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Q1 2018 In Inves esto tor r Pr Pres esen entation tation www.net1.com Safe Harbor Statement The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements so long as such


  1. Q1 2018 In Inves esto tor r Pr Pres esen entation tation www.net1.com

  2. Safe Harbor Statement The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements so long as such information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. The use of words such as “may”, “might”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “intend”, “future”, “potential” or “continue”, and other similar expressions are intended to identify forward-looking statements. All of these forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, industry, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include those discussed in the Company’s annual report on Form 10-K for the year ended June 30, 2017, on file with the Securities and Exchange Commission, and other factors which may not be known to us. Any forward-looking statement speaks only as of its date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. 2

  3. Defined T erms Unless specifically noted otherwise within this presentation, the following terms are hereby defined as follows: Constant Currency : We analyze our results of operations both in U.S. dollars, as presented in the consolidated financial statements, and supplementally in ZAR, because ZAR is the functional currency of the entities which contribute the majority of our profits and is the currency in which the majority of our transactions are initially incurred and measured. Due to the significant impact of currency fluctuations between the U.S. dollar and ZAR on our reported results and because we use the U.S. dollar as our reporting currency, we believe that the supplemental presentation of our results of operations in ZAR is useful to investors to understand the changes in the underlying trends of our business. The use of constant currency is a non-GAAP measure. Adjusted EBITDA : Net income before non-controlling interests, earnings from equity accounted investments, interest, taxation, depreciation and amortization expenses (“EBITDA”) adjusted for share - based compensation expenses, transaction or financing related charges, and other non-operating or non-recurring items that are considered expenses or income under U.S. GAAP . EBITDA and adjusted EBITDA are non-GAAP measures and represent a performance measure that is not intended to represent a liquidity measure. Reconciliation of US GAAP measures to EBITDA, Adjusted EBITDA, Fundamental Earnings and Earnings Per Share : The reconciliation is included in the attached supplemental data. The Company does not provide reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP to non-GAAP reconciliation, including adjustments, that could be made for currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant. 3

  4. FINANCIAL HIGHLIGHTS First Quarter 2018

  5. 1Q 2018 Financial Report Quarterly Financial Highlights Revenue - $152.6 million • • 2% decrease from $155.6 million in 1Q 2017 • 8% decrease on a constant currency basis Adjusted EBITDA - $35.5 million • • 13% decrease from $40.8 million in 1Q 2017 • 23% Adjusted EBITDA Margin compared to 26% in 1Q 2017 Fundamental Net1 Income - $24.5 million • • 5% decrease from $25.8 million in 1Q 2017 11% decrease on a constant currency basis • Fundamental EPS - $0.43 • 10% decrease from $0.48 in 1Q 2017 • 16% decrease on a constant currency basis • Note: Transaction related costs are included in corporate expense and are excluded from Adjusted EBITDA and Fundamental EPS. See reconciliations for additional details. 5

  6. 1Q 2018 Financial Report Segment Quarterly Revenue Growth 1Q const. currency SATP revenue 1Q USD ITP revenue $46 190 $46 022 R876 R812 $48 000 R721 R1 000 Thousands Millions $46 000 R800 $44 000 $41 229 R600 $42 000 R400 13% 8% $40 000 R200 12% (0%) R0 $38 000 2016 2017 2018 2016 2017 2018 1Q const. currency FIAT revenue • SATP 2 year const. currency revenue grew 21% • Growth in ATM and NPS transactions, # of R896 R873 grants, VAS R716 R 1 000 R 800 • ITP 2 year USD revenue grew 12% Millions Growth in MP/T24 offset by regulatory impact R 600 • in Korea R 400 FIAT 2 year const. currency revenue declined 18% • R 200 (20%) 3% Growth in Financial services offset by decline • R 0 in prepaid airtime/electricity and fewer ad- 2016 2017 2018 hoc hardware sales 6

