Document:

Net1 UEPS Technologies, Inc. - Exhibit 10.68 - Filed by newsfilecorp.com

Exhibit 10.68 
EXECUTION VERSION 

	
       

      SUBSCRIPTION AGREEMENT 

       

 

between 

 

NET1 APPLIED TECHONOLOGIES SOUTH AFRICA PROPRIETARY LIMITED

 

and 

 

CELL C PROPRIETARY LIMITED 

Contents 

	1 	Definitions and Interpretation 	1
    
	2 	Provisions
      Which Take Immediate Effect 	5 
	3 	Suspensive Condition 	6
    
	4 	Subscription
      and Payment of Net1 Subscription Price 	6 
	5 	Non – Deductible Interest Indemnity 	6
    
	6 	Warranties 	7 
	7 	Limitation of Liability 	8
    
	8 	Closing and
      Delivery 	10 
	9 	Equity Implementation Agreement 	10
      
	10 	Costs
      	10 
	Schedule 1: Company’s Warranties 	12
      
	Schedule 2: Mutual Warranties 	33 
	Schedule 3: Disclosure Schedule 	35
      
	Schedule 4: AFS 	36 
	Schedule 5: Management Accounts 	37
      
	Schedule 6: Subsidiaries 	38

Subscription Agreement 

	Parties 	NET1 Applied Techonologies
      South Africa Proprietary Limited 
	 	 
	  	Cell C Proprietary Limited
    

Introduction 

	A 	
      Each of the Parties has entered into the Implementation
      Agreements in order to provide an implementation framework for the
      Transaction. This Agreement constitutes the Net1 Subscription Agreement as
      envisaged in the Implementation Agreements.

	 	 
	B 	
      Pursuant to the Implementation Agreements, Net1 is to
      subscribe for the Net1 Subscription Shares in accordance with the terms
      and the conditions of this Agreement as read with the Implementation
      Agreements.

It is agreed 

	1 	
      DEFINITIONS AND
INTERPRETATION

	1.1 	
      In this Agreement:

	1.1.1 	
      Accounting Principles has the meaning given to it
      in the Equity Implementation Agreement;

	 	 
	1.1.2 	
      Act means the Companies Act, No. 71 of
  2008;

	 	 
	1.1.3 	
      Agreement means this subscription agreement
      between the Parties, and schedules thereto, together with any amendments
      to this agreement or the schedules agreed to in writing between the
      Parties from time to time;

	 	 
	1.1.4 	
      Annual Financial Statements has the meaning given
      to it in the Equity Implementation Agreement;

	 	 
	1.1.5 	
      Aware means the knowledge, after having made
      necessary and diligent enquiries, of senior executive management of the
      Company or Subsidiary;

	 	 
	1.1.6 	
      Business has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.7 	
      Business Day means any day other than a Saturday,
      Sunday or official public holiday in South Africa;

	 	 
	1.1.8 	
      Closing has the meaning given to it in the Master
      Implementation Agreement;

	 	 
	1.1.9 	
      Company means Cell C Proprietary Limited, a
      company incorporated in South Africa under registration number
      1999/007722/07;

	 	 
	1.1.10 	
      Company Indemnity Agreement means the indemnity
      agreement to be entered into between the Company and Oger Telecom Limited
      pertaining to certain indemnities provided by the Company to Oger Telecom
      Limited;

	1.1.11 	
      Company’s Warranties means the warranties provided
      by the Company to the Subscriber as set out in Schedule 1, and
      Company’s Warranty shall have a corresponding meaning;

	 	 
	1.1.12 	
      Disclosure Schedule means the disclosure schedule
      to be provided in terms of clause 6.4 and attached hereto as Schedule
      3;

	 	 
	1.1.13 	
      Encumbrance in relation to any shares, includes
      any pledge, charge, hypothecation, lien, subordination, mortgage, option
      over, right of retention or any other encumbrance whatsoever, or any form
      of hedging or similar derivative instrument of any nature whatsoever of or
      over those shares, or any lending of shares, and the words
      Encumber, Encumbered and Encumbering shall have
      corresponding meanings;

	 	 
	1.1.14 	
      Equity Implementation Agreement means the
      agreement entitled “Equity Implementation Agreement” between, inter
      alia, the Parties to be concluded on or about the Signature
    Date;

	 	 
	1.1.15 	
      Existing Shareholder means 3C Telecommunications
      Proprietary Limited;

	 	 
	1.1.16 	
      Fairly Disclosed means disclosed in such a manner
      and in such detail as would enable a prospective investor, acting
      reasonably and in good faith, to make an informed assessment of the matter
      concerned and to establish what the consequences thereof will
be;

	 	 
	1.1.17 	
      Financial Statements means the audited financial
      statements of the Company as at December 2015;

	 	 
	1.1.18 	
      Financial Year means a 12 (twelve) month period
      commencing on 1 January and ending on the following 31 December;

	 	 
	1.1.19 	
      Group means the Company and its
    Subsidiaries;

	 	 
	1.1.20 	
      ICASA means the Independent Communications
      Authority of South Africa;

	 	 
	1.1.21 	
      IFRS means International Financial Reporting
      Standards;

	 	 
	1.1.22 	
      Implementation Agreements means collectively, the
      Master Implementation Agreement and the Equity Implementation
      Agreement;

	 	 
	1.1.23 	
      Implementation Date has the meaning given to it in
      the Master Implementation Agreement;

	 	 
	1.1.24 	
      Income Tax Act means the Income Tax Act, 58 of
      1962;

	 	 
	1.1.25 	
      JIBAR as at any date shall mean the mid-market
      rate for deposits in Rand for the succeeding period of 3 (three) months
      which appears on the Reuters screen, SAFEY page under the caption "YIELD"
      at approximately 10:00am, Johannesburg time, on that date (as determined
      by the Standard Bank of South Africa Limited);

	 	 
	1.1.26 	
      Long Stop Date has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.27 	
      Losses has the meaning given to it in the Equity
      Implementation Agreement and Loss shall have a corresponding
      meaning;

2 

	1.1.28 	
      Management Accounts means the most recent
      management accounts of the Company, on a consolidated basis, for the
      period from 1 January 2016 onwards, a copy of which is attached
  as

	 	 
		
      Schedule 4;

	 	 
	1.1.29 	
      Master Implementation Agreement means the
      agreement titled “Master Implementation and Funds Flow Agreement” between,
      inter alia, the Parties and the Company’s lenders to be concluded
      on or about the Signature Date;

	 	 
	1.1.30 	
      Memorandum of Incorporation means the memorandum
      of incorporation which the Company will adopt in the form attached to the
      Shareholders’ Agreement, as amended from time to time;

	 	 
	1.1.31 	
      Mutual Warranties means the warranties provided
      by: (i) the Company to the Subscriber; and (ii) the Subscriber to the
      Company as set out in Schedule 2, and Mutual Warranty shall
      have a corresponding meaning;

	 	 
	1.1.32 	
      Net Debt has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.33 	
      Net Debt Confirmation has the meaning given to it
      in the Equity Implementation Agreement;

	 	 
	1.1.34 	
      Net1 means NET1 Applied Techonologies South Africa
      Proprietary Limited, a company incorporated in South Africa under
      registration number 2002/031446/07;

	 	 
	1.1.35 	
      Net1 Subscription Price means the subscription
      price payable by the Subscriber for the NET1 Subscription Shares, being
      ZAR2,000,000,000 (two billion Rand);

	 	 
	1.1.36 	
      Net1 Subscription Shares means 75,000,000 (seventy
      five million) class “A” shares in the unissued share capital of the
      Company to be subscribed for by the Subscriber in terms of this Agreement
      on the Implementation Date so that the Subscriber holds Shares
      constituting 15% (fifteen per cent) of the entire issued Shares of the
      Company immediately following Closing;

	 	 
	1.1.37 	
      Ordinary Shares means ordinary shares in the share
      capital of the Company having the rights set out in the Shareholders
      Agreement and the Memorandum of Incorporation as at the Implementation
      Date;

	 	 
	1.1.38 	
      Parties means the Subscriber and the Company and
      Party means, as the context requires, any one of them;

	 	 
	1.1.39 	
      Prime Rate means in relation to any period means
      the published prime overdraft rate ruling from time to time, expressed as
      a percentage rate per annum, as quoted by The Standard Bank of South
      Africa Limited from time to time during that period, as certified by any
      manager of The Standard Bank of South Africa Limited (whose appointment or
      authority need not be proved), whose certification at that time shall, in
      the absence of manifest error, be prima facie proof
  thereof;

	 	 
	1.1.40 	
      Pro Forma Net Debt Statement has the meaning given
      to it in the Equity Implementation Agreement;

	 	 
	1.1.41 	
      Rand or R means the South African
    Rand;

3 

	1.1.42 	
      Shareholders’ Agreement means the agreement
      entitled “Shareholders Agreement” concluded or to be concluded between,
      inter alia, the Parties (upon terms acceptable to them) on or about
      the Signature Date;

	 	 
	1.1.43 	
      Signature Date means the date of the last
      signature to this Agreement;

	 	 
	1.1.44 	
      South Africa means the Republic of South Africa as
      constituted from time to time, and South African shall have a
      corresponding meaning;

	 	 
	1.1.45 	
      Subscriber means Net1;

	 	 
	1.1.46 	
      Suspensive Condition means the suspensive
      condition set out in clause 3;

	 	 
	1.1.47 	
      Target Net Debt has the meaning given to it in the
      Equity Implementation Agreement;

	 	 
	1.1.48 	
      Tax has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.49 	
      Transaction means all the transactions
      contemplated by the Transaction Documents; and

	 	 
	1.1.50 	
      Transaction Documents has the meaning given to it
      in the Equity Implementation Agreement.

	1.2 	
      Any reference in this Agreement
to:

	1.2.1 	
      a clause is, subject to any contrary indication,
      construed as a reference to a clause of this Agreement;

	 	 
	1.2.2 	
      law is construed as any law including common law,
      statute, constitution, decree, judgment, treaty, regulation, directive,
      by-law, order or any other measure of any government, local government,
      statutory or regulatory body or court having the force of law;
  and

	 	 
	1.2.3 	
      person is construed as a reference to any natural
      or juristic person, firm, company, corporation, government, state, agency
      or organ of a state, association, trust or partnership (whether or not
      having separate legal personality).

	1.3 	
      Where a word or expression is given a particular meaning,
      other parts of speech and grammatical forms of that word or expression
      have a corresponding meaning.

	 	 
	1.4 	
      The headings do not govern or affect the interpretation
      of this Agreement.

	 	 
	1.5 	
      If any provision in a definition confers rights, or
      imposes obligations on any Party, effect is given to it as a substantive
      provision of this Agreement.

	 	 
	1.6 	
      Unless the context indicates otherwise an expression
      which denotes any gender includes the other; reference to a natural person
      includes a juristic person and vice versa; the singular includes
      the plural, and the plural includes the singular.

	 	 
	1.7 	
      Any number of days prescribed in this Agreement excludes
      the first day and includes the last day unless the last day falls on a day
      which is not a Business Day, in which event the last day shall be the next
      succeeding Business Day, and any relevant action or notice may be validly
      done or given on the last day.

4 

	1.8 	
      The words “including” and “in particular” are without
      limitation, and the eiusdem generis rule shall not apply.

	 	 
	1.9 	
      Any reference to legislation includes any subordinate
      legislation made from time to time under that legislation and is to that
      legislation as at the Signature Date, as amended or replaced from time to
      time.

	 	 
	1.10 	
      Any reference to a document or instrument includes the
      document or instrument as ceded, delegated, novated, altered, supplemented
      or replaced from time to time.

	 	 
	1.11 	
      A reference to a Party includes that Party’s
      successors-in-title and permitted assigns.

	 	 
	1.12 	
      A time of day must be construed as a reference to South
      African Standard Time.

	 	 
	1.13 	
      The rule of interpretation that, in the event of
      ambiguity, the contract must be interpreted against the party responsible
      for the drafting of the contract (i.e. the contra proferentem rule)
      does not apply.

	 	 
	1.14 	
      The termination of this Agreement does not affect those
      of its provisions which expressly provide that they will operate after
      termination, or which must continue to have effect after termination, or
      which must by implication continue to have effect after termination,
      notwithstanding that the relevant provisions themselves do not provide for
      this.

	 	 
	1.15 	
      Unless specifically stated otherwise in this Agreement,
      no provision of this Agreement constitutes a stipulation for the benefit
      of any person who is not a party to this Agreement.

	 	 
	1.16 	
      The schedules to this Agreement form an integral part of
      it and words and expressions defined in this Agreement shall bear, unless
      the context otherwise requires or differently defined in a particular
      schedule, the same meaning in such schedules. To the extent that there is
      any conflict between the schedules to this Agreement and the provisions
      contained in the main body of this Agreement, the provisions in the main
      body of this Agreement shall prevail.

	 	 
	1.17 	
      Where any term is defined within the context of any
      particular clause in this Agreement, the term so defined, unless it is
      clear from the clause in question that the term so defined has limited
      application to the relevant clause, shall bear the same meaning as
      ascribed to it for all purposes in terms of this Agreement, despite that
      that term has not been defined in this interpretation clause.

	 	 
	1.18 	
      The use of any expression covering a process available
      under South African law (including, for example, a winding-up) shall, if
      any of the Parties is subject to the law of any other jurisdiction, be
      interpreted in relation to that Party as including any equivalent or
      analogous proceeding under the law of such other
  jurisdiction.

	2 	
      PROVISIONS WHICH TAKE IMMEDIATE EFFECT

	 	 
		
      The provisions of this clause 2 and clauses 1, 3, 6.9 and
      7 to 9 (inclusive) shall take effect and become operative immediately upon
      the Signature Date (the Operative
Provisions).

5 

	3 	
      SUSPENSIVE CONDITION

	3.1 	
      This entire Agreement, save for the Operative Provisions,
      which shall be of immediate force and effect, (the Suspended
      Provisions) is subject to the fulfilment of the Suspensive Condition
      that the Equity Implementation Agreement becomes fully unconditional in
      accordance with its terms through either the fulfilment or waiver, as the
      case may be, of all conditions to which it may be subject save for any
      condition requiring this Agreement to become unconditional.

