Research Coverage Company Disclosure

Company Name: Net 1 UEPS Technologies, Inc.
Symbol: UEPS

Disclosures:

1 Robert W. Baird & Co. Incorporated makes a market in the securities of this company.
11 Robert W. Baird & Co. and/or its affiliates expect to receive or intend to seek investment banking related compensation from the company or companies mentioned in this report within the next three months.