<SEC-DOCUMENT>0001204459-12-000503.txt : 20120313
<SEC-HEADER>0001204459-12-000503.hdr.sgml : 20120313
<ACCEPTANCE-DATETIME>20120313081955
ACCESSION NUMBER:		0001204459-12-000503
CONFORMED SUBMISSION TYPE:	S-3
PUBLIC DOCUMENT COUNT:		8
FILED AS OF DATE:		20120313
DATE AS OF CHANGE:		20120313

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:		S-3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-180059
		FILM NUMBER:		12685839

	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>S-3
<SEQUENCE>1
<FILENAME>forms3.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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   <TITLE>Net 1 UEPS Technologies, Inc.: Form S-3 - Filed by newsfilecorp.com</TITLE>
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<P align=center><B>As filed with the Securities and Exchange Commission on March
13, 2012 </B></P>
<P align=right><B>Registration No. 333- </B></P>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><B> <BR></B><B>Washington,
D.C. 20549</B><B> </B></P>
<P align=center><B><FONT size=5>FORM S-3 <BR></FONT></B><B>REGISTRATION
STATEMENT <BR>UNDER <BR></B><B>THE SECURITIES ACT OF 1933</B><B> </B></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 charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B>Florida </B></TD>
    <TD align=center width="50%"><B>98-0171860 </B></TD></TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
    <TD align=center width="50%">(I.R.S. Employer Identification No.) </TD></TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE>
<P align=center><B>President Place, 4th Floor <BR>Cnr. Jan Smuts Avenue and
Bolton Road <BR>Rosebank, Johannesburg, South Africa <BR>(2711) 343-2000</B><B>
<BR></B>(Address, including zip code, and telephone number, including area code,
of registrant&#146;s principal executive offices) </P>
<P align=center><B>_____________________________<BR>Serge C.P. Belamant
<BR>Chief Executive Officer <BR>Net 1 UEPS Technologies,
Inc.<BR></B><B>President Place, 4th Floor <BR>Cnr. Jan Smuts Avenue and Bolton
Road <BR>Rosebank, Johannesburg, South Africa <BR>(2711) 343-2000 <BR></B>(Name,
address, including zip code, and telephone number including area code, of agent
for service) </P>
<P align=center><B><I>____________________________<BR>Copy
to:<BR></I></B><B>Marjorie Sybul Adams, Esq. <BR></B><B>DLA Piper LLP (US)
<BR>1251 Avenue of the Americas <BR>New York, NY 10020 <BR>Tel: (212) 335-4500
<BR>Fax: (212) 335-4501<BR>___________________________</B></P>
<P align=center><B>Approximate date of commencement of proposed sale to the
public: </B>From time to time after the effective date of this registration
statement.<B> </B></P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being
registered on this Form are being offered pursuant to dividend or interest
reinvestment plans, please check the following box. [ ] </P>
<P align=center>If any of the securities being registered on this Form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box. [ x ] </P>
<P align=center>If this Form is filed to register additional securities for an
offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. [ ] </P>
<P align=center>If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ] </P>
<P align=center>If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the
Securities Act, check the following box. [ ] </P>
<P align=center>If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule
413(b) under the Securities Act, check the following box. </P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer,&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of
the Exchange Act (Check one):</P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=center>Large accelerated filer [ ] </TD>
    <TD align=center width="25%">Accelerated filer [ x ]</TD>
    <TD align=center width="25%">Non-accelerated filer [ ] </TD>
    <TD align=center width="25%">Smaller reporting company [ ] </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">(Do not check if a smaller reporting company)
    </TD>
    <TD align=center width="25%">&nbsp; </TD></TR></TABLE>
<P align=center><B>CALCULATION OF REGISTRATION FEE</B><B> </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><BR>
      <B>Title of each class of securities</B> <BR><B>to be
      registered</B> </TD>
    <TD align=center width="20%"><BR><B>Amount to</B> <BR><B>be
      registered(1)</B> </TD>
    <TD align=center width="20%"><B>Proposed maximum</B> <BR><B>offering price
      per</B> <BR><B>share(2)</B> </TD>
    <TD align=center width="20%"><B>Proposed maximum</B> <BR><B>aggregate
      offering</B> <BR><B>price</B> </TD>
    <TD align=center width="20%"><BR><B>Amount of</B> <BR><B>registration
      fee</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><I>Primary Offering by Net 1 UEPS</I> <BR>
      <I>Technologies,
      Inc.</I> </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp; Common Stock, par value
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp; $.001 per share </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock, par value
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp; $.001 per share </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Debt Securities </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Warrants </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Units </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD>
    <TD align=left width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp; Total for Primary
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp; Offering </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=center width="20%">$500,000,000 <BR></TD>
    <TD align=center width="20%">$57,300(3) <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><I>Secondary Offering by Selling</I>
      <BR>
      <I>Shareholders</I> </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp; Common Stock, par value
      <BR>
      &nbsp;&nbsp;&nbsp;&nbsp; $.001 per share </TD>
    <TD align=center width="20%">6,409,091 <BR></TD>
    <TD align=center width="20%">$8.925(4) <BR></TD>
    <TD align=center width="20%">$57,201,138(4) <BR></TD>
    <TD align=center width="20%">$6,556(4) <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap><I>Total for Primary and Secondary</I> <BR>
      <I>Offering</I>
    </TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=left width="20%"><BR></TD>
    <TD align=center width="20%">$557,201,138 <BR></TD>
    <TD align=center width="20%">$63,856(5) <BR></TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>There are being registered hereunder such indeterminate
      number of shares of common stock and preferred stock, such indeterminate
      principal amount of debt securities, such indeterminate number of warrants
      to purchase common stock, preferred stock or debt securities, and such
      indeterminate number of units as shall have an aggregate initial offering
      price not to exceed $500,000,000. If any debt securities are issued at an
      original issue discount, then the offering price of such debt securities
      shall be in such greater principal amount as shall result in an aggregate
      offering price not to exceed $500,000,000. In addition, up to 6,409,091
      shares of common stock may be sold from time to time pursuant to this
      registration statement by the selling shareholders named herein. Any
      securities registered hereunder may be sold separately or as units with
      the other securities registered hereunder. The securities registered
      hereunder also include such indeterminate number of shares of common stock
      and preferred stock and amount of debt securities as may be issued upon
      conversion of or exchange for preferred stock or debt securities that
      provide for conversion or exchange, upon exercise of warrants or pursuant
      to the antidilution provisions of any of such securities. In addition,
      pursuant to Rule 416 under the Securities Act, the shares being registered
      hereunder include such indeterminate number of shares of common stock and
      preferred stock as may be issuable with respect to the shares being
      registered hereunder as a result of stock splits, stock dividends or
      similar transactions.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>The proposed maximum offering price per unit of each
      class of security registered hereunder will be determined from time to
      time in connection with, and at the time of, the issuance of the
      securities and is not specified as to each class of security pursuant to
      General Instruction II.D. of Form S-3, as amended.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Calculated pursuant to Rule 457(o) under the Securities
      Act, based on the proposed maximum aggregate offering price of all
      securities listed.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>With respect to shares of common stock to be offered by
      the selling shareholders in the secondary offering, the price has been
      estimated solely for the purpose of calculating the registration fee,
      pursuant to Rule 457(c) under the Securities Act, based on the average of
      the high and low prices reported for the shares of common stock as
      reported on the Nasdaq Global Select Market on March 7, 2012.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Of the total filing fee of $63,856, $35,650 was
      previously paid for registering certain securities under the registration
      statement on Form S-3 (Registration No. 333-163000) initially filed with
      the Securities and Exchange Commission by Net 1 UEPS Technologies, Inc. on
      November 9, 2009 and amended on August 25, 2010, which registration statement will be withdrawn by Net 1 UEPS Technologies, Inc.. Such securities remain
      unsold and the filing fee therefor is hereby offset against the currently
      due filing fee. As a result, $28,206 is being paid in connection with this
  filing.</P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay
its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933, as
amended, or until the Registration Statement shall become effective on such date
as the Securities and Exchange Commission, acting pursuant to said Section 8(a),
may determine.</B> </P>
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<DIV>
<TABLE
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  <TR vAlign=top>
    <TD align=left>
      <P align=justify><FONT color=#ff0000>The information in this prospectus is
      not complete and may be changed. Neither we nor the selling shareholders
      may sell these securities until the registration statement filed with the
      Securities and Exchange Commission is effective. This prospectus is not an
      offer to sell these securities and it is not soliciting an offer to buy
      these securities in any state where the offer or sale is not permitted.
      </FONT></P></TD></TR></TABLE></DIV>
<P align=center><B><FONT color=#ff0000>SUBJECT TO COMPLETION, DATED MARCH 13,
2012 </FONT></B></P>
<P align=justify><B>PROSPECTUS</B><B> </B></P>
<P align=center><IMG
src="forms1x3x1.jpg"
border=0> </P>
<P align=center><B>$500,000,000 <BR></B><B>Common Stock, Preferred Stock, Debt
Securities, <BR>Warrants and Units <BR>and <BR>6,409,091 Shares of Common Stock
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus covers our offer
and sale from time to time of any combination of common stock, preferred stock,
debt securities, warrants or units described in this prospectus in one or more
offerings. This prospectus provides a general description of the securities we
may offer and sell. Each time we offer and sell securities we will provide
specific terms of the securities offered in a supplement to this prospectus. The
prospectus supplement may also add, update or change information contained in
this prospectus. The aggregate offering price of all securities sold by us under
this prospectus may not exceed $500,000,000. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus also covers the
resale by the selling shareholders identified in the &#147;Selling Shareholders&#148;
section of this prospectus of up to an aggregate of 6,409,091 shares of our
common stock issued. We will not receive any of the proceeds from the sale of
shares of our common stock by the selling shareholders. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities may be offered and
sold by us or the selling shareholders to or through one or more underwriters,
dealers or agents or directly to purchasers on a continuous or delayed basis.
See &#147;Plan of Distribution.&#148; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is currently
listed on the Nasdaq Global Select Market under the symbol &#147;UEPS.&#148; On March 12,
2012, the last reported sale price of our common stock was $9.28 per share. </P>
<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp; Investing in our securities
involves risks that are referenced under the caption &#147;Risk Factors&#148; on page 1 of
this prospectus. </B></P>
<P align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp; Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus is truthful and complete. Any
representation to the contrary is a criminal offense. </B></P>
<P align=center>This prospectus is
dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;, 2012. </P>
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<P align=justify><B>Neither we nor any selling shareholder has authorized any
dealer, salesman or other person to give any information or to make any
representation other than those contained or incorporated by reference in this
prospectus and an accompanying supplement to this prospectus. You must not rely
upon any information or representation not contained or incorporated by
reference in this prospectus or the accompanying prospectus supplement. </B></P>
<P align=justify><B>This prospectus and the accompanying supplement to this
prospectus do not constitute an offer to sell or the solicitation of an offer to
buy any securities other than the registered securities to which they relate,
nor do this prospectus and the accompanying supplement to this prospectus
constitute an offer to sell or the solicitation of an offer to buy securities in
any jurisdiction to any person to whom it is unlawful to make such offer or
solicitation in such jurisdiction.</B></P>
<P align=center><B>TABLE OF CONTENTS</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; <A
      href="#page_Page"></A></TD>
    <TD align=right width="15%"><B><U>Page</U></B>      </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">About
      This Prospectus </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_5">i
      </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_5">Where
      You Can Find More Information </A></TD>
    <TD align=right width="15%"><A
      href="#page_5">i
      </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_5">Incorporation
      Of Information By Reference </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_5">i
      </A></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_6">Information
      Regarding Forward-Looking Statements </A></TD>
    <TD align=right width="15%"><A
      href="#page_6">ii
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_8">Risk
      Factors </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_8">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_8">The
      Company </A></TD>
    <TD align=right width="15%"><A
      href="#page_8">1
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_10">Use
      Of Proceeds </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_10">3
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_11">Ratio
      Of Earnings To Fixed Charges </A></TD>
    <TD align=right width="15%"><A
      href="#page_11">4
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_12">Description
      Of Securities </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_12">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_12">Description
      Of Capital Stock </A></TD>
    <TD align=right width="15%"><A
      href="#page_12">5
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_13">Description
      Of Debt Securities </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_13">6
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_24">Description
      Of Warrants </A></TD>
    <TD align=right width="15%"><A
      href="#page_24">17
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_25">Description
      Of Units </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_25">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_25">Forms
      Of Securities </A></TD>
    <TD align=right width="15%"><A
      href="#page_25">18
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_28">Selling
      Shareholders </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_28">21
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_30">Plan
      Of Distribution </A></TD>
    <TD align=right width="15%"><A
      href="#page_30">23
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><A
      href="#page_32">Experts
      </A></TD>
    <TD align=right width="15%" bgColor=#eeeeee><A
      href="#page_32">25
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left><A
      href="#page_32">Legal
      Matters </A></TD>
    <TD align=right width="15%"><A
      href="#page_32">25
      </A></TD></TR></TABLE>
<P align=center>-i- </P>
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<P align=center><B>ABOUT THIS PROSPECTUS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a
registration statement on Form S-3 that we filed with the Securities and
Exchange Commission, or the SEC, utilizing a &#147;shelf&#148; registration process. Under
this shelf process, we may offer and sell any combination of the securities
described in this prospectus and the selling shareholders may offer and sell
shares of common stock in one or more offerings. This prospectus provides you
with a general description of the securities we or the selling shareholders may
offer and sell. Each time we or the selling shareholders sell securities, we
will provide a prospectus supplement that will contain specific information
about the terms of that offering. The prospectus supplement may also add, update
or change information contained in this prospectus. You should read both this
prospectus and any prospectus supplement together with additional information
described under the heading &#147;Where You Can Find More Information.&#148; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Unless the context otherwise requires,
&#147;Net1,&#148; &#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and &#147;our&#148; refer to Net 1 UEPS Technologies, Inc.
and its consolidated subsidiaries, and &#147;selling shareholders&#148; and &#147;selling
shareholder&#148; refer to one or more of General Atlantic LLC and certain of its
affiliates identified in the &#147;Selling Shareholders&#148; section of this prospectus.