	 	 
	3.2 	
      The Parties shall, where it is within their respective
      power and control to do so, use their respective reasonable commercial
      endeavours to procure the fulfilment of the Suspensive Condition as soon
      as reasonably possible after the Signature Date, but in any event within
      the time permitted therefor. If the Suspensive Condition is not fulfilled
      by the Long Stop Date, then the Suspended Provisions shall never become
      effective and no Party shall have any claim against any other Party for
      anything done hereunder or arising hereout, save for a claim relating to a
      breach of, or pursuant to, the provisions of this clause 3.

	 	 
	3.3 	
      If the Suspensive Condition is fulfilled prior to the
      Long Stop Date, then all the Suspended Provisions of this Agreement shall
      also take effect and become operative, and the whole of this Agreement
      shall accordingly become unconditional.

	4 	
      SUBSCRIPTION AND PAYMENT OF NET1 SUBSCRIPTION
      PRICE

	4.1 	
      Upon the terms and subject to the conditions contained in
      this Agreement and clause 9 (Transaction Steps) of the Master
      Implementation Agreement, the Subscriber shall subscribe for, and the
      Company shall issue to the Subscriber, the Net1 Subscription Shares in the
      Company for the Net1 Subscription Price.

	 	 
	4.2 	
      The Net1 Subscription Price shall be paid by the
      Subscriber to the Company, and the Net1 Subscription Shares shall be
      issued by the Company to the Subscriber, at the time and in the manner
      provided for in the Master Implementation Agreement, against compliance by
      the Company with the provisions of clause 9 (Transaction Steps) in
      the Master Implementation Agreement, subject to the further terms and
      conditions contained in the Master Implementation Agreement and against
      compliance by the Subscriber and the Company of their respective
      obligations and the provision of required documents as set out in
      Schedule 9 (Closing Arrangements) of the Equity
      Implementation Agreement.

	5 	
      NON – DEDUCTIBLE INTEREST
  INDEMNITY

	5.1 	
      The Company hereby irrevocably and unconditionally
      indemnifies the Subscriber and holds the Subscriber harmless, pro rata
      and in proportion to the Subscriber’s shareholding in the Company,
      against any Losses incurred by or imposed on the Company in connection
      with any assessments arising, directly or indirectly, from, or in
      connection with, any costs or Taxes arising, including any reduction of
      Tax losses, from the deduction of interest which is found to be
      non-deductible, in respect of any period prior to the Implementation
      Date.

	 	 
	5.2 	
      The Company shall not be liable for any Losses suffered
      by the Subscriber under this clause 5 if the Subscriber has not made a
      demand for arbitration in regard thereto in terms of clause
  14 (Dispute Resolution) of the Equity Implementation
      Agreement by the 5th (fifth) anniversary of the Implementation
      Date.

6 

	 	 
	5.3 	
      The Company’s maximum liability under this clause 5 to
      the Subscriber shall be limited to R11,250,000 (eleven million two hundred
      and fifty thousand Rand).

	6 	
      WARRANTIES

	6.1 	
      The Company gives the Subscriber the Company’s
      Warranties, it being agreed that each Company's Warranty shall be a
      separate warranty and shall in no way be limited or restricted by
      reference to or inference from the terms of any other Warranty.

	 	 
	6.2 	
      The Company gives to the Subscriber and the Subscriber
      gives to the Company, the Mutual Warranties, it being agreed that each
      Mutual Warranty shall be a separate warranty and shall in no way be
      limited or restricted by reference to or inference from the terms of any
      other Mutual Warranty.

	 	 
	6.3 	
      Unless otherwise stated or otherwise required by the
      context, the Company’s Warranties shall apply as at the Signature Date and
      the Implementation Date and during the period between those
  dates.

	 	 
	6.4 	
      The Company’s Warranties, when given at the Signature
      Date, are qualified to the extent, but only to the extent, of those
      matters Fairly Disclosed in the Disclosure Schedule.

	 	 
	6.5 	
      The Company shall not be liable in respect of a claim for
      breach of the Company’s Warranties to the extent that the facts giving
      rise to such claim were Fairly Disclosed in the Disclosure
  Schedule.

	 	 
	6.6 	
      Where the same facts may give rise to a claim under this
      clause 6 or under any other provision of this Agreement, the amount of
      such claim shall not be reckoned twice in determining the aggregate value
      of claims.

	 	 
	6.7 	
      The Company’s Warranties and the Mutual Warranties are
      the only warranties and representations given by the Parties in respect of
      the subject matter of this Agreement (including but not limited to in
      respect of the Net1 Subscription Shares, the Company and the Business).
      Other than for the Company’s Warranties and those Mutual Warranties given
      by the Company, the Net1 Subscription Shares are issued and allotted to
      the Subscriber on a voetstoots basis.

	 	 
	6.8 	
      The warranties are limited and qualified to the extent to
      which, and no Party shall be entitled to make a claim in respect of a
      breach of any of those warranties if and to the extent that, any breach of
      those warranties or the facts, information or circumstances giving rise to
      or causing any breach of those warranties or a claim of a Party in respect
      of any breach of those warranties are: (i) Fairly Disclosed to the other
      Party in the Disclosure Schedule; or (ii) was known to such Party on or
      prior to the Signature Date.

	 	 
	6.9 	
      Should the Company become aware of any facts or
      circumstances which could reasonably be expected to give rise to, or
      result in, a claim for breach of the Company’s Warranties or the Mutual
      Warranties being made against the Company, the Company shall forthwith
      notify the Subscriber thereof in writing.

7 

	6.10 	
      If at any time, any fact, matter or circumstance comes to
      the knowledge of the senior executive management of the Company which has
      resulted or may result in any of the warranties being inaccurate or
      breached, the Company shall (without detracting from the Company’s
      liability for any such inaccuracy or breach) immediately give written
      notice of that fact to the Subscriber.

	7 	
      LIMITATION OF
LIABILITY

	7.1 	
      Total Liability

	 	 
		
      The Parties agree that the recourse available to each
      Party against each other Party under this Agreement (other than the
      provisions of clause 5 of this Agreement) and the remainder of the
      Transaction Documents (excluding the Shareholders Agreement and the
      Memorandum of Incorporation), shall be limited in accordance with the
      terms of this clause 7. Any claims which a Party may have against any
      other Party under this Agreement or the remainder of the Transaction
      Documents (excluding the Shareholders Agreement and the Memorandum of
      Incorporation) and which sound in money, shall be deemed to be a claim by
      such Party against such other Party under this Agreement and shall be
      dealt with under this Agreement and not under the applicable Transaction
      Document.

	 	 
	7.2 	
      Time Limitation for Claims

	 	 
		
      Save for any claim arising out of: (i) clause 5; (ii) the
      Company Indemnity Agreement; and/or (iii) a breach of the warranties at
      clauses 3.1.1 and 3.1.2 of Schedule 1, no liability shall attach to
      any Party (Defaulting Party) in relation to Losses of or incurred
      by any other Party (Non-Defaulting Party) as a result of any of the
      warranties being incorrect, false or untrue or arising from any cause
      under the Transaction Documents (other than the Shareholders Agreement and
      the Memorandum of Incorporation) of whatsoever nature if the
      Non-Defaulting Party has not issued summons against the Defaulting Party
      for recovery of such Losses or made a demand for arbitration in regard
      thereto in terms of clause 14 (Dispute Resolution) of the Equity
      Implementation Agreement by a date which is 60 (sixty) days after the date
      on which the Annual Financial Statements (duly signed by the Auditors) in
      respect of the period ending December 2018 are received by the
      Subscriber.

	 	 
	7.3 	
      Minimum Claims

	 	 
		
      Other than Losses: (i) pursuant to the provisions of
      clause 5 of this Agreement; and/or (ii) arising out of a breach of the
      warranties at clauses 3.1.1 and 3.1.2 of Schedule 1, the Defaulting
      Party shall not be liable for any Losses of or incurred by the
      Non-Defaulting Party, unless:

	7.3.1 	
      the value of an individual Loss exceeds R100,000 (one
      hundred thousand Rand), provided that individual Losses which arise from
      substantially the same cause of action shall be aggregated and not be
      regarded as individual Losses for this purpose, and subject further to the
      proviso in clause 7.3.2; and

	 	 
	7.3.2 	
      the value of the Losses suffered or incurred by the
      Non-Defaulting Party in aggregate exceed R3,000,000 (three million Rand)
      (such applicable quantum of damages being referred to as the Cumulative
      Threshold), provided that once the Cumulative Threshold is reached,
      the Non- Defaulting Party shall, subject to clause 7.4, only be entitled
      to claim the aggregate quantum of Losses above the Cumulative Threshold
(i.e the Rand amount above R3,000,000 (three million Rand))

8 

. 

	7.4 	
      Aggregate Liability

	 	 
		
      Notwithstanding the warranties, representations or
      undertakings given by the Parties, the aggregate liability of the Company
      to the Subscriber in relation to all claims or Losses under this Agreement
      and under any of the remaining Transaction Documents (other than the
      Shareholders Agreement and the Memorandum of Incorporation) is limited to
      an amount equal to the Net1 Subscription Price (other than with regard to
      the provisions of clause 5), on the basis that the aggregate amount
      recoverable from the Company, from such causes arising, shall be limited
      to the aforesaid amount.

	 	 
	7.5 	
      Insurance and Tax Benefits

	 	 
		
      Any claim made against the Defaulting Party in respect of
      the warranties or otherwise under any of the Transaction Documents (other
      than the Shareholders Agreement and the Memorandum of Incorporation) shall
      be reduced by the proportionate amount of: (i) any payment received by the
      Non-Defaulting Party by way of an indemnity in terms of a policy of
      insurance concluded by the Non-Defaulting Party in respect of any event
      giving rise to such claim; or (ii) a Tax benefit derived by the Company in
      respect of any event giving rise to such claims.

	 	 
	7.6 	
      Contingent Liabilities

	 	 
		
      No Party shall be liable for any potential claim of the
      other Parties in respect of liability which is contingent unless and until
      such contingent liability ceases to be contingent and becomes an actual
      liability and is due and payable.

	 	 
	7.7 	
      Special, Indirect or Consequential Losses or
      Damages

	 	 
		
      No Party shall be liable under this Agreement or any
      other Transaction Document in respect of any loss of profit, loss of
      revenue, loss of goodwill, or any special, indirect or consequential
      losses or damages.

	 	 
	7.8 	
      No Double Recovery

	 	 
		
      The Non-Defaulting Party shall not be entitled to recover
      from the Defaulting Party the same sum or loss more than once in respect
      of any Loss.

	 	 
	7.9 	
      Parties Obligation to Mitigate Loss

	 	 
		
      Nothing in this clause 7 shall in any way diminish a
      Party’s common law obligations to mitigate its Loss.

	 	 
	7.10 	
      Conflicts

	 	 
		
      Notwithstanding anything to the contrary contained
      elsewhere in this Agreement, to the extent that any conflict exists
      between the provisions of this clause 7 and any other provisions of this
      Agreement, the provisions of this clause 7 shall prevail and be
      implemented.

9 

	8 	
      CLOSING AND DELIVERY

	 	 
		
      The closing and delivery provisions relating to the
      subscription by the Subscriber for the Net1 Subscription Shares are
      contained in the Master Implementation Agreement and Closing is to occur
      in accordance with the provisions of clause 4 of this Agreement,
      Schedule 9 of the Equity Implementation Agreement, and the Master
      Implementation Agreement.

	 	 
	9 	
      EQUITY IMPLEMENTATION
AGREEMENT

	9.1 	
      There shall be and shall be deemed to be incorporated by
      reference into this Agreement the following clauses of the Equity
      Implementation Agreement as if set out in this Agreement in full to apply,
      with such changes as the context may require, as provisions of this
      Agreement and so to bind the Parties: clauses 10 (Breach and
      Termination), 12 (Announcements and Confidentiality), 14
      (Dispute Resolution), 15 (Addresses for Legal Processes and
      Notices), 17 (General) and 18 (Costs).

	 	
       

	9.2 	
      If there is a conflict or inconsistency between the
      provisions of this Agreement and the Equity Implementation Agreement, the
      provisions of the Equity Implementation Agreement shall prevail.

	 	
       

	9.3 	
      The Parties select as their respective domicilia
      citandi et executandi the physical addresses, and for purposes of
      giving or sending any notice provided for or required under this
      Agreement, the physical addresses as well as the email addresses set out
      in clause 15 (Addresses for Legal Processes and Notices) of the
      Equity Implementation Agreement.

	 	
       

	9.4 	
      The delivery of any notice in terms of this Agreement
      will be subject to and dealt with in the manner set out in the Equity
      Implementation Agreement.

	10 	
      COSTS

	 	 
		
      The Parties agree that any costs awarded in favour of a
      Party enforcing any right in terms of this Agreement will be recoverable
      on an attorney-and-own-client scale unless the arbitrators or the court,
      as the case may be, specifically determine that such scale shall not
      apply, in which event the costs will be recoverable in accordance with the
      High Court tariff, determined on an attorney-and-client
  scale.

10

Signed at Sandton on the 19th day of June 2017. 

	For and on behalf of 
	NET1 APPLIED TECHONOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED 
	  
	  
	  
	/s/ H. Kotze 
	Name: H. Kotze 
	Capacity: 
	Who warrants his authority 
	  
	  
	  
	Signed at Sandton on the 19th day of June 2017.
    
	  
	For and on behalf of 
	CELL C PROPRIETARY LIMITED 
	  
	  
	  
	/s/ J. Dos Santos 
	Name: J. Dos Santos 
	Capacity: Chief Executive Officer 
	Who warrants his authority 

11

SCHEDULE 1: COMPANY’S WARRANTIES 

	1. 	
      INTRODUCTION

	 	 
		
      The Company’s Warranties set out in this Schedule 1
      are qualified only by the disclosures contained in Schedule 3.

