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NET 1 UEPS TECHNOLOGIES INC - Net1 board size to reduce and committees to be reconstituted

Release Date: 09/06/2020 15:00
Code(s): NT1     PDF:  
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Net1 board size to reduce and committees to be reconstituted

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
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Net1," or the "Company")

Net1 board size to reduce and committees to be reconstituted

JOHANNESBURG, June 9, 2020 – Net1 today announced that Messrs. Paul Edwards and Alfred
T. Mockett will resign from their positions as members of the board of directors, effective June 30,
2020. In addition, Mr. Alasdair J. K. Pein advised the Company that he will not stand for re-election
at the Company’s next annual meeting expected to be held in November 2020. These voluntary
retirements, together with the previously-announced retirement of Mr. Christopher S. Seabrooke,
were offered by the longest serving non-executive directors to facilitate a resizing of the board and
also reduce the average tenure of the remaining board members materially. As a result, from July 1,
2020 the board will comprise two executive and seven non-executive directors, reducing to six non-
executive directors after the 2020 annual meeting.

Outgoing Chairman Mr. Christopher S. Seabrooke said, "The Company is highly appreciative of
the expertise, dedication and high-quality participation and guidance of the retiring directors during
their years on the board. The Company, and I personally, express our sincere thanks to each of them
and our best wishes for the future." Incoming Chairman Mr. Jabu Mabuza said, "I echo and support
these words of appreciation to the three retiring directors and also to Mr. Seabrooke for his lengthy
tenure on the board and in particular for his professional and exemplary leadership of the Company
as chairman in recent years."

The Company also announced that that the board has reviewed the constitution of its committees
and made changes effective July 1, 2020. Net1’s board committees comprise only non-employee
directors.

The table below presents the reconstituted board committees:

                                                                  
                                                                   Nominating
                                                                   and
                                                                   Corporate        Capital
                                 Audit           Remuneration      Governance       Allocation
 Director                        Committee       Committee         Committee        Committee
 Jabu A. Mabuza                                      X                X*
 Antony C. Ball                                      X*               X                X*
 Ian O. Greenstreet                   X                                                X
 Ali Mazanderani                                                                       X
 Kuben Pillay                         X              X
 Alasdair J.K. Pein                                  X
 Ekta Singh-Bushell                   X*                              X
 * Chairperson

The board of directors also performed a review of the Company’s non-employee director fee
structure. Through benchmarking against an appropriate group of peer companies, it has determined
a revised fee structure that will, among other things, reduce the base non-executive director fee by
33%.

About Net1 (www.net1.com)

Net1 is a multinational financial technology company with a presence in Africa, Asia and Europe.
Net1 leverages its proprietary banking and payment technology to distribute low-cost financial and
value-added services to underbanked consumers and small businesses. The Company also provides
transaction processing services, including being a leading payment processor and bill payment
platform in South Africa. Net1 leverages its strategic investments in banks, telecom and mobile
payment technology companies to further expand its product offerings or to enter new markets. 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.

Investor Relations Contact:
Dhruv Chopra
Group Vice President, 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@bcw-global.com

Johannesburg
June 9, 2020

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

Date: 09-06-2020 03:00:00
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