Q4 2021Investor Presentation

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Safe Harbor Statement

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The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements so long as such information isidentified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actualresults 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 materiallyfrom 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, 2021, on filewith the Securities and Exchange Commission, and other factors which may not be known to us. Any forward-looking statement speaks only as ofits date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, futureevents or otherwise, except as required by law.

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Defined Terms

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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, andsupplementally in ZAR, because ZAR is the functional currency of the entities which contribute the majority of our revenue and costs and is thecurrency in which the majority of our transactions are initially incurred and measured. Due to the significant impact of currency fluctuationsbetween 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 thesupplemental presentation of our results of operations in ZAR is useful to investors to understand the changes in the underlying trends of ourbusiness. The use of constant currency is a non-GAAP measure.

Adjusted EBITDA: Net (loss) income before non-controlling interests, earnings from equity accounted investments, interest, taxation, depreciationand 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 aperformance 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 isincluded in Annexure A.

We do not provide reconciliation of our forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifyingcertain amounts that are necessary for GAAP and the related GAAP to non-GAAP reconciliation, including adjustments, that could be made forcurrency exchange rate fluctuations and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historicalexperience, could be significant.

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Our Vision

To Build and Operate the Leading South African Full-Service FinTech Platform

Offering Payment Processing and Financial Services to Underserved Merchants and Consumers

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To Improve Peoples’ Lives by Bringing Financial Inclusion to South Africa’s

Underserved Consumers & Merchants

Our Purpose

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We Have a Range of Financial Services Offerings for Consumers…

Consumer Banking

InsuranceBranch Infrastructure

Consumer Lending

Merchant Lending

Mobile Wallet

ATM Infrastructure

Cash Management

Payments Acceptance

Bill Payments & VAS

For Consumers

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For Merchants

Our Vision for a Full-Service FinTech Platform for South African Merchants & Consumers

…But We Are Not Yet Fully Addressing the Opportunity for MSME & Informal Merchants

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B2C B2BIssuing

Lending

Insurance

Payments

Lending

Cash Management

VAS

Bill Payment

We Are Going Full-Steam Ahead on Addressing These Gaps…Organically and Through Acquisition

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ZAR 104bn

ZAR 57bn

Current Expansion TAM

Core TAM

MSME & Informal Merchant Services

Financial Services to Underbanked Consumers

Sources: South African Reserve Bank, Solidarity Bank, Finscope South Africa, NCR Consumer Credit Report, Genesis Analytics, BIS Data, IFC

ZAR 160bn+

26 Million Consumers

2 Million Merchants

Expansion into MSME & Informal Merchant Services Would Increase Our Current TAM by ~3x

9Sources: IFC, Genesis Analytics, Proprietary Estimates

…In a Market with Enormous Untapped Potential, We Will Be a Champion of Financial Inclusion

700k

Formal MSMEs

1.4m

Informal MSMEs

33%

Enabled to Accept Payments

2%

Enabled to Accept Payments

Massive Opportunity to Expand Our TAM

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Our New Executive Directors

Lincoln MaliCEO – Southern Africa

Alex SmithChief Financial Officer

Chris Meyer Group CEO

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Our New Board of Directors

Antony C. BallSouth Africa

(appointed 2020)

Ian GreenstreetUnited Kingdom

(appointed 2020)

Ali MazanderaniUnited Kingdom

(appointed 2020)

Ekta Singh-BushellUnited States

(appointed 2018)

Kuben Pillay – ChairmanSouth Africa

(appointed 2021)

Nonkululeko GobodoSouth Africa

(appointed 2021)

Monde NkosiSouth Africa

(appointed 2020)

Javed Hamid United States

(appointed 2020)

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Our New Management Team

Lesego Chauke MotshwaneHead: Financial Services

Andrew Wilmot Head: Payments

Logan NaidooHead: Business Operations

Patience RollsHead: Cash & ATM

Yasvanth Singh Chief Information Officer

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Our New Provincial Team

Lizzy Mogale Provincial Head : Limpopo

Brenda MaganaProvincial Head : GP & NW

Mookgo MadiaProvincial Head : Free State

Divyesh MaharajProvincial Head: KZN

Marley KarrimProvincial Head : Mpumalanga

Lebogang NyokongProvincial Head : WC & NC

Tabile SovitaProvincial Head : EC North

Cassim IsmailProvincial Head : EC South

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Q4 2021 Financial Performance

Note:(1) Adjusted EBITDA (loss) is adjusted for transaction related costs and other adjustments. Fundamental EPS also includes these and other adjustments; see reconciliations in Appendix A for additional details.

Q4 2021 Q4 2020 Q3 2021

($ Millions)

Revenue 35 25 29

% change USD 40% 21%

% change Const. FX 15% 14%

Adjusted EBITDA (8) (12) (13)

% change USD (33%) (38%)

EBITDA Margin (%) (23%) (48%) (45%)

Fundamental Net Income* (10) (12) (14)

% change USD (17%) (29%)

% change Const. FX (32%) (32%)

Fundamental EPS $(0.18) $(0.21) (0.24)

% change USD (14%) (25%)

% change Const. FX (30% ) (29%)

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Q4 2021 Balance Sheet Overview

USD (Millions) Jun 30, 2021 June 30, 2020

Net Cash(1) $ 210 $ 218

Investments and Equity Accounted Investments $ 86 $ 93

Total Assets $ 428 $ 454

Total Equity and Redeemable Common Stock $ 361 $ 375

Total Debt(2) $ 14 $ 15

Book Value / Share $ 6.36 $ 6.63

Net Cash / Share $ 3.69 $ 3.85

Debt / Equity 0.04 0.04

(1) Net Cash represents cash and cash equivalents plus restricted cash less short-term credit facilities utilized

(2) Total Debt includes short-term credit facilities utilized

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Annexure A Recon of Non-GAAP MeasuresThree months ended

Jun-21 Jun-20

$ '000 EPS, basic $ '000 EPS, basic

Fundamental net loss (Non-GAAP) (10,159) (0.18) (11,975) (0.21)

Change in fair value of equity securities, net 18,456 -

Allowance for doubtful EMI loans receivable (4,000) (316)

Impairment of equity method investment (2,946) -

Stock-based compensation charge 532 (558)

Transaction costs (174) -

Intangible asset amortization, net (70) (58)

Termination fee to cancel Bank Frick option - (17,517)

Loss on deconsolidation of CPS - (7,148)

(Gain) Loss on sale of DNI - (1,010)

Intangible asset amortization, net related to equity accounted investments - (298)

Net income (loss) attributable to Net1 (GAAP) 1,639 0.03 (38,880) (0.68)

(Earnings) Loss from equity-accounted investments 4,780 (1,082)

Income tax expense 3,011 339

Interest expense 814 1,279

Interest income (482) (790)

Termination fee to cancel Bank Frick option - 17,517

Loss on deconsolidation of CPS - 7,148

(Gain) Loss on sale of DNI - 1,010

Gain on discontinued operation - 279

Change in fair value of equity securities, net (23,362) -

Depreciation and amortization 1,218 996

EBITDA (Non-GAAP) (12,382) (12,184)

Adjusted for:

Transaction costs 174 -

Allowance for doubtful EMI loans receivable 4,000 316

Adjusted EBITDA (Non-GAAP) (8,208) (11,868)

Thank You

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