References to &#147;securities&#148; include any security that we or the selling
shareholders might offer under this prospectus or any prospectus supplement.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed or incorporated by
reference exhibits to the registration statement of which this prospectus forms
a part. You should read the exhibits carefully for provisions that may be
important to you.</P>
<P align=center><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and
current reports, proxy statements and other information with the SEC. You may
read and copy any document we file with the SEC at the SEC&#146;s public reference
room at 100 F Street NE, Room 1580, Washington, D.C. 20549. You may obtain
information on the operation of the SEC&#146;s public reference facilities by calling
the SEC at 1-800-SEC-0330. You can request copies of these documents, upon
payment of a duplicating fee, by writing to the SEC at its principal office at
100 F Street NE, Room 1580, Washington, D.C. 20549-1004. The SEC maintains an
Internet website at http://www.sec.gov that contains reports, proxy and
information statements, and other information regarding issuers that file
electronically with the SEC. Our SEC filings are accessible through the Internet
at that website. Our reports on Forms 10-K, 10-Q and 8-K, and amendments to
those reports, are also available for download, free of charge, as soon as
reasonably practicable after these reports are filed with the SEC, at our
website at www.net1.com. The content of our website is not a part of this
prospectus. </P>
<P align=center><B>INCORPORATION OF INFORMATION BY REFERENCE </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows us to &#147;incorporate
by reference&#148; the information we file with it, which means that we can disclose
important information to you by referring you to those documents. The
information incorporated by reference is considered to be part of this
prospectus, and information that we file later with the SEC will automatically
update and supersede this information. We incorporate by reference the documents
listed below and any future filings with the SEC under Sections 13(a), 13(c), 14
or 15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), between the date of this
prospectus and the termination of the offering of the securities: </P>
<P align=center>i </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Annual Report on Form 10-K for the fiscal year ended June 30, 2011; </P>
  <LI>
  <P>Quarterly Report on Form 10-Q for the fiscal quarters ended September 30,
  2011 and December 31, 2011; </P>
  <LI>
  <P>Current Reports on Form 8-K filed, or filed portions of those reports,
  filed (but not portions of those reports which were furnished) on August 25,
  2011, October 31, 2011, November 16, 2011, November 29, 2011, January 26,
  2012, February 6, 2012 and February 9, 2012. </P>
  <LI>
  <P>financial statements of KSNET, Inc. included in our Current Report on Form
  8- K/A filed on January 12, 2011; </P>
  <LI>
  <P>information specifically incorporated by reference into our Annual Report
  on Form 10-K for the fiscal year ended June 30, 2011 from our Definitive Proxy
  Statement on Schedule 14A filed on October 28, 2011; and </P>
  <LI>
  <P>description of our common stock contained in Item 7 of Amendment No. 2 to
  our Form 10-SB filed on October 26, 2000, including any amendment or report
  filed for the purpose of updating such description. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide without charge to
each person, including any beneficial owner, to whom this prospectus is
delivered, upon his or her written or oral request, a copy of any or all
documents referred to above which have been or may be incorporated by reference
into this prospectus but not delivered with this prospectus excluding exhibits
to those documents unless they are specifically incorporated by reference into
those documents. You can request those documents from Mr. Herman G. Kotze at
President Place, 4th Floor, Cnr. Jan Smuts Avenue and Bolton Road, Rosebank,
Johannesburg, South Africa, telephone (2711) 343-2000. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most recent information that
we file with the SEC automatically updates and supersedes older information. The
information contained in any such filing will be deemed to be a part of this
prospectus, commencing on the date on which the filing is made. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information furnished under Items
2.02 or 7.01 (or corresponding information furnished under Item 9.01 or included
as an exhibit) in any past or future Current Report on Form 8-K that we file
with the SEC, unless otherwise specified in such report, is not incorporated by
reference in this prospectus. </P>
<P align=center><B>INFORMATION REGARDING FORWARD-LOOKING STATEMENTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward-looking statements in
this prospectus and the documents incorporated by reference herein are based on
the beliefs and assumptions of our management and on information currently
available. Forward-looking statements include information about possible or
assumed future results of operations in &#147;Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operations&#148; included in our most recent
Annual Report on Form 10-K, and other statements preceded by, followed by or that include the words
&#147;believes,&#148; &#147;expects,&#148; &#147;anticipates,&#148; &#147;intends,&#148; &#147;plans,&#148; &#147;estimates&#148; or similar
expressions. </P>
<P align=center>ii </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; These forward looking statements
involve known and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance or
achievements expressed, implied or inferred by these forward-looking statements,
such as product demand, market and customer acceptance, the effect of economic
conditions, competition, pricing, development difficulties, foreign currency
risks, costs of capital, the ability to consummate and integrate acquisitions,
and other risks detailed in our SEC filings. We undertake no obligation to
revise any of these statements to reflect future circumstances or the occurrence
of unanticipated events. </P>
<P align=center>iii </P>
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<P align=center><B>RISK FACTORS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Our business is influenced by
many factors that are difficult to predict, and that involve uncertainties that
may materially affect our actual operating results, cash flows and financial
condition. Before making an investment decision in our securities, you should
carefully consider the specific factors set forth under the caption &#147;Risk
Factors&#148; in the applicable prospectus supplement and in our periodic reports
filed with the SEC that are incorporated by reference herein (including the
&#147;Risk Factors&#148; section beginning on page 16 of our Annual Report on Form 10-K
for the fiscal year ended June 30, 2011 and the &#147;Risk Factors&#148; section beginning
on page 44 of our Quarterly Report on Form 10-Q for the fiscal quarter ended
December 31, 2011) together with all of the other information appearing in this
prospectus, in the applicable prospectus supplement or incorporated by reference
into this prospectus in light of your particular investment objectives and
financial circumstances. </P>
<P align=center><B>THE COMPANY </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We provide payment solutions and
transaction processing services across a wide range of industries and in various
geographies. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We have developed and market a
smart-card based alternative payment system for the unbanked and underbanked
populations of developing economies. Our 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.
Our universal electronic payment system, or UEPS, uses biometrically secure
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 our system can conduct transactions at any time
with other card holders in even the most remote areas so long as a smart card
reader, which is often portable and battery powered, is available. Our off-line
systems also offer the highest level of availability and affordability by
removing any elements that are costly and are prone to outages. In addition to
effecting purchases, cash-backs and any form of payment, our system can be used
for banking, health care management, international money transfers, voting and
identification. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We also develop and provide secure
transaction technology solutions and services, and offer transaction processing,
financial and clinical risk management solutions to various industries. Our core
competencies around secure online transaction processing, cryptography, mobile
telephony and integrated circuit card (chip/smart card) technologies are
principally applied to electronic commerce transactions in the
telecommunications, banking, payroll, retail, health care, petroleum and utility
industries.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Our technology is widely used in South
Africa today, where we distribute pension and welfare payments, using our UEPS
technology, to over 3.2 million recipients in five of South Africa&#146;s nine
provinces on behalf of the South African Social Security Agency, or SASSA. We
also process debit and credit card payment transactions on behalf of retailers
that we believe represent nearly 65% of retailers within the formal retail
sector in South Africa through our EasyPay system, process value-added services
such as bill payments and prepaid electricity for the major bill issuers and
local councils in South Africa and provide mobile telephone top-up transactions for all of the South African mobile carriers. We
are the largest provider of third-party payroll payments in South Africa through
our FIHRST service that processes monthly payments for approximately 1,250
employers representing over 850,000 employees. Our MediKredit service provides
the majority of funders and providers of healthcare in South Africa with an
on-line real-time management system for healthcare transactions. We perform a
similar service in the United States through our XeoHealth subsidiary. </P>
<P align=center>1 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We also provide payment processing
services in the Republic of Korea through KSNET, the second largest transaction
processor by volume in Korea, which offers card processing, payment gateway and
banking value-added services in that country. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Finally, our proprietary Mobile
Virtual Card technology offers secure mobile payments and banking services in
developed and emerging economies. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We are headquartered in Johannesburg,
South Africa. More information about us is available on our web site at
www.net1.com. Information on our web site is not incorporated by reference into
this prospectus. Our principal executive offices are located at President Place,
4th Floor, Cnr. Jan Smuts Avenue and Bolton Road, Rosebank, Johannesburg, South
Africa. Our phone number is (2711) 343-2000. </P>
<P align=justify><B>Recent Developments </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; On January 17, 2012, SASSA awarded to
us a national tender for payment services in all of South Africa&#146;s provinces and
on February 3, 2012, we and SASSA signed a new five-year contract that will
become effective on April 1, 2012. Under the new contract, we will effect
payment, on behalf of SASSA, of social grants to all persons who are entitled to
receive such grants in all of South Africa&#146;s provinces, for a firm price of
ZAR16.44 per beneficiary paid, inclusive of VAT. Our primary services include
the enrolment of all eligible recipients, issuance of a smart card to each
recipient and the biometric validation and payment of social grants to such
recipients. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; On January 26, 2012, we concluded a
Broad-Based Black Economic Empowerment transaction to strengthen the development
of our business plan, and in compliance with South African regulation and
business practice. Under the terms of the deal, we have agreed to issue a
consortium of black South Africans, community groups and the Net1 Foundation, or
the BBBEE consortium, a one-year option to purchase up to 8,955,000 shares of
our common stock, equal to 19.9% of our currently issued and outstanding shares,
at an exercise price of $8.96 per share. The lead partner in the BBBEE
consortium is Mosomo Investment Holdings, a black empowerment investment company
with holdings in mining, financial services and mass banking businesses. </P>
<P align=center>2 </P>
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<P align=center><B>USE OF PROCEEDS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a
prospectus supplement, we anticipate that the net proceeds from our sale of any
securities will be used for general corporate purposes, including working
capital, acquisitions, retirement of debt and other business opportunities. In
the case of a sale by the selling shareholders, we will not receive any of the
proceeds from such sale.</P>
<P align=center>3 </P>
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<P align=center><B>RATIO OF EARNINGS TO FIXED CHARGES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
our ratio of earnings to fixed charges for the periods indicated. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left >&nbsp;</TD>
    <TD align=center nowrap><B>Six Months Ended</B> </TD>
    <TD align=center nowrap >&nbsp;</TD>
    <TD align=center nowrap >&nbsp;</TD>
    <TD colSpan=13 align=center nowrap><B>Fiscal Year Ended June 30,</B>    </TD>
  <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="25%" align=left >&nbsp; </TD>
    <TD width="1%" align=left >&nbsp;</TD>
    <TD align=center nowrap><B>December 31, 2011</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>2011</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap
    ><STRONG>2010&nbsp;</STRONG>&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>2009</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>2008</B> </TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=center nowrap >&nbsp;</TD>
    <TD width="8%" align=center nowrap><B>2007</B> </TD>
  <TD width="1%" align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left nowrap bgColor=#e6efff >Ratio of earnings to fixed
      charges </TD>
    <TD align=left  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>10.45 </TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>4.92 </TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>52.93 </TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>14.32 </TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>11.45 </TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center  bgColor=#e6efff>&nbsp;</TD>
    <TD align=center bgColor=#e6efff>9.19 </TD>
  <TD align=left
  bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ratios of earnings to fixed
charges were computed by dividing earnings by fixed charges. For purposes of
calculating the above ratios, &#147;earnings&#148; consist of net income from continuing
operations before income tax expense and fixed charges. &#147;Fixed charges&#148; consist
of interest expense (which includes interest on indebtedness and amortization of
debt expense) and the portion of rents that we believe to be representative of
the interest factor.</P>
<P align=center>4 </P>
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<P align=center><B>DESCRIPTION OF SECURITIES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; This prospectus contains a summary of
the securities that Net1 or certain selling shareholders to be identified in a
prospectus supplement may sell. These summaries are not meant to be a complete
description of each security. However, this prospectus and the accompanying
prospectus supplement contain the material terms of the securities being
offered.</P>
<P align=center><B>DESCRIPTION OF CAPITAL STOCK </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital stock
consists of 200,000,000 shares of common stock and 50,000,000 shares of
preferred stock. As of March 12, 2012, 45,552,304 shares of our common stock,
par value $0.001 per share, and no shares of our preferred stock, were
outstanding. </P>
<P align=justify><B>Common Stock </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issued and outstanding shares
of common stock are, and the shares of common stock that we may issue in the
future will be, validly issued, fully paid and nonassessable. Holders of our
common stock are entitled to share equally, share for share, if dividends are
declared on our common stock, whether payable in cash, property or our
securities. The shares of common stock are not convertible and the holders
thereof have no preemptive or subscription rights to purchase any of our
securities. Upon liquidation, dissolution or winding up of our company, the
holders of common stock are entitled to share equally, share for share, in our
assets which are legally available for distribution, after payment of all debts
and other liabilities and subject to the prior rights of any holders of any
series of preferred stock then outstanding. Each outstanding share of common
stock is entitled to one vote on all matters submitted to a vote of
shareholders. There is no cumulative voting. Except as otherwise required by law
or our amended and restated articles of incorporation, the holders of common
stock vote together as a single class on all matters submitted to a vote of
shareholders. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is listed on the
Nasdaq Global Select Market under the symbol &#147;UEPS.&#148; We also have a secondary
listing on the JSE Limited. </P>
<P align=justify><B>Preferred Stock </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We may issue shares of preferred stock
in series and may, at the time of issuance, determine the designations,
preferences, conversion rights, cumulative, relative, participating optional or
other rights, preferences and limitations of each series. Satisfaction of any
dividend preferences of outstanding shares of preferred stock would reduce the
amount of funds available for the payment of dividends on shares of common
stock. Holders of shares of preferred stock may be entitled to receive a
preference payment in the event of any liquidation, dissolution or winding-up of
our company before any payment is made to the holders of shares of common stock.
In some circumstances, the issuance of shares of preferred stock may render more
difficult or tend to discourage a merger, tender offer or proxy contest, the
assumption of control by a holder of a large block of our securities or the
removal of incumbent management. Upon the affirmative vote of a majority of the
total number of directors then in office, our board of directors, without
shareholder approval, may issue shares of preferred stock with voting and
conversion rights which could adversely affect the holders of shares of common
stock.<B> </B></P>
<P align=center>5 </P>
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<P align=center><B>DESCRIPTION OF DEBT SECURITIES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities will be our
direct unsecured general obligations. The debt securities will be either senior
debt securities or subordinated debt securities. The debt securities will be
issued under one or more separate indentures between us and The Bank of New York
Mellon, as trustee. Senior debt securities will be issued under a senior
indenture, which we refer to as the senior indenture. Subordinated debt
securities will be issued under a subordinated indenture, which we refer to as
the subordinated indenture. Together the senior indenture and the subordinated
indenture are called the indentures.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We have summarized select portions of
the material provisions of the indentures below. The summary is not complete.
The forms of the indentures have been filed as exhibits to the registration
statement of which this prospectus forms a part, and you should read the
indentures for provisions that may be important to you. We will indicate in the
applicable prospectus supplement any material variation from the expected terms
of the indentures described below. </P>
<P align=justify><B>General</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The debt securities will be our direct
unsecured general obligations. The senior debt securities will rank equally with
all of our other senior and unsubordinated debt. The subordinated debt
securities will have a junior position to all of our senior debt.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Because we are a holding company that
conducts all of its operations through subsidiaries, holders of the debt
securities will have a junior position to claims of creditors of our
subsidiaries, including trade creditors, debtholders, secured creditors, taxing
authorities, guarantee holders and any preferred stockholders, except to the
extent that the debt securities are guaranteed by one or more subsidiary
guarantees.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The provisions of each indenture allow
us to &#147;reopen&#148; a previous issue of a series of debt securities and issue
additional debt securities of that series.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; A prospectus supplement relating to
any series of debt securities being offered will include specific terms relating
to the offering. The terms will be established in an officers&#146; certificate or a
supplemental indenture. The officers&#146; certificate or supplemental indenture will
be signed at the time of issuance and will contain important information. The
officers&#146; certificate or supplemental indenture will be filed as an exhibit to a
Current Report on Form 8-K of Net1, which will be publicly available. The
officers&#146; certificate or supplemental indenture will include some or all of the
following terms for a particular series of debt securities:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the title of the securities; </P>
  <LI>
  <P>any limit on the amount that may be issued; </P>
  <LI>
  <P>whether or not the debt securities will be issued in global form and who
  the depositary will be; </P>
  <LI>
  <P>the maturity date(s); </P>
  <LI>
  <P>the interest rate or the method of computing the interest rate;
</P></LI></UL>
<P align=center>6 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the date or dates from which interest will accrue, or how such date or
  dates will be determined, and the interest payment date or dates and any
  related record dates; </P>
  <LI>
  <P>the place(s) where payments will be made; </P>
  <LI>
  <P>Net1&#146;s right, if any, to defer payment of interest and the maximum length
  of any deferral period; </P>
  <LI>
  <P>the terms and conditions on which the debt securities may be redeemed at
  the option of Net1; </P>
  <LI>
  <P>the date(s), if any, on which, and the price(s) at which Net1 is obligated
  to redeem, or at the holder&#146;s option to purchase, such series of debt
  securities and other related terms and provisions; </P>
  <LI>
  <P>any provisions granting special rights to holders when a specified event
  occurs; </P>
  <LI>
  <P>any changes to or additional events of default or covenants; </P>
  <LI>
  <P>any special tax implications of the debt securities; </P>
  <LI>
  <P>the denominations in which the debt securities will be issued, if other
  than denominations of $1,000 and whole multiples of $1,000; </P>
  <LI>
  <P>the subordination terms of any subordinated debt securities; and </P>
  <LI>
  <P>any other terms that are not inconsistent with the indenture. </P></LI></UL>
<P align=justify><B>Fixed Rate Debt Securities</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Each fixed rate debt security will
mature on the date specified in the applicable prospectus supplement. Each fixed
rate debt security will bear interest from the date of issuance at the annual
rate stated on its face until the principal is paid or made available for
payment. Interest on fixed rate debt securities will be computed on the basis of
a 360-day year of twelve 30-day months. Interest on fixed rate debt securities
will accrue from and including the most recent interest payment date in respect
of which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the issue date or any other
date specified in a prospectus supplement on which interest begins to accrue.
