2. DISCLAIMER This call will contain statements about the Company's future results call. These statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements represent only the Company's views as of today, December 15, 2006, and are based on current expectations in light of the current economic environment. While we may choose to update forward-looking statements in the future, we specifically disclaim any duty to do so; therefore, these forward-looking statements should not be relied upon as representing the Company's views as of any later date. Forward-looking statements and projections are inherently subject to significant economic, competitive and other uncertainties and contingencies which are beyond the control of Net1. We caution you that such statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Page 1

3. MISSION STATEMENT To provide a secure, universal and affordable transacting system for all, utilizing existing infrastructures, that will enable the majority of people unqualified access to previously inaccessible goods and services, resulting in the upliftment of their lifestyles, whilst opening up new, low risk and profitable markets for the suppliers concerned. Page 2

4. THE WORLD Page 3

5. THE UNBANKED & UNDERBANKED Page 4

6. ACCESSING THE BOTTOM OF THE PYRAMID (BOP) Page 5

7. SOUTH AFRICA THE UNBANKED & UNDERBANKED BY LSM, 2001 SOUTH AFRICA THE UNBANKED & UNDERBANKED BY LSM, 2001 Figure 1 Banked and Unbanked by Living Standard Measure (LSM), 2001 Page 6

8. SOUTH AFRICA - THE UNBANKED Food Clothing Food Clothing Insurance (Burial) Loans (Micro) Food Clothing Transport (Taxis) Insurance (Burial) Utilities Accommodation Savings (Stockvels) Food Clothing Transport (Taxis & Fuel) Insurance (Burial & Short-term) Loans (6-12 months) Utilities (Water & Electricity) Accommodation (Rent/Mortgage) Savings (Stockvels) Page 7

9. Food Clothing Insurance (Burial) Loans (Micro) Utilities (Water & Electricity) Savings Furniture Food Clothing Home Loan Transport (Car / Fuel) Insurance (Short-term + Life) Loans (Bank) Utilities (Water & Electricity) Savings Furniture Entertainment SOUTH AFRICA - THE BANKED Page 8

10. SOUTH AFRICA THE UNBANKED & UNDERBANKED BY LSM, 2001 SOUTH AFRICA THE UNBANKED & UNDERBANKED BY LSM, 2001 Unemployed Work part-time Work full time Living Standard Measure (8-10) Living Standard Measure (8-10) Living Standard Measure (6) Living Standard Measure (6) Living Standard Measure (7) Living Standard Measure (7) Living Standard Measure (1-5) Living Standard Measure (1-5) Work part-time Unbanked 17.69 million Banked 11.33 million 1.95 m 1.77 m 4.02 m 2.01 m 4.06 m 1.24 m 4.06 m 1.95 m 1.77 m Work full-time Living Standard Measure (1-5) Living Standard Measure (1-5) 13.97 m Page 9

11. U.E.P.S. VS TRADITIONAL BANK ACCOUNTS Page 10

12. U.E.P.S. VS TRADITIONAL BANK ACCOUNTS (continued) Page 11

13. MARKETING APPROACH Page 12

14. INTERNATIONAL PAYMENT INTERCHANGE SYSTEM TO THE DEVELOPING WORLD THE SECOND STEP UEPS FINAL NEGOTIATIONS VTU CONTRACT SIGNED & ACTIVITIES COMMENCED South Africa CIS Republic Mozambique Botswana Ghana Burundi Namibia Malawi Rwanda Nigeria Columbia Iraq Indonesia Mozambique Tanzania Kenya UEPSVTU Vietnam Mozambique DISCUSSION PHASE CONTRACT SIGNED & ACTIVITIES COMMENCED South Africa Nigeria Cameroon Swaziland VTU MTN CONTRACT SIGNED VTU MTN Rwanda Ivory Coast Indonesia United Arab Emirates VTU Page 13

15. NET1 U.E.P.S. MARKETING Page 14

16. PROPOSED SALES & MARKETING STRUCTURE Page 15

17. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE S2S Pension & Welfare Facts and Assumptions Main Economic Drivers Government – R 25.56 per social grant beneficiary per month (Changes dependent on agreement with Government) Social grant beneficiary – ZERO charge per month for use of card account Financial Services (Direct or Indirect) Page 16

18. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Number of grants 000 Page 17

19. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 18

20. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 19

21. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 20

22. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 21

23. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 22

24. U.E.P.S. PRODUCTS – S2S PENSION & WELFARE Page 23

25. S2S Wage Payment System Facts and Assumptions Main Economic Drivers Employers – R 5,00 per wage per month (Changes dependent on frequency of payments) Employee – R 8,00 per month for use of card account Financial Services (Direct or Indirect) Potential Revenue South Africa National Potential Customer Base7,78 Million Total anticipated revenue per client (R34.58) calculated at 52% of maximum revenue (R66.50) U.E.P.S. PRODUCTS – S2S WAGE Page 24

