Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)</P>
<P align=center>[ ] Soliciting material pursuant to Rule 14a-12 under the
Exchange Act (17 CFR 240.14a -12)</P>
<P align=center>[ ] Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d -2(b))</P>
<P align=center>[ ] Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e -4(c))</P>
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width="100%" noShade>
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<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>2.02.</B> </TD>
    <TD width="90%" align=left><B>Results of Operations and Financial
      Condition.</B> </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Item</B> <B>7.01.</B> </TD>
    <TD width="90%" align=left><B>Regulation FD Disclosure.</B>
</TD></TR></TABLE>
<P align=justify>The following information is furnished pursuant to Item 2.02,
&#147;Results of Operations and Financial Condition&#148; and Item 7.01, &#147;Regulation FD
Disclosure.&#148;</P>
<P align=justify>On November 9, 2010, Net 1 UEPS Technologies, Inc. (&#147;Net1&#148; or
the &#147;Company&#148;) issued a press release setting forth Net1&#146;s financial results for
first quarter of fiscal 2011. A copy of Net1&#146;s press release is attached as
Exhibit 99.1. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left ><B>Item 9.01.</B> </TD>
    <TD width="90%" align=left><B>Financial Statements and Exhibits.</B>
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%"  >&nbsp;</TD>
    <TD align=left >(d) </TD>
    <TD width="90%" align=left>Exhibits </TD>
  </TR>
  <TR>
    <TD bgColor=#ffffff  width="5%">&nbsp;</TD>
    <TD  align=left>&nbsp;</TD>
    <TD  width="90%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff width="5%" ><a href="exhibit99-1.htm"></a></TD>
    <TD bgColor=#eeeeee align=left ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD bgColor=#eeeeee width="90%" align=left><a href="exhibit99-1.htm">Press
      Release, dated November 9, 2010, issued by Net 1 UEPS Technologies, Inc.
      </a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Exchange Act of 1934, the registrant has duly caused this report
to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="50%" colSpan=2 align=left><B>NET 1 UEPS TECHNOLOGIES, INC.
    </B></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="5%" >&nbsp; </TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >Date: November 9, 2010 </TD>
    <TD width="5%" align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" align=left>/s/
      Serge Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="5%" align=left >&nbsp; </TD>
    <TD width="45%" align=left>Dr. Serge C.P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="5%" align=left >&nbsp; </TD>
    <TD width="45%" align=left>Chief Executive Officer and Chairman of </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="5%" align=left >&nbsp; </TD>
    <TD width="45%" align=left>the Board </TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE, DATED NOVEMBER 9, 2010
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
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<P align=right><B>Ex 99.1</B></P>
<P align=justify><B>Net 1 UEPS Technologies, Inc. Announces 2011 First Quarter
Results</B></P>
<P align=justify>JOHANNESBURG, November 9, 2010 &#150; Net 1 UEPS Technologies, Inc.
(&#147;Net1&#148; or the &#147;Company&#148;) (Nasdaq: UEPS; JSE: NT1) today announced results for
the three months ended September 30, 2010 (&#147;1Q 2011&#148;). Revenue for 1Q 2011 was
$64.3 million, a year over year decrease of 2% in US dollars (&#147;USD&#148;) and 7% in
constant currency. During 1Q 2011, net income under US generally accepted
accounting principles (&#147;GAAP&#148;) was $7.4 million versus net income of $17.9
million for the three months ended September 30, 2009 (&#147;1Q 2010&#148;). GAAP earnings
per share for 1Q 2011 was $0.16 versus GAAP earnings per share of $0.37 a year
ago. Fundamental earnings per share for 1Q 2011 was $0.36 compared to $0.45 for
1Q 2010, representing a decrease of 20% in USD and 24% in constant currency.</P>
<P align=justify><B>Summary Financial Metrics</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="90%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="49%" colSpan=10 align=center><B><U>Three months ended September
      30,</U></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>% change</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>% change</U></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><B><U>2010</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>2009</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>in USD</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>in ZAR</U></B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>(All figures in USD &#145;000s except per share data)</I> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Revenue </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>64,283 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>65,514 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(2</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(7</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD></TR>
  <TR vAlign=top>
    <TD align=left>GAAP net income </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,429 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>17,941 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(59</TD>
    <TD width="2%" align=left>)% </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(61</TD>
    <TD width="2%" align=left>)% </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Fundamental net income (1) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>16,527 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>21,804 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(24</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(28</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD></TR>
  <TR vAlign=top>
    <TD align=left>GAAP earnings per share ($) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.16 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.37 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(57</TD>
    <TD width="2%" align=left>)% </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(59</TD>
    <TD width="2%" align=left>)% </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Fundamental earnings per share ($) (1) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.36 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.45 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(20</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(24</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Fully-diluted shares outstanding (&#145;000&#146;s) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>45,415 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>48,918 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(7</TD>
    <TD width="2%" align=left>)% </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Average period USD/ ZAR exchange rate </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7.41 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7.82 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(5</TD>
    <TD bgColor=#e6efff width="2%" align=left>)% </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>(1) Fundamental net income and earnings per share is GAAP net
income and earnings per share excluding the amortization of acquisition-related
intangible assets, net of deferred taxes, and stock-based compensation charges.
