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NET 1 UEPS TECHNOLOGIES INC - Net1 granted interim court order regarding the use of EasyPay Everywhere bank accounts

Release Date: 29/11/2018 14:15
Code(s): NT1     PDF:  
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Net1 granted interim court order regarding the use of EasyPay Everywhere bank accounts

Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
("Net1" or "the Company")

Net1 granted interim court order regarding the use of EasyPay Everywhere bank
accounts

Johannesburg, November 29, 2018 – Net1 today announced that the High Court of the
Republic of South Africa (Gauteng Division, Pretoria) has handed down an interim order
stating that SASSA shall pay the social grants of those EasyPay Everywhere ("EPE") clients
who had previously provided biometric consent and elected to receive their social grants into
their EPE accounts, pending the handing down of the full judgment. SASSA has also been
ordered to process any Annexure C forms (the form, required by SASSA, that details a
beneficiary's chosen bank account for receipt of his/her social grant), within two weeks of
date of submission of such form by a grant recipient.

"The Court's order provides clarity to the many EPE account holders who have opted to
receive their social grants into their EPE accounts but have not been able to enjoy the benefits
of their accounts," said Herman Kotze, CEO of Net1. "We look forward to engaging with
SASSA and receiving their support to implement the Court's order," he concluded.

The interim order handed down by the Court reads as follows:

"It is ordered that:

1. the first respondent is directed to process all Annexure C forms for the tenth to
   fourteenth applicants in respect of their EPE accounts by 1 December 2018;

2. the first respondent is directed to process all Annexure C forms duly completed and
   submitted by social grant beneficiaries in respect of their EPE accounts within two
   weeks of the date of submission, as and when such forms are submitted to SASSA by
   duly qualifying social grant recipients;

3. the first respondent is directed to pay the social grants into the bank accounts
   identified by beneficiaries in their duly completed and submitted Annexure C forms;

4. pending the handing down of the judgement before 31/01/2019 in this matter the first
   respondent shall pay the social grants of EPE account holders who provided
   biometric consent for payment of their grants into their EPE accounts, unless
   otherwise authorized in terms of a duly completed and submitted Annexure C form;
   and

5. Costs reserved."

About Net1 (www.net1.com)

Net1 is a leading provider of transaction processing services, financial inclusion products and
services and secure payment technology. Net1 operates market-leading payment processors
in South Africa and the Republic of Korea. Net1 offers debit, credit and prepaid processing
and issuing services for all major payment networks. In South Africa, Net1 provides
innovative low-cost financial inclusion products, including banking, lending and insurance,
and is a leading distributor of mobile subscriber starter packs for Cell C, a South African
mobile network operator. Net1 leverages its strategic equity investments in Finbond and
Bank Frick (both regulated banks), and Cell C to introduce products to new customers and
geographies. Net1 has a primary listing on NASDAQ (NasdaqGS: UEPS) and a secondary
listing on the Johannesburg Stock Exchange (JSE: NT1). Visit www.net1.com for additional
information about Net1.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and
uncertainties. All statements, other than statements of historical fact, included in this press
release regarding strategy, future operations, future financial position, future revenues,
projected costs, prospects, plans and objectives of management are forward-looking
statements. The Company may not actually achieve the plans, intentions or expectations
disclosed in its forward-looking statements. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in the forward-looking statements that
the Company makes. Factors that might cause such differences include, but are not limited to:
lack of responsiveness by SASSA to implement the Court's order; other factors, many of
which are beyond the Company’s control; and other important factors included in the
Company's reports filed with the Securities and Exchange Commission, particularly in the
"Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year
ended June 30, 2018, as such Risk Factors may be updated from time to time in subsequent
reports. The Company does not assume any obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com

Media Relations Contact:
Bridget von Holdt
Business Director – BCW
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com

Johannesburg
November 29, 2018

Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited

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