Interest will accrue to but excluding the next interest payment date, or, if
earlier, the date of maturity or earlier redemption or repayment, as the case
may be.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Payments of interest on fixed rate
debt securities will be made on the interest payment dates specified in the
applicable prospectus supplement. However, if the first interest payment date is
less than 15 days after the date of issuance, interest will not be paid on the
first interest payment date, but will be paid on the second interest payment
date.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise specified in the
applicable prospectus supplement, if any scheduled interest payment date,
maturity date or date of redemption or repayment is not a business day, then we may pay the applicable interest, principal and premium,
if any, on the next succeeding business day, and no additional interest will
accrue during the period from and after the scheduled interest payment date,
maturity date or date of redemption or repayment.</P>
<P align=center>7 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; A fixed rate debt security may pay a
level amount in respect of both interest and principal amortized over the life
of the debt security. Payments of principal and interest on amortizing debt
securities will be made on the interest payment dates specified in the
applicable prospectus supplement, and at maturity or upon any earlier redemption
or repayment. Payments on amortizing debt securities will be applied first to
interest due and payable and then to the reduction of the unpaid principal
amount. We will provide to the original purchaser, and will furnish to
subsequent holders upon request to us, a table setting forth repayment
information for each amortizing debt security.</P>
<P align=justify><B>Floating Rate Debt Securities</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Each floating rate debt security will
mature on the date specified in the applicable prospectus supplement.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise specified in the
applicable prospectus supplement, each floating rate debt security will bear
interest at &#147;LIBOR&#148; plus a margin to be specified in the applicable prospectus
supplement. A floating rate debt security may also have either or both of the
following limitations on the interest rate:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>a maximum limitation, or ceiling, on the rate of interest which may accrue
  during any interest period, which we refer to as the &#147;maximum interest rate&#148;;
  and/or </P>
  <LI>
  <P>a minimum limitation, or floor, on the rate of interest that may accrue
  during any interest period, which we refer to as the &#147;minimum interest rate.&#148;
  </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Any applicable maximum interest rate
or minimum interest rate will be set forth in the applicable prospectus
supplement.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Interest on floating rate debt
securities will accrue from and including the most recent interest payment date
to which interest has been paid or duly provided for, or, if no interest has
been paid or duly provided for, from and including the issue date or any other
date specified in a prospectus supplement on which interest begins to accrue.
Interest will accrue to but excluding the next interest payment date, or, if
earlier, the date on which the principal has been paid or duly made available
for payment, except as described below.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The interest rate in effect from the
date of issue to the first interest reset date for a floating rate debt security
will be the initial interest rate specified in the applicable prospectus
supplement. We refer to this rate as the &#147;initial interest rate.&#148; The interest
rate on each floating rate debt security may be reset daily, weekly, monthly,
quarterly, semiannually or annually. This period is the &#147;interest reset period&#148;
and the first day of each interest reset period is the &#147;interest reset date.&#148;
The &#147;interest determination date&#148; for any interest reset date is the day the
calculation agent will refer to when determining the new interest rate at which
a floating rate will reset. &#147;LIBOR&#148; for each interest reset date, other than for
the initial interest rate, will be determined by the calculation agent as
follows:</P>
<P align=center>8 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>LIBOR will be the offered rate for deposits in U.S.
      dollars for the three month period which appears on &#147;Telerate Page 3750&#148;
      at approximately 11:00 a.m., London time, two &#147;London banking days&#148; prior
      to the applicable interest reset date.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>If this rate does not appear on the Telerate Page 3750,
      the calculation agent will determine the rate on the basis of the rates at
      which deposits in U.S. dollars are offered by four major banks in the
      London interbank market (selected by the calculation agent after
      consulting with us) at approximately 11:00 a.m., London time, two London
      banking days prior to the applicable interest reset date to prime banks in
      the London interbank market for a period of three months commencing on
      that interest reset date and in principal amount equal to an amount not
      less than $1,000,000 that is representative for a single transaction in
      such market at such time. In such case, the calculation agent will request
      the principal London office of each of the aforesaid major banks to
      provide a quotation of such rate. If at least two such quotations are
      provided, LIBOR for that interest reset date will be the average of the
      quotations. If fewer than two quotations are provided as requested, LIBOR
      for that interest reset date will be the average of the rates quoted by
      three major banks in New York, New York (selected by the calculation agent
      after consulting with us) at approximately 11:00 a.m., New York time, two
      London banking days prior to the applicable interest reset date for loans
      in U.S. dollars to leading banks for a period of three months commencing
      on that interest reset date and in a principal amount equal to an amount
      not less than $1,000,000 that is representative for a single transaction
      in such market at such time; provided that if fewer than three quotations
      are provided as requested, for the period until the next interest reset
      date, LIBOR will be the same as the rate determined on the immediately
      preceding interest reset date.</P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The interest reset dates will be
specified in the applicable prospectus supplement. If an interest reset date for
any floating rate debt security falls on a day that is not a business day, it
will be postponed to the following business day, except that, if that business
day is in the next calendar month, the interest reset date will be the
immediately preceding business day.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; A &#147;London banking day&#148; is any day in
which dealings in U.S. dollar deposits are transacted in the London interbank
market. &#147;Telerate Page 3750&#148; means the display page so designated on the
Telerate Service for the purpose of displaying London interbank offered rates of
major banks (or any successor page).</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The applicable prospectus supplement
will specify a calculation agent for any issue of floating rate debt securities.
The calculation agent will, upon the request of the holder of any floating rate
debt security, provide the interest rate then in effect. All calculations made
by the calculation agent in the absence of willful misconduct, bad faith or
manifest error shall be conclusive for all purposes and binding on us and the
holders of the floating rate debt securities. We may appoint a successor
calculation agent at any time at our discretion and without notice.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; All percentages resulting from any
calculation of the interest rate with respect to the floating rate debt
securities will be rounded, if necessary, to the nearest one-hundred thousandth
of a percentage point, with five one-millionths of a percentage point rounded
upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or
..0987655) and 9.876544% (or .09876544) would be rounded to 9.87654% (or
..0987654)), and all dollar amounts in or resulting from any such calculation will be rounded to the nearest cent
(with one-half cent being rounded upward).</P>
<P align=center>9 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Interest on the floating rate debt
securities will be computed and paid on the basis of a 360-day year and the
actual number of days in each interest payment period. The interest rate on the
floating rate debt securities will in no event be higher than the maximum rate
permitted by New York law, as the same may be modified by United States law of
general application.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We will pay interest on floating rate
debt securities on the interest payment dates specified in the applicable
prospectus supplement. However, if the first interest payment date is less than
15 days after the date of issuance, interest will not be paid on the first
interest payment date, but will be paid on the second interest payment date. If
any scheduled interest payment date, other than the maturity date or any earlier
redemption or repayment date, for any floating rate debt security falls on a day
that is not a business day, it will be postponed to the following business day,
except that if that business day would fall in the next calendar month, the
interest payment date will be the immediately preceding business day. If the
scheduled maturity date or any earlier redemption or repayment date of a
floating rate debt security falls on a day that is not a business day, the
payment of principal, premium, if any, and interest, if any, will be made on the
next succeeding business day, but interest on that payment will not accrue
during the period from and after the maturity, redemption or repayment date.</P>
<P align=justify><B>Conversion or Exchange Rights</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The prospectus supplement will
describe the terms, if any, on which a series of debt securities may be
convertible into or exchangeable for our common stock, preferred stock, debt
securities or other securities, or securities of third parties. These terms will
include provisions as to whether conversion or exchange is mandatory, at the
option of the holder or at the option of Net1. These provisions may allow or
require adjustment of the number of shares of common stock or other securities
of Net1 to be received by the holders of such series of debt securities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; <STRONG>Optional
Redemption</STRONG></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Unless the prospectus supplement
relating to any series of debt securities provides otherwise with respect to
such series, each series of debt securities will be redeemable in whole at any
time or in part from time to time, at our option, at a redemption price equal to
the greater of:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>100% of the principal amount of the series of debt
      securities to be redeemed; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">
      <LI></LI></TD>
    <TD colSpan=2>
      <P align=justify>the sum of the present values of the remaining scheduled
      payments of principal and interest on the series of debt securities to be
      redeemed (exclusive of interest accrued to the date of redemption)
      discounted to the date of redemption on a semiannual basis (assuming a
      360-day year consisting of twelve 30-day months) at the then current
      Treasury Rate plus a spread as specified in the applicable prospectus
      supplement.</P></TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; In each case we will pay accrued and
unpaid interest on the principal amount to be redeemed to the date of
redemption.</P>
<P align=center>10 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Comparable Treasury Issue&#148; means the
United States Treasury security selected by the Independent Investment Banker as
having a maturity comparable to the remaining term (&#147;Remaining Life&#148;) of the
series of debt securities to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term
of such series of debt securities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Comparable Treasury Price&#148; means,
with respect to any redemption date, (1) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the trustee obtains fewer
than four such Reference Treasury Dealer Quotations, the average of all such
quotations.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Independent Investment Banker&#148; means
the investment banking institution or institutions specified in the applicable
prospectus supplement and their respective successors, or, if such firms or the
successors, if any, to such firm or firms, as the case may be, are unwilling or
unable to select the Comparable Treasury Issue, an independent investment
banking institution of national standing appointed by us.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Reference Treasury Dealer&#148; means the
investment banking institutions specified as such in the applicable prospectus
supplement; provided, however, that if any of them ceases to be a primary U.S.
Government securities dealers (each a &#147;Primary Treasury Dealer&#148;), we will
substitute another Primary Treasury Dealer.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Reference Treasury Dealer Quotations&#148;
means, with respect to each Reference Treasury Dealer and any redemption date,
the average, as determined by the trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the trustee by such Reference Treasury
Dealer at 5:00 p.m., New York City time, on the third business day preceding
such redemption date.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; &#147;Treasury Rate&#148; means, with respect to
any redemption date, the rate per year equal to:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the yield, under the heading which represents the average
      for the immediately preceding week, appearing in the most recently
      published statistical release designated &#147;H.15(519)&#148; or any successor
      publication which is published weekly by the Board of Governors of the
      Federal Reserve System and which establishes yields on actively traded
      United States Treasury securities adjusted to constant maturity under the
      caption &#147;Treasury Constant Maturities,&#148; for the maturity corresponding to
      the Comparable Treasury Issue; provided that, if no maturity is within
      three months before or after the remaining life of the series of debt
      securities to be redeemed, yields for the two published maturities most
      closely corresponding to the Comparable Treasury Issue shall be determined
      and the Treasury Rate shall be interpolated or extrapolated from those
      yields on a straight line basis, rounding to the nearest month;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if such release (or any successor release) is not
      published during the week preceding the calculation date or does not
      contain such yields, the rate per year equal to the semiannual equivalent
      yield to maturity of the Comparable Treasury Issue, calculated using a
      price for the Comparable Treasury Issue (expressed as a percentage of its
      principal amount) equal to the Comparable Treasury Price for such
      redemption date.</P></TD></TR></TABLE>
<P align=center>11 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The Treasury Rate will be calculated
on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of &#147;Reference Treasury
Dealer Quotations&#148; above, the term &#147;business day&#148; means any day that is not a
Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Notice of any redemption will be
mailed at least 30 but not more than 60 days before the redemption date to each
holder of record of the series of debt securities to be redeemed at its
registered address. The notice of redemption will state, among other things, the
amount of the series of debt securities to be redeemed, the redemption date, the
manner in which the redemption price will be calculated and the place or places
that payment will be made upon presentation and surrender of the series of debt
securities to be redeemed. If less than all of a series of debt securities are
to be redeemed at our option, the trustee will select, in a manner it deems fair
and appropriate, the debt securities of that series, or portions of the debt
securities of that series, to be redeemed. Unless we default in the payment of
the redemption price with respect to any debt securities called for redemption,
interest will cease to accrue on such debt securities at the redemption
date.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We will not be required (i) to issue,
register the transfer of or exchange any series of debt securities during a
period beginning at the opening of business 15 days before the day of mailing of
a notice of redemption and ending at the close of business on the day of such
mailing, or (ii) to register the transfer of or exchange any debt securities of
any series so selected for redemption in whole or in part, except the unredeemed
portion of any such series of debt securities being redeemed in part.</P>
<P align=justify><B>Covenants</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Under the indentures, Net1 agrees to
pay the interest, principal and any premium on the debt securities when due, and
to maintain a place of payment. In addition, we must comply with the covenants
described below:</P>
<P align=justify><EM>Limitation on Liens on Stock of our Significant
Subsidiaries</EM>. The indentures prohibit us and our subsidiaries from directly
or indirectly creating, assuming, incurring or permitting to exist any
Indebtedness secured by any lien on the voting stock or voting equity interest
of our Significant Subsidiaries (as defined in the indentures) unless the debt
securities then outstanding (and, if we so elect, any other Indebtedness of Net1
that is not subordinate to such debt securities and with respect to which we are
obligated to provide such security) are secured equally and ratably with such
Indebtedness for so long as such Indebtedness is so secured. &#147;Indebtedness&#148; is
defined as the principal of and any premium and interest due on indebtedness of
a person (as defined in the indentures), whether outstanding on the original
date of issuance of a series of debt securities or thereafter created, incurred
or assumed, which is (a) indebtedness for money borrowed and (b) any amendments,
renewals, extensions, modifications and refundings of any such indebtedness. For
the purposes of this definition, &#147;indebtedness for money borrowed&#148; means (1) any
obligation of, or any obligation guaranteed by, such person for the repayment of
borrowed money, whether or not evidenced by bonds, debentures, notes or other
written instruments, (2) any obligation of, or any obligation guaranteed by,
such person evidenced by bonds, debentures, notes or similar written
instruments, including obligations assumed or incurred in connection with the
acquisition of property, assets or businesses (provided, however, that the
deferred purchase price of any business or property or assets shall not be
considered Indebtedness if the purchase price thereof is payable in full
within 90 days from the date on which such indebtedness was created), and (3)
any obligations of such person as lessee under leases required to be capitalized
on the balance sheet of the lessee under generally accepted accounting
principles and leases of property or assets made as part of any sale and
lease-back transaction to which such person is a party. For purposes of this
covenant only, Indebtedness also includes any obligation of, or any obligation
guaranteed by, any person for the payment of amounts due under a swap agreement
or similar instrument or agreement, or under a foreign currency hedge or similar
instrument or agreement. If we are required to secure outstanding debt
securities equally and ratably with other Indebtedness under this covenant, we
will be required to document our compliance with the covenant and thereafter the
trustee will be authorized to enter into a supplemental agreement or indenture
and to take such action as it may deem advisable to enable it to enforce the
rights of the holders of the outstanding debt securities so secured.</P>
<P align=center>12 </P>
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<P align=justify><I>Provision of Compliance Certificate. </I>We are required
under the indentures to deliver to the trustee within 120 days after the end of
each fiscal year an officer&#146;s certificate certifying as to our compliance with
all conditions and covenants under the relevant indenture, or if we are not in
compliance, identifying and describing the nature and status of such
non-compliance.</P>
<P align=justify><B>Consolidation, Merger or Sale</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The indentures do not restrict the
ability of Net1 to merge or consolidate, or sell, convey, transfer or lease all
or substantially all of its assets as long as certain conditions are met. We may
only merge or consolidate with, or convey, transfer or lease all of our assets
to, any person, if doing so will not result in an event of default. Any such
successor, acquiror or lessor of such assets must expressly assume all of the
obligations of Net1 under the indentures and the debt securities and will
succeed to every right and power of Net1 under the indentures. Thereafter,
except in the case of a lease, the predecessor or transferor of such assets will
be relieved of all obligations and covenants under the relevant indenture and
debt securities.</P>
<P align=justify><B>Events of Default Under the Indentures</B></P>
<P align=justify>The following are events of default under the indentures with
respect to any series of debt securities issued:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>we fail to pay interest when due and such failure continues for 90 days,
  unless the time for payment has been properly extended or deferred in
  accordance with the terms of the particular series; </P>
  <LI>
  <P>we fail to pay the principal or any premium when due, unless the maturity
  has been properly extended in accordance with the terms of the particular
  series; </P>
  <LI>
  <P>we fail to observe or perform any other covenant or agreement contained in
  the debt securities or the indentures, other than a covenant or agreement
  specifically relating to another series of debt securities, and such failure
  continues for 90 days after we receive a notice of default from the trustee or
  from the holders of at least 25% in aggregate principal amount of the
  outstanding debt securities of all of the affected series; </P>
  <LI>
  <P>certain events of bankruptcy or insolvency, whether voluntary or not; and
  </P></LI></UL>
<P align=center>13 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>any additional events of default that may be established with respect to a
  particular series of debt securities under the indentures, as may be specified
  in the applicable prospectus supplement. </LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; If, with regard to any series, an
event of default resulting from a failure to pay principal, any premium or
interest occurs and is continuing, the trustee or the holders of at least 25% in
aggregate principal amount of the outstanding debt securities of that series may
declare the principal of all debt securities of that series immediately due and