		
       

	1.1 	
      Interpretation

	 	 
		
      Expressions defined in the subscription agreement to
      which this is attached as Schedule 1 (Agreement) shall bear
      the same meaning in this Schedule 1 as that assigned to them in the
      Agreement. In addition, the following words and phrases shall have the
      meaning attributed to them as follows:

	1.1.1 	
      AFS means the signed consolidated audited
      financial statements of the Group for the year ended December 2015 and the
      consolidated financial statements of the Group for the year ended December
      2016, prepared in accordance with the Accounting Principles and comprising
      the audited: (i) balance sheet; (ii) income statement; and (iii) cash flow
      statement, including related notes and schedules thereto, a copy of which
      is attached as Schedule 4;

	 	 
	1.1.2 	
      Commissioner means the Commissioner for the South
      African Revenue Service (or his successor in title) for purposes of the
      Income Tax Act, including his lawful representative and including any
      other authority entitled to administer any taxes in South
Africa;

	 	 
	1.1.3 	
      Group means the Company and its
    Subsidiaries;

	 	 
	1.1.4 	
      Group Member means any member of the
  Group;

	 	 
	1.1.5 	
      Income Tax Act means the Income Tax Act, No. 58 of
      1962, as amended;

	 	 
	1.1.6 	
      Insolvency Act means the Insolvency Act, No. 24 of
      1936, as amended;

	 	 
	1.1.7 	
      Intellectual Property Rights means, in relation to
      a person, any registered or unregistered trademark, patent, design or
      rights of copyright as well as other intellectual property rights
      (including any application in relation to any of the aforegoing) and all
      rights in any trade secrets, know-how or confidential information, used by
      that person in the conduct of its business;

	 	 
	1.1.8 	
      Labour Relations Act means the Labour Relations
      Act, No. 65 of 1995, as amended;

	 	 
	1.1.9 	
      Management Accounts means management accounts of
      the Company, on a consolidated basis, for the period from 1 January 2017
      to 30 May 2017, a copy of which is attached as

	 	 
		
      Schedule 5;

	 	 
	1.1.10 	
      M5 has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.11 	
      MS15 has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.12 	
      National Credit Act means the National Credit Act,
      No. 34 of 2005, as amended;

12

	1.1.13 	
      Relevant Agreements means this Agreement, and each
      of the Transaction Documents (as defined in the Equity Implementation
      Agreement);

	 	 
	1.1.14 	
      SPV Subscribers has the meaning given to it in the
      Equity Implementation Agreement; and

	 	 
	1.1.15 	
      Subsidiary means a subsidiary company as defined
      in the Act and subsidiaries shall have a corresponding
  meaning.

	1.2 	
      To the extent that the Company’s Warranties are given on
      a date which results in the use of any tense being inappropriate, the
      warranties set out below shall be read in the appropriate tense.

	 	 
	1.3 	
      Unless the context clearly indicates a contrary
      intention, each Company’s Warranty hereafter set out
  shall:

	1.3.1 	
      remain in force notwithstanding completion of the matters
      provided for in the Agreement;

	 	 
	1.3.2 	
      be a separate and independent warranty and in no way be
      limited or restricted by reference to or inference from the terms of any
      other warranty or by any other provision in the Agreement (save any
      provision relating to or in respect of any disclosures contemplated in the
      Disclosure Schedule); and

	 	 
	1.3.3 	
      apply as at the Signature Date and the Implementation
      Date.

	1.4 	
      The Company’s Warranties set out below are given by the
      Company.

	2. 	
      CAPACITY AND AUTHORITY

	2.1 	
      Incorporation and
Existence

	2.1.1 	
      The Company is a company duly incorporated and registered
      under South African law and has been in continuous existence since
      incorporation.

	 	 
	2.1.2 	
      Each other Group Member is a private company duly
      incorporated and registered under South African law and has been in
      continuous existence since incorporation.

	 	 
	2.1.3 	
      The Company has an authorised share capital as at the
      Signature Date of 641 (six hundred and forty one) Ordinary Shares with a
      par value of R1 (one Rand) each and as at the Implementation Date of
      1,000,000,000 (one billion) ordinary no par value shares.

	 	 
	2.1.4 	
      The Company has the Subsidiaries set out in Schedule
      6, each of which is a wholly-owned Subsidiary of the Company. Save for
      those Subsidiaries listed in Schedule 6, the Company has no other
      Subsidiaries.

	2.2 	
      Right, Power, Authority and
  Action

	2.2.1 	
      The Company has the right, power and authority to conduct
      the Business.

	 	 
	2.2.2 	
      Each other Group Company has the right, power and
      authority to conduct the businesses conducted by
them.

13

	2.2.3 	
      The Company has the right, power and authority, and has
      taken all action necessary, to execute, deliver and exercise its rights,
      and perform its obligations, under each Relevant
  Agreement.

	2.3 	
      Binding Agreements

	2.3.1 	
      The Company's obligations under this Agreement and each
      document to be executed at or before the Signature Date are, or when the
      relevant document is executed will be, enforceable against the Company in
      accordance with their terms.

	 	 
	2.3.2 	
      The entry into each Relevant Agreement by the Company,
      and the performance by it of its obligations under each Relevant
      Agreement, does not, and will not:

	2.3.2.1 	
      as at the Implementation Date, result in any present or
      future material indebtedness of any member of the Group becoming due or
      capable of being declared due and payable prior to its stated
    maturity;

	 	 
	2.3.2.2 	
      contravene, conflict with, or result in a violation of,
      any applicable laws; or

	 	 
	2.3.2.3 	
      as at the Implementation Date, contravene, conflict with,
      or result in a breach or default of, the terms of, or give any person the
      right to declare a default or exercise any remedy under, or to accelerate
      the maturity or performance of, or to cancel, terminate or modify, any
      agreement, indenture, mortgage or other instrument of any kind to which
      it/he is a party, that has not been waived or consented to in writing by
      that person prior to the Signature Date.

	3. 	
      SHARES

	3.1 	
      The Shares

	3.1.1 	
      The Net1 Subscription Shares will, upon issue and
      immediately following Closing, comprise the percentage of 15% (fifteen per
      cent) of the total issued number of ordinary shares of the
  Company.

	 	 
	3.1.2 	
      As at the Signature Date, 100% (one hundred per cent) of
      the issued shares of the Company are held solely by the Existing
      Shareholder. As at the Implementation Date, the authorised shares of the
      Company shall comprise 1,000,000,000 (one billion) shares and the issued
      shares will be held as follows:

	3.1.2.1 	
      75,000,000 (seventy five million) class “A” ordinary
      shares of the same class and ranking pari passu which are to be
      held by the Subscriber;

	 	 
	3.1.2.2 	
      225,000,000 (two hundred and twenty five million) class
      “A” ordinary shares of the same class and ranking pari passu which
      are to be held by BLT;

	 	 
	3.1.2.3 	
      59,000,000 (fifty nine million) class “A” ordinary shares
      of the same class and ranking pari passu which are to be held by
      SPV1;

	 	 
	3.1.2.4 	
      80,000,000 (eighty million) class “A” ordinary shares of
      the same class and ranking pari passu which are to be held by
      SPV2;

14

	3.1.2.5 	
      11,000,000 (eleven million) class “A” ordinary shares of
      the same class and ranking pari passu which are to be held by
      SPV3;

	 	 
	3.1.2.6 	
      25,000,000 (twenty five million) class “A” ordinary
      shares of the same class and ranking pari passu which are to be
      held by MS15; and

	 	 
	3.1.2.7 	
      25,000,000 (twenty five million) class “B” ordinary
      shares of the same class and ranking pari passu which are to be
      held by M5.

	3.1.3 	
      Save as contemplated in the Transaction Documents and
      pursuant to the Transaction or as Fairly Disclosed in the Disclosure
      Schedule, as at the Signature Date and the Implementation Date, there is
      no Encumbrance, and there is no agreement, arrangement or obligation to
      create or give an Encumbrance, in relation to any Shares in the Company
      (including the allotment and issue of the Net1 Subscription Shares). As
      far as the Company is Aware, no person has claimed to be entitled to an
      Encumbrance in relation to any of the shares in the Company.

	 	 
	3.1.4 	
      As at the Implementation Date, save as contemplated in
      the Transaction Documents and pursuant to the Transaction, there is no
      agreement, arrangement or obligation requiring the creation, allotment,
      issue, transfer, redemption or repayment of, or the grant to a person of
      the right (conditional or not) to require the allotment, issue, transfer,
      redemption or repayment of, a share in the capital of the Company or any
      other Group Member (including, without limitation, an option or right of
      pre-emption or conversion), in terms of which such creation, allotment,
      issue, transfer, redemption or repayment must still occur.

	 	 
	3.1.5 	
      As at the Implementation Date, save as contemplated in
      the Transaction Documents and pursuant to the Transaction, neither the
      Company nor any Group Member is and will not be under any obligation
      (whether contingently upon the exercise of any right or otherwise), and no
      resolution shall have been passed, requiring the Company or any Group
      Member to increase or to reduce its authorised or issued share capital, or
      to vary any of the rights attaching to any of its shares, or to buyback
      any of its shares, or to make any payment(s) to its shareholder.

	 	 
	3.1.6 	
      As at the Implementation Date, no person (other than the
      Subscribing Parties (as defined in the Equity Implementation Agreement)
      has any right, actual or contingent, (including, inter alia, any
      option or right of first refusal) to subscribe for any shares or any other
      Securities in the authorised capital of any member of the Group.

	 	 
	3.1.7 	
      No person is entitled to participate in, or to a
      commission on the dividends or profits of, any member of the Group, except
      as a shareholder.

	 	 
	3.1.8 	
      As at the Implementation Date, save as contemplated by
      the Transaction, no member of the Group is obliged to cancel any of the
      shares in its capital or to create or issue any debentures or any
      derivatives.

	3.2 	
      Securities Register

	3.2.1 	
      The securities register of the Company contains true and
      accurate records of the holders of securities from time to time issued by
      the Company and the Company does not know of any facts or circumstances which may give rise to a
      rectification of the securities register of the Company.

15

	 	 
	3.2.2 	
      No person has any right to obtain an order for the
      rectification of the securities register of any member of the
  Group.

	3.3 	
      Receivables

	 	 
		
      As at the Implementation Date and as far as the Company
      is Aware:

	3.3.1 	
      the receivables book will be in the name of the Company
      or relevant Group Member;

	 	 
	3.3.2 	
      security relating to the receivables book will be
      documented to reflect the terms of the security and all such documents are
      in the possession, or under the Control of the Company;

	 	 
	3.3.3 	
      as far as the Company is Aware, the provision by the
      Company for bad or doubtful debt is adequate;

	 	 
	3.3.4 	
      the contracts with customers forming part of the
      receivables book and all documents ancillary thereto will be in the
      possession, and under the Control, of the Company; and

	 	 
	3.3.5 	
      as far as the Company is Aware, the receivables book has
      accurately recorded the principle and material terms of these contracts
      (including the sum outstanding and the payment/repayment
  dates).

	4. 	
      RECORDS

	 	 
		
      Each Group Member complies in all material respects with
      all record keeping requirements imposed by applicable laws and all such
      records (including the books, registers, accounts, ledgers and accounting
      records) of that Group Member:

	4.1 	
      are up-to-date in all material respects;

	 	 
	4.2 	
      are in its possession or under its control;

	 	 
	4.3 	
      give and reflect a true and fair view of the Group Member
      concerned and are not misleading in any material way; and

	 	 
	4.4 	
      are properly completed on a basis consistent with the
      accounting records of the 3 (three) most recent financial years of the
      Group Member concerned (unless otherwise stated therein) and in accordance
      with the Act, IFRS (to the extent applicable) and the law of, and
      applicable standards, principles and practices generally accepted in,
      South Africa.

	5. 	
      FINANCIAL STATEMENTS

	5.1 	
      General

	5.1.1 	
      For the purposes of this paragraph 5, “material” shall
      mean an amount that would be regarded as material by the auditor of the
      Company.

16

	5.1.2 	
      The Financial Statements have been prepared and audited
      on a proper and consistent basis in accordance with the Accounting
      Principles.

	 	 
	5.1.3 	
      No change in accounting policies has been made in
      preparing the Financial Statements and Management Accounts of the Company
      or any Subsidiary for each of the 3 (three) most recent financial years of
      the Company or relevant Subsidiary, and (i) do not include any unusual,
      one off or extraordinary items, and (ii) correctly and accurately treat
      all items of revenue or expense in accordance with IFRS except as stated
      in those Financial Statements and Management Accounts. The AFS show a true
      and fair view of the assets, liabilities (including contingent,
      unquantified or disputed liabilities) and state of affairs as well as of
      the profits and losses of the Company (on a consolidated basis) as at the
      end of the financial years ending December 2015 and December
  2016.

	 	 
	5.1.4 	
      The financial information contained in the Financial
      Statements and Management Accounts is complete, accurate and is not
      misleading in any material respect.

	 	 
	5.1.5 	
      Adequate provision has been made in the Financial
      Statements and Management Accounts:

	5.1.5.1 	
      for depreciation and/or amortization of fixed
    assets;

	 	 
	5.1.5.2 	
      for all actual and contingent liabilities, including any
      material ongoing litigation. The Financial Statements adequately reflect,
      disclose or adequately provide for all actual liabilities of the Company
      for the period to which they relate;

	 	 
	5.1.5.3 	
      as far as the Company is Aware, for bad or doubtful debts
      uncollected; and

	 	 
	5.1.5.4 	
      for any employee benefits and
claims.

	5.2 	
      No Undisclosed
Liabilities

	5.2.1 	
      The Company has no liabilities, which would be regarded
      as material by an auditor, of any kind (including, for the avoidance of
      doubt, off statement of financial position liabilities) that would have
      been required to be reflected in, reserved against or otherwise described
      on the Financial Statements/Management Accounts or in the notes thereto in
      accordance with IFRS and were not so reflected, reserved against or
      described, other than: (i) liabilities incurred in the ordinary course of
      business after the financial year ending December 2016; and (ii)
      liabilities incurred in connection with the transactions contemplated
      hereby.