In addition, the calculation of fundamental net income and earnings per share
for 1Q 2011 also excludes transaction-related costs and an unrealized foreign
exchange loss (related to foreign exchange contracts entered into in order to
hedge the fluctuations in the ZAR/ US dollar related to the anticipated flow of
funds from South Africa to the United States to fund a portion of the KSNET
(&#147;KSNET&#148;) purchase price).</P>
<P style="MARGIN-LEFT: 5%" align=justify>The following factors had significant
impact on the comparability of our 1Q 2011 and 1Q 2010 results:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P><B><I>SASSA price and volume reductions: </I></B>The Company&#146;s new contract
  with SASSA has reduced its revenue and operating income as a result of the
  previously announced price and volume reductions; </P>
  <LI>
  <P><B><I>Favorable impact from the weakness of the US dollar: </I></B>The US
  dollar depreciated by 5% compared to the ZAR during the first quarter of
  fiscal 2011 compared to fiscal 2010 which has had a positive impact on the
  Company&#146;s reported results; </P>
  <LI>
  <P><B><I>Increased transaction volumes at EasyPay: </I></B>Reported results
  were favorably impacted by increased transaction volumes at EasyPay resulting
  from growth in value-added services; </P>
  <LI>
  <P><B><I>Increased revenue from MediKredit and FIHRST at lower operating
  margins than other transaction-based</I></B> <B><I>activity business:
  </I></B>The Company&#146;s MediKredit and FIHRST acquisitions positively impacted
  its revenue during the first quarter of fiscal 2011; however, because
  MediKredit generated a modest operating loss and FIHRST&#146;s operating margin is
  lower than the Company&#146;s other transaction-based activity businesses, they
  negatively impacted its operating margin. The inclusion of these businesses in
  the Company&#146;s results has also contributed to the increase in selling, general
  and administration expense; </P>
  <LI>
  <P><B><I>Increased user adoption in Iraq: </I></B>Reported results were
  positively impacted by increased transaction revenues from the adoption of the
  Company&#146;s UEPS technology in Iraq; </P>
  <LI>
  <P><B><I>Lower revenues and margins from hardware, software and related
  technology sales segment: </I></B>The Company&#146;s hardware, software and related
  technology sales segment continues to be adversely impacted by lower revenues
  generated by card sales and software maintenance and development activities
  and fewer ad hoc sales to Iraq when compared to a year ago, partially offset
  by increased hardware sales by Net1 UTA; </P>
  <LI>
  <P><B><I>Intangible asset amortization related to acquisitions:
  </I></B>Reported results were adversely impacted by additional intangible
  asset amortization of approximately $0.5 million related to the acquisitions
  of MediKredit and FIHRST during the third quarter of fiscal 2010; and </P>
  <LI>
  <P><B><I>Non-recurring items included in selling, general and administration
  expense: </I></B>During the first quarter of fiscal 2011, the Company
  recognized, in selling, general and administration expense, an unrealized
  foreign exchange loss of $2.6 million and incurred transaction-related
  expenses of $3.4 million, primarily for the acquisition of KSNET. </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
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<P align=justify><B>Comments and Outlook </B></P>
<P align=justify>&#147;Our first quarter of fiscal 2011 was negatively impacted by
the reduction in the economics of our contract with SASSA. Following the recent
changes in the South African cabinet, we expect to work with the new leadership
in the ensuing months to define a long-term solution for the administration of
social grants in South Africa,&#148; said Dr. Serge Belamant, Chairman and Chief
Executive Officer of Net1. &#147;Our growth initiatives within South Africa and
internationally, specifically in Iraq and Ghana, our new technologies such as
Virtual Card and EasyPay Kiosks and increasing contributions from our
acquisitions of KSNET, MediKredit and FIHRST leave us well-positioned to drive
