NT1 - Net1 - Notification of director`s dealings in Net1 securities

NT1 - Net1 - Notification of director`s dealings in Net1 securities             
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")                                                       
Notification of director`s dealings in Net1 securities                          
In compliance with rule 3.63 to 3.65 of the JSE Limited Listings Requirements,  
the following dealings in the securities of Net1 have taken place by a director 
of the company:                                                                 
Director:                Alasdair Jonathan Kemsley Pein                         
Number of securities:    16 668                                                 
Class of security:       Common stock                                           
Nature of interest:      Direct, beneficial (1)                                 
Nature of transaction:   Exercise of options                                    
Option strike date:      7 June 2004                                            
Date of transaction:     18 May 2009                                            
Exercise period:         Exercisable in five equal annual installments          
                        commencing 7 June 2004                                  
Exercise price:          USD3.00                                                
Transaction value:       USD50 004.00                                           
(1) The reporting person is a limited partner of Brenthurst Private Equity II   
Limited ("Brenthurst").  Under Brenthurst`s partnership agreement, the reporting
person was deemed to hold the reported option for the benefit of Brenthurst, and
was required to exercise the options solely upon the direction of Brenthurst,   
which was entitled to the shares issued upon exercise.  Brenthurst may be deemed
the indirect beneficial owner of the options, and the reporting person may be   
deemed the indirect beneficial owner of the options through his interest in     
Brenthurst.  The reporting person disclaims beneficial ownership of the option  
(and the shares underlying the option) except to the extent of his pecuniary    
interest therein.                                                               
20 May 2009                                                                     
Johannesburg                                                                    
Sponsor to Net1:                                                                
Deutsche Securities (SA) (Proprietary) Limited                                  
Date: 20/05/2009 15:44:02 Supplied by www.sharenet.co.za                     
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