	 	 
	5.2.2 	
      No shareholder of the Company or any Related Person to
      any such person has any claims against any Group Company whether on loan
      account, current account or otherwise other than Shareholders' claims on
      loan account which have been Fairly Disclosed.

	 	 
	5.2.3 	
      The Company has paid its creditors which would be
      regarded as material creditors by an auditor, within the time limits
      agreed with such creditors save where a creditor’s claim is
    disputed.

	 	 
	5.2.4 	
      The Financial Statements have been reported on by the
      Auditors without any qualification and have been approved and signed by
      the directors of the Company.

17

	5.2.5 	
      No report has been furnished to any Group Member by its
      auditor concerning a material irregularity as contemplated in the Auditing
      Professions Act No. 26 of 2005 (as amended), or any similar predecessor
      section, or any analogous legislation in a relevant
jurisdiction.

	 	 
	5.2.6 	
      Since the 2014 AFS and Management Accounts, the Company’s
      Business has been operated in the usual way so as to maintain it as a
      going concern.

	5.3 	
      Management Accounts

	 	 
		
      As at the Signature Date and the Implementation Date, the
      Management Accounts of the Company subsequent to the financial year ended
      December 2015 have been properly prepared on a basis consistent with the
      management accounts of the most recent financial year of the Company,
      unless otherwise stated therein. The Management Accounts show, in all
      material respects, a true and fair view of the assets, liabilities
      (including contingent, unquantified or disputed liabilities) and state of
      affairs as well as of the profits and losses of the Company (on a
      consolidated basis) for the period to which they relate.

	 	 
	5.4 	
      Minute Books

	 	 
		
      As at the Signature Date and the Implementation Date, the
      minute book of each Group Member contains all material resolutions passed
      by the directors and members thereof, save for resolutions required to
      give effect to the provisions of this Agreement.

	 	 
	5.5 	
      Specific

	 	 
		
      Since the 2014 AFS:

	5.5.1 	
      no Group Member has, other than in the ordinary course of
      its business:

	5.5.1.1 	
      acquired or disposed of, or agreed to acquire or dispose
      of, an asset which an auditor would regard as material; or

	 	 
	5.5.1.2 	
      assumed or incurred, or agreed to assume or incur, a
      liability, obligation or expense (actual or contingent) that an auditor
      would regard as material;

	5.5.2 	
      the Group’s business has not been materially and
      adversely affected by the termination of, or a change in the terms of, any
      licence, an agreement or by the loss of a customer or supplier or by an
      abnormal factor not affecting similar businesses;

	 	 
	5.5.3 	
      the Company has not declared, paid or made a dividend or
      distribution (including, without limitation, a distribution within the
      meaning of the Income Tax Act), except as provided for in the 2014 Annual
      Financial Statements;

	 	 
	5.5.4 	
      no Group Member has changed its financial year end or its
      auditors.

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	5.6 	
      Net Debt

	 	 
		
      The Net Debt (excluding any drawn down portion of the
      facilities provided to the Company by ZTE Corporation or Huawei
      Technologies Co. Limited as at the Implementation Date) will not exceed
      the Target Net Debt immediately following Closing on the Implementation
      Date.

	6. 	
      TAX

	6.1 	
      Each Group Member shall at all times have complied in all
      material respects with the provisions of the Income Tax Act, the
      Value-added Tax Act, No. 89 of 1991 (VAT Act) and all Tax returns
      (including without limitation employees’ tax returns and specifically
      including all returns and information that relate to reportable
      arrangements as contemplated in Part B of Chapter 4 (sections 34 to 39 of
      the Tax Administration Act or sections 80M to 80T of the Income Tax Act)
      and declarations required to be returned shall have been made by it in
      respect of the 4 (four) financial years immediately preceding the
      Implementation Date and shall have accurately disclosed all information
      properly required to be disclosed to the Commissioner or other appropriate
      authorities, and all provisional and other Taxes shall have been paid as
      at the due date thereof in material compliance with the provisions of the
      Income Tax Act.

	 	 
	6.2 	
      Each Group Member has paid and discharged when due, all
      Taxes payable by it from the date of its incorporation to the
      Implementation Date, including any Tax in respect
of:

	6.2.1 	
      its assets, income or profits;

	 	 
	6.2.2 	
      any transactions concluded by the Group Member
      concerned;

	 	 
	6.2.3 	
      the declaration and payment of dividends and/or deemed
      dividends by the Group Member concerned.

	6.3 	
      All assessments for Tax raised in respect of the Group
      where the due date for payment of the Tax arises on or before the
      Implementation Date or which relate to the period prior to the
      Implementation Date or as otherwise provided in the Management Accounts
      shall have been paid in full by the Implementation Date, unless disputed
      by the Company in good faith. In respect of any Tax of the Group which is
      due for payment after the Implementation Date, adequate provision therefor
      shall have been made therefor in the financial statements of the Company.
      Final assessments have been issued for all Tax periods in respect of which
      the Group Member has submitted Tax returns and no Group Member is Aware of
      any intention by the Commissioner to re- open any such
  assessment.

	 	 
	6.4 	
      As far as the Company is Aware, no Group Member is liable
      to pay any penalty, late payment penalty, administrative non-compliance
      penalty, understatement penalty, fine or interest in connection with any
      Tax.

	 	 
	6.5 	
      As far as the Company is Aware, no Group Member is party
      to any transactions in respect of which the Tax authority may lawfully
      substitute, for purposes of Tax, a different consideration for the actual
      consideration given or received by the Group.

19

	6.6 	
      The wear and tear, depreciation or capital allowances
      applied in the past to the Group’s fixed or other assets for Tax purposes
      shall conform in all material respects to, and shall not exceed, those
      permitted in terms of the Income Tax Act.

	 	 
	6.7 	
      All financing costs incurred to date (including any
      interest or similar expenses) in relation to any financing entered into by
      the Group before Closing have been and will be deductible on an accruals
      basis.

	 	 
	6.8 	
      As far as the Company is Aware, no facts or circumstances
      exist which could cause a revenue authority to disallow any existing
      assessable/accumulated tax losses or the carrying forward of such
      losses.

	 	 
	6.9 	
      As far as the Company is Aware, the current and deferred
      Tax provisions and/or assets included in the Financial Statements have
      been properly provided for in accordance with the Accounting
      Principles.

	 	 
	6.10 	
      Where required, a Group Member has duly registered as a
      VAT vendor in terms of the VAT Act, has complied in all material respects
      with all statutory provisions and regulations relating to VAT and has duly
      paid or provided for all amounts of VAT which have become due and payable
      or for which that Group Member is liable; and is not operating any special
      arrangement or scheme relating to VAT nor has it agreed any special method
      of accounting for VAT.

	 	 
	6.11 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, no Group Member has, at any time since the date of its
      incorporation:

	6.11.1 	
      entered into any transaction as contemplated in sections
      41 to 47 of the Income Tax Act;

	 	 
	6.11.2 	
      issued any "hybrid equity instrument", as contemplated in
      section 8E of the Income Tax Act, or any "third-party backed share", as
      contemplated in section 8EA of the Income Tax Act;

	 	 
	6.11.3 	
      issued any "hybrid debt instrument" as contemplated in
      section 8F of the Income Tax Act;

	 	 
	6.11.4 	
      incurred "hybrid interest" as contemplated in section 8FA
      of the Income Tax Act.

	6.12 	
      The Company is:

	6.12.1 	
      a resident for South African tax purposes and has not
      ceased such residence since the date of its incorporation;

	 	 
	6.12.2 	
      is not treated as resident or liable to Tax in any other
      jurisdiction for any Tax purpose (including for the purposes of any double
      taxation agreement);

	 	 
	6.12.3 	
      not subject to the interest-limitation provisions
      contained in sections 23M or 23N of the Income Tax
Act.

	6.13 	
      The Company shall not at any time or times have been
      party to any ‘company formation transaction’, ‘share-for-share
      transaction’, ‘amalgamation transaction’, ‘intra-group transaction’,
      ‘unbundling transaction’ or ‘liquidation, winding-up or deregistration
      transaction’ all as contemplated in Part III of the Income Tax Act, or any
      other transaction which might be so classified.

20

	6.14 	
      As at the Signature Date, there are no material queries,
      notices, suits, proceedings, investigations or inspections pending against
      any Group Member by any Tax authority relating to any claim for any
      additional Tax or assessment, or any material matters under discussion
      with any Tax authority relating to any claim for any Tax or assessment,
      nor is there any pending Tax objection or appeal by any Group
    Member.

	 	 
	6.15 	
      As far as the Company is Aware, the Tax files and records
      of the Group contain complete, full and accurate details in all material
      respects of all communications with Tax officials and Tax advisors,
      respectively, for the 3 (three) year period prior to the Implementation
      Date.

	 	 
	6.16 	
      As far as the Company is Aware, to the extent that any
      Group Member claimed Tax allowances or deductions prior to the
      Implementation Date (including, without limitation, in respect of
      leasehold improvements) it was, insofar as it was Aware, entitled to do so
      in accordance with the provisions of the Income Tax
Act.

	7. 	
      BUSINESS OF THE
COMPANY

	7.1 	
      The sole business of the Company is the Business which
      the Company conducts as a going concern solely in South Africa.

	 	
       

	7.2 	
      As far as the Company is Aware, no Group Member is bound
      by any restraint of trade agreement and no Group Member has committed
      (whether actually or contingently) to entering into any restraint of trade
      agreement by which it may be so bound.

	 	
       

	7.3 	
      The Company is not Aware of anything which will prevent
      the Company from carrying on the Business nor any other Group Company
      carrying on its business.

	 	
       

	7.4 	
      As far as the Company is Aware, as at the Signature Date,
      none of the matters listed under clause 6 (Conduct of Business) of
      the Equity Implementation Agreement have occurred between 1 December 2015
      and such date.

	8. 	
      ASSETS

	8.1 	
      Title and Condition

	8.1.1 	
      Each asset included in the Management Accounts or
      acquired by the Group since the Management Accounts (other than stock
      disposed of in the ordinary course of business or leased assets)
  is:

	8.1.1.1 	
      legally and beneficially owned solely by the Group;
      and

	 	 
	8.1.1.2 	
      where capable of possession, in the possession or under
      the control of the Group.

21

	8.1.2 	
      Unless otherwise Fairly Disclosed in the Disclosure
      Schedule, all the material assets of the Group included in the Management
      Accounts or acquired by the Group since the Financial Statements, whether
      movable, immovable, fixed or of whatever nature or description will be
      owned by the Group in full, free and unencumbered ownership, and none of
      them will be subject to:

	8.1.2.1 	
      any credit agreement, credit transaction, instalment sale
      transaction or leasing transaction;

	 	 
	8.1.2.2 	
      any other credit agreement, instalment sale agreement,
      hire-purchase or suspensive sale agreement, lease or any like agreement
      whatever its form, save for motor vehicle leases in the ordinary course of
      business;

	 	 
	8.1.2.3 	
      any pledge, mortgage bond, lien or notarial
  bond;

	 	 
	8.1.2.4 	
      any other right in favour of any third person;
  or

	 	 
	8.1.2.5 	
      any arrangement for the payment of a premium or like
      consideration to or by the Group for the use of the asset
  concerned.

	8.1.3 	
      As far as the Company is Aware, no person has or will
      have any right (including any option or right of first refusal) to acquire
      or claim delivery, ownership or transfer or the use, occupation,
      possession or enjoyment of, any of the assets of any Group Member, other
      than in the ordinary course of its business.

	 	 
	8.1.4 	
      There has been no exercise, purported exercise or claim
      for any Encumbrance over any of the assets of any Group Member, and there
      is no dispute directly or indirectly relating to any such
assets.

	 	 
	8.1.5 	
      Each Group Member has the legal capacity and power to own
      its assets and carry on its business as it is presently being
      conducted.

	 	 
	8.1.6 	
      No Group Member has stopped or suspended payment of a
      material portion of its debts, or otherwise become unable to pay its debts
      or otherwise become insolvent in any relevant
  jurisdiction.

	9. 	
      INTELLECTUAL PROPERTY

	9.1 	
      Each of the Intellectual Property Rights owned or
      licensed by the Group and material to the conduct of the Business
    is:

	9.1.1 	
      valid and enforceable and nothing has been done or
      omitted to be done by any Group Member by which it may cease to be valid
      and enforceable;

	 	 
	9.1.2 	
      legally and beneficially owned by the Group alone, or
      legally licensed by the Group; and

	 	 
	9.1.3 	
      as far as the Company is Aware, not the subject of a
      claim or opposition from a person (including, without limitation, an
      employee of the Group) as to title, validity, enforceability, entitlement
      or otherwise.

22

	9.2 	
      As far as the Company is Aware, no Group Member has
      infringed any third party’s Intellectual Property Rights or rendered any
      Group Member liable to an action in respect of the infringement of any
      Intellectual Property Rights belonging to a third party, provided that the
      aforesaid Warranty does not apply to instances where any infringement
      occurs or may have occurred as a result of any Intellectual Property
      Rights not having been licensed to the Company validly by a licensor
      purporting to do so. There is and during the 2 (two) years ending on the
      Signature Date has been, no civil, criminal, arbitration, administrative
      or other proceeding or dispute in any jurisdiction by or against any Group
      Member concerning any of the Intellectual Property Rights. The Company is
      not Aware of any civil, criminal, arbitration, administrative or other
      proceeding or dispute concerning any of the Intellectual Property Rights
      being pending or threatened against it or any Group Member.

	 	 
	9.3 	
      The Group is entitled to use the Intellectual Property
      Rights and the Company is not Aware of anything prohibiting its use of any
      Intellectual Property Rights and computer systems or other similar
      property licensed to the Group and used by the Company at present in
      connection with or for the Business operations of the
  Group.

