Net 1 U E P S Technology : Q3 2021 Presentation

Q3 2021 Investor Presentation

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 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-Kfor the year ended June 30, 2020, 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.

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Defined Terms

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 revenue and costs 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-GAAPmeasure.

Adjusted EBITDA: Net (loss) income before non-controlling interests, earnings from equity accounted investments, interest, taxation, depreciation and amortization expenses ("EBITDA") adjusted for impairment losses, 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 (Loss) Earnings and (Loss) Earnings Per Share: The reconciliation is included in Appendix A.

We do not provide reconciliation of our forward-lookingnon-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 our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Discontinued operations: Refer to Note 21 to our Q3 2021 Form 10-Q for discontinued operation disclosures. Unless otherwise specified, the results of KSNET are excluded from analysis included in this presentation.

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QUARTERLY SUMMARY

Q3 2021

Quarterly Summary

Q3 2021 Company highlights include:

• Continued progress scaling the current business as well as pursuing strategic initiatives
• • Preparing for a relaunch of financial inclusion products in South Africa
  • Hired new CEO for Southern Africa business, Lincoln Mali
  • Sold remaining interest in Bank Frick
• Added 27,000 net EasyPay Everywhere (EPE) accounts during the quarter.
• Cost base in South Africa remains stable

Q3 2021 financial summary:

• Revenue of $29 million, a constant currency decrease of 19% from Q3 2020, and a decrease of 14% from Q2 2021;
• Operating loss of $14 million;
• GAAP EPS of $(0.11) and Fundamental EPS of $(0.24);
• Adjusted EBITDA loss of $(13) million, flat compared to Q2 2021.

Q3 2021 Strategic Investments update:

• Cell C - Ongoing progress on its recapitalization plan, but delivering improved operational results.
• MobiKwik - Strong sequential growth , assisted by rapid growth in users of its Buy Now Pay Later product. Recent capital raises at $480 million valuation.
• Bank Frick - Sold remaining interest back to The Kuno Frick Family Foundation for $30 million

At March 31, 2021:

• $208 million unrestricted cash and zero debt
• Total equity of $359 million or $6.35/share
• Loan book outstanding ZAR 305 million as of March 31, 2021.

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