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NET 1 UEPS TECHNOLOGIES INC - Net1 Announces Retirement of Serge Belamant and Appointment of Herman Kotz as CEO

Release Date: 25/05/2017 07:05
Code(s): NT1     PDF:  
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Net1 Announces Retirement of Serge Belamant and Appointment of Herman Kotzé as CEO

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 Announces Retirement of Serge Belamant and Appointment of Herman
Kotzé as CEO

Johannesburg, May 25, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) announced today
that Mr. Serge C. P. Belamant will retire as Chief Executive Officer and a director of
the Company at the end of this month and Mr. Herman G. Kotzé, currently the
Company’s Chief Financial Officer, has been appointed as Chief Executive Officer
effective on June 1, 2017.

Mr. Belamant, who is the founder of Net1, was due to retire at age 65 in 2018. However
to facilitate changes to the Company’s operating and management structures and also
noting the views expressed by certain of the Company’s shareholders, the Board and
Mr. Belamant agreed on an earlier retirement date of May 31, 2017.

Mr. Belamant has agreed to provide consulting services to the Company for a two-year
period after his retirement. This will allow the Company to retain the benefit of Mr.
Belamant’s technical expertise and many years of experience in the industry,
particularly for assistance in the development of Net1’s international operations.

“Mr. Belamant is a visionary technologist who, during his 27 years with Net1, has
established the Company as a world leader in payment systems and related mobile
technologies” said Mr. Christopher S. Seabrooke, Chairman of Net1. “He leaves the
Company well-positioned to grow its international footprint while at the same time
having the capacity to expand its South African operations and introduce new business
models responsive to the needs of South Africans. The Board thanks Mr. Belamant for
his leadership and enduring contribution to the Company and wish him well in more
relaxed years ahead,” he concluded.

Mr. Kotzé has been with the Company for over 18 years and has been its Chief Financial
Officer since 2004.

“We are delighted to confirm the appointment of Mr. Kotzé as Chief Executive
Officer,” said Mr. Seabrooke. “In addition to his role as Chief Financial Officer, he has
been directly involved in all aspects of the Company’s operations in South Africa and
has been directly responsible for the execution of the Company’s local and international
investments and acquisitions,” he concluded.

The Board has initiated a search for a new Chief Financial Officer. Until a new
appointment is made, Mr. Kotzé will serve as both Chief Executive Officer and Chief
Financial Officer.

About Net1 (www.net1.com)

Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies.
The Company operates market-leading payment processors in South Africa and the
Republic of Korea. Through Transact24, Net1 offers debit, credit and prepaid
processing and issuing services for Visa, MasterCard, ChinaUnionPay, Alipay and
WeChat in China and other territories across Asia-Pacific, Europe and Africa, and the
United States. Through Masterpayment, Net1 provides payment processing and enables
working capital financing in Europe.

UEPS permits the Company 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. Net1’s UEPS/EMV
solution is interoperable with global EMV standards that seamlessly enable access to
all the UEPS functionality in a traditional EMV environment. In addition to payments,
UEPS can be used for banking, healthcare management, payroll, remittances, voting
and identification.

Net1’s mobile technologies include its proprietary mobile payments solution - MVC,
which offers secure mobile-based payments, as well as mobile banking and prepaid
value-added services in developed and emerging countries.

Net1 has a primary listing on the NASDAQ and a secondary listing on the Johannesburg
Stock Exchange.

Forward-Looking Statements

This announcement contains forward-looking statements that involve known and
unknown risks and uncertainties. A discussion of various factors that may cause our
actual results, levels of activity, performance or achievements to differ materially from
those expressed in such forward-looking statements are included in our filings with the
Securities and Exchange Commission. We undertake no obligation to revise any of
these statements to reflect future events.

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 – Burson-Marsteller South Africa
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com

Johannesburg
May 25, 2017

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

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