	10. 	
      NETWORK FACILITIES

	10.1 	
      The Network currently has sufficient capacity to serve
      the customers of the Group and, as far as the Company is Aware, the Group
      will be able to meet the requirements of their customers consistent with
      the growth in the requirements of their customers in the 2017, 2018 and
      2019 financial years business plan of the Group, taking into consideration
      the capital expenditure program for the Group for the financial years
      2017, 2018 and 2019.

	 	 
	10.2 	
      The Network has not experienced any material and
      persistent capacity shortfalls or failures within the previous 12 (twelve)
      months.

	11. 	
      INSURANCE

	11.1 	
      Status of the Policies

	11.1.1 	
      As far as the Company is Aware, each of the current
      insurance and indemnity policies in respect of which the Group has an
      interest (including any active historic policies which provide cover on a
      losses occurring basis) (Policies) is valid and
  enforceable.

	 	 
	11.1.2 	
      As far as the Company is Aware, no Group Member has done
      or omitted to do anything which:

	11.1.2.1 	
      makes any of the Policies unenforceable; or

	 	 
	11.1.2.2 	
      prejudices the ability to effect insurance on the same or
      better terms in the future.

	11.1.3 	
      No insurer under any of the Policies has disputed, or
      given any indication that they intend to dispute, the validity of any of
      the Policies on any grounds.

	11.2 	
      Insurance of Assets

	 	 
		
      All Policies are and remain in full force and effect, and
      as far as the Company is Aware, are adequate in respect of the assets to
      which such Policies relate.

23

	11.3 	
      Claims

	11.3.1 	
      As far as the Company is Aware, no material claims have
      been made under any Policy (other than claims made in the ordinary course
      of business), no claim is outstanding and the Company is not Aware of the
      existence of any fact or circumstance exists which will give rise to a
      material claim under any of the Policies.

	 	 
	11.3.2 	
      As far as the Company is Aware, no event, act or omission
      has occurred which requires notification under any of the Policies the
      failure of which would have material adverse effect on the Business of the
      Company.

	 	 
	11.3.3 	
      The Company is not Aware that any of the insurers under
      any of the Policies has refused, or given any indication to the Company
      that it intends to refuse, indemnity in whole or in part in the ordinary
      course of business in respect of any material claims under the
      Policies.

	 	 
	11.3.4 	
      The Company is not Aware that anything has been done or
      omitted to be done by the Group, which will entitle the insurers under any
      of the Policies to refuse indemnity in whole or in part in respect of any
      material claims under the Policies.

	11.4 	
      Premiums

	11.4.1 	
      All premiums which are due under the Policies have been
      paid.

	 	 
	11.4.2 	
      The Company is not Aware that it has done anything or
      omitted to do anything (other than to submit claims in the ordinary course
      of business of the Company) which will result in a material increase in
      the premium payable under any of the Policies (excluding annual increases
      of premiums in the ordinary course).

	12. 	
      PROPERTY

	12.1 	
      Immovable Property

	 	 
		
      The Group owns no immovable property.

	 	 
	12.2 	
      Leasehold Property used by the
  Group

	12.2.1 	
      The warranties in paragraphs 12.2.2 to 12.2.7 (inclusive)
      are given only to the extent that a breach thereof would have a material
      adverse financial effect on the Group as a whole.

	 	 
	12.2.2 	
      No person (including, without limitation, the landlord)
      may bring the term of any lease agreement to which any Group Member is a
      party as a lessee to an end before the expiry of the term of the relevant
      lease agreement by effluxion of time (except by forfeiture).

	 	 
	12.2.3 	
      There is no fact or circumstance which will restrict or
      terminate the Group's continued and uninterrupted possession or occupation
      of its premises, where such restriction or termination will have a
      material adverse effect on the Business.

	 	 
	12.2.4 	
      The Group has the right to conduct the Business from the
      premises from which it trades in the ordinary course
  thereof.

24

	12.2.5 	
      No Group Member has any obligation to alter, renovate or
      improve the premises from which it trades, save as otherwise provided in
      any lease agreement, and in such an event, such obligation will not have a
      material adverse effect on the Business.

	 	 
	12.2.6 	
      Rent payable in respect of the Group’s premises is not
      being reviewed and cannot be reviewed before the Implementation Date, save
      for reviews in the ordinary course as provided for in the relevant lease
      agreements.

	 	 
	12.2.7 	
      No Group Member is in breach of any lease agreement to
      which it is a party.

	13. 	
      AGREEMENTS

	13.1 	
      Validity of Agreements

	13.1.1 	
      As at the Implementation Date, the Company is not Aware
      of the existence of any fact or circumstance which will invalidate or give
      rise to a ground for termination, avoidance or repudiation of an agreement
      or arrangement to which any Group Member is a party which would have a
      material adverse effect on the Business. As far as the Company is Aware,
      no party with whom any Group Member has entered into a material agreement
      or arrangement has given notice of its intention to terminate, or has
      sought to repudiate or disclaim, the agreement or arrangement.

	 	 
	13.1.2 	
      No Group Member is in breach of any agreement,
      arrangement or obligation entered into by any Group Member and which is
      material to the business of the Group. The Company is not Aware that any
      party with whom any Group Member has entered into an agreement,
      arrangement or obligations which is material to the business of the Group
      is in breach of the agreement, arrangement or obligation. The Company is
      furthermore not Aware of the existence of any fact or circumstance which
      will give rise to a breach of this type which would have a material
      adverse effect on the Business.

	 	 
	13.1.3 	
      No Group Member is party to any agreement of a material
      nature which has not been entered into: (i) on an arms'-length basis; and
      (ii) on terms which are normal having regard to the nature of its
      business.

	13.2 	
      Effect of Transaction

	13.2.1 	
      The Company is not Aware that either the execution or the
      performance of the Relevant Agreements will result in any Group Member
      losing the benefit of a material asset, grant, subsidy, right or privilege
      which it enjoys at the Signature Date which would have a material adverse
      effect on the Business.

	 	 
	13.2.2 	
      Neither the execution nor the performance of the Relevant
      Agreements will conflict with, result in a breach of, give rise to an
      event of default under, require the consent of a person under, enable a
      person to terminate, or relieve a person from an obligation under any
      material agreement or arrangement to which any Group Member is a party
      which would have a material adverse effect on the Business of the
      Company.

25

	14. 	
      EMPLOYEES

	14.1 	
      General

	14.1.1 	
      The Group owes no amount to a present or former director,
      other officer or employee of the Group (or his dependant) other than for
      accrued remuneration or reimbursement of business expenses in the ordinary
      course of business.

	 	 
	14.1.2 	
      There is no agreement or arrangement between any Group
      Member and an employee or former employee with respect to his employment,
      his ceasing to be employed or his retirement which is not included in the
      written terms of his employment or previous employment. The Group has not
      provided, nor agreed to provide, a gratuitous payment or benefit to a
      director, officer or employee or to any of their dependants.

	 	 
	14.1.3 	
      The Group has maintained in all material respects
      up-to-date, full and accurate records regarding the employment of each of
      its employees (including, without limitation, details of terms of
      employment, payments of statutory sick pay and statutory maternity pay,
      income tax and social security contributions, disciplinary and health and
      safety matters) and termination of employment.

	 	 
	14.1.4 	
      No executive employee of any member of the Group, being
      an employee of the Group and with annual cost to company in excess of
      R1,000,000 (one million Rand) (Employee), is entitled to any
      exceptional benefits in relation to leave privileges, accumulated leave in
      excess of 30 (thirty) days, pension or the like, other than provided for
      by the documented policies of the Group as at the Signature
Date.

	 	 
	14.1.5 	
      Save for market-related annual wage and salary increases
      and salary increases attributable to Employee promotions in the ordinary
      course of business, between 1 November 2016 and the Implementation Date,
      no member of the Group has in any way improved or undertaken to improve
      the terms of service of any of the Employees from those which prevailed on
      1 November 2016.

	14.2 	
      Payments to employees and consultants/independent
      contractors

	 	 
		
      The Company is not Aware of:

	14.2.1 	
      any material liability which it has incurred, or which it
      may incur between the Signature Date and the Implementation Date, for
      breach of any contract of employment with any of its employees, or
      termination of an employment contract with any of its employees,
      including, without limitation, a severance (whether voluntary or
      otherwise) payment, protective award and/or compensation for wrongful,
      unlawful dismissal, unfair dismissal, unfair labour practice, unfair
      discrimination or any other form of compensation for sex, race or
      disability discrimination, reinstatement or re- employment and/or failure
      to comply with an order for the reinstatement or re-employment of an
      employee or former employee; or

	 	 
	14.2.2 	
      any material liability which it has incurred, or which it
      may incur between the Signature Date and the Implementation Date, whether
      arising in contract, statute, delict or otherwise, for breach or
      termination of a consultancy agreement; or

26

	14.2.3 	
      having made or agreed to make a material payment or
      provided or agreed to provide a material benefit to a present or former
      director, other officer or employee of the Group or to any of their
      dependants in connection with the actual or proposed termination or
      suspension of employment or variation of an employment
  contract.

	14.3 	
      Compliance with Law and
Disputes

	14.3.1 	
      The Company is not Aware of any material claims or
      threatened material claims and/or investigations against the Group
      relating to:

	14.3.1.1 	
      the refusal by the Group to employ any person;

	 	 
	14.3.1.2 	
      the employment by the Group of any person the terms and
      conditions of the employment relationship between them and/or the
      termination of such employment; or

	 	 
	14.3.1.3 	
      any workplace related accident, injury, disease or
      illness suffered by any employee or former employee of the
  Group.

	14.3.2 	
      Save in respect of those disputes Fairly Disclosed in the
      Disclosure Schedule, no Group Member is a party to any dispute (with a
      maximum claim against it exceeding R1 000 000 (one million Rand)) with any
      employee before any court or tribunal, whether under the Labour Relations
      Act, the Basic Conditions of Employment Act No. 75 of 1997 (as amended),
      the Employment Equity Act 55 of 1998, the Occupational Health and Safety
      Act 85 of 1983, the Compensation for Occupational Injuries and Diseases
      Act 130 of 1993, the Skills Development Act 97 of 1998, the Skills
      Development Levies Act 9 of 1999, the common law or otherwise, and the
      Company is not Aware of any facts or circumstances that may afford grounds
      or give rise to any such dispute.

	 	 
	14.3.3 	
      The Company warrants that all statutory levies and
      contributions due in respect of any employee of the Group has been paid in
      all material respects and that it has no material undischarged liability
      to any government, regulatory authority or similar authority or any other
      person in respect of employees engaged in the
Business.

	14.4 	
      Trade Unions

	 	 
		
      The Group is not involved in, and is not Aware of a fact
      or circumstance, or demand from any employee, trade union or association
      of employees for any alterations to the terms of their employment
      including demands for increased remuneration which will give rise to, a
      dispute of any nature whatsoever with a trade union, works council,
      workplace forum, employee or staff association or other body representing
      any of its employees.

	15. 	
      PENSIONS AND OTHER
BENEFITS

	15.1 	
      The Company’s retirement benefit scheme is a defined
      contribution scheme.

	 	 
	15.2 	
      The total contributions payable to the aforesaid
      scheme/fund will have been paid as at the Implementation Date.

	 	 
	15.3 	
      There is no litigation pending and/or anticipated in
      respect of the aforesaid scheme/fund.

27

	15.4 	
      The aforesaid scheme/fund has been adequately insured
      against any loss resulting from dishonesty, negligence or fraud of any of
      the trustees and/or officials of the aforesaid scheme/fund.

	 	 
	15.5 	
      The aforesaid scheme/fund complies with the provisions of
      the Pension Funds Act 24 of 1956 and the Pension Funds Second Amendment
      Act 39 of 2001 in respect of minimum benefits.

	 	 
	15.6 	
      No Group Member has at any time utilized any portion of
      any surplus available in the aforesaid scheme/fund.

	 	 
	15.7 	
      The Group has no obligation to pay part or all of the
      post-retirement medical aid contribution costs of any of the employees of
      the Group.

	 	 
	15.8 	
      Events of Default

	 	 
		
      The Company is not Aware of any event which has occurred
      or has been alleged to have occurred which:

	15.8.1 	
      constitutes an event of default (howsoever described), or
      otherwise gives rise to an obligation to repay in full earlier than the
      agreed maturity date, under an agreement relating to borrowing or
      indebtedness in the nature of borrowing (or will do so with the giving of
      notice or lapse of time or both which would have an effect on the
      Company’s Business); or

	 	 
	15.8.2 	
      entitles a party under an Encumbrance constituted or
      created in connection with borrowing or indebtedness in the nature of
      borrowing, a guarantee, an indemnity or other obligation of the Group, to
      enforce its rights under such Encumbrance (or will have that effect with
      the giving of notice or lapse of time or
both).

	16. 	
      LICENCES AND PERMITS

	16.1 	
      Each member of the Group is in possession of all material
      approvals, consents, licences, permits and other authorities as are
      prescribed by applicable law for the lawful conduct of the business/es
      carried on by it, and, as far as the Company is Aware, all such consents
      and licences are valid and subsisting and will not terminate or be
      terminable at the election of any person by virtue of the execution or
      implementation of this Agreement or any other Relevant
Agreement.

	 	 
	16.2 	
      No Group Member is in breach of any of the terms or
      conditions of any such approvals, consents, licences, permits or other
      authorities which may lead to the termination of any licences critical to
      the operation of the Group, and, as far as the Company is Aware, there are
      no circumstances, facts or matters that may give rise to such approvals,
      consents, licences, permits and other authorities being cancelled or not
      being renewed in the future or only being renewed subject to the
      imposition of onerous terms.

	 	 
	16.3 	
      As far as the Company is aware, there are no outstanding
      requirements of any relevant authorities with which the Group is required
      to comply or has been called upon to comply before it may lawfully carry
      on or continue its Business generally, and the Company is not Aware of any
      contravention or breach by the Group of any such material requirements.
      The Company is furthermore not Aware of anything which will or may
      prejudice the renewal of any authorisation or licence required by
    the

28

		
      Group to conduct its Business generally, including those
      listed in paragraphs 16.6.1 to 16.6.8 (both inclusive).