long-term revenue, earnings and cash flows. We remain committed to achieving
long-term sustainable growth for the Company and thus for all of our
stakeholders. Finally, I would also like to welcome the KSNET team to the Net1
family and we look forward to a prosperous relationship with them,&#148; he
concluded.</P>
<P align=justify>&#147;Our guidance of Fundamental EPS of at least $1.50 on a
constant USD/ZAR currency basis for fiscal 2011 remains dependent on the
continuation of our SASSA contract beyond March 31, 2011, on similar terms, as
well as the incorporation of KSNET&#146;s results on a US GAAP basis with effect from
November 2010,&#148; said Herman Kotz&#233;, Chief Financial Officer of Net1. </P>
<P align=justify><B>Results of Operations</B></P>
<P align=justify>Net1&#146;s frequently asked questions and operating metrics will be
updated and posted on the Company&#146;s website (<U><FONT
color=#0000ff>www.net1.com</FONT></U>).</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Transaction-based
activities</I></B></P>
<P align=justify>Transaction-based activities revenue was $44.9 million,
consistent when compared with 1Q 2010 in USD and 5% lower on a constant currency
basis. In ZAR, the decreases in revenue were primarily due to the new SASSA nine
month contract at lower economics, which was partially offset by increased
transaction volumes at EasyPay, increased utilization of our UEPS system in Iraq
and the inclusion of MediKredit and FIHRST. Operating margin decreased to 40%
from 59% during 1Q 2011 primarily due to the lower revenues generated under our
SASSA contract, additional intangible asset amortization related to the
acquisition of MediKredit and FIHRST and lower margins in our recently-acquired
transaction processing operations compared with legacy transaction-based
activities, which was partially offset by increased transaction fees from the
utilization of our UEPS system in Iraq. Excluding amortization of
acquisition-related intangibles, 1Q 2011 segment operating margin was 43%
compared with 61% during 1Q 2010.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Smart card accounts</I></B></P>
<P align=justify>Smart card account revenue was $8.0 million, down 1% compared
with 1Q 2010 in USD and 6% lower on a constant currency basis. Operating margin
for the segment remained consistent at 45%.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Financial services</I></B></P>
<P align=justify>Financial services revenue was $1.2 million, up 58% compared
with 1Q 2010 in USD and 49% higher on a constant currency basis, principally due
to an increase in lending activities. Operating margin for this segment
increased to 74% from 67% in 1Q 2010 largely as a result of the increased
lending activities.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Hardware, software and related
technology sales</I></B></P>
<P align=justify>Hardware, software and related technology sales revenue was
$10.2 million, down 13% compared with 1Q 2010 in USD and 17% lower on a constant
currency basis. The decrease in revenue and operating income for 1Q 2011 was
primarily due to lower revenues generated by card sales and software maintenance
and development, as well as lower ad hoc hardware sales to Iraq in 2011 as
compared with the prior year, which was offset partially by increased hardware
sales by Net1 UTA. In ZAR, the decrease in operating income was primarily due to
lower sales activity. Excluding amortization of all intangibles and the
impairment of goodwill, segment operating margin was (3)% compared to 7% during
1Q 2010.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Cash flow and
liquidity</I></B></P>
<P align=justify>At September 30, 2010, the Company had cash and cash
equivalents of $200 million, up from $154 million at June 30, 2010. For 1Q 2011,
the Company generated operating cash flow of $30.2 million, compared to $37.0
million in 1Q 2010. The decrease in operating cash flow resulted mainly from the
SASSA price and volume reductions which were effective July 1, 2010. Capital
expenditures for 1Q 2011 and 2010 were $0.8 million and $0.6 million,
respectively. During 1Q 2011, the Company did not repurchase any shares under
its $100 million authorization. On October 29, 2010, we used approximately $124