26. U.E.P.S. PRODUCTS – S2S WAGE Anticipated Growth and Revenue Existing BaseGrowthCustomer BaseRevenue Year 10500,000 103,125,000 Year 2500,000750,0001,250,000360,937,500 Year 31,250,000500,0001,750,000618,750,000 Year 41,750,000350,0002,100,000794,062,500 Year 52,100,000300,0002,400,000928,125,000 Market Penetration S2S Wage Payment System (continued) Page 25

27. U.E.P.S. PRODUCTS S2S VIRTUAL TOP UP SYSTEM (VTU) U.E.P.S. PRODUCTS S2S VIRTUAL TOP UP SYSTEM (VTU) S2S Virtual Top Up System Facts and Assumptions Main Economic Drivers Approximately 90% of the market in South Africa is prepaid. Potential to grow subscriber base by 5 million to 35 million over the next two to three years Year 1Year 2Year 3 Total number of pre-paid subscribers26,600,00027,930,00029,326,500 Estimated number of VTU subscribers1,800,0004,500,000 Estimated revenueR10,671,750R70,341,750R82,620,000 Estimated operating incomeR1,222,982R34,080,577R43,920,792 Page 26

28. U.E.P.S. PRODUCTS S2S VIRTUAL TOP UP SYSTEM (VTU) U.E.P.S. PRODUCTS S2S VIRTUAL TOP UP SYSTEM (VTU) S2S Virtual Top Up System (continued) COLUMBIA Commercial agreements concluded & signed. Customisation, systems integration and testing for first Colombian mobile operator completed Installation & commissioning scheduled for mid January. Pilot scheduled for February. VIETNAM Commercial: Terms agreed & signed (implementation agreement signed), shareholder & licensing agreements currently being finalised. Commercial finalisation scheduled for mid January MOZAMBIQUE Commercial agreements finalised and awaiting signature, licensing agreement currently being finalised. Customisation, systems integration & testing for mobile operator completed. Installation & commissioning scheduled for end January. Pilot scheduled for February. Year 1Year 2Year 3 Total number of pre-paid users22,396,56323,994,20125,229,069 Potential margin earned$3,596,056$9,194,302$11,470,119 Page 27

29. EasyPay Facts and Assumptions Main Economic Drivers Total number of transactions per month36,3 million Total value of transactions per monthR8,3 billion Key merchants Pick n PayShoprite Checkers EdconCaltex BPTotal HIFI CorporationABSA NuPay Recipients of bill payments 200 municipalitiesTelkom ESKOMSABC VodacomMetropolitan Life Teba BankAVON Number of Point of Service devices50,000 Type of service Number of transactions per month 000 Value of transactions per month R000 Electronic Funds Transfer28,2507,122,188 Pre-paid Cellular5,788183,294 Pre-paid Electricity82426,740 Bill Payments1,231964,785 Other26723,931 PRODUCTS - EASYPAY Page 28

30. S2S Insurance System Facts and Assumptions Main Economic Drivers Insurance Underwriter/Broker– Transaction Processing Fee of R 1,50 per insurance policy per month (External Insurance Merchant) – Collection Fee of R 2,00 per debit order instruction per month Potential Revenue South Africa National Potential Customer Base7,78 Million U.E.P.S. PRODUCTS – S2S INSURANCE SYSTEM Page 29

31. U.E.P.S. PRODUCTS – S2S INSURANCE SYSTEM S2S Insurance System (continued) Anticipated Growth and Revenue Market Penetration Existing BaseGrowthCustomer BaseRevenue Year 10100,000 5,400,000 Year 2100,000150,000250,00013,500,000 Year 3250,000200,000450,00024,300,000 Year 4450,000200,000650,00035,100,000 Year 5650,000200,000850,00045,900,000 Yearly Customer Base Anticipated Revenue Page 30

32. CURRENT U.E.P.S. BUSINESS OPPORTUNITIES NAMIBIA NEW APPROVALS 1)27 th Oct 2006 – Approval From Bank of Namibia approving NAMPOST smart card as a payment instrument in Namibia. 2)SLA signed with PAYZONE – Pre-paid ESC and airtime Pilot rollout in December 2006 Thereafter national rollout – anticipated electricity sales of 210,000 transactions per month – Windhoek area Tenders submitted for rural areas – awaiting outcome. GROWTH IN EXISTING PROJECT Nampost – Total cards issued 146,000 MERCHANT ACQUIRING ROLL OUT 128 Merchants Registered Page 31