	 	 
	16.4 	
      Each action required by the Group for the renewal or
      extension of each licence or permit to be issued by relevant authorities
      in order to enable the Group lawfully to carry on or continue its Business
      generally, has, as far as the Company is Aware, been taken.

	 	 
	16.5 	
      As at the Signature Date, all licences, permits and/or
      authorisations issued or granted to the Group by ICASA and required for
      the operation of the Business:

	16.5.1 	
      are in full force and effect;

	 	 
	16.5.2 	
      the Group has complied in all material respects with the
      terms of each of the ICASA licences, permits and/or authorisations and all
      laws and regulations mentioned therein, including complying with the
      payment of all licence fees; and

	 	 
	16.5.3 	
      the Company is not Aware of any reason that such
      licences, permits and/or authorisations will lapse, be revoked,
      permanently suspended or cancelled.

	16.6 	
      The only licences which are material and which are
      prescribed by applicable law for the lawful conduct of the business/es
      carried on by the Company are:

	16.6.1 	
      radio frequency spectrum licence with number 00-476-898-6
      for the use of 900MHz and 1,800MHz radio frequency spectrum;

	 	 
	16.6.2 	
      radio frequency spectrum licence with number 00-495-213-2
      for the use of 2,100MHz radio frequency spectrum;

	 	 
	16.6.3 	
      radio frequency spectrum licence with number 00-529-438-0
      for the use of 7GHz radio frequency spectrum;

	 	 
	16.6.4 	
      10.5GHz fixed link network licence;

	 	 
	16.6.5 	
      15GHz fixed link network licence;

	 	 
	16.6.6 	
      38GHz fixed link network licence;

	 	 
	16.6.7 	
      individual electronic communications network service
      licence, with number 001/IECNS/JAN/2009; and

	 	 
	16.6.8 	
      individual electronic communications service licence,
      with number 001/IECS/JAN/2009.

	17. 	
      INSOLVENCY AND WINDING
UP

	17.1 	
      Proceedings

	 	 
		
      No Group Member has taken any action, nor have any
      proceedings been served on or notified to any Group Member to commence
      business rescue proceedings in respect of any Group Member or for its
      winding up or dissolution or for the appointment of a liquidator, business
      rescue practitioner, curator or similar officer, nor is the Company Aware
      of any execution or other similar process which has been commenced or undertaken or threatened in respect
      of the assets of the Group or in respect of any Group Member, nor is the
      Company Aware of any unfulfilled or unsatisfied judgment or court order
      which is outstanding against the Company. Save for discussions with
      funders or major suppliers in respect of the Transaction, no Group Member
      shall enter into any arrangement or composition for the benefit of
      creditors generally.

29

	 	 
	17.2 	
      Payment of Debts and Acts of Insolvency

	 	 
		
      The Group is not unable to pay its debts as they fall
      due, nor has the Group commenced negotiations, save in respect of the
      Transaction, with one or more of its creditors with a view to rescheduling
      or restructuring any of its indebtedness, and no Group Member has
      committed an act of insolvency as defined in the Insolvency Act, which
      will have an impact on the Company’s or Group's ability to continue its
      business as a going concern.

	 	 
	17.3 	
      Removal from Register

	 	 
		
      The Company is not Aware of any steps pending or
      threatened against any Group Member for its deregistration in terms of
      section 82 of the Act.

	 	 
	17.4 	
      SPV Subscribers Warranties

	 	 
		
      The Company warrants that no member of the Group has
      provided or will provide any security whatsoever, directly or indirectly,
      for the obligations of the SPV Subscribers or their shareholders and
      whether under the Relevant Agreements or
otherwise.

	18. 	
      LITIGATION AND COMPLIANCE WITH
  LAW

	18.1 	
      Litigation

	18.1.1 	
      Except as otherwise Fairly Disclosed in the Disclosure
      Schedule, the Group is not involved, as at the Signature Date and the
      Implementation Date, in a civil, criminal, arbitration, administrative or
      other proceeding, which has, or will have, a material adverse effect on
      the Business. Except as otherwise Fairly Disclosed in Schedule 3,
      no civil, criminal, arbitration, administrative or other proceeding is
      pending or threatened by or against the Group or any of its directors or
      officers, which will have a material adverse effect on the Business.
      Except as otherwise Fairly Disclosed in Schedule 3, the Company is
      not Aware that any person for whose acts or defaults the Group may be
      vicariously liable is involved, or has during the 2 (two) years prior to
      the Signature Date been involved, in a civil, criminal, arbitration,
      administrative or other proceeding. Except as otherwise Fairly Disclosed
      in Schedule 3, the Company is not Aware that any civil, criminal,
      arbitration, administrative or other proceeding is pending or threatened
      by or against a person for whose acts or defaults the Group may be
      vicariously liable.

	 	 
	18.1.2 	
      As far as the Company is Aware, there is no material
      outstanding judgment, order, decree, arbitral award or decision of a
      court, tribunal, arbitrator or governmental agency against any member of
      the Group and the Company is not Aware of any outstanding judgment, order,
      decree, arbitral award or decision of a court, tribunal, arbitrator or
      governmental agency against a person for whose acts or defaults any member
      of the Group may be vicariously liable.

30

	18.2 	
      Compliance with Law

	 	 
		
      The Group has complied in all material respects with all
      laws and administrative requirements governing its assets and Business
      where the failure to do so would have a material adverse effect on its
      Business, and to the extent that the Group has contravened any such laws,
      administrative requirements or regulations in the past, those
      contraventions have been remedied in full and the Group has paid all
      penalties or fines imposed for those contraventions, or has provided
      therefor in the Financial Statements.

	 	 
	18.3 	
      Investigations of a Material Nature

	 	 
		
      All action formally requested by any regulatory authority
      has been taken (save where it has been agreed with any regulatory
      authority that no action need be taken) within any time limit specified
      and any request for action or activities to be discontinued has been
      complied with in a timely manner where failure would have a material
      adverse effect on the Business of the Company.

	 	 
	18.4 	
      Unlawful Payments

	 	 
		
      The Group has not, nor is the Company Aware that any
      person for whose acts or defaults the Group may be vicariously liable
      has:

	18.4.1 	
      induced a person to enter into an agreement or
      arrangement with the Group by means of an unlawful payment, contribution,
      gift or other inducement;

	 	 
	18.4.2 	
      offered or made an unlawful payment, contribution, gift
      or other inducement to a government official or employee; or

	 	 
	18.4.3 	
      made an unlawful contribution to a political
    activity.

	19. 	
      CONSTITUTION, REGISTERS AND
  RETURNS

	19.1 	
      Constitution

	 	 
		
      The Group is operating and has always operated its
      business in all material respects in accordance with its Memoranda of
      Incorporation at the relevant time.

	 	 
	19.2 	
      Registers

	 	 
		
      Each register and other book which the Act requires the
      Group to keep has been properly kept and contains a materially complete
      and accurate record of the matters which it is required by the Act to
      record. No notice has been received or allegation made that a register or
      book is incorrect or should be rectified.

	 	 
	19.3 	
      Returns

	 	 
		
      All material returns, particulars, resolutions and other
      documents required to be delivered by the Group to the Companies and
      Intellectual Property Commission (Commission) or another
      governmental or other authority or agency have been properly prepared and
      delivered.

31

	20. 	
      MONEY LAUNDERING

	 	 
		
      Each Group Member has in all material respects complied
      with any know your customer and money laundering reporting laws and all
      laws for detecting and identifying money laundering, and detecting,
      identifying and reporting suspicions of money laundering to the
      appropriate regulators, in force in South Africa at the relevant
    time.

	 	 
	21. 	
      DEALING WITH CLIENTS

	 	 
		
      All services and products provided by the Group to
      clients have been provided or organised in all material respects in
      accordance with the agreements governing such services and products and
      the Group has been compensated for such services and products in all
      material respects in accordance with such agreements.

	 	 
	22. 	
      GENERAL

	22.1 	
      As far as the Company is
Aware:

	22.1.1 	
      all disclosures made to the Subscriber during the process
      of its due diligence were, at the time of such disclosure, true and
      correct in all material respects; and

	 	 
	22.1.2 	
      it has not withheld any information which the Company,
      acting bona fide, believes is material to disclose to a Subscriber
      in terms of the Transaction.

	22.2 	
      The Company has, to the best of its “knowledge”,
      disclosed to the Subscriber all facts and circumstances which are material
      to the Subscriber or would be reasonably likely to be material to a
      subscriber of the Net1 Subscription Shares or to the subscription price
      payable in respect thereof, provided that the Company’s “knowledge” for
      purposes of the aforegoing shall comprise of:

	22.2.1 	
      the actual knowledge of the Company’s senior executive
      management; and

	 	 
	22.2.2 	
      the further actual knowledge of the members of M5 and the
      senior executive management of the Company’s
  Subsidiaries,

which knowledge is hereby imputed to
the Company. 

32

SCHEDULE 2: MUTUAL WARRANTIES 

The warranties stipulated in paragraph 1 below are hereby given
by the Company to the Subscriber and the warranties stipulated in paragraph 2
below by the Subscriber to the Company on the basis set forth in clause 6.2 of
the Agreement. The warranties shall be read in the appropriate tense where they
refer to past or future events, or past or future financial statements or other
documents: 

	1. 	
      COMPANY WARRANTIES

	 	 
		
      The Company warrants that:

	1.1 	
      all necessary corporate actions have been taken to
      authorise its entry into this Agreement, all Transaction Documents to
      which the Company is a party and its carrying out of the Transaction
      contemplated in this Agreement and the transactions in each Transaction
      Document to which it is a party;

	 	 
	1.2 	
      it has the right, power and authority, and has taken all
      action necessary, to execute, deliver and exercise its rights, and perform
      its obligations, under this Agreement and all the Transaction Documents to
      which it is a party;

	 	 
	1.3 	
      its obligations under this Agreement and all the
      Transaction Documents are, or when the relevant document is executed will
      be, enforceable in accordance with their terms against the
  Company;

	 	 
	1.4 	
      this Agreement and all Transaction Documents constitute
      its legal, valid and binding obligations, enforceable against it in
      accordance with the terms set out in this Agreement and the Transaction
      Documents; and

	 	 
	1.5 	
      neither its execution of this Agreement or any other
      Transaction Document to which it is a party nor the carrying out by it of
      the Transaction contemplated in this Agreement or any other Transaction
      Document to which it is a party contravenes or will
  contravene:

	1.5.1 	
      any law or order by any government agency binding on it,
      any Subsidiary or its property or that of any Subsidiary; and

	 	 
	1.5.2 	
      any agreement, undertaking or instrument binding on it or
      any Subsidiary or any of its property or that of any
  Subsidiary.

	2. 	
      SUBSCRIBER WARRANTIES

	 	 
		
      The Subscriber warrants that:

	2.1 	
      all necessary corporate actions have been taken to
      authorise its entry into this Agreement, all Transaction Documents to
      which it is a party and its carrying out of the Transaction contemplated
      in this Agreement;

	 	 
	2.2 	
      it has the right, power and authority, and has taken all
      action necessary, to execute, deliver and exercise its rights, and perform
      its obligations, under this Agreement and all the Transaction Documents to
      which it is a party;

33

	2.3 	
      its obligations under this Agreement and all the
      Transaction Documents to which it is a party are, or when the relevant
      document is executed will be, enforceable in accordance with their terms
      against it;

	 	 
	2.4 	
      this Agreement and all Transaction Documents to which it
      is a party constitute its legal, valid and binding obligations,
      enforceable against it in accordance with the terms set out in this
      Agreement and the Transaction Documents; and

	 	 
	2.5 	
      as at the Signature Date, it is not aware of any facts or
      circumstances which could reasonably be expected to give rise to, or
      result in, a claim for breach of the Company’s Warranties or the Mutual
      Warranties being made against the Company;

	 	 
	2.6 	
      neither its execution of this Agreement nor the carrying
      out by it of the Transaction contemplated in this Agreement contravenes or
      will contravene:

	2.6.1 	
      any law or order by any government agency binding on it
      or its property; and

	 	 
	2.6.2 	
      any agreement, undertaking or instrument binding on it or
      any of its property.