million of our cash to fund a portion of the KSNET purchase price.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=justify><B>Use of Non-GAAP Measures</B></P>
<P align=justify>US securities laws require that when the Company publishes any
non-GAAP measures, it discloses the reason for using the non-GAAP measure and
provides a reconciliation to the directly comparable GAAP measure. The
presentation of fundamental net income and fundamental earnings per share and
headline earnings per share are non-GAAP measures.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Fundamental net income and
fundamental earnings per share</I></B></P>
<P align=justify>The Company&#146;s GAAP net income and earnings per share for 1Q
2011 and 1Q 2010 include amortization of intangible assets and stock-based
compensation. In addition, GAAP net income and earnings per share for 1Q 2011
includes transaction-related costs and an unrealized foreign exchange loss
described above. The Company excludes all of the above-mentioned amounts when
calculating fundamental net income and earnings per share, because management
believes that these adjustments enhance its own evaluation, as well as an
investor&#146;s understanding, of the Company&#146;s financial performance. Attachment B
presents the reconciliation between GAAP and fundamental net income and earnings
per share.</P>
<P style="MARGIN-LEFT: 5%" align=justify><B><I>Headline earnings per share
(&#147;HEPS&#148;)</I></B></P>
<P align=justify>The inclusion of HEPS in this press release is a requirement of
the Company&#146;s listing on the JSE. HEPS basic and diluted is calculated using net
income which has been determined based on GAAP. Accordingly, this may differ to
the headline earnings per share calculation of other companies listed on the JSE
as these companies may report their financial results under a different
financial reporting framework, including but not limited to, International
Financial Reporting Standards. HEPS basic and diluted is calculated as GAAP net
income adjusted for the loss (profit) on sale of property, plant and equipment,
net of related tax effects. Attachment C presents the reconciliation between the
Company&#146;s net income used to calculate earnings per share basic and diluted and
HEPS basic and diluted.</P>
<P align=justify><B>Conference Call</B></P>
<P align=justify>Net1 will host a conference call to review first quarter
results on November 10, 2010, at 8:00 a.m. Eastern Time. To participate in the
call, dial 1-800-860-2442 (U.S. only), 1-866-605-3852 (Canada only),
0-800-917-7042 (U.K. only) or 0-800-200-648 (South Africa only) five minutes
prior to the start of the call. Callers should request &#147;Net1 call&#148; upon dial-in.
The call will also be webcast on the Net1 homepage, <U><FONT
color=#0000ff>www.net1.com</FONT></U>. Please click on the webcast link at least
10 minutes prior to the call. A webcast of the call will be available for replay
on the Net1 website through December 1, 2010.</P>
<P align=justify><B>About Net1</B> (<U><FONT
color=#0000ff>www.net1.com</FONT></U>)</P>
<P align=justify>Net1 provides its universal electronic payment system, or UEPS,
as an alternative payment system for the unbanked and under-banked populations
of developing economies. Net1&#146;s market-leading system enables the estimated four
billion people who generally have limited or no access to a bank account, to
enter affordably into electronic transactions with each other, government
agencies, employers, merchants and other financial service providers. Net1&#146;s
universal electronic payment system, or UEPS, uses smart cards that operate in
real-time but offline, unlike traditional payment systems offered by major
banking institutions that require immediate access through a communications
network to a centralized computer. This offline capability means that users of
the Net1 system can enter into transactions at any time with other card holders
even in the most remote areas so long as a portable offline smart card reader is
available. In addition to payments and purchases, UEPS can be used for banking,
healthcare management, international money transfers, voting and identification.