payable.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; If an event of default other than a
failure to pay principal, any premium or interest occurs and is continuing, the
trustee or the holders of at least 25% in aggregate principal amount of the
outstanding debt securities of all affected series (all such series voting
together as a single class) may declare the principal of all debt securities of
such affected series immediately due and payable.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The holders of a majority in principal
amount of the outstanding debt securities of all affected series (voting
together as a single class) may waive any past default with respect to such
series and its consequences, except a default or events of default regarding
payment of principal, any premium or interest, in which case the holders of the
outstanding debt securities of each affected series shall vote to waive such
default or event of default as a separate class. Such a waiver will eliminate
the default.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise specified in the
indentures, if an event of default occurs and is continuing, the trustee will be
under no obligation to exercise any of its rights or powers under the relevant
indenture unless the holders of the debt securities have offered the trustee
indemnity reasonably satisfactory to the trustee against the costs, expenses and
liabilities that it might incur. The holders of a majority in principal amount
of the outstanding debt securities of all series affected by an event of
default, voting together as a single class, or, in the event of a default in the
payment of principal, any premium or interest, the holders of a majority of the
principal amount outstanding of each affected series voting as a separate class,
will have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the trustee, or exercising any trust or
power conferred on the trustee with respect to the debt securities of such
series, provided that:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>such direction is not in conflict with any law or the applicable indenture
  or unduly prejudicial to the rights of holders of any other series of debt
  securities outstanding under the applicable indenture; and </P>
  <LI>
  <P>unless otherwise provided under the Trust Indenture Act, the trustee need
  not take any action that might involve it in personal liability. </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; A holder of the debt securities of a
particular series will only have the right to institute a proceeding under the
indentures or to appoint a receiver or trustee, or to seek other remedies, in
each case with respect to such series of debt securities, if:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the holder has given written notice to the trustee of a continuing event of
  default; </P>
  <LI>
  <P>in the case of an event of default relating to the payment of principal,
  any premium or interest, the holders of at least 25% in aggregate principal
  amount of the outstanding debt securities of the particular series have made
  written request to the trustee to institute proceedings as trustee;
</P></LI>
  </UL>
<P align=center>14 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>in the case of an event of default not relating to payment of principal,
  any premium or interest, the holders of at least 25% in aggregate principal
  amount of the outstanding debt securities of all series affected by such event
  of default (voting together as a single class) have made written request to
  the trustee to institute proceedings as trustee; </P>
  <LI>
  <P>such holders have offered indemnity reasonably satisfactory to the trustee
  to cover the cost of the proceedings; and </P>
  <LI>
  <P>the trustee does not institute a proceeding, and does not receive
  conflicting directions from a majority in principal amount of the outstanding
  debt securities of (i) the particular series, in the case of an event of
  default relating to the payment of principal, any premium or interest or (ii)
  all affected series, in the case of an event of default not relating to the
  payment of principal, any premium or interest, in each case, within 60 days of
  receiving the written notice of an event of default. </P></LI></UL>
<P align=justify><B>Modification of Indenture; Waiver</B></P>
<P align=justify>Without the consent of any holders of debt securities, Net1 and
the trustee may change an indenture:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>to fix any ambiguity, defect or inconsistency in the indenture; </P>
  <LI>
  <P>to effect the assumption of a successor corporation of our obligations
  under such indenture and the outstanding debt securities; </P>
  <LI>
  <P>to add to our covenants for the benefit of the holders of all or any series
  of debt securities under such indenture or surrender any right or power we
  have under such indenture; </P>
  <LI>
  <P>to change anything that does not materially adversely affect the interests
  of any holder of debt securities of any series; and </P>
  <LI>
  <P>to effect certain other limited purposes described in the indenture.
  </P></LI></UL>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The rights of holders of a series of
debt securities may be changed by Net1 and the trustee with the written consent
of the holders of a majority of the principal amount of the outstanding debt
securities of all series then outstanding under the relevant indenture (all such
series voting together as a single class). However, the following changes may
only be made with the consent of each holder of debt securities of each series
affected by the change:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>extending the fixed maturity; </P>
  <LI>
  <P>reducing the principal amount; </P>
  <LI>
  <P>reducing the rate of or extending the time of payment of interest; </P>
  <LI>
  <P>reducing any premium payable upon redemption; </P></LI></UL>
<P align=center>15 </P>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>reducing the percentage of debt securities referred to above, the holders
  of which are required to consent to any amendment; or </P>
  <LI>
  <P>in respect of the subordinated indenture, making any change to the
  subordination terms of any debt security that would adversely affect the
  holders of the debt securities of that series. </P></LI></UL>
<P align=justify><B>Rights and Duties of the Trustee</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The trustee, except when there is an
event of default, will perform only those duties as are specifically stated in
the indentures. If an event of default has occurred with respect to any series
of debt securities, the trustee must exercise with respect to such debt
securities the rights and powers it has under the indenture and use the same
degree of care and skill as a prudent person would exercise or use in the
conduct of his or her own affairs. Except as provided in the preceding sentence,
the trustee is not required to exercise any of the powers given it by the
indentures at the request of any holder of debt securities unless it is offered
reasonable security or indemnity against the costs, expenses and liabilities
that it might incur. The trustee is not required to spend or risk its own money
or otherwise become financially liable while performing its duties or exercising
its rights or powers unless it reasonably believes that it will be repaid or
receive adequate indemnity. The trustee will not be deemed to have any notice of
any default or event of default unless a responsible officer of the trustee has
actual knowledge of or receives written notice of the default which specifies
the affected securities and the relevant indenture. Furthermore, the rights and
protections of the trustee, including its right of indemnification under the
indentures, extend to the trustee&#146;s officers, directors, agents and employees,
and will survive the trustee&#146;s resignation and removal.</P>
<P align=justify><B>Payment and Paying Agents</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We will pay interest on any debt
securities to the person in whose name the debt securities are registered on the
regular record date for the applicable interest payment date.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We will pay principal, any premium and
interest on the debt securities of a particular series at the office of one or
more paying agents that we designate for that series. Unless otherwise stated in
the applicable supplemental indenture and prospectus supplement, we will
initially designate the corporate trust office of the trustee in the City of New
York as our sole paying agent. We will be required to maintain a paying agent in
each place of payment for the debt securities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; All money we pay to a paying agent or
the trustee for the payment of principal, any premium or interest on any debt
security which remains unclaimed for a period of two years after the principal,
premium or interest has become due and payable will, upon our request, be repaid
to us, and the holder of the debt security may then look only to us for payment
of those amounts.</P>
<P align=justify><B>Governing Law</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The indentures and the debt securities
will be governed by and interpreted in accordance with the laws of the State of
New York.</P>
<P align=center>16 </P>
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<P align=justify><B>Subordination of Subordinated Debt Securities</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The subordinated debt securities will
be unsecured and will be subordinate and junior in priority of payment to our
other indebtedness on the terms described in the prospectus supplement relating
to such securities. The subordinated indenture does not limit the amount of
subordinated debt securities which we may issue, nor does it limit our ability
to issue any other secured or unsecured debt.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The prospectus supplement relating to
any series of subordinated debt securities will disclose the amount of debt of
Net1 that will be senior to those subordinated debt securities. </P>
<P align=justify><B>Subsidiary Guarantees </B></P>
<P align=justify><B></B>&nbsp;&nbsp;&nbsp;&nbsp; If specified in the prospectus
supplement, certain of our subsidiaries may guarantee our obligations relating
to debt securities issued under this prospectus. The specific terms and
provisions of each subsidiary guarantee will be disclosed in the applicable
prospectus supplement. </P>
<P align=justify><B>DESCRIPTION OF WARRANTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue warrants to purchase
our debt or equity securities or securities of third parties or other rights,
including rights to receive payment in cash or securities based on the value,
rate or price of one or more specified commodities, currencies, securities or
indices, or any combination of the foregoing. Warrants may be issued
independently or together with any other securities and may be attached to, or
separate from, such securities. Each series of warrants will be issued under a
separate warrant agreement to be entered into between us and a warrant agent.
The terms of any warrants to be issued and a description of the material
provisions of the applicable warrant agreement will be set forth in the
applicable prospectus supplement.</P>
<P align=justify><B>DESCRIPTION OF UNITS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As specified in the applicable
prospectus supplement, we may issue units consisting of warrants, debt
securities, shares of preferred stock, shares of common stock or any combination
of such securities.</P>
<P align=justify><B>FORMS OF SECURITIES </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each debt security, warrant and
unit will be represented either by a certificate issued in definitive form to a
particular investor or by one or more global securities representing the entire
issuance of securities. Certificated securities in definitive form and global
securities will be issued in registered form. Definitive securities name you or
your nominee as the owner of the security, and in order to transfer or exchange
these securities or to receive payments other than interest or other interim
payments, you or your nominee must physically deliver the securities to the
trustee, registrar, paying agent or other agent, as applicable. Global
securities name a depositary or its nominee as the owner of the debt securities,
warrants or units represented by these global securities. The depositary
maintains a computerized system that will reflect each investor&#146;s beneficial
ownership of the securities through an account maintained by the investor with
its broker/dealer, bank, trust company or other representative, as we explain
more fully below.</P>
<P align=center>17 </P>
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<P align=justify><B>Registered Global Securities</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue the registered debt
securities, warrants and units in the form of one or more fully registered
global securities that will be deposited with a depositary or its nominee
identified in the applicable prospectus supplement and registered in the name of
that depositary or nominee. In those cases, one or more registered global
securities will be issued in a denomination or aggregate denominations equal to
the portion of the aggregate principal or face amount of the securities to be
represented by registered global securities. Unless and until it is exchanged in
whole for securities in definitive registered form, a registered global security
may not be transferred except as a whole by and among the depositary for the
registered global security, the nominees of the depositary or any successors of
the depositary or those nominees.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If not described below, any
specific terms of the depositary arrangement with respect to any securities to
be represented by a registered global security will be described in the
prospectus supplement relating to those securities. We anticipate that the
following provisions will apply to all depositary arrangements.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership of beneficial interests
in a registered global security will be limited to persons, called participants,
that have accounts with the depositary or persons that may hold interests
through participants. Upon the issuance of a registered global security, the
depositary will credit, on its book-entry registration and transfer system, the
participants&#146; accounts with the respective principal or face amounts of the
securities beneficially owned by the participants. Any dealers, underwriters or
agents participating in the distribution of the securities will designate the
accounts to be credited. Ownership of beneficial interests in a registered
global security will be shown on, and the transfer of ownership interests will
be effected only through, records maintained by the depositary, with respect to
interests of participants, and on the records of participants, with respect to
interests of persons holding through participants. The laws of some states may
require that some purchasers of securities take physical delivery of these
securities in definitive form. These laws may impair your ability to own,
transfer or pledge beneficial interests in registered global securities.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the depositary, or its
nominee, is the registered owner of a registered global security, that
depositary or its nominee, as the case may be, will be considered the sole owner
or holder of the securities represented by the registered global security for
all purposes under the applicable indenture, warrant agreement or unit
agreement. Except as described below, owners of beneficial interests in a
registered global security will not be entitled to have the securities
represented by the registered global security registered in their names, will
not receive or be entitled to receive physical delivery of the securities in
definitive form and will not be considered the owners or holders of the
securities under the applicable indenture, warrant agreement or unit agreement.
Accordingly, each person owning a beneficial interest in a registered global
security must rely on the procedures of the depositary for that registered
global security and, if that person is not a participant, on the procedures of
the participant through which the person owns its interest, to exercise any
rights of a holder under the applicable indenture, warrant agreement or unit
agreement. We understand that under existing industry practices, if we request
any action of holders or if an owner of a beneficial interest in a registered
global security desires to give or take any action that a holder is entitled to
give or take under the applicable indenture, warrant agreement or unit
agreement, the depositary for the registered global security would authorize the
participants holding the relevant beneficial interests to give or take that
action, and the participants would authorize beneficial owners owning through
them to give or take that action or would otherwise act upon the instructions of
beneficial owners holding through them.</P>
<P align=center>18 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal, premium, if any, and
interest payments on debt securities, and any payments to holders with respect
to warrants or units, represented by a registered global security registered in
the name of a depositary or its nominee will be made to the depositary or its
nominee, as the case may be, as the registered owner of the registered global
security. None of Net1, the trustees, the warrant agents, the unit agents or any
other agent of Net1, agent of the trustees or agent of the warrant agents or
unit agents will have any responsibility or liability for any aspect of the
records relating to payments made on account of beneficial ownership interests
in the registered global security or for maintaining, supervising or reviewing
any records relating to those beneficial ownership interests.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect that the depositary for
any of the securities represented by a registered global security, upon receipt
of any payment of principal, premium, interest or other distribution of
underlying securities or other property to holders on that registered global
security, will immediately credit participants&#146; accounts in amounts
proportionate to their respective beneficial interests in that registered global
security as shown on the records of the depositary. We also expect that payments
by participants to owners of beneficial interests in a registered global
security held through participants will be governed by standing customer
instructions and customary practices, as is now the case with the securities
held for the accounts of customers in bearer form or registered in &#147;street
name,&#148; and will be the responsibility of those participants.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; If the depositary for any of these
securities represented by a registered global security is at any time unwilling
or unable to continue as depositary or ceases to be a clearing agency registered
under the Exchange Act, and a successor depositary registered as a clearing
agency under the Exchange Act is not appointed by us within 90 days, we will
issue securities in definitive form in exchange for the registered global
security that had been held by the depositary. Any securities issued in
definitive form in exchange for a registered global security will be registered
in the name or names that the depositary gives to the relevant trustee, warrant
agent, unit agent or other relevant agent of ours or theirs. It is expected that
the depositary&#146;s instructions will be based upon directions received by the
depositary from participants with respect to ownership of beneficial interests
in the registered global security that had been held by the depositary. </P>
<P align=center>19 </P>
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<P align=center><B>SELLING SHAREHOLDERS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; An aggregate of 6,409,091 shares of
common stock may be offered for sale and sold from time to time pursuant to this
prospectus by the selling shareholders, which term in this prospectus refers to
investment funds affiliated with General Atlantic LLC, a Delaware limited
liability company, and their respective transferees, distributees, pledgees,
donees, assignees or other successors. We are paying all of the expenses in
connection with such registration and the sale of the shares, other than selling
commissions and the fees and expenses of counsel and other advisors to the
selling shareholders. Information concerning the selling shareholders may change
from time to time, and any changed information will be set forth if and when
required in prospectus supplements or other appropriate forms permitted to be
used by the SEC. Mr. Tom Tinsley, a member of our board, serves as an advisory
director of General Atlantic LLC and has served since 2008 as the director
nominated by the selling shareholders pursuant to a stock purchase agreement
dated July 18, 2005 among us, certain investment funds affiliated with General
Atlantic LLC and certain shareholders named therein. On November 10, 2011, we
entered into a registration rights agreement with the selling shareholders,
pursuant to which we granted the selling shareholders certain registration
rights. Other than noted above, none of the selling shareholders has had any
material relationship within the past three years with us or, to our knowledge,
our affiliates. To our knowledge, none of the selling shareholders is a
broker-dealer and/or affiliated with a broker-dealer.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The following table sets forth, for
the selling shareholders to the extent known by us, the number of shares of our
common stock beneficially owned, the number of shares of our common stock
offered hereby and the number of shares and percentage of outstanding common
stock to be owned after completion of this offering, assuming all shares offered
hereby are sold.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; To our knowledge, the selling
shareholders have shared voting and investment power with respect to their
shares of common stock. All of the information contained in the table below is
based solely upon information provided to us by the selling shareholders or
otherwise known by us. In addition to the shares offered hereby, the selling
shareholders may otherwise beneficially own our shares of common stock as a
result of, among others, open market purchases, which information is not
obtainable by us without undue effort and expense. The selling shareholders may
have sold, transferred or otherwise disposed of, or may sell, transfer or
otherwise dispose of, at any time or from time to time since the date on which
the information regarding the shares beneficially owned was last known by us,
all or a portion of the shares beneficially owned in transactions exempt from
the registration requirements of the Securities Act.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The number of shares outstanding and
the percentages of beneficial ownership are based on 45,552,304 shares of our
common stock issued and outstanding as of March 12, 2012.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; For the purposes of the following
table, the number of shares of our common stock beneficially owned has been
determined in accordance with Rule 13d-3 under the Exchange Act, and such
information is not necessarily indicative of beneficial ownership for any other
purpose. Under Rule 13d-3, beneficial ownership includes any shares as to which
a selling shareholder has sole or shared voting power or investment power and
also any shares which that selling shareholder has the right to acquire within
60 days of the date of this prospectus through the exercise of any stock option.
