LESAKA TECHNOLOGIES INC — Director's Dealing 2009

May 19, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NET 1 UEPS TECHNOLOGIES INC (UEPS)
CIK: 0001041514
Period of Report: 2009-05-18

Reporting Person: Pein Alasdair Jonathan Kemsley (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-18	Common Stock	M	16888	$3.00	Acquired	25001	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-05-18	Employee Stock Option (right to buy)	$3.00	M	16888	Disposed	2014-06-07	Common Stock (16888)	Direct

Footnotes

F1: The reporting person is a limited partner of Brenthurst Private Equity II Limited ("Brenthurst"). Under Brenthurst's partnership agreement, the reporting person was deemed to hold the reported option for the benefit of Brenthurst, and was required to exercise the options solely upon the direction of Brenthurst, which was entitled to the shares issued upon exercise. Brenthurst may be deemed the indirect beneficial owner of the options, and the reporting person may be deemed the indirect beneficial owner of the options through his interest in Brenthurst. The reporting person disclaims beneficial ownership of the option (and the shares underlying the option) except to the extent of his pecuniary interest therein.

F2: The options are part of an original grant of 41,667 options, which became exercisable in five equal annual installments commencing June 7, 2004. The shares become transferable eleven months after they become exercisable.