</P>
<P align=justify>Net1 also focuses on the development and provision of secure
transaction technology, solutions and services and offers transaction
processing, financial and clinical risk management solutions to both funders and
providers of healthcare. Its core competencies around secure online transaction
processing, cryptography and integrated circuit card (chip/smartcard)
technologies are principally applied to electronic commerce transactions in the
telecommunications, banking, retail, petroleum and utilities market sectors.
</P>
<P align=justify>Net1 recently acquired KSNET, Inc. KSNET services a broad
range of industries in Korea, including credit card, retail and wholesale
merchant, financial institutions, governmental organizations, utility companies
and e-commerce businesses. It offers payment processing solutions including
payment card and banking value added networks, payment gateways, cash receipt,
purchase cards and point cards. It has a diverse merchant base and processed
over 1.4 billion transactions in 2009.</P>
<P align=justify>Net1 has a primary listing on the Nasdaq and a secondary
listing on the JSE Limited.</P>
<P align=justify><B>Forward-Looking Statements</B></P>
<P align=justify>This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties. A discussion of various
factors that cause the Company&#146;s actual results, levels of activity, performance
or achievements to differ materially from those expressed in such
forward-looking statements are included in the Company&#146;s filings with the
Securities and Exchange Commission. The Company undertakes no obligation to
revise any of these statements to reflect future circumstances or the occurrence
of unanticipated events.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<P align=justify><B>Investor Relations Contact:<BR></B>Dhruv Chopra<BR>Vice
President of Investor Relations <BR>Phone: +1-212-626-6675 <BR>Email: <U><FONT
color=#0000ff>dchopra@net1.com</FONT></U></P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC.<BR> Unaudited Condensed
Consolidated Statements of Operations</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Three months ended</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=4
    align=center><B>September 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%"
      align=center><B>2010</B> </TD>
    <TD  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=center><B>2009</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>(In thousands, except per share
      data) </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>REVENUE </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="27%" align=right>&nbsp;64,283 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="12%" align=right>&nbsp;65,514 </TD>
  <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#FFFFFF">EXPENSE </TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp;</TD>
    <TD width="27%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp; </TD>
    <TD  width="2%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp;</TD>
    <TD width="12%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp; </TD>
  <TD  width="2%" align=left vAlign=bottom bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp;&nbsp;&nbsp;Cost of goods sold, IT
    processing, servicing and support</TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="27%" align=right vAlign=bottom>18,067 </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>16,827 </TD>
  <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>&nbsp; &nbsp; &nbsp;Selling, general and
      administration </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>30,326 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>17,740 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp; &nbsp; &nbsp;Depreciation and amortization </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="27%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">4,904 </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">4,579 </TD>
  <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>OPERATING INCOME </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>10,986 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>26,368 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>INTEREST INCOME, net </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="27%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">2,836 </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">2,371 </TD>
  <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>INCOME BEFORE INCOME TAXES </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>13,822 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>28,739 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>INCOME TAX EXPENSE </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="27%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">6,207 </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">11,031 </TD>
  <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>NET INCOME FROM CONTINUING OPERATIONS
      BEFORE <BR>
    LOSS FROM EQUITY- ACCOUNTED INVESTMENTS </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>7,615 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>17,708 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>LOSS FROM EQUITY-ACCOUNTED INVESTMENTS </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="27%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">(216</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">(111</TD>
  <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>NET INCOME </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>7,399 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>17,597 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>ADD: NET LOSS ATTRIBUTABLE TO NON- </TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="27%" 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 bgColor=#FFFFFF align=left>CONTROLLING INTEREST </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#FFFFFF vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#FFFFFF vAlign=bottom
    width="27%" align=right>(30</TD>
    <TD bgColor=#FFFFFF vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#FFFFFF vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#FFFFFF vAlign=bottom
    width="12%" align=right>(344</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#FFFFFF vAlign=bottom
     width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>NET INCOME ATTRIBUTABLE TO NET1 </TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="27%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 2px solid">&nbsp;7,429 </TD>
    <TD
    width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD
    width="1%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 2px solid">$</TD>
    <TD width="12%"
    align=right vAlign=bottom style="BORDER-BOTTOM: #000000 2px solid">&nbsp;17,941 </TD>
  <TD
    width="2%" align=left vAlign=bottom style="BORDER-BOTTOM: #000000 2px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left><B>Net income per share, in United States
      dollars</B> </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=left>&nbsp; </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=left>&nbsp; </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; Basic earnings attributable to
      Net1 shareholders </TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="27%" align=right vAlign=bottom>0.16 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="12%" align=right vAlign=bottom>0.37 </TD>
  <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#FFFFFF align=left>&nbsp;&nbsp;&nbsp;&nbsp; Diluted earnings
      attributable to Net1 shareholders </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="27%" align=right>0.16 </TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#FFFFFF vAlign=bottom  width="1%" align=left>$</TD>
    <TD bgColor=#FFFFFF vAlign=bottom width="12%" align=right>0.37 </TD>
  <TD bgColor=#FFFFFF vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
</TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC. <BR>Condensed Consolidated
Balance Sheets</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B>Unaudited</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="12%" align=center><B>(A)</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="12%" align=center nowrap><B>June 30,</B> </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=center><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=center><B>2010</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center nowrap>(In thousands, except share data)    </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=center><B>ASSETS</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>CURRENT ASSETS </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Cash and cash equivalents </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;200,161
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>&nbsp;153,742
</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Pre-funded social welfare grants receivable </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>4,597 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>6,660 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Accounts receivable, net of allowances of &#150; September: $885;
      June: $807 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>37,225 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>41,854 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&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; September: $-;