</P>
<P align=center>20 </P>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="47%" align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>% of Common</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Shares</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Shares</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Stock</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Beneficially</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Beneficially</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Beneficially</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Owned</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp; </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Owned</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Owned</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Prior to the</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>Number of</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>After the</B> </TD>
    <TD width="2%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap><B>After the</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Name of Selling
      Shareholder</B> </TD>
    <TD align=left
    width="2%">&nbsp;</TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Offering</B> </TD>
    <TD
    width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Shares Offered</B> </TD>
    <TD
    width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Offering</B> </TD>
    <TD
    width="2%" align=center nowrap>&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Offering</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="2%">&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>
    <TD>&nbsp; </TD>
    <TD width="2%">&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 align=left bgColor=#e6efff>Investment funds affiliated with General
      Atlantic LLC <SUP>(1)</SUP> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,409,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,409,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>0 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>0 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>(1) Includes 3,105,138 shares owned by General Atlantic
Partners 80, L.P., a Delaware limited partnership (&#147;GAP 80&#148;), 2,730,766 shares
owned by General Atlantic Partners 82, L.P., a Delaware limited partnership
(&#147;GAP 82&#148;), 108,920 shares owned by GapStar, LLC, a Delaware limited liability
company (&#147;GapStar&#148;), 360,565 shares owned by GAP Coinvestments III, LLC, a
Delaware limited liability company (&#147;GAPCO III&#148;), 90,185 shares owned by GAP
Coinvestments IV, LLC, a Delaware limited liability company (&#147;GAPCO IV&#148;), 11,567
shares owned by GAPCO GmbH &amp; Co. KG, a German limited partnership (&#147;KG&#148;) and
1,950 shares owned by GAP Coinvestments CDA, L.P., a Delaware limited
partnership (&#147;GAPCO CDA&#148;). General Atlantic LLC (&#147;GA&#148;) is the general partner of
GAP 80, GAP 82 and GAPCO CDA. GA is also the managing member of GAPCO III and
GAPCO IV. Certain managing directors of GA are the members of GapStar. GAPCO
Management GmbH, a German corporation (&#147;GmbH Management&#148;), is the general
partner of KG. There are 25 Managing Directors of GA and such Managing Directors
disclaim beneficial ownership of the shares held by the General Atlantic
entities. The business address of the General Atlantic entities (other than KG
and GmbH Management) is c/o General Atlantic Service Company, LLC, Three
Pickwick Plaza, Greenwich, Connecticut 06830. The business address of KG and
GmbH Management is Koenigsallee 62, 40212 Duesseldorf, Germany. </P>
<P align=center>21 </P>
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<P align=center><B>PLAN OF DISTRIBUTION </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; We and/or the selling shareholders, if
applicable, may sell or dispose of the securities in one or more of the
following ways (or in any combination) from time to time: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">through underwriters or dealers; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%">directly to a limited number of purchasers or
      to a single purchaser (including block transactions); </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">through agents; or </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%">an offering of shares by way of a distribution
      to shareholders, partners or members. </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The prospectus supplement will state
the terms of the offering of the securities, including: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">the name or names of any underwriters, dealers
      or agents; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">the purchase price of such securities and the
      proceeds to be received by us, if any; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%">any underwriting discounts or agency fees and
      other items constituting underwriters&#146; or agents&#146; compensation; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%">any initial public offering price; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">any discounts or concessions allowed or
      reallowed or paid to dealers; and </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">any securities exchanges on which the
      securities may be listed. </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any initial public offering price
and any discounts or concessions allowed or reallowed or paid to dealers may be
changed from time to time.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we and/or the selling
shareholders, if applicable, use underwriters in the sale, the securities will
be acquired by the underwriters for their own account and may be resold from
time to time in one or more transactions, including:</P>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">negotiated transactions; </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">at a fixed public offering price or prices, which may be changed; </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%"><p>at market prices prevailing at the time of sale; </p></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149; </TD>
    <TD align=left width="89%">at prices related to prevailing market prices; or </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">at negotiated prices. </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="89%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%"  >&#149;</TD>
    <TD align=left width="89%">&nbsp;</TD>
  </TR>
</TABLE>
<P align=center>22 </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise stated in a
prospectus supplement, the obligations of the underwriters to purchase any
securities will be conditioned on customary closing conditions and the
underwriters will be obligated to purchase all of such series of securities, if
any are purchased. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and/or the selling
shareholders, if applicable, may sell the securities through agents from time to
time. The prospectus supplement will name any agent involved in the offer or
sale of the securities and any commissions we pay to them. Generally, any agent
will be acting on a best efforts basis for the period of its appointment.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and/or the selling
shareholders, if applicable, may authorize underwriters, dealers or agents to
solicit offers by certain purchasers to purchase the securities from us at the
public offering price set forth in the prospectus supplement pursuant to delayed
delivery contracts providing for payment and delivery on a specified date in the
future. The contracts will be subject only to those conditions set forth in the
prospectus supplement, and the prospectus supplement will set forth any
commissions we pay for solicitation of these contracts.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders may
enter into hedging transactions with broker-dealers or other financial
institutions. In connection with such transactions, broker-dealers or other
financial institutions may engage in short sales of our common stock in the
course of hedging the positions they assume with the selling shareholders. The
selling shareholders may also enter into options or other transactions with
broker-dealers or other financial institutions which require the delivery to
such broker-dealer or other financial institution of shares offered hereby,
which shares such broker-dealer or other financial institution may resell
pursuant to this prospectus (as supplemented or amended to reflect such
transaction). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The selling shareholders also may
resell all or a portion of the shares in open market transactions in reliance
upon Rule 144 under the Securities Act, provided they meet the criteria and
conform to the requirements of such Rule.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, &#147;selling
shareholders&#148; includes donees, pledgees, distributees, transferees or other
successors-in-interest selling shares received after the date of this prospectus
from a named selling shareholder as a gift, pledge, partnership distribution or
other non-sale related transfer. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwriters and agents may be
entitled under agreements entered into with us and/or the selling shareholders,
if applicable, to indemnification by us and/or the selling shareholders, if
applicable, against certain civil liabilities, including liabilities under the
Securities Act of 1933, or to contribution with respect to payments which the
underwriters or agents may be required to make. Underwriters and agents may be
customers of, engage in transactions with, or perform services for us and our
affiliates in the ordinary course of business.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Each series of securities will be a
new issue of securities and will have no established trading market other than
the common stock which is listed on the Nasdaq Global Select Market. Any
underwriters to whom securities are sold for public offering and sale may make a
market in the securities, but such underwriters will not be obligated to do so
and may discontinue any market making at any time without notice. The
securities, other than the common stock, may or may not be listed on a national
securities exchange. </P>
<P align=center>23 </P>
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<P align=center><B>EXPERTS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial
statements of Net1 UEPS Technologies, Inc. incorporated in this prospectus by
reference from the Annual Report on Form 10-K of Net 1 UEPS Technologies, Inc.
for the fiscal year ended June 30, 2011, and the effectiveness of Net 1 UEPS
Technologies, Inc.&#146;s internal control over financial reporting have been audited
by Deloitte &amp; Touche (South Africa), an independent registered public
accounting firm, as stated in their reports, which are incorporated herein by
reference. Such financial statements have been so incorporated in reliance upon
the reports of such firm given upon their authority as experts in accounting and
auditing. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements
incorporated in this prospectus by reference from our Current Report on Form
8-K/A filed on January 12, 2011 have been audited by Ernst &amp; Young Han
Young, an independent registered public accounting firm, as stated in their
report, which is incorporated herein by reference. Such financial statements
have been so incorporated in reliance upon the report of such firm given upon
their authority as experts in accounting and auditing. </P>
<P align=center><B>LEGAL MATTERS </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DLA Piper LLP (US), New York, New
York, will provide us with an opinion as to certain legal matters in connection
with the securities being offered hereby.</P>
<P align=center>24 </P>
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<P align=center><B>PART II </B></P>
<P align=center><B>Information Not Required in Prospectus </B></P>
<P align=justify><B>Item 14. Other Expenses of Issuance and Distribution
</B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth
the expenses payable by us in connection with the offerings of the securities
described in this registration statement being registered hereby. </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>SEC registration fee </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;63,856 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Printing expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Legal fees and expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounting fees and expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transfer Agent and trustee fees and
      expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>* </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Rating Agency fees </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">* </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Miscellaneous </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>* </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;* </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>* Not presently known. </P>
<P align=justify><B>Item 15. Indemnification of Directors and Officers </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 607.0850(1) of the
Florida Business Corporation Act, or FBCA, permits a Florida corporation to
indemnify any person who was or is a party to any third party proceeding by
reason of the fact that such person is or was a director, officer, employee or
agent of the corporation (or is or was serving at the request of the
corporation), against liability incurred in connection with such proceeding
(including any appeal thereof) if he acted in good faith and in a manner he
reasonably believed to be in, or not opposed to, the best interests of the
corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe his conduct was unlawful.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 607.0850(2) of the FBCA
permits a Florida corporation to indemnify any person who may be a party to a
derivative action if such person acted in any of the capacities set forth in the
immediately preceding paragraph, against expenses and amounts paid in settlement
not exceeding, in the judgment of the board of directors, the estimated expenses
of litigating the proceeding to conclusion, actually and reasonably incurred in
connection with the defense or settlement of such proceeding (including
appeals), provided that the person acted under the standards set forth in the
immediately preceding paragraph. However, no indemnification shall be made for
any claim, issue or matter for which such person is found to be liable unless,
and only to the extent that, the court determines that, despite the adjudication
of liability, but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnification for such expenses which the
court deems proper.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 607.0850(4) of the FBCA
provides that any indemnification made as set forth to the two immediately
preceding paragraphs, unless pursuant to a court determination, may be made only
after a determination that the person to be indemnified has met the standard of
conduct described above. This determination is to be made by a majority vote of
a quorum consisting of the disinterested directors of the board of directors who
were not parties to such proceeding and, if such a quorum is not available, by
duly selected independent legal counsel, or by a majority vote of the
disinterested security holders. The board of directors may also designate a
special committee of disinterested directors to make this determination.</P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 607.0850(3), however,
provides that a Florida corporation must indemnify any director, or officer,
employee or agent of a corporation who has been successful in the defense of any
proceeding referred to in Sections 607.0850(1) or (2), or in the defense of any
claim, issue or matter therein, against expenses actually and reasonably
incurred by him in connection therewith.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the FBCA, expenses incurred
by a director or officer in defending a civil or criminal proceeding may be paid
by the corporation in advance of the final disposition thereof upon receipt of
an undertaking by or on behalf of such director or officer to repay such amount
if it is ultimately determined that such director or officer is not entitled to
indemnification under Section 607.0850. Expenses incurred by other employees or
agents in such a proceeding may be paid in advance of final disposition thereof
upon such terms or conditions that the board of directors deems appropriate.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The FBCA further provides that
the indemnification and advancement of payment provisions contained therein are
not exclusive and it specifically empowers a corporation to make any other
further indemnification or advancement of expenses under any bylaw, agreement,
vote of security holders or disinterested directors or otherwise, both for
actions taken in an official capacity and for actions taken in other capacities
while holding an office. However, a corporation cannot indemnify or advance
expenses if a judgment or other final adjudication establishes that the actions
of the director or officer were material to the adjudicated cause of action and
the director or officer (a) violated criminal law, unless the director or
officer had reasonable cause to believe his conduct was lawful or had no
reasonable cause to believe his conduct was unlawful, (b) derived an improper
personal benefit from a transaction, (c) was or is a director in a circumstance
where the liability under Section 607.0834 (relating to unlawful distributions)
applies, or (d) engages in willful misconduct or conscious disregard for the
best interests of the corporation in a proceeding by or in right of the
corporation to procure a judgment in its favor or in a proceeding by or in right
of a shareholder.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated by-laws
provide that we have the power to indemnify any current or former director,
officer, employee or agent against any liability arising from any action or suit
to the fullest extent permitted by law. Advances against expenses may be made
under our bylaws and any other indemnification agreement into which we may enter
and the indemnity coverage provided thereunder may include liabilities under the
federal securities laws as well as in other contexts. Our by-laws also permit us
to purchase and maintain insurance on behalf of any current or former director,
officer, employee or agent for any liability incurred by any of them in
connection with, or arising out of, their actions in their capacity as our
director, officer, employee or agent. Our by-laws also provide that any repeal
or modification of the indemnification provisions of the by-laws shall not
adversely affect any right or protection of any person in respect of any act or
omission occurring prior to the time of such repeal or modification. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; Reference is made to Article VI of our
by-laws incorporated hereto by reference. </P>
<P align=justify><B>Item 16. Exhibits </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A list of exhibits filed herewith
is contained in the exhibit index that immediately precedes such exhibits and is
incorporated herein by reference.<B> </B></P>
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<P align=justify><B>Item 17. Undertakings </B></P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; The undersigned Registrant hereby
undertakes: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in
which offers or sales are being made, a post-effective amendment to this
registration statement: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(i) to include any prospectus required
by Section 10(a)(3) of the Securities Act of 1933; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(ii) to reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than 20 percent change in the maximum aggregate offering price set forth in the
&#147;Calculation of Registration Fee&#148; table in the effective registration statement;
and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(iii) To include any material
information with respect to the plan of distribution not previously disclosed in
the registration statement or any material change to such information in the
registration statement; </P>
<P align=justify><I>provided, however</I>, that paragraphs (i), (ii) and (iii)
do not apply if the information required to be included in a post -effective
amendment by those paragraphs is contained in reports filed with or furnished to
the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in the
registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of
determining any liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering
thereof. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration
by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of
determining liability under the Securities Act of 1933 to any purchaser: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(A)Each prospectus filed by the
Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(B)Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement
in reliance on Rule 430B relating to an offering made pursuant to Rule
415(a)(1)(i), (vii) or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and
included in the registration statement as of the earlier of the date such form
of prospectus is first used after effectiveness or the date of the first
contract of sale of securities in the offering described in the prospectus. As
provided in Rule 430B, for liability purposes of the issuer and any person that
is at that date an underwriter, such date shall be deemed to be a new
effective date of the registration statement relating to the securities in the
registration statement to which the prospectus relates, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement
or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser
with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document
immediately prior to such effective date; or </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; (5) That, for the purpose of
determining liability of the undersigned Registrant under the Securities Act of
1933 to any purchaser in the initial distribution of the securities, the
undersigned Registrant undertakes that in a primary offering of securities of
the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned Registrant will be a seller to the
purchaser and will be considered to offer or sell such securities to such
purchaser: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(i) Any preliminary prospectus or
prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424; </P>
<P style="MARGIN-LEFT: 5%" align=justify>(ii) Any free writing prospectus
relating to the offering prepared by or on behalf of the undersigned Registrant
or used or referred to by the undersigned Registrant;</P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;(iii) The portion of any other
free writing prospectus relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of
the undersigned Registrant; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(iv) Any other communication that is an
offer in the offering made by the undersigned Registrant to the purchaser. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Insofar as indemnification
for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is
against public policy as expressed in the Securities Act of 1933 and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act of 1933 and will be governed by the
final adjudication of such issue. </P>
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<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) To file an application for
the purpose of determining the eligibility of the trustee to act under
subsection (a) of Section 310 of the Trust Indenture Act in accordance with the
rules and regulations prescribed under the Commission under Section 305(b)(2) of
the Trust Indenture Act. </P>
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<P align=center><B>SIGNATURES</B> </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Act of 1933, as amended, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing a
Form S-3 and has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in Johannesburg, South
Africa on the 13th day of March, 2012. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left>&nbsp;</TD>
    <TD align=left colSpan=2>NET 1 UEPS TECHNOLOGIES, INC. </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>By: /s/ Serge C.P. Belamant </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Name:</TD>
  <TD align=left width="43%">Serge C.P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Title: </TD>
  <TD align=left width="43%">Chief Executive Officer </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE
PRESENTS, that each of the individuals whose signature appears below constitutes
and appoints Serge C.P. Belamant and Herman Gideon Kotze, as his true and lawful
attorney-in-fact and agent, with full and several power of substitution, for him
or her and in his name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to this Registration
Statement, and to file the same, with all exhibits thereto, and all documents in
connection therewith, with the Securities and Exchange Commission, granting unto
said attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully for all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their substitutes, may lawfully
do or cause to be done. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of
the Securities Act of 1933, this Registration Statement has been signed by the
following persons in the capacities indicated and on the dates indicated.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Serge C.P. Belamant </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left
    width="7%">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
  <TD align=left width="43%">Serge C.P. Belamant </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Title: </TD>
  <TD align=left width="43%">Chief Executive Officer, Chairman of </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
  <TD align=left width="43%">the Board and Director (Principal </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
  <TD align=left width="43%">Executive Officer) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Date:</TD>
  <TD align=left width="43%">&nbsp;March 13, 2012 </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Herman Gideon Kotze </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Name: </TD>
  <TD align=left width="43%">Herman Gideon Kotze </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Title: </TD>
  <TD align=left width="43%">Chief Financial Officer, Treasurer, </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
  <TD align=left width="43%">Secretary and Director (Principal </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
  <TD align=left width="43%">Financial and Accounting Officer) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="7%">&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Antony Charles Ball </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Name: </TD>
  <TD align=left width="43%">Antony Charles Ball </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="7%">Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Christopher Stefan Seabrook </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Christopher Stefan Seabrooke </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left colSpan=2><U>/s/ Alasdair Jonathan Kemsley
      Pein</U> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Alasdair Jonathan Kemsley Pein </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Paul Edwards </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Paul Edwards </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Tom C. Tinsley </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Tom C. Tinsley </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    colSpan=2>/s/ Brian Kgomotso Mosehla </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Brian Kgomotso Mosehla </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Director </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Date: </TD>
  <TD align=left width="43%">March 13, 2012 </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B>EXHIBIT INDEX</B> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      ><B>Exhibit No.</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="90%"><B>Description</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >1.1*</TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Form of Underwriting Agreement </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >3.1 </TD>
    <TD align=left width="90%">
      <P align=justify>Amended and Restated Articles of Incorporation of Net 1
      UEPS Technologies, Inc. (incorporated by reference to Exhibit 3.1 to our
      Form 8-K filed on December 1, 2008 (SEC File No. 000-31203)) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >3.2 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Amended and Restated By-Laws of Net 1 UEPS Technologies,
      Inc. (as amended through November 2009) (incorporated by reference to
      Exhibit 3.2 to our Form 8-K filed on November 5, 2009 (SEC File No.