34

SCHEDULE 3: DISCLOSURE SCHEDULE 

 

 

35

SCHEDULE 4: AFS 

 

 

36

SCHEDULE 5: MANAGEMENT ACCOUNTS 

 

 

37

SCHEDULE 6: SUBSIDIARIES 

 

 

38Net1 UEPS Technologies, Inc. - Exhibit 10.69 - Filed by newsfilecorp.com

 

	               
                   Exhibit
      10.69 
	 
	EXECUTION VERSION 

	
       

      Cell C Shareholders Agreement 

       

between 

Albanta Trading 109 Proprietary Limited 

The Parties Identified In Schedule 1.1.55 

The Prepaid Company Proprietary Limited 

Net1 Applied Technologies South Africa Proprietary Limited

Cedar Cellular Investment 1 (RF) Proprietary Limited 

Magnolia Cellular Investment 2 (RF) Proprietary Limited

Yellowwood Cellular Investment 3 (RF) Proprietary Limited

and 

Cell C Proprietary Limited 

Contents 

 

	1.
      	DEFINITIONS
      AND INTERPRETATION 	1
      
	 	 	 
	2.
      	SUSPENSIVE
      CONDITION 	13
      
	 	 	 
	3.
      	COMMENCEMENT
      OF THIS AGREEMENT 	14
      
	 	 	 
	4.
      	RANKING
      OF DOCUMENTS 	14
      
	 	 	 
	5.
      	SHARE
      CAPITAL 	15
      
	 	 	 
	6.
      	FUNDING
      OF THE COMPANY 	16
      
	 	 	 
	7.
      	LIMITATIONS
      ON BORROWINGS 	19
      
	 	 	 
	8.
      	DIVIDEND
      POLICY 	20
      
	 	 	 
	9.
      	DISPOSAL
      OF EQUITY AND LOCK-UP 	21
      
	 	 	 
	10.
      	PRE-EMPTION
      	22
      
	 	 	 
	11.
      	TAG
      ALONG RIGHTS 	25
      
	 	 	 
	12.
      	DRAG
      ALONG RIGHTS 	26
      
	 	 	 
	13.
      	M5
      PUT OPTION 	27
      
	 	 	 
	14.
      	M5
      CALL OPTION 	28
      
	 	 	 
	15.
      	FORCED
      TRANSFER OF EQUITY ON TRIGGER EVENT 	29
      
	 	 	 
	16.
      	CHANGE
      OF CONTROL 	29
      
	 	 	 
	17.
      	COMPLETION
      OF TRANSFERS OF EQUITY 	30
      
	 	 	 
	18.
      	RELEASE
      OF GUARANTEES 	31
      
	 	 	 
	19.
      	LISTING
      	32
      
	 	 	 
	20.
      	M5
      LISTING, BUY-BACK AND CALL OPTION 	33
      
	 	 	 
	21.
      	BEE
      WARRANTY AND UNDERTAKING 	35
      
	 	 	 
	22.
      	SHAREHOLDERS
      NOT TO BIND THE COMPANY 	36
      
	 	 	 
	23.
      	FINANCIAL
      MATTERS AND ACCESS TO RECORDS 	36
      

-1-

	24.
      	NEW
      SHAREHOLDERS 	37
      
	 	 	 
	25.
      	NON-CIRCUMVENTION
      	37
      
	 	 	 
	26.
      	APPOINTMENT
      OF EXPERT 	37
      
	 	 	 
	27.
      	DETERMINATION
      OF VALUE OF EQUITY 	38
      
	 	 	 
	28.
      	VOTING
      UNDERTAKING, GOOD FAITH, CONSENT AND WAIVER 	38
      
	 	 	 
	29.
      	PUBLICATIONS
      AND ANNOUNCEMENTS 	39
      
	 	 	 
	30.
      	CONFIDENTIAL
      INFORMATION 	40
      
	 	 	 
	31.
      	TERMINATION
      	41
      
	 	 	 
	32.
      	CEO
      REMOVAL 	42
      
	 	 	 
	33.
      	BREACH
      	43
      
	 	 	 
	34.
      	DISPUTE
      RESOLUTION 	43
      
	 	 	 
	35.
      	GENERAL
      	44
      
	 	 	 
	36.
      	RELATIONSHIP
      	45
      
	 	 	 
	37.
      	APPLICABLE
      LAW 	45
      
	 	 	 
	38.
      	JURISDICTION
      	45
      
	 	 	 
	39.
      	COUNTERPARTS
      	45
      
	 	 	 
	40.
      	COSTS
      	45
      
	 	 	 
	41.
      	NOTICES
      AND ADDRESSES 	45
      

	Schedule
      1.1.28 – Deed of Accession 
	 
	Schedule
      1.1.43 – Funder Deed of Accession 
	 
	Schedule
      1.1.58 – Memorandum of Incorporation 
	 
	Schedule
      1.1.55 – Members of M5 
	 
	Schedule
      20.2 – Potential Underwriters and Bookrunners 

2

Cell C Shareholders Agreement 

PARTIES 

	(1) 	
      ALBANTA TRADING 109 PROPRIETARY LIMITED, a company
      incorporated in South Africa under registration number 2015/261614/07
      (MS15);

	 	 
	(2) 	
      THE PARTIES IDENTIFIED IN SCHEDULE 1.1.55 HERETO
      (collectively referred to as M5);

	 	 
	(3) 	
      THE PREPAID COMPANY PROPRIETARY LIMITED, a company
      incorporated in South Africa under registration number 1999/016716/07
      (BLT);

	 	 
	(4) 	
      NET1 APPLIED TECHNOLOGIES SOUTH AFRICA PROPRIETARY
      LIMITED, a company incorporated in South Africa under registration
      number 2002/031446/07 (NET1);

	 	 
	(5) 	
      CEDAR CELLULAR INVESTMENT 1 (RF) PROPRIETARY
      LIMITED, a company incorporated in South Africa under registration
      number 2017/068178/07 (SPV1);

	 	 
	(6) 	
      MAGNOLIA CELLULAR INVESTMENT 2 (RF) PROPRIETARY
      LIMITED, a company incorporated in South Africa under registration
      number 2017/068221/07 (SPV2);

	 	 
	(7) 	
      YELLOWWOOD CELLULAR INVESTMENT 3 (RF) PROPRIETARY
      LIMITED, a company incorporated in South Africa under registration
      number 2017/068241/07 (SPV3); and

	 	 
	(8) 	
      CELL C PROPRIETARY LIMITED, a company incorporated
      in South Africa under registration number 1999/007722/07 (the
      Company).

Introduction 

	A 	
      This Agreement sets out the basis on which the Parties
      will participate as shareholders of the Company.

	 	 
	B 	
      Each Shareholder undertakes that it will comply, and will
      use its reasonable commercial endeavours to procure that, through its
      appointees to the Board, the Company complies, with all Applicable Laws
      and regulations and that the Business of the Company is conducted with the
      aim to maximise the commercial benefit to the Shareholders.

	 	 
	C 	
      To the extent not already established or provided for,
      this Agreement establishes and makes provision for appropriate and good
      corporate governance procedures, including, without limitation, procedures
      and practices regarding the disclosure of conflicts of interest and the
      recusal of interested parties from the decision-making process with
      respect to matters involving such conflict.

It is agreed

	1. 	
      DEFINITIONS AND
INTERPRETATION

	1.1 	
      Definitions

	 	 
		
      Unless inconsistent with the context, the words and
      expressions set forth below shall bear the following meanings and cognate
      expressions shall bear corresponding meanings:

	1.1.1 	
      Act means the Companies Act, 71 of
  2008;

-1-

	1.1.2 	
      Accounting Principles means the latest accounting
      principles, policies and generally accepted accounting practice applied by
      the Company in accordance with all Applicable Laws and IFRS, consistently
      applied, and consistent with past accounting and management practice as is
      contained and/or reflected in the annual financial statements of the
      Company for the 12 (twelve) month period ending 31 December
2016;

	 	 
	1.1.3 	
      Affiliate means:

	1.1.3.1 	
      in relation to any Undertaking, any subsidiary (or its
      equivalent) or any parent Undertaking (namely, a holding company or its
      equivalent) of that Undertaking and any subsidiary (or its equivalent) of
      any such parent Undertaking (namely, a holding company or its equivalent),
      in each case from time to time; and

	 	 
	1.1.3.2 	
      in relation to an individual means a Related Person or
      any Undertaking (including any trusts) Controlled by such individual or
      his/her Related Person;

	1.1.4 	
      Agreement means this shareholders agreement
      including any schedules or annexures attached hereto, together with any
      amendments to this agreement agreed to in writing between the Parties from
      time to time;

	 	 
	1.1.5 	
      Applicable Laws means any laws, by-laws, statutes,
      rules, regulations, subordinate legislation, orders, ordinances, notices,
      notifications, directions, restrictions, common law, judgments, decrees,
      circulars, decisions or other requirements or directives of any
      Governmental Entity, and includes the Companies Act, the Currency and
      Exchanges Act, anti-bribery legislation, as well as any protocols,
      policies, codes, guidelines, standards, resolutions, guidance notes and
      any interpretation of any of the foregoing by a Governmental Entity, in
      all cases only to the extent that they have the force of law;

	 	 
	1.1.6 	
      Associates means Undertakings where a minority
      part of the shares or portion of the other interest in such Undertaking is
      held by a member of the Group but where such Undertaking does not form
      part of the Group and is not consolidated into the financial accounts of
      the Company;

	 	 
	1.1.7 	
      Auditors means the auditors of the Company, as
      appointed from time to time;

	 	 
	1.1.8 	
      BEE Act means the Broad-Based Black Economic
      Empowerment Act, 53 of 2003;

	 	 
	1.1.9 	
      BEE Codes means the Broad-Based Black Economic
      Empowerment Codes of Good Practice gazetted from time to time under the
      BEE Act in terms of Code 100 - the Measurement of the Ownership
      Element;

	 	 
	1.1.10 	
      Believe Trust means the Employee Believe Trust, a
      trust duly registered with the Master of the High Court of South Africa,
      Gauteng Division, Pretoria under Master’s reference number
      IT003241/2016;

	 	 
	1.1.11 	
      Black People means "black people", as defined in
      the BEE Act, read together with the BEE Codes, and Black Person shall have
      a corresponding meaning;

	 	 
	1.1.12 	
      BLT means The Prepaid Company Proprietary Limited,
      a company incorporated in South Africa under registration number
      1999/016716/07;

2

	1.1.13 	
      BLT Parent means Blue Label Telecoms Limited, a
      company incorporated in South Africa under registration number
      2006/022679/06;

	 	 
	1.1.14 	
      Board means the board of directors of the Company
      as constituted from time to time;

	 	 
	1.1.15 	
      Business means the business conducted by the Group
      from time to time being, predominantly as at the Implementation Date, the
      operation of an Electronic Communications Network and the provision of
      Electronic Communications Network services to the public and includes all
      ancillary activities and successor technologies;

	 	 
	1.1.16 	
      Business Day means any calendar day other than a
      Saturday, Sunday or official public holiday in South Africa;

	 	 
	1.1.17 	
      Claims means all claims by any Lending Shareholder
      against the Company arising from Shareholders loans;

	 	 
	1.1.18 	
      Class “A” Shares has the meaning given to it in
      clause 5.2.2.1;

	 	 
	1.1.19 	
      Class “B” Shares has the meaning given to it in
      clause 5.2.2.7;

	 	 
	1.1.20 	
      Closing has the meaning given to it in the Equity
      Implementation Agreement;

	 	 
	1.1.21 	
      Company means Cell C Proprietary Limited, a
      company incorporated in South Africa under registration number
      1999/007722/07;

	 	 
	1.1.22 	
      Competitor of the Company means Vodacom Group
      Limited, MTN Group Limited, Telkom SA SOC Limited and Neotel Proprietary
      Limited, any Undertakings within their group of companies and such other
      entities holding, at the relevant time, an Electronic Communications
      Network Services licence and a Radio Frequency Spectrum licence, as issued
      by ICASA, allowing it or any Undertaking within its group of companies to
      use more than 20MHz of spectrum below 2GHz;

	 	 
	1.1.23 	
      Completion means completion of a transfer of
      Equity under this Agreement, including the final settlement of any amount
      due in consideration for such transfer of Equity and Complete shall have a
      corresponding meaning;

	 	 
	1.1.24 	
      Condition means the condition precedent to which
      this Agreement is subject set out in clause 2;

	 	 
	1.1.25 	
      Control means, in relation to an Undertaking: (i)
      the legal or beneficial ownership, directly or indirectly, of 50% (fifty
      per cent) or more of the share capital or other ownership interests of
      such Undertaking; (ii) the ability, directly or indirectly, to appoint
      half or more of the board or other controlling body of such Undertaking;
      or (iii) the ability, directly or indirectly, whether through the
      ownership of voting securities, by contract or otherwise to direct or
      cause the direction of the management and policies of such Undertaking. An
      Undertaking shall be deemed to direct or cause the direction of the
      management and policies of an Undertaking if the consent or approval of
      such Undertaking is required with respect to all or substantially all
      material decisions and Controlled shall have a corresponding
      meaning;

	 	 
	1.1.26 	
      Conversion Date means the date on which the Class
      “B” Shares convert into Class “A” Shares in accordance with the terms and
      subject to the conditions of such class of share;

3

	1.1.27 	
      Creditors has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.28 	
      Deed of Accession means a deed of accession in the
      form or substantially in the form set out in Schedule 1.1.28 or as
      amended by written agreement between the Parties;

	 	 
	1.1.29 	
      Director means a director of the
Company;

	 	 
	1.1.30 	
      Dispose means to sell, alienate, donate, exchange,
      distribute, transfer, or in any manner whatsoever dispose of, or enter
      into any arrangement or transaction of whatsoever nature which has the
      same or similar effect as any of the aforementioned sale, alienation,
      donation, exchange, distribution, transfer or disposal (including but not
      limited to any transaction, or series of arrangements or transactions, or
      the cession of any rights or the granting of any option or similar
      transaction/s which would have the same economic effect), or realise any
      value in respect of, and Disposal and Disposed shall be
      construed accordingly;

	 	 
	1.1.31 	
      Drag Equity has the meaning given to it in clause
      12;

	 	 
	1.1.32 	
      EBITDA means the consolidated operating profits
      from ordinary activities (prepared using consistent Accounting Principles
      and with consistent classification of line items per historic management
      accounts or audited financial statements, as applicable) adjusted to
      exclude any non-core trading activities, one-off or non-recurring or
      unusual items in nature, foreign exchange gains and/or losses (but not
      foreign exchange gains and/or losses arising in respect of working
      capital) including, but not limited to, the following
  adjustments:

	 	 
	1.1.32.1 	
      interest, depreciation and amortization and any
      impairments, costs or reversals;

	 	
     

	1.1.32.2 	
      any gain or loss arising from an upward or downward
      revaluation of any property, plant and equipment asset or on the disposal
      of any property, plant and equipment;

	 	
     

	1.1.32.3 	
      corrections of errors in earnings relating to errors in
      prior periods or accounting policy corrections relating to corrections or
      omissions in prior periods; and

	 	
     

	1.1.32.4 	
      any fees, costs or charges of a non-recurring nature
      related to any equity offering or acquisition (and whether or not
      successful);

	 	 
	1.1.33 	
      Electronic Communications means the emission,
      transmission or reception of information, including without limitation,
      voice, sound, data, text, video, animation, visual images, moving images
      and pictures, signals or a combination thereof by means of magnetism,
      radio or other electromagnetic waves, optical, electromagnetic systems or
      any agency of a like nature, whether with or without the aid of tangible
      conduct, but does not include content service;