      June: $- </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>5,523 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>4,221 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Deferred expenditure on smart cards </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>2 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Inventory </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>6,144 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>3,622 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Deferred income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>18,546 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>16,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&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;
      Total current assets before settlement assets </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>272,198 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>226,429 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Settlement assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>107,407 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>83,661 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&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;
      Total current assets </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>379,605 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>310,090 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>OTHER LONG-TERM ASSETS, including available
      for sale securities </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>8,130 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>7,423 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>DEPRECIATION OF &#150; September: $39,683; June:
      $35,271 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>7,637 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>7,286 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>EQUITY-ACCOUNTED INVESTMENTS </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,376 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>2,598 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>GOODWILL </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>83,203 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>76,346 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>INTANGIBLE ASSETS, NET OF ACCUMULATED AMORTIZATION OF &#150;
      September: $41,477; June: $34,226 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>71,646 </TD>
    <TD vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>68,347 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>TOTAL ASSETS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>552,597 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>472,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>LIABILITIES</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>CURRENT LIABILITIES </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Accounts payable </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>5,175 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>3,596 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Other payables </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>58,847 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>50,855 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Income taxes payable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>9,330 </TD>
    <TD vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>3,476 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total current liabilities before settlement obligations </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>73,352 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>57,927 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Settlement obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>107,407 </TD>
    <TD vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>83,661 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total current
      liabilities </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>180,759 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>141,588 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>DEFERRED INCOME TAXES </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>43,766 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>38,858 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>OTHER LONG-TERM LIABILITIES, including
      non-controlling interest loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>4,413 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>4,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL LIABILITIES</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>228,938 </TD>
    <TD vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>184,789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>COMMITMENTS AND CONTINGENCIES </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><B>EQUITY</B> </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;NET1 EQUITY: </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;COMMON STOCK </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff
      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;
      Authorized: 200,000,000 with $0.001 par
      value;&nbsp;<BR>&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 - September:
      <BR>&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;
      45,392,353; June: 45,378,397 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><BR><BR>59 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><BR><BR>59 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;PREFERRED STOCK </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff
      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;
      Authorized shares: 50,000,000 with $0.001 par
      value;&nbsp;<BR>&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: 2010: -; 2009: - </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><BR>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right><BR>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&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 vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>134,841 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>133,543 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff
      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;
      TREASURY SHARES, AT COST: September: 13,149,042; June: 13,149,042 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(173,671</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="12%" align=right>(173,671</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </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 vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(38,906</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>(66,396</TD>
    <TD vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;RETAINED EARNINGS </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>399,772 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>392,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&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 vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>322,095 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=right>285,878 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;NON-CONTROLLING INTEREST </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>1,564 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>1,423 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>323,659 </TD>
    <TD vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="12%"
    align=right>287,301 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>TOTAL LIABILITIES AND SHAREHOLDERS&#146;
      EQUITY</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;552,597 </TD>
    <TD bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="12%" align=right>&nbsp;472,090 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&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 vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="12%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A>
<P align=center><B>NET 1 UEPS TECHNOLOGIES, INC.<BR> Unaudited Condensed
Consolidated Statements of Cash Flows</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=4
    align=center><B>Three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=4
    align=center><B>September 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=center><B>2010</B> </TD>
    <TD  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=center><B>2009</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=center>(In thousands) </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cash flows from operating activities</B>
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;7,399 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;17,597 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Depreciation and amortization </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>4,904 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>4,579 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss from equity-accounted investments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>216 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>111 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Fair value adjustments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(3,106</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(142</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest payable </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>73 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>78 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Profit on disposal of property, plant and
      equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(5</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(1</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock-based compensation charge </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,438 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,422 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Decrease in accounts receivable, pre-funded
      social welfare grants receivable and finance loans receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>10,957 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,529 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Increase in deferred expenditure on smart cards </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(30</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>(Increase) Decrease in inventory </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(2,102</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,015 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Increase in accounts payable and other payables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,025 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>25 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Increase in taxes payable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,134 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>6,211 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Decrease) Increase in deferred taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(773</TD>
    <TD  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>575
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net
      cash provided by operating activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>30,158 </TD>
    <TD bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>36,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Cash flows from investing activities</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Capital expenditures </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(768</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(641</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Proceeds from disposal of property, plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>49 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Repayment of loan by equity-accounted
      investment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(375</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Advance of loans to equity-accounted investment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>373 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Net change in settlement assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>(15,544</TD>
    <TD bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;<B>Net cash used in investing
      activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>(16,307</TD>
    <TD  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(592</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cash flows from financing activities</B>
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Proceeds from issue of share capital, net of share issue
      expenses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>20 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>720 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Treasury stock acquired </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(126,304</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net change in settlement obligations </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>15,544 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Proceeds from bank overdrafts </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Repayment of loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>- </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(137</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;<B>Net cash generated
      from (used in) financing activities</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>15,564 </TD>
    <TD bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>(125,721</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Effect of exchange rate changes on cash </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>17,004 </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>7,870
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net increase (decrease) in cash and cash equivalents</B>
    </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>46,419 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(81,474</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cash and cash equivalents &#150; beginning of
      period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>153,742 </TD>
    <TD bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>220,786 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Cash and cash equivalents &#150; end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right>&nbsp;200,161 </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right>&nbsp;139,312 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A>
<P align=justify><B>Net 1 UEPS Technologies, Inc.</B></P>
<P align=justify><B>Attachment A</B></P>
<P align=justify><B>Operating segment revenue, operating income and operating
margin:</B></P>
<P align=justify><B>Three months ended September 30, 2010 and 2009</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center><B><U>Change</U></B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Key segmental data, in &#146;000, except</B>
      <BR><B>margins</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center><BR><B><U>Q1 &#145;11</U></B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><BR><B><U>Q1 &#145;10</U></B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><BR><B><U>In USD</U></B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center><B><U>In Constant</U></B>
      <BR><B><U>Currency</U></B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;<B>Revenue:</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Transaction-based activities </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;44,892 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>44,978 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(5)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Smart card
      accounts </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7,970 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,074 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Financial services </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,248 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>792 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>58% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>49% </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Hardware,
      software and related </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;technology sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>10,173 </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>11,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(13)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(17)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>Total consolidated revenue</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>64,283 </TD>
    <TD bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>65,514 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(2)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(7)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;<B>Consolidated operating
      income (loss):</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Transaction-based activities </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>17,776 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>26,668 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(33)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(37)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Smart card
      accounts </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3,622 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3,670 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Financial services </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>929 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>531 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>75% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>66% </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Hardware,
      software and related </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;technology sales </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,660</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,713</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(55)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(47)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Corporate/
      Eliminations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(8,681</TD>
    <TD bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(2,788</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>211% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>195% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total operating income</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>10,986 </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>26,368 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(58)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(61)%</TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>&nbsp;&nbsp; Operating income margin (%)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;