33. CURRENT U.E.P.S. BUSINESS OPPORTUNITIES BOTSWANA APPROVALS 1) 17 th May 2006 – Approval from Bank Of Botswana to perform clearing and settlement via Bank Gaborone. 2) SLA signed between Government & our Union Partners LITS PAYZONE 12 th Dec 2006 Final changes to be made in SLA between SmartSwitch and LITS – product wages & loan deductions +- 28,000 cards Marketing Launch Date – November ON TARGET System Live Date – End Jan 2007 POTENTIAL CUSTOMERS Botswana Building Society & Botswana Savings Bank +- 400,000 accounts (old passbooks) BANKING Botswana Post Office – BANKING Botswana Life – INSURANCE DEDUCTIONS +- 180,000 deductions per month Debswana – WAGES & DEDUCTIONS +- 20,000 employees BOPMAS & PULA Medical Aid – Medical Solution (Member Identification, Premium Checks, Authorisation of Benefits & Claim Payment Distribution +- 120,000 members + 60,000 dependants BOMaid Medical Aid - +- 30,000 members MERCHANT ACQUIRING & EMPLOYEES Marketing and awareness has commenced with retailers & employers in Botswana. Page 32

34. CURRENT U.E.P.S. BUSINESS OPPORTUNITIES NIGERIA 1) Final stages with the Central Bank of Nigeria for SmartSwitch to operate the scheme in Nigeria. Clearing & settlement will be managed via Diamond Bank 2) Negotiations to participate as a customer of the Switch with :- Ecobank Uba Skye Oceanic First Inland Unity bank First Bank 3) Marketing launch commenced in December 2006 Slight delay with materials - premises should be completed January 2007 – builders break over festive season 4) Diamond bank Phase 1 Teller training commences 8 th Jan 2007 Live to customers - end January 2007 LAUNCHING: Banking Wholesale to retail distribution Cash advances Loyalty scheme Personal loans Money transfers 3 rd party bill payments Page 33

35. NIGERIA (continued) Phase 2 Student card Pension contribution & distribution Transportation TENDERS Nigerian Government Multi-Purpose Card SmartSwitch is one of six companies shortlisted out of 38 international companies The other entities shortlisted are: 1) CHAMS Consortium 2) SONDA S.A./ Interswitch 3) OneSecureCard Consortium 4) Inter Security Systems 5) IRIS Smart Card Technology Limited Comprising :- National Identity Authentication/Verification Government Financial Payments For Services Affordable Banking Consumer Credit Rating System Anticipated Card Volumes 65 million over 5 years CURRENT U.E.P.S. BUSINESS OPPORTUNITIES Page 34

36. IRAQ 1)Finalising numbers for Business Model with partners FUBI LLC 2) Presentations and negotiations in place with potential equity partners Al Rafideen Bank Al Rashid Bank Post Office Government Pension Department INITIAL PRODUCTS Banking Retail Government wages in respect of Iraqi military, coalition forces. (anticipated volumes +- 2 million) Government pension payments (anticipated volumes 1.5 million) GHANA TENDERS Ghana national switch & smart card payment system SmartSwitch is one of six companies shortlisted out of 42 International companies The other entities shortlisted are: Hightech Payments Systems Societe Maghrebine de Monetique (S2M) Gemalto N.V. Sungard Systems Access Pte Limited Corenett Limited Submission of bid document due 12 th January 2007 Ownership of the National Switch involving the Central Bank, all the banks in Ghana and the selected technology partner CURRENT U.E.P.S. BUSINESS OPPORTUNITIES Page 35

37. CURRENT U.E.P.S. BUSINESS OPPORTUNITIES INDONESIA STATUS – IN ADVANCED DISCUSSIONS Partners Identified : ALITA (Infocom Network Solution) BRI (Indonesian People Bank) Telkomsel Finnet – 40% owned by Central Bank Business model in final stages Request for pilot system – to be negotiated during December 2006 MOZAMBIQUE STATUS – IN ADVANCED DISCUSSIONS Partners identified : DIGI Technologies CHUMA Bank Equity financing in advanced stages Marketing campaign & presentations to be held in Mozambique +- 14 th /15 th Jan 2007 across all market sectors Including Central Bank Page 36

38. CURRENT U.E.P.S. BUSINESS OPPORTUNITIES TANZANIA STATUS 1) Tanzania Postal Bank - Awaiting board decision (in current discussions with Government) anticipated card volumes +-500,000 2) Advanced stages with Reserve Bank of Tanzania 3) Advanced stages with PRIDE Tanzania to acquire UEPS transactions via their NCR ATMs and bank branches 4) In discussion with De Beers and Government on artisanal Mining Project PRODUCTS Banking Loans Cash advances Bill payments Money transfers Wages Retail Mining KENYA STATUS 1) Advanced Stages with KUSSCO & SACCO Members. Service Level Agreement being prepared – 3000 branches and +- 2 million members 2) In negotiation with Postal Bank Kenya – decision to be taken in January 2007 PRODUCTS Banking Loans Cash advances Lill payments Money transfers Wages Retail Page 37

39. U.E.P.S PRODUCTS – SOUTH AFRICA Page 38

40. ROADMAP Page 39