      000-31203)) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >4.1 </TD>
    <TD align=left width="90%">
      <P align=justify>Form of Senior Debt Indenture between Net 1 UEPS
      Technologies, Inc. and The Bank of New York Mellon (formerly known as The
      Bank of New York), as Trustee (incorporated by reference to Exhibit 4.1 of
      our Registration Statement on Form S-3 (File No. 333- 138521) filed with
      the Securities and Exchange Commission on November 8, 2006) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.2 </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Form of Subordinated Debt Indenture between Net 1 UEPS
      Technologies, Inc. and The Bank of New York Mellon (formerly known as The
      Bank of New York), as Trustee (incorporated by reference to Exhibit 4.2 of
      our Registration Statement on Form S-3 (File No. 333-138521) filed with
      the Securities and Exchange Commission on November 8, 2006) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >4.3 </TD>
    <TD align=left width="90%">
      <P align=justify>Form of common stock certificate (incorporated by
      reference to Exhibit 4.1 of Amendment No. 1 to our Registration Statement
      on Form S-1 (File No. 333-125273) filed with the Securities and Exchange
      Commission on June 20, 2005) </P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.4* </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Form of Senior Note </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >4.5* </TD>
    <TD align=left width="90%">
      <P align=justify>Form of Subordinated Note </P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee >4.6* </TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify>Form of Warrant Agreement </P></TD></TR>
  <TR vAlign=top>
    <TD align=center >4.7* </TD>
    <TD align=left width="90%">
      <P align=justify>Form of Unit Agreement </P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit5-1.htm">5.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit5-1.htm">Opinion of DLA Piper LLP (US) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit12-1.htm">12.1 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="exhibit12-1.htm">Statement regarding computation of ratio of earnings to
      fixed charges </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit23-1.htm">23.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
  <P align=justify><a href="exhibit23-1.htm">Consent of Deloitte &amp; Touche (South Africa)</a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit23-2.htm">23.2 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="exhibit23-2.htm">Consent of Ernst &amp; Young Han Young </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit5-1.htm">23.3 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit5-1.htm">Consent of DLA Piper LLP (US) (included in exhibit 5.1)      </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="#page_37">24.1 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="#page_37">Power of Attorney (included on the signature pages
    hereto) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee ><a href="exhibit25-1.htm">25.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee>
      <P align=justify><a href="exhibit25-1.htm">Form T-1 Statement of Eligibility and Qualification under
      the Trust Indenture Act of 1939 of The Bank of New York Mellon (formerly
      known as The Bank of New York) </a></P></TD></TR>
  <TR vAlign=top>
    <TD align=center ><a href="exhibit25-2.htm">25.2 </a></TD>
    <TD align=left width="90%">
      <P align=justify><a href="exhibit25-2.htm">Form T-1 Statement of Eligibility and Qualification under
      the Trust Indenture Act of 1939 of The Bank of New York Mellon (formerly
      known as The Bank of New York) </a></P></TD></TR></TABLE>
<P align=justify>* To be filed by amendment or as an exhibit to a report
pursuant to Section 13(a), 13(c) or 15(d) of the Exchange Act.</P>
<hr noshade align="center" width="100%" size=5 color="Black">
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>exhibit5-1.htm
<DESCRIPTION>OPINION OF DLA PIPER LLP (US)
<TEXT>
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
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<P align=right>Exhibit 5.1 </P>
<P align=center>OPINION OF DLA PIPER LLP (US) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=right><B>DLA Piper LLP (US)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=right>1251 Avenue of the Americas </TD></TR>
  <TR vAlign=top>
    <TD align=right>New York, New York 10020-1104 </TD></TR>
  <TR vAlign=top>
    <TD align=right><B>T </B>212.335.4500 </TD></TR>
  <TR vAlign=top>
    <TD align=right><B>F </B>212.335.4501 </TD></TR>
  <TR vAlign=top>
    <TD align=right><B>W </B>www.dlapiper.com </TD></TR></TABLE>
<P align=justify>March 13, 2012 </P>
<P align=justify>Net 1 UEPS Technologies, Inc. <BR>President Place,
4<SUP>th</SUP> Floor <BR>Cnr. Jan Smuts Avenue and Bolton Road <BR>Rosebank,
Johannesburg, South Africa </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: <U>Net 1 UEPS Technologies, Inc.-- Registration Statement
on Form S-3</U> </P>
<P align=justify>Ladies and Gentlemen: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Net 1
UEPS Technologies Inc., a Florida corporation (the &#147;Company&#148;), with respect to
the preparation and filing of the Registration Statement on Form S-3 (File No.
333- ) (as amended, the &#147;Registration Statement&#148;) by the Company with the
Securities and Exchange Commission (the &#147;Commission&#148;) on March 13, 2012. The
Registration Statement provides for (i) the offer and sale by certain selling
shareholders (the &#147;Selling Shareholders&#148;) of up to 6,409,091 shares of Common
Stock (as defined below) and (ii) the offer and sale by the Company of the
Securities (as defined below) from time to time, pursuant to Rule 415 under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;), of an indeterminate
amount and aggregate offering price of: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp; (a) common stock of the Company, par
value $.001 per share (the &#147;Common Stock&#148;); </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) preferred stock of the
Company, par value $.001 per share (the &#147;Preferred Stock&#148;); </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) debt securities, which will
be issued pursuant to an indenture between the Company and The Bank of New York,
N.A. (the &#147;Trustee&#148;), such indenture to be either (a) one of the indentures
filed as an exhibit to the Registration Statement or (b) an indenture to be
filed as an exhibit to the Registration Statement in connection with a specific
offering of debt securities (in each case as the same may be amended or
supplemented from time to time, an &#147;Indenture&#148;), and which debt securities may
be either senior debt securities or subordinated debt securities (the &#147;Debt
Securities&#148;); </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) warrants to purchase Common
Stock, Preferred Stock or Debt Securities or other rights evidenced by warrant
certificates independently or together with any securities offered by a
prospectus supplement (the &#147;Warrants&#148;), which will be issued under a separate
warrant agreement (&#147;Warrant Agreement&#148;), by and between the Company and a
warrant agent (a &#147;Warrant Agent&#148;); and </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=right>Net 1 UEPS Technologies, Inc. </TD></TR>
  <TR vAlign=top>
    <TD align=right>March 13, 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=right>Page 2 </TD></TR></TABLE>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) units of Warrants, Debt
Securities, Common Stock, Preferred Stock or any combination thereof (&#147;Units&#148;),
which Units may be issued pursuant to a Unit Agreement (the &#147;Unit Agreement&#148;)
between the Company and a bank or trust company as unit agent (the &#147;Unit
Agent&#148;). </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Stock, the Preferred
Stock, the Debt Securities, the Warrants, and the Units are collectively
referred to herein as the &#147;Securities&#148; and each, a &#147;Security.&#148; </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our capacity as your counsel
in connection with such registration, we are familiar with the proceedings taken
and proposed to be taken by the Company in connection with the authorization and
issuance of the Securities, and, for the purposes of this opinion, have assumed
such proceedings will be timely completed in the manner presently proposed. In
addition, we have made such legal and factual examinations and inquiries,
including an examination of originals or copies certified or otherwise
identified to our satisfaction of such documents, corporate records,
certificates of officers and representatives of the Company and instruments, and
we have made such inquiries of such officers and representatives of the Company,
as we have deemed necessary or appropriate as a basis for our opinion. In our
examination, we have assumed the legal capacity of all natural persons, the
genuineness of all signatures, the authenticity of all documents submitted to us
as originals, the conformity to original documents of all documents submitted to
us as certified or photostatic copies and the authenticity of the originals of
such latter documents. With your consent, we have relied upon the foregoing and
upon certificates and other assurances of officers of the Company and others as
to factual matters without having independently verified such factual
matters.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the foregoing and the
other matters set forth herein, it is our opinion that, as of the date
hereof:</P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Common Stock to be issued by the Company, upon receipt by the Company of such
lawful consideration therefor as the Board of Directors (the &#147;Board&#148;) of the
Company (or a duly authorized committee thereof) may determine, will be validly
issued, fully paid and nonassessable. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
Preferred Stock, upon receipt by the Company of such lawful consideration
therefor as the Board (or a duly authorized committee thereof) may determine,
will be validly issued, fully paid and nonassessable. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
Debt Securities, upon receipt by the Company of such lawful consideration
therefor as the Board (or a duly authorized committee thereof) may determine,
will constitute valid and binding obligations of the Company, enforceable
against the Company in accordance with their terms.</P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
Warrants, upon receipt by the Company of such lawful consideration therefor as
the Board (or a duly authorized committee thereof) may determine, will
constitute valid and binding obligations of the Company, enforceable against the
Company in accordance with their terms. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=right>Net 1 UEPS Technologies, Inc. <BR>March 13, 2012 <BR>Page 3 </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
Units, upon receipt by the Company of such lawful consideration therefor as the
Board (or a duly authorized committee thereof) may determine, will constitute
valid and binding obligations of the Company, enforceable against the Company in
accordance with their terms. </P>
<P style="MARGIN-LEFT: 5%" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
shares of the Common Stock to be offered and sold by the Selling Stockholders
have been duly authorized and are validly issued, fully paid and nonassessable.
