LESAKA TECHNOLOGIES INC — Director's Dealing 2008

Aug 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NET 1 UEPS TECHNOLOGIES INC (UEPS)
CIK: 0001041514
Period of Report: 2008-08-27

Reporting Person: Belamant Serge (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-27	Common Stock	M	16670	$3	Acquired	1374158	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-08-27	Employee Stock Option (right to buy)	$3	M	16670	Disposed	2014-06-07	Common Stock (16670)	Direct
2008-08-27	Employee Stock Option (right to buy)	$24.46	A	200000	Acquired	2018-08-27	Common Stock (200000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	800799	Indirect

Footnotes

F1: 1,150,823 shares of Special Convertible Preferred Stock are held by The Aplitec Holdings Participation Trust for the benefit of Dr. Belamant and are convertible, on a one-for-one basis, into shares of common stock at the discretion of Dr. Belamant. Dr. Belamant owns 223,335 shares of common stock directly. 800,799 shares of common stock are held by the CI Law Trustees Limited for the San Roque Trust dated 8/18/92. Dr. Belamant, as proxy of CI Law Trustees, has the power to vote all of the CI Law Trustees' shares.

F2: The options are part of an original grant of 83,334 options, which becomes exercisable in five equal annual installments commencing June 7, 2004. The shares become transferable eleven months after they become exercisable.

F3: The option grant was approved by the remuneration committee of Net 1 UEPS Technologies, Inc.'s board of directors on August 27, 2008 and was granted under the terms of the 2004 stock incentive plan.

F4: The options are exercisable in five equal installments commencing on May 8, 2009.