      &nbsp;Transaction-based activities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>40% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>59% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Smart card accounts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>45% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>45% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Financial
      services </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>74% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>67% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Hardware, software and related
    </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;technology sales
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(26)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(15)%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Overall operating margin </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>17% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>40% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A>
<P align=justify><B>Net 1 UEPS Technologies, Inc.</B></P>
<P align=justify><B>Attachment B</B></P>
<P align=justify><B>Reconciliation of GAAP net income to fundamental net
income:</B></P>
<P align=justify><B>Three months ended September 30, 2010 and 2009</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B>Net Income</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B>EPS, basic</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B>Net income</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B>EPS, basic</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B><U>(USD&#146;000)</U></B></TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B><U>(USD cents)</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><STRONG><U>(ZAR&#146;000)</U></STRONG>
    </TD>
    <TD width="2%" align=center></TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="17%" colSpan=4 align=center><B><U>(ZAR cents)</U></B> </TD>
    <TD width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2010</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2009</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2010</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2009</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2010</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2009</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2010</B> </TD>
    <TD width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%"
      align=center><B>2009</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>GAAP</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>7,429</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>17,941</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>16</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>37</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>55,014</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>140,214</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>121</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right><B>287</B> </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="7%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Amortization of intangible assets(1) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>2,608 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>2,441 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>19,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>19,073 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left></TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Customer
      relationships </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>2,553 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>3,237 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>18,901 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>25,299 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Software and unpatented </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;technology </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>951 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>7,045 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Trademarks </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>92 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>87 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>679 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>679 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Database </TD>
    <TD style="BORDER-LEFT: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>68 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>507 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Deferred tax benefit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>(1,056</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>(883</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>(7,819</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right>(6,905</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock-based charge(2) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>1,438 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>1,422 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>10,649 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=right>11,113 </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Loss on FEC, net of tax </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>1,685 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>12,480 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Acquisition-related costs. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%"
    align=right>3,367 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%"
    align=right>24,934 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="7%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="7%" align=left>&nbsp; </TD>
    <TD vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;<B>Fundamental</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right><B>16,527</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right><B>21,804</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>36</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>45</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right><B>122,390</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="7%" align=right><B>170,400</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>270</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="7%" align=right><B>349</B> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%"
  align=left>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>(1)</B> </TD>
    <TD>
      <P align=justify>Amortization of acquisition-related intangibles, net of
      deferred tax benefit.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>(2)</B> </TD>
    <TD>
      <P align=justify>Includes stock-based compensation charges related to
      options and non-vested stock awards.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A>
<P align=justify><B>Net 1 UEPS Technologies, Inc.</B></P>
<P align=justify><B>Attachment C</B></P>
<P align=justify><B>Reconciliation of net income used to calculate earnings per
share basic and diluted and headline earnings per share basic and
diluted:</B></P>
<P align=justify><B>Three months ended September 30, 2010 and 2009</B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=center><B><U>2010</U></B> </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="12%" align=center><B><U>2009</U></B> </TD>
    <TD  width="2%" align=left>&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 bgColor=#e6efff align=left>Net income (USD&#146;000) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>7,429 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>17,941 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;&nbsp;&nbsp;&nbsp; Profit on sale of
      property, plant and equipment (USD&#146;000) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(5</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(1</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; Tax effects on above (USD&#146;000) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2 </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income used to calculate headline earnings (USD&#146;000)
</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%" align=right>7,426
    </TD>
    <TD  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="12%"
      align=right>17,940 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of shares used to calculate net
      income per share <BR>basic earnings and headline earnings per share basic
      earnings (&#145;000) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><BR>45,384 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><BR>48,815 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of shares used to calculate net
      income per share <BR>diluted earnings and headline earnings per share
      diluted earnings (&#145;000) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><BR>45,415 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><BR>48,918 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Headline earnings per share: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Basic earnings &#150; common stock
      and linked units, in US cents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>16 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>37 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Diluted earnings &#150; common stock and linked
      units, in US cents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>16 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>37 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE><BR>
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