</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the foregoing
opinions, we have assumed that: (i) the Registration Statement, and any
amendments thereto, will have become effective (and will remain effective at the
time of issuance of any Securities thereunder); (ii) a prospectus supplement
describing each class and/or series of Securities offered pursuant to the
Registration Statement, to the extent required by applicable law and relevant
rules and regulations of the Commission, will be timely filed with the
Commission; (iii) the definitive terms of each class and/or series of Securities
will have been established in accordance with the authorizing resolutions of the
Board, its organizational and governing documents and applicable law; (iv) the
Company will issue and deliver the Securities in the manner contemplated by the
Registration Statement and any Securities will have been duly authorized and
reserved for issuance; (v) the resolutions authorizing the issuance, offering
and sale of the Securities will have been adopted by the Board and will be in
full force and effect at all times at which the Securities are offered or sold
by the Company; (vi) a definitive purchase, underwriting or similar agreement
with respect to any Securities will have been duly authorized and validly
executed and delivered by the Board of Directors of the Company and the other
parties thereto; (vii) all Securities will be issued in compliance with
applicable federal and state securities laws; (viii) that any shares of Common
Stock issued pursuant to the Registration Statement from time to time will not
exceed the maximum authorized number of shares of Common Stock under the current
Articles of Incorporation of the Company, as the same may have been amended,
minus that number of shares of Common Stock that may have been issued and are
outstanding, or are reserved for issuance for other purposes, at such time; and
(ix) that any shares of Preferred Stock issued pursuant to the Registration
Statement from time to time will not exceed the maximum authorized number of
shares of Preferred Stock under the current Articles of Incorporation of the
Company, as the same may have been amended, minus that number of shares of
Preferred Stock that may have been issued and are outstanding, or are reserved
for issuance for other purposes, at such time. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Securities
consisting of any series of Debt Securities, we have further assumed that: (i)
such Debt Securities will have been issued pursuant to an applicable indenture
that has been duly authorized, executed and delivered by the Company and the
applicable trustee in a form approved by us, and such indenture will have been
qualified under the Trust Indenture Act of 1939 and will be governed by and
construed in accordance with New York law; and (ii) such Debt Securities will be
duly executed, authenticated, issued and delivered in accordance with the
provisions of the applicable indenture. </P>
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noShade SIZE=5>
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<P align=right>Net 1 UEPS Technologies, Inc. <BR>March 13, 2012 <BR>Page 4 </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Securities
consisting of Warrants, we have further assumed that (i) a Warrant Agreement to
be entered into between the Company and the Warrant Agent will have been duly
authorized, executed and delivered by the Company, and (ii) the Warrants will be
duly authorized, executed and delivered by the Company and the Warrant Agent in
accordance with the provisions of the Warrant Agreement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to any Securities
consisting of Units, we have further assumed that: (i) a Unit Agreement relating
to the Units to be entered into between the Company and the Unit Agent will have
been duly authorized, executed and delivered by the Company and (ii) the Units
will be duly authorized, executed and delivered by the Company and the Unit
Agent in accordance with the provisions of the Unit Agreement. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion expressed above is
limited by, subject to and based on the assumptions, limitations and
qualifications set forth below: </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The validity and binding
effect of the Securities may be limited or affected by bankruptcy,
reorganization, insolvency, fraudulent conveyance, moratorium or other similar
laws relating to or affecting creditors&#146; rights generally and by general
equitable principles (regardless of whether such validity and binding effect are
considered in a proceeding in equity or at law), and may be limited by
applicable laws or policies underlying such laws.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing opinion is
limited to the laws of the State of New York, the laws of the State of Florida
and the Florida Business Corporation Act as in effect on the date hereof and the
facts as they currently exist. We render no opinion herein as to matters
involving the laws of any other jurisdiction. In rendering this opinion, we
assume no obligation to revise or supplement this opinion should current laws or
the interpretations thereof, be changed. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not been requested to
express and, with your consent, do not render any opinion as to the
applicability to the obligations of the Company under the Indenture or the Debt
Securities of Sections 547 and 548 of the United States Bankruptcy Code or
applicable state law relating to preferences and fraudulent transfers and
obligations.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the
obligations of the Company under Debt Securities may be dependent upon such
matters, we assume for purposes of this opinion that the Trustee is duly
organized, validly existing and in good standing under the laws of its
jurisdiction of organization; that the Trustee is duly qualified to engage in
the activities contemplated by the applicable Indenture; that the Indenture has
been duly authorized, executed and delivered by the Trustee and constitutes the
legally valid and binding obligation of the Trustee, enforceable against the
Trustee in accordance with its terms; that the Trustee is in compliance,
generally and with respect to acting as a trustee under the Indenture, with all
applicable laws and regulations; and that the Trustee has the requisite
organizational and legal power and authority to execute and deliver and to
perform its obligations under the Indenture.</P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the
obligations of the Company under Warrant Agreements and Warrants may be
dependent upon such matters, we assume for purposes of this opinion that each
Warrant Agent will be duly organized, validly existing and in good standing
under the laws of its jurisdiction of organization; that each Warrant Agent will be
duly qualified to engage in the activities contemplated by the applicable
Warrant Agreement and Warrants; that each Warrant Agreement will be duly
authorized, executed and delivered by the applicable Warrant Agent and will
constitute the legally valid and binding obligation of such Warrant Agent,
enforceable against such Warrant Agent in accordance with its terms; that each
Warrant Agent will be in compliance, generally and with respect to acting as a
warrant agent under the applicable Warrant Agreement and with respect to the
applicable Warrants, with all applicable laws and regulations; and that each
Warrant Agent has the requisite organizational and legal power and authority to
execute and deliver and to perform its obligations under the applicable Warrant
Agreement and the applicable Warrants. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=right>Net 1 UEPS Technologies, Inc.<BR>
 March 13, 2012 <BR>Page 5 </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the
obligations of the Company under Unit Agreements and Units may be dependent upon
such matters, we assume for purposes of this opinion that each Unit Agent will
be duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization; that each Unit Agent will be duly qualified to
engage in the activities contemplated by the applicable Unit Agreement and
Units; that each Unit Agreement will be duly authorized, executed and delivered
by the applicable Unit Agent and will constitute the legally valid and binding
obligation of such Unit Agent, enforceable against such Unit Agent in accordance
with its terms; that each Unit Agent will be in compliance, generally and with
respect to acting as a warrant agent under the applicable Unit Agreement and
with respect to the applicable Units, with all applicable laws and regulations;
and that each Unit Agent has the requisite organizational and legal power and
authority to execute and deliver and to perform its obligations under the
applicable Unit Agreement and the applicable Units. </P>
<P align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the filing of this
opinion as an exhibit to the Registration Statement relating to the Securities,
and we further consent to the use of our name under the caption &#147;Legal Matters&#148;
in such registration statement and the prospectus that forms a part thereof. In
giving these consents, we do not thereby admit that we are within the category
of persons whose consent is required under Section 7 of the Securities Act or
the rules and regulations of the Commission thereunder. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">Very truly yours, </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="50%">/s/ DLA Piper LLP (US) </TD></TR></TABLE><BR>
    <hr noshade align="center" width="100%" size=5 color="Black">
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>exhibit12-1.htm
<DESCRIPTION>STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 12.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_45></A>
<P align=right><B>Exhibit 12.1 </B></P>
<P align=center>STATEMENT REGARDING COMPUTATION OF RATIO OF EARNINGS TO FIXED
CHARGES </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center nowrap><B>Six months</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD colSpan=7 align=center nowrap>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center nowrap><B>ended</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp; </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD colSpan=7 align=center nowrap>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31,</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    colSpan=7 align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Twelve months ended June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2010</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2009</B> </TD>
    <TD align=center nowrap>&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2008</B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><b>2007</b></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=center colSpan=13><B>(in thousands, except for ratio
      of earnings to fixed charges)</B> </TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Fixed charges</B> </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#e6efff>&nbsp; </TD>
    <TD align=left
    bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left
    bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest expensed and capitalized </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>4,971 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>8,672 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>1,047 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>9,462 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right>11,689 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>$</TD>
    <TD vAlign=bottom align=right>12,012</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortized premiums, discounts and
      capitalized expenses related to indebtedness </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>-</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Estimate of the interest within rental expense </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>312 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>628 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>472 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>365 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid"vAlign=bottom align=right>381 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>357</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Preference security dividend requirements
      of consolidated subsidiaries </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid; BORDER-left: #000000 1px solid">&nbsp;</TD>
    <TD align=right
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">-</TD>
    <TD align=left
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD align="right" vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;<B>Fixed charges</B> </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>5,283 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>9,300 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>1,519 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>9,827 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>12,070 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>12,369</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD align="right" vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings</B> </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Add</B> </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>55,203 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>45,710 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>80,399 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>140,747 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>138,178 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">113,646</TD>
    <TD align=left vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Pretax income from continuing operations
      before adjustment for non-controlling interests in consolidated
      subsidiaries or income or loss from equity investees </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>49,920 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>36,410 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>78,880 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>130,920 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>126,108 </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>101,277</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Fixed charges </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>5,283 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>9,300 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>1,519 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>9,827 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right>12,070 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>12,369</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Amortization of capitalized interest </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>-</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Distributed income of equity investees </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>-</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Your share of pre-tax losses of equity
      investees for which charges arising from guarantees are included in fixed
      charges </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD
    vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid; BORDER-left: #000000 1px solid">&nbsp;</TD>
    <TD align=right
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">-</TD>
    <TD align=left
    vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp; </TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
    <TD align="right" vAlign=bottom>&nbsp;</TD>
    <TD vAlign=bottom>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Less</B> </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=right vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left vAlign=bottom bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest capitalized </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>-</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Preference security dividend requirements
      of consolidated subsidiaries </TD>
    <TD align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=right bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right bgColor=#e6efff>-</TD>
    <TD style="BORDER-right: #000000 1px solid" vAlign=bottom align=left bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Non-controlling interest in pre-tax income of subsidiaries
      that have not incurred fixed charges </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=right>- </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid" vAlign=bottom align=right>- </TD>
    <TD
    vAlign=bottom align=left>&nbsp;</TD>
    <TD align=left
    vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid; BORDER-left: #000000 1px solid">&nbsp;</TD>
    <TD align=right
    vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid">-</TD>
    <TD align=left
    vAlign=bottom style="BORDER-BOTTOM: #000000 1px solid; BORDER-right: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD align="right" vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>&nbsp;&nbsp;&nbsp;&nbsp; Earnings</B> </TD>
    <TD align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right>55,203 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right>45,710 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right>80,399 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right>140,747 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=bottom align=right>138,178 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD align=left vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
    <TD align=right vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">113,646</TD>
    <TD align=left vAlign=bottom style="BORDER-BOTTOM: #000000 3px double">&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD align="right" vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Ratio of earnings to fixed charges</B> </TD>
    <TD align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>10.45 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>4.92 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>52.93 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>14.32 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>11.45 </TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
    <TD vAlign=bottom align=right>9.19</TD>
    <TD vAlign=bottom align=left>&nbsp;</TD>
  </TR></TABLE>
<BR>
    <hr noshade align="center" width="100%" size=5 color="Black">
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>exhibit23-1.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE (SOUTH AFRICA)
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 23.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_46></A>
<P align=right><B>Exhibit 23.1 </B></P>
<P align=center>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
<P align=justify>We consent to the incorporation by reference in this
Registration Statement on Form S-3 of our reports dated August 25, 2011,
relating to the financial statements of Net 1 UEPS Technologies, Inc. and its
subsidiaries (collectively, the &#147;Company&#148;), and the effectiveness of the
Company&#146;s internal control over financial reporting, appearing in the Annual
Report on Form 10-K of Net 1 UEPS Technologies, Inc. for the year ended June 30,
2011, and to the reference to us under the heading &#147;Experts&#148; in the Prospectus,
which is part of this Registration Statement.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Deloitte &amp; Touche</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Per PJ Smit </TD></TR>
  <TR vAlign=top>
    <TD align=left>Partner </TD></TR></TABLE>
<P align=right>March 13, 2012 </P>
<P align=justify>National Executive: GG Gelink Chief Executive AE Swiegers Chief
Operating Officer GM Pinnock Audit DL Kennedy Risk Advisory &amp; Legal Services
NB Kader Tax L Geeringh Consulting L Bam Corporate Finance JK Mazzocco Human
Resources CR Beukman Finance TJ Brown Chairman of the Board MJ Comber Deputy
Chairman of the Board </P>
<P align=justify>A full list of partners and directors is available on
request.</P>
<hr noshade align="center" width="100%" size=5 color="Black">
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>exhibit23-2.htm
<DESCRIPTION>CONSENT OF ERNST & YOUNG HAN YOUNG
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 23.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_47></A>
<P align=right><B>Exhibit 23.2 </B></P>
<P align=center>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
<P align=justify>We consent to the reference to our firm under the caption
&#147;Experts&#148; in this Registration Statement (Form S-3) and related Prospectus of
Net 1 UEPS Technologies, Inc. for the registration of common stock, preferred
stock, debt securities, warrants and units and 6,409,091 shares of common stock
and to the incorporation by reference therein of our report dated January 10,
2011, with respect to the financial statements of KSNET, Inc. included in the
Current Report on Form 8-K/A of Net 1 UEPS Technologies, Inc. filed with the
Securities and Exchange Commission on January 12, 2011. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>/s/ Ernst &amp; Young Han Young </TD></TR>
  <TR vAlign=top>
    <TD align=left>Seoul, Republic of Korea </TD></TR>
  <TR vAlign=top>
    <TD align=left>March 13, 2011 </TD></TR></TABLE><BR>
    <hr noshade align="center" width="100%" size=5 color="Black">
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>exhibit25-1.htm
<DESCRIPTION>FORM T-1 STATEMENT OF ELIGIBILITY AND QUALIFICATION
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 25.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_48></A>
<P align=right><B>Exhibit 25.1 </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><b><font size="5">UNITED STATES </font></b></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><b><font size="5">SECURITIES AND EXCHANGE COMMISSION </font></b></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>Washington, D.C. 20549 </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><b><font size="5">FORM T-1&nbsp; </font></b></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>STATEMENT OF ELIGIBILITY </TD></TR>
  <TR vAlign=top>
    <TD align=center>UNDER THE TRUST INDENTURE ACT OF 1939 OF A </TD></TR>
  <TR vAlign=top>
    <TD align=center>CORPORATION DESIGNATED TO ACT AS TRUSTEE </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CHECK IF AN APPLICATION TO DETERMINE </TD></TR>
  <TR vAlign=top>
    <TD align=center>ELIGIBILITY OF A TRUSTEE PURSUANT TO </TD></TR>
  <TR>
    <TD align=center>SECTION 305(b)(2)&nbsp;&nbsp;&nbsp;&nbsp; |__| </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=center
  >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><u><b><font size="5">THE BANK OF NEW YORK MELLON </font></b></u></TD></TR>
  <TR vAlign=top>
  <TD align=center>(Exact name of trustee as specified in its charter)  </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><u>New York </u></TD>
  <TD align=center width="50%"><u>13-5160382 </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Jurisdiction of incorporation </TD>
  <TD align=center width="50%">(I.R.S. employer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>if not a U.S. national bank) </TD>
  <TD align=center width="50%">identification no.) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>One Wall Street, New York, N.Y. </TD>
  <TD align=center width="50%">10286 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
  <TD align=center width="50%">(Zip code) </TD>
  </TR></TABLE>
<P align=center><BR>
  <u><b><font size="5">NET 1 UEPS
TECHNOLOGIES, INC. </font></b></u><BR>
(Exact name of obligor as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><u>Florida </u></TD>
  <TD align=center width="50%"><u>98-0171860 </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
  <TD align=center width="50%">(I.R.S. employer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
  <TD align=center width="50%">identification no.) </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  <TD width="50%" align="center">&nbsp; </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  <TD width="50%" align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>President Place, 4<SUP>th </SUP>Floor </TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Cnr. Jan Smuts Avenue and Bolton Road </TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><u>Rosebank, Johannesburg, South Africa </u></TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
  <TD align=center width="50%">(Zip code) </TD>
  </TR></TABLE>
<P align=center><BR>
<u>Senior Debt Securities
</u><BR>
(Title of the indenture securities) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_49></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>General information. Furnish the following information
      as to the Trustee:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Name and address of each examining or supervising
      authority to which it is subject.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"
    align=left>&nbsp;</TD>
    <TD width="45%"
    align=left style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Address </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Superintendent of Banks of the State of </TD>
    <TD align=left width="50%">One State Street, New York, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>New York </TD>
    <TD align=left width="50%">10004-1417, and Albany, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">12223 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Federal Reserve Bank of New York </TD>
    <TD align=left width="50%">33 Liberty Street, New York, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">10045 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>Federal Deposit Insurance Corporation </TD>
    <TD align=left width="50%">Washington, D.C. 20429 </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left>New York Clearing House Association </TD>
    <TD align=left width="50%">New York, N.Y. 10005 </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Whether it is authorized to exercise corporate trust
      powers.</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Yes. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD>
      <P align=justify><B>Affiliations with Obligor.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>If the obligor is an affiliate of the trustee,
      describe each such affiliation.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>None.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>16.</B> </TD>
    <TD>
      <P align=justify><B>List of Exhibits.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><B>Exhibits identified in parentheses below, on file with
      the Commission, are incorporated herein by reference as an exhibit hereto,
      pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act")
      and 17 C.F.R. 229.10(d).</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>A copy of the Organization Certificate of The Bank of New
      York Mellon (formerly known as The Bank of New York, itself formerly
      Irving Trust Company) as now in effect, which contains the authority to
      commence business and a grant of powers to exercise corporate trust
      powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration
      Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with
      Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with
      Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
      Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
      Registration Statement No. 333-152735).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>A copy of the existing By-laws of the Trustee. (Exhibit 4
      to Form T-1 filed with Registration Statement No. 333-154173).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>The consent of the Trustee required by Section 321(b) of
      the Act (Exhibit 6 to Form T-1 filed with Registration Statement No.