  7. 1Q 2018 Financial Report Business Segment Results USD Revenue Operating Income Operating Margin (Millions) 1Q 2018 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2017 SATP $ 66.4 $ 57.6 $ 12.3 $ 13.5 19% 24% % Change* 8% (15%) ITP 46.0 46.2 5.3 5.8 12% 13% % Change* (7%) (15%) FIAT 54.3 63.5 13.9 15.2 26% 24% % Change* (20%) (14%) Sub-total 166.8 167.3 31.6 34.5 19% 21% % Change* (7%) (15%) Inter-segment (14.2) (11.7) (6.6) (2.4) nm nm Eliminations 14% 159% % Change* Total $ 152.6 $ 155.6 $ 25.0 $ 32.2 16% 21% % Change* (8%) (27%) *% change in constant currency 7

  8. 1Q 2018 Financial Report Balance Sheet Overview USD (Millions) Sept 30, 2017 June 30, 2017 Cash $ 138.4 $ 258.5 Investments and Equity Accounted Investments 269.0 52.0 Total Assets 1,343.3 1,450.8 Total Equity 714.2 708.0 Total Debt 94.2 16.2 Book Value / Share 12.59 12.51 Net Cash / Share $ 0.78 $ 4.30 Debt / Equity 0.13 0.02 Major cash outflows post Sep 30: Bank Frick Investment & Korea debt repayment. 8

  9. Cash and Debt Movement - Sep 30 2017 $138m cash $94m debt $16m Oct debt $16m South payment Korea $41m investment $81m in 30% of $78m South available Bank Frick Africa in Oct 9

  10. 1Q 2018 Financial Report Key Investments % held Balance Sheet Value (Sep 2017) Equity Accounted: DNI 45% $70 million >$70 million (3) Finbond (JSE listed) 26% $20 million $49 million (1) KZ One 25% $5 million >$5 million (3) At Cost: Cell C 15% $147 million >$147 million (3) MobiKwik 12% $27 million $39 million (2) TOTAL $269 million $310 million 1) 205m shares at R3.20 at $1/R13.6 2) 12% of $327m (recent MobiKwik valuation at Bajaj investment) 3) Based on latest trading results Values at carrying value unless stated otherwise 10

  11. BUSINESS OVERVIEW SOUTH AFRICAN TRANSACTION PROCESSING First Quarter 2018

  12. SATP Segment Highlights 1Q 2018 Financial Highlights Revenue - $66.4 million • 15% increase from $57.6 million in 1Q 2017 • 8% increase on a constant currency basis • Operating Income - $12.3 million • 9% decrease from $13.5 million in 1Q 2017 • 15% decrease on a constant currency basis • 12

  13. SATP Segment Highlights (cont.) 1Q 2018 Key Trends Social Grant Distribution • SASSA continues to evaluate options to in-source distribution of grants • per Constitutional Court’s instructions • CPS has extended its full support to government and SA citizens and in the interim continues to deliver uninterrupted service Number of Social Grants Paid 10,8m 10,6m 10,4m 10,2m 10,0m 9,8m 9,6m 9,4m 9,2m 9,0m 8,8m 13

  14. SATP Segment Highlights 1Q 2018 Key Trends CPS has a nationwide distribution footprint and an unmatched distribution network in rural areas. We have the last mile connectivity and presently can reach every South African within a 3-mile radius. 14

  15. SATP Segment Highlights 1Q 2018 Key Trends EasyPay Number of EasyPay Transactions 140 000 000 120 000 000 100 000 000 80 000 000 60 000 000 40 000 000 20 000 000 0 Q1FY2016 Q2FY2016 Q3FY2016 Q4FY2016 Q1FY2017 Q2FY2017 Q3FY2017 Q4FY2017 Q1FY2018 15

  16. BUSINESS OVERVIEW INTERNATIONAL TRANSACTION PROCESSING First Quarter 2018

  17. ITP Segment Highlights 1Q 2018 Financial Highlights Revenue - $46 million • Flat compared to $46.2 million in 1Q 2017 • 7% decrease on a constant currency basis • Operating Income - $5.3 million • 9% decrease from $5.8 million in 1Q 2017 • 15% decrease on a constant currency basis • 17

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