Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside 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” ) Net1: Court Rules SASSA Contract Valid and Will Not Be Set Aside Johannesburg, August 28, 2012 – Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS; JSE: NT1) (“Net1”) today announced that the North Gauteng High Court has ruled that the contract between Cash Paymaster Services (Pty) Ltd and SASSA for the payment of social welfare grants on a national basis for a five year period remains valid and will not be set aside. "We are delighted by the High Court's decision to validate our agreement with SASSA", said Dr. Serge Belamant, Chairman and CEO of Net1. "We agree with the court that the continued deliverance of a high level service to our beneficiaries is of tantamount importance and, as such, we remain absolutely committed to SASSA and our beneficiaries", he concluded. About Net1 (www.net1.com) We are a leading provider of alternative payment systems that leverage our Universal Electronic Payment System, or UEPS, to facilitate biometrically secure real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification. We operate market-leading payment processors in South Africa, Republic of Korea, Ghana and Iraq. In addition, our proprietary Mobile Virtual Card technology offers secure mobile payments and banking services in developed and emerging countries. We have a primary listing on the Nasdaq and a secondary listing on the JSE Limited. Investor Relations Contact: Dhruv Chopra Vice President of Investor Relations Phone: +1-212-626-6675 Email: dchopra@net1.com 28 August 2012 Johannesburg Sponsor to Net1: Deutsche Securities (SA) (Proprietary) Limited Date: 28/08/2012 03:21:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.