      333-152735).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>A copy of the latest report of condition of the Trustee
      published pursuant to law or to the requirements of its supervising or
      examining authority.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_50></A>
<P align=center>SIGNATURE </P>
<P align=justify>Pursuant to the requirements of the Act, the Trustee, The Bank
of New York Mellon, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in The City of New
York, and State of New York, on the 1st day of March, 2012. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left  >&nbsp;</TD>
    <TD align=left colSpan=2>THE BANK OF NEW YORK MELLON </TD>
  </TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"
    >By: /s/ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">Erika
      Walker </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Erika Walker </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Vice President </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <A name=page_51></A>
    <P align=right>EXHIBIT 7 </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>Consolidated Report of Condition of </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>THE BANK OF NEW YORK MELLON </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>of One Wall Street, New York, N.Y. 10286 </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>And Foreign and Domestic Subsidiaries, </TD>
      </TR>
    </TABLE>
    <P align=justify>a member of the Federal Reserve System, at the close of
      business December 31, 2011, published in accordance with a call made by the
      Federal Reserve Bank of this District pursuant to the provisions of the Federal
      Reserve Act. </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD align=left><B>ASSETS </B></TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD width="12%" align=right nowrap>Dollar Amounts In Thousands </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR>
        <TD>&nbsp;</TD>
        <TD width="1%" >&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Cash and balances due from depository
          institutions: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="12%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Noninterest-bearing balances and currency and
          coin </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">3,285,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest-bearing balances </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>118,033,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Securities: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Held-to-maturity securities </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>3,521,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Available-for-sale securities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">74,417,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Federal funds sold and securities purchased
          under agreements to resell: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="12%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Federal funds sold in domestic offices </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">23,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Securities purchased under
          agreements to resell</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>603,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Loans and lease financing receivables: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Loans and leases held for
          sale</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>10,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Loans and leases, net of unearned income</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">27,101,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; LESS: Allowance for loan and
          lease losses</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>374,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Loans and leases, net of unearned income and
          allowance </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">26,727,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Trading assets </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>5,841,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Premises and fixed assets (including capitalized leases) </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">1,208,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other real estate owned </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>12,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Investments in unconsolidated subsidiaries and associated
          companies </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">988,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Direct and indirect investments in real
          estate ventures </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>0 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Intangible assets: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Goodwill </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>6,415,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Other intangible assets </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">1,615,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other assets </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,507,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total assets </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">256,205,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <!--$$/page=-->
    <A name=page_52></A><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD width="81%" align=left bgColor=#e6efff><B>LIABILITIES</B> </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Deposits: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;In domestic offices </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>127,980,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Noninterest-bearing </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">91,500,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest-bearing </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>36,480,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; In foreign offices, Edge and Agreement
          subsidiaries, and IBFs </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">85,660,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Noninterest-bearing </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>2,710,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Interest-bearing </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">82,950,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Federal funds purchased and securities sold
          under agreements to repurchase: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Federal funds purchased in domestic offices</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">2,166,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Securities sold under
          agreements to repurchase </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>1,010,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Trading liabilities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">7,283,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other borrowed money: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; (includes mortgage indebtedness and
          obligations under capitalized leases)</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">1,877,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Not applicable </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Not applicable </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Subordinated notes and debentures </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>3,505,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Other liabilities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="16%"
    bgColor=#e6efff>8,465,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total liabilities </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="16%">237,946,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff><B>EQUITY CAPITAL</B> </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Perpetual preferred stock and related surplus</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">0 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Common stock </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>1,135,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Surplus (exclude all surplus related to preferred stock) </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">9,607,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Retained earnings </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>8,450,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Accumulated other comprehensive income</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">-1,283,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other equity capital components</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>0 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total bank equity capital </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">17,909,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Noncontrolling (minority) interests in
          consolidated subsidiaries </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>350,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total equity capital </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="16%">18,259,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Total liabilities and equity capital </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="16%"
    bgColor=#e6efff>256,205,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <!--$$/page=-->
    <A name=page_53></A>
    <P align=justify>I, Thomas P. Gibbons, Chief Financial Officer of the
      above-named bank do hereby declare that this Report of Condition is true and
      correct to the best of my knowledge and belief. </P>
    <P align=right>Thomas P. Gibbons, <BR>
      Chief Financial Officer </P>
    <P align=justify>We, the undersigned directors, attest to the correctness of
      this statement of resources and liabilities. We declare that it has been
      examined by us, and to the best of our knowledge and belief has been prepared in
      conformance with the instructions and is true and correct. </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD width="27%" align=left>Gerald L. Hassell </TD>
        <TD align=left style="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid" width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Catherine A. Rein </TD>
        <TD align=left style="BORDER-top: #000000 0px solid; BORDER-right: #000000 1px solid" width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">Directors </TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>John P. Surma </TD>
        <TD align=left style="BORDER-bottom: #000000 1px solid; BORDER-right: #000000 1px solid"width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <hr noshade align="center" width="100%" size=5 color="Black">

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>7
<FILENAME>exhibit25-2.htm
<DESCRIPTION>FORM T-1 STATEMENT OF ELIGIBILITY AND QUALIFICATION
<TEXT>
<HTML>
<HEAD>
   <TITLE>Net 1 UEPS Technologies, Inc.: Exhibit 25.2 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_54></A>
<P align=right><B>Exhibit 25.2 </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=center><font size="5"><b>UNITED STATES </b></font></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><font size="5"><b>SECURITIES AND EXCHANGE COMMISSION </b></font></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>Washington, D.C. 20549 </TD></TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><b><font size="5">FORM T-1&nbsp; </font></b></TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=center>STATEMENT OF ELIGIBILITY </TD></TR>
  <TR vAlign=top>
    <TD align=center>UNDER THE TRUST INDENTURE ACT OF 1939 OF A </TD></TR>
  <TR vAlign=top>
    <TD align=center>CORPORATION DESIGNATED TO ACT AS TRUSTEE </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>CHECK IF AN APPLICATION TO DETERMINE </TD></TR>
  <TR vAlign=top>
    <TD align=center>ELIGIBILITY OF A TRUSTEE PURSUANT TO </TD></TR>
  <TR>
    <TD align=center>SECTION 305(b)(2)&nbsp;&nbsp;&nbsp; |__| </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR>
    <TD align=center>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD align=center><u><b><font size="5">THE BANK OF NEW YORK MELLON </font></b></u></TD></TR>
  <TR vAlign=top>
  <TD align=center>(Exact name of trustee as specified in its charter)  </TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><u>New York </u></TD>
  <TD align=center width="50%"><u>13-5160382 </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Jurisdiction of incorporation </TD>
  <TD align=center width="50%">(I.R.S. employer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>if not a U.S. national bank) </TD>
  <TD align=center width="50%">identification no.) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>One Wall Street, New York, N.Y. </TD>
  <TD align=center width="50%">10286 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
  <TD align=center width="50%">(Zip code) </TD>
  </TR></TABLE>
<P align=center><u><font size="5"><BR>
      <b>NET 1 UEPS TECHNOLOGIES, INC.      </b></font></u><BR>
(Exact name of obligor as specified in its charter) </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><u>Florida </u></TD>
  <TD align=center width="50%"><u>98-0171860 </u></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(State or other jurisdiction of </TD>
  <TD align=center width="50%">(I.R.S. employer </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>incorporation or organization) </TD>
  <TD align=center width="50%">identification no.) </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  <TD width="50%" align="center">&nbsp; </TD>
  </TR>
  <TR>
    <TD align="center">&nbsp; </TD>
  <TD width="50%" align="center">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>President Place, 4<SUP>th </SUP>Floor </TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>Cnr. Jan Smuts Avenue and Bolton Road </TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><u>Rosebank, Johannesburg, South Africa </u></TD>
  <TD align=center width="50%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>(Address of principal executive offices) </TD>
  <TD align=center width="50%">(Zip code) </TD>
  </TR></TABLE>
<P align=center>_________________________<BR>Subordinated Debt Securities
<BR>(Title of the indenture securities) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_55></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>1.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>General information. Furnish the following information
      as to the Trustee:</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Name and address of each examining or supervising
      authority to which it is subject.</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Name </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="50%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;Address </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Superintendent of Banks of the State of </TD>
    <TD align=left width="50%">One State Street, New York, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>New York </TD>
    <TD align=left width="50%">10004-1417, and Albany, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">12223 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Federal Reserve Bank of New York </TD>
    <TD align=left width="50%">33 Liberty Street, New York, N.Y. </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="50%">10045 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Federal Deposit Insurance Corporation </TD>
    <TD align=left width="50%">Washington, D.C. 20429 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>New York Clearing House Association </TD>
    <TD align=left width="50%">New York, N.Y. 10005 </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Whether it is authorized to exercise corporate trust
      powers.</B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Yes. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><B>2.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>Affiliations with Obligor.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify><B>If the obligor is an affiliate of the trustee,
      describe each such affiliation.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>None.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>16.</B> </TD>
    <TD colSpan=2>
      <P align=justify><B>List of Exhibits.</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify><B>Exhibits identified in parentheses below, on file with
      the Commission, are incorporated herein by reference as an exhibit hereto,
      pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act")
      and 17 C.F.R. 229.10(d).</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>A copy of the Organization Certificate of The Bank of New
      York Mellon (formerly known as The Bank of New York, itself formerly
      Irving Trust Company) as now in effect, which contains the authority to
      commence business and a grant of powers to exercise corporate trust
      powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration
      Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with
      Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with
      Registration Statement No. 33-29637, Exhibit 1 to Form T-1 filed with
      Registration Statement No. 333-121195 and Exhibit 1 to Form T-1 filed with
      Registration Statement No. 333-152735).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>A copy of the existing By-laws of the Trustee. (Exhibit 4
      to Form T-1 filed with Registration Statement No.
  333-154173).</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_56></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">6. </TD>
    <TD>
      <P align=justify>The consent of the Trustee required by Section 321(b) of
      the Act (Exhibit 6 to Form T-1 filed with Registration Statement No.
      333-152735).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">7. </TD>
    <TD>
      <P align=justify>A copy of the latest report of condition of the Trustee
      published pursuant to law or to the requirements of its supervising or
      examining authority.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_57></A>
<P align=center>SIGNATURE </P>
<P align=justify>Pursuant to the requirements of the Act, the Trustee, The Bank
of New York Mellon, a corporation organized and existing under the laws of the
State of New York, has duly caused this statement of eligibility to be signed on
its behalf by the undersigned, thereunto duly authorized, all in The City of New
York, and State of New York, on the 1st day of March, 2012. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="50%" align=left  >&nbsp;</TD>
    <TD align=left colSpan=2>THE BANK OF NEW YORK MELLON </TD>
  </TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR>
    <TD  >&nbsp;</TD>
    <TD width="7%" >&nbsp; </TD>
  <TD width="43%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="7%"
    >By: /s/ </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">Erika
      Walker </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Name: </TD>
  <TD align=left width="43%">Erika Walker </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="7%" >Title: </TD>
  <TD align=left width="43%">Vice President </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <A name=page_51></A>
    <P align=right>EXHIBIT 7 </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>Consolidated Report of Condition of </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>THE BANK OF NEW YORK MELLON </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>of One Wall Street, New York, N.Y. 10286 </TD>
      </TR>
      <TR vAlign=top>
        <TD align=center>And Foreign and Domestic Subsidiaries, </TD>
      </TR>
    </TABLE>
    <P align=justify>a member of the Federal Reserve System, at the close of
      business December 31, 2011, published in accordance with a call made by the
      Federal Reserve Bank of this District pursuant to the provisions of the Federal
      Reserve Act. </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD align=left><B>ASSETS </B></TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD width="12%" align=right nowrap>Dollar Amounts In Thousands </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR>
        <TD>&nbsp;</TD>
        <TD width="1%" >&nbsp;</TD>
        <TD width="12%">&nbsp;</TD>
        <TD width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Cash and balances due from depository
          institutions: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="12%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Noninterest-bearing balances and currency and
          coin </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">3,285,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest-bearing balances </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>118,033,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Securities: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Held-to-maturity securities </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>3,521,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Available-for-sale securities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">74,417,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Federal funds sold and securities purchased
          under agreements to resell: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="12%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Federal funds sold in domestic offices </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">23,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Securities purchased under
          agreements to resell</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>603,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Loans and lease financing receivables: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Loans and leases held for
          sale</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>10,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Loans and leases, net of unearned income</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">27,101,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; LESS: Allowance for loan and
          lease losses</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>374,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Loans and leases, net of unearned income and
          allowance </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">26,727,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Trading assets </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>5,841,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Premises and fixed assets (including capitalized leases) </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">1,208,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other real estate owned </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>12,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Investments in unconsolidated subsidiaries and associated
          companies </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">988,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Direct and indirect investments in real
          estate ventures </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>0 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Intangible assets: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="12%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Goodwill </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="12%" bgColor=#e6efff>6,415,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Other intangible assets </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="12%">1,615,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other assets </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,507,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total assets </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">256,205,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <!--$$/page=-->
    <A name=page_52></A><BR>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD width="81%" align=left bgColor=#e6efff><B>LIABILITIES</B> </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Deposits: </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;In domestic offices </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>127,980,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Noninterest-bearing </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">91,500,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest-bearing </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>36,480,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; In foreign offices, Edge and Agreement
          subsidiaries, and IBFs </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">85,660,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Noninterest-bearing </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>2,710,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp; &nbsp;Interest-bearing </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">82,950,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Federal funds purchased and securities sold
          under agreements to repurchase: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff></TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; Federal funds purchased in domestic offices</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">2,166,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Securities sold under
          agreements to repurchase </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>1,010,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Trading liabilities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">7,283,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other borrowed money: </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>&nbsp;&nbsp; (includes mortgage indebtedness and
          obligations under capitalized leases)</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">1,877,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Not applicable </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Not applicable </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Subordinated notes and debentures </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>3,505,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Other liabilities </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=left width="16%">&nbsp;</TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="16%"
    bgColor=#e6efff>8,465,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total liabilities </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="16%">237,946,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff><B>EQUITY CAPITAL</B> </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="16%" bgColor=#e6efff>&nbsp;</TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Perpetual preferred stock and related surplus</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">0 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Common stock </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>1,135,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Surplus (exclude all surplus related to preferred stock) </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">9,607,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Retained earnings </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>8,450,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Accumulated other comprehensive income</TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">-1,283,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Other equity capital components</TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>0 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total bank equity capital </TD>
        <TD align=left width="1%" >&nbsp;</TD>
        <TD align=right width="16%">17,909,000 </TD>
        <TD align=left width="2%" >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Noncontrolling (minority) interests in
          consolidated subsidiaries </TD>
        <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
        <TD align=right width="16%" bgColor=#e6efff>350,000 </TD>
        <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Total equity capital </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="16%">18,259,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left bgColor=#e6efff>Total liabilities and equity capital </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="16%"
    bgColor=#e6efff>256,205,000 </TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
    <!--$$/page=-->
    <A name=page_53></A>
    <P align=justify>I, Thomas P. Gibbons, Chief Financial Officer of the
      above-named bank do hereby declare that this Report of Condition is true and
      correct to the best of my knowledge and belief. </P>
    <P align=right>Thomas P. Gibbons, <BR>
      Chief Financial Officer </P>
    <P align=justify>We, the undersigned directors, attest to the correctness of
      this statement of resources and liabilities. We declare that it has been
      examined by us, and to the best of our knowledge and belief has been prepared in
      conformance with the instructions and is true and correct. </P>
    <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
      <TR vAlign=top>
        <TD width="27%" align=left>Gerald L. Hassell </TD>
        <TD align=left style="BORDER-top: #000000 1px solid; BORDER-right: #000000 1px solid" width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>Catherine A. Rein </TD>
        <TD align=left style="BORDER-top: #000000 0px solid; BORDER-right: #000000 1px solid" width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">Directors </TD>
      </TR>
      <TR vAlign=top>
        <TD align=left>John P. Surma </TD>
        <TD align=left style="BORDER-bottom: #000000 1px solid; BORDER-right: #000000 1px solid"width="3%">&nbsp;</TD>
        <TD align=left width="28%">&nbsp;</TD>
        <TD align=left width="42%">&nbsp;</TD>
      </TR>
    </TABLE>
    <BR>
    <hr noshade align="center" width="100%" size=5 color="Black">

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
