LESAKA TECHNOLOGIES INC — Director's Dealing 2009

Jan 12, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NET 1 UEPS TECHNOLOGIES INC (UEPS)
CIK: 0001041514
Period of Report: 2008-10-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-10-08	Common Stock	C	1150823	—	Acquired	1374335	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-10-08	Special Convertible Preferred Stock	$	C	1150823	Disposed		Common Stock (1150823)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	800799	Indirect

Footnotes

F1: On October 8, 2008, Net 1 UEPS Technologies, Inc. listed its common stock on the JSE Limited. The listing resulted in the automatic conversion of all of Net 1's special convertible preferred stock issued on June 7, 2004, including all of the 1,150,823 shares of special convertible preferred stock held by The Aplitec Holdings Participation Trust for the benefit of Dr. Belamant, on a one-for-one basis, into shares of common stock. Dr. Belamant now owns all 1,374,158 shares of common stock directly. Dr. Belamant's ownership of the special convertible preferred stock had previously been reported on Table I of Form 4 because the special convertible preferred stock was substantially identical to common stock. For the sake of clarity, this Form 4 shows the conversion of the special convertible preferred stock on Table II and the acquisition of the underlying common stock on Table I.

F2: 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.