	 	 
	1.1.34 	
      Electronic Communications Network means any system
      of Electronic Communications facilities (excluding subscriber equipment),
      including without limitation:

	1.1.34.1 	
      satellite systems;

	 	 
	1.1.34.2 	
      fixed systems (circuit- and packet-switched);

	 	 
	1.1.34.3 	
      mobile systems;

4

	1.1.34.4 	fibre optic cables (undersea and land based);

	 	 
	1.1.34.5 	electricity cable systems (to the extent used for
      conveyance of electronic communications services); and

	 	 
	1.1.34.6 	other transmission systems, used for conveyance of
      electronic communications,

		
      and all successor technologies;

	 	 
	1.1.35 	
      Encumbrance in relation to any shares, includes
      any pledge, charge, hypothecation, lien, subordination, mortgage, option
      over, right of retention or any other encumbrance whatsoever, or any form
      of hedging or similar derivative instrument of any nature whatsoever of or
      over those shares, or any lending of shares, and the words
      Encumber, Encumbered and Encumbering shall have
      corresponding meanings;

	 	 
	1.1.36 	
      Enterprise Value Adjustments means the sum of the
      Net Debt plus the Value of Minorities less the Value of
  Associates;

	 	 
	1.1.37 	
      Equity means collectively Claims and Shares held
      by, or owing to, any Shareholder;

	 	 
	1.1.38 	
      Equity Implementation Agreement means the
      agreement titled “Equity Implementation Agreement” between, inter
      alios, the Parties pertaining to the implementation of the
      Transaction, entered into simultaneously with this Agreement;

	 	 
	1.1.39 	
      Expert means a person appointed in accordance with
      the provisions of clause 26;

	 	 
	1.1.40 	
      Fair Market Value means the value of the shares as
      may be agreed to in writing by Shareholders holding not less than 75.1%
      (seventy five point one per cent) of the Shares or, failing such
      agreement, such value as may be determined by the Expert in terms of
      clauses 26 and 27;

	 	 
	1.1.41 	
      Financially Distressed means in relation to any
      person:

	1.1.41.1 	
      it appears to be reasonably unlikely to be able to pay
      all of its debts as they become due and payable within the immediately
      ensuing 6 (six) months; or

	 	 
	1.1.41.2 	
      it appears to be reasonably likely to become insolvent
      within the immediately ensuing 6 (six) months;

	1.1.42 	
      Financial Year means the financial year of the
      Company, being a 12 (twelve) month period commencing on 1 January and
      ending on the following 31 December;

	 	 
	1.1.43 	
      Funder Deed of Accession means a deed of accession
      in the form or substantially in the form set out in Schedule 1.1.43
      or as amended by written agreement between the Parties;

	 	 
	1.1.44 	
      Government Entity
means:

	1.1.44.1 	
      the government of South Africa (including any national,
      state, municipal or local government or any political or administrative
      subdivision thereof) and any department, ministry, agency,
      instrumentality, court, central bank, commission or other authority
      thereof;

5

	1.1.44.2 	
      any governmental, quasi-governmental or private body or
      agency lawfully exercising, or entitled to exercise, any administrative,
      executive, judicial, legislative, regulatory, licensing, competition, tax,
      importing or other governmental authority or quasi-governmental authority
      within South Africa; and

	 	 
	1.1.44.3 	
      any stock exchange within South
Africa;

	1.1.45 	
      Group means the Company and its
    Subsidiaries;

	 	 
	1.1.46 	
      ICASA means the Independent Communication
      Authority of South Africa, a statutory body established in terms of
      Section 3 of the Independent Communication Authority of South Africa Act,
      13 of 2000 (or its successor body);

	 	 
	1.1.47 	
      IFRS means International Financial Reporting
      Standards as issued from time to time by the International Accounting
      Standards Board or its successor body;

	 	 
	1.1.48 	
      Implementation Date has the meaning given to it in
      the Master Implementation Agreement;

	 	 
	1.1.49 	
      Insolvency Event means in relation to a
      Shareholder:

	1.1.49.1 	
      a receiver, liquidator, curator, business rescue
      practitioner, trustee or similar official being appointed in respect of
      such Shareholder;

	 	 
	1.1.49.2 	
      the Shareholder suspending payment of its debts
      generally;

	 	 
	1.1.49.3 	
      the Shareholder is or becomes Financially
    Distressed;

	 	 
	1.1.49.4 	
      the Shareholder enters into or resolves to enter into any
      arrangement, scheme or compromise with, or assignment for the benefit of,
      its creditors generally or any class of them;

	 	 
	1.1.49.5 	
      a final order is made for the winding-up, sequestration
      or dissolution of, or the appointment of a provisional liquidator to, the
      Shareholder or an order is granted to commence business rescue proceedings
      under the Act otherwise than for the purpose of an amalgamation or
      reconstruction which has the prior written consent of all
    Shareholders;

	 	 
	1.1.49.6 	
      a resolution is passed for the winding-up, sequestration,
      dissolution or commencement of business rescue proceedings of the
      Shareholder or upon commencement of business rescue of the Shareholder,
      otherwise than for the purpose of an amalgamation or reconstruction which
      has the prior written consent of all Shareholders; or

	 	 
	1.1.49.7 	
      any event occurring or circumstance arising which is
      analogous to any of the events referred to
above;

	1.1.50 	
      JSE means JSE Limited, a company registered in
      accordance with the laws of South Africa under registration number
      2005/022939/06, trading under the name and style of “Johannesburg Stock
      Exchange” which is licensed as an exchange under the Financial Markets
      Act, No. 19 of 2012 (as amended);

	 	 
	1.1.51 	
      Lending Shareholder has the meaning given to it in
      clause 6.2.1;

6

	1.1.52 	
      Listing means:

	1.1.52.1 	
      a successful application being made for the admission of
      the issued voting share capital of the Company to trading on the JSE or
      any other recognised stock exchange; or

	 	 
	1.1.52.2 	
      the grant of permission to deal in the issued voting
      share capital of the Company on the JSE or or any other recognised stock
      exchange,

		
      in each case, pursuant to an initial public offering by
      way of a prospectus that satisfied the minimum liquidity requirements
      pertaining to shares held by the public of the relevant exchanges or
      markets;

	 	 
	1.1.53 	
      Listings Requirements means the listings
      requirements of the JSE, as amended from time to time;

	 	 
	1.1.54 	
      Long Stop Date has the meaning given to it in the
      Equity Implementation Agreement;

	 	 
	1.1.55 	
      M5 means, collectively, those shareholders of the
      Company set out in Schedule 1.1.55 and any reference to M5
      shall be a reference to such shareholders acting jointly, unless the
      context specifically indicates otherwise, it being recorded and agreed
      that the holders of the Class "B" Shares must always act together jointly
      and shall, as a class, be treated as if they were 1 (one) shareholder,
      save where they are specifically and expressly entitled or obliged to act
      independently;

	 	 
	1.1.56 	
      M5 Shares means the Shares held by M5 from time to
      time;

	 	 
	1.1.57 	
      Master Implementation Agreement means the
      agreement titled “Master Implementation and Funds Flow Agreement” between,
      inter alios, the Parties pertaining to the implementation of the
      Transaction, entered into simultaneously with this Agreement

	 	 
	1.1.58 	
      Memorandum of Incorporation or MOI means
      the agreed form memorandum of incorporation which the Company has adopted
      or in the process of adopting in accordance with the Act, a copy of which
      is attached to this Agreement as Schedule 1.1.58, as amended from
      time to time;

	 	 
	1.1.59 	
      Minorities means members of the Group where a
      minority part of the shares or portion of the other interest in such
      member is not held by a member of the Group;

	 	 
	1.1.60 	
      MS15 means Albanta Trading 109 Proprietary
      Limited, a company incorporated in South Africa under registration number
      2015/261614/07;

	 	 
	1.1.61 	
      MS15 Becoming Aware means any member of the board
      of directors of MS15 becoming aware;

	 	 
	1.1.62 	
      MS15 Shares means the Shares held by MS15 from
      time to time;

7

	1.1.63 	
      Net Debt means any contractual obligation for the
      Group pertaining to monies borrowed, including shareholder
  loans:

	1.1.63.1 	
      less cash and cash equivalents (excluding cash received
      from working capital receivables and paid in respect of working capital
      payables outside of the ordinary course of business and Restricted
      Cash);

	 	 
	1.1.63.2 	
      adjusted for working capital payables and working capital
      receivables that are exceptional and outside of the ordinary course of
      business that:

	1.1.63.2.1 	
      are not settled in a timely manner in accordance with
      normal payment terms;

	 	 
	1.1.63.2.2 	
      are unusual, material and non-recurring;

	 	 
	1.1.63.2.3 	
      whose timely settlement is not restricted
  by:

	1.1.63.2.3.1 	
      lack of budgetary approvals;

	 	 
	1.1.63.2.3.2 	
      lack of board approvals;

	 	 
	1.1.63.2.3.3 	
      lack of regulatory approvals (including that of the South
      African Reserve Bank); or

	 	 
	1.1.63.2.3.4 	
      lack of bank financing;

	1.1.63.2.4 	
      adjusted for current and owing income tax assets and/or
      liabilities;

	 	 
	1.1.63.2.5 	
      adjusted for dividends declared but not
settled;

	 	 
	1.1.63.2.6 	
      adjusted for any credit deposits advanced by customers
      not covered in the working capital payables or the working capital
      receivables (without double counting); and

	 	 
	1.1.63.2.7 	
      adjusted for any committed but unpaid capital drawdowns
      due in respect of investments in Associates / joint ventures made by the
      Company.

		
      For the avoidance of doubt, Net Debt shall not include
      financial lease obligations;

	 	 
	1.1.64 	
      NET1 means Net1 Applied Technologies South Africa
      Proprietary Limited, a company incorporated in South Africa under
      registration number 2002/031446/07;

	 	 
	1.1.65 	
      NET1 Parent means Net1 UEPS Technologies
      Incorporated, a company incorporated in the state of Florida, United
      States under employer identification number 98-0171860;

	 	 
	1.1.66 	
      NET1 Shares means the Shares held by NET1 from
      time to time;

	 	 
	1.1.67 	
      Offer Notice has the meaning given to it in in
      clause 10.2;

	 	 
	1.1.68 	
      Original Shareholder means any one of MS15, M5
      (provided that M5 has converted its Class “B” Shares to Class “A” Shares
      in order to exercise its rights), BLT or BLT Parent (should the Shares
      held by BLT be transferred to, or otherwise acquired by, BLT Parent from
      BLT), NET1 or NET1 Parent (should the Shares held by NET1 be transferred
      to, or otherwise acquired by, NET1 Parent), SPV1, SPV2 and
  SPV3;

8

	1.1.69 	
      Parties means MS15, M5, BLT, NET1, SPV1, SPV2,
      SPV3 and the Company and Party means any one of them as the context
      may require;

	 	 
	1.1.70 	
      Permitted Disposal has the meaning given in clause
      9.2;

	 	 
	1.1.71 	
      Price means the price per Share at which an offer
      is made or accepted to buy or sell Shares;

	 	 
	1.1.72 	
      Prime Rate in relation to any period means the
      published prime overdraft rate ruling from time to time, expressed as a
      percentage rate per annum, at which The Standard Bank of South Africa
      Limited lends on overdraft to its customers from time to time during that
      period, as certified by any manager of The Standard Bank of South Africa
      Limited (whose appointment or authority need not be proved), whose
      certification at that time shall, in the absence of manifest error, be
      prima facie proof thereof;

	 	 
	1.1.73 	
      Rand or R means the South African
    Rand;

	 	 
	1.1.74 	
      Related Person shall have the meaning given to it
      in Section 2 of the Act;

	 	 
	1.1.75 	
      Restricted Cash means cash and cash equivalents,
      as interpreted under IFRS, which are used as surety, security or
      restricted in some way by a contractual obligation (excluding any cash
      deposited into an account where the release of such cash is only subject
      to providing relevant notice to the financial institution in question).
      Where such restricted cash is used as surety or security in respect of a
      liability, to the extent: (i) such liability is treated as monies
      borrowed; and (ii) such restricted cash can be offset against such
      liability as part of the settlement of that liability, then Net Debt shall
      be stated by netting off the Restricted Cash with the associated monies
      borrowed;

	 	 
	1.1.76 	
      Secretary means the Company’s secretary, or where
      there is no secretary, then the Chief Executive Officer (or
      equivalent);

	 	 
	1.1.77 	
      Seller means a Shareholder, or 2 (two) or more
      Shareholders acting together, expecting or intending to sell Equity under
      a contract or a notice given under this Agreement (other than by a
      Permitted Disposal);

	 	 
	1.1.78 	
      Shares means an issued and paid up share in the
      capital of the Company, whether Class “A” Shares or Class “B” Shares (as
      applicable), and Share shall have a corresponding
meaning;

	 	 
	1.1.79 	
      Shareholders means MS15, M5, BLT, NET1, SPV1, SPV2
      and SPV3 and Shareholder will, as the context requires, be a
      reference to any one of them, or any other holder of Shares from time to
      time;

	 	 
	1.1.80 	
      Signature Date means the date of the last
      signature to this Agreement;

	 	 
	1.1.81 	
      South Africa means the Republic of South Africa as
      constituted from time to time, and South African shall have a
      corresponding meaning;

	 	 
	1.1.82 	
      SPV Documents means,
  collectively:

	1.1.82.1 	
      the SPV1 Documents;

	 	 
	1.1.82.2 	
      the SPV2 Documents; and

9

	1.1.82.3 	
      the SPV3 Documents;

	1.1.83 	
      SPV1 means Cedar Cellular Investment 1 (RF)
      Proprietary Limited, a company incorporated in South Africa under
      registration number 2017/068178/07;

	 	 
	1.1.84 	
      SPV1 Bonds has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.85 	
      SPV1 Documents has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.86 	
      SPV1 Shares means the Shares held by SPV1 from
      time to time;

	 	 
	1.1.87 	
      SPV2 means Magnolia Cellular Investment 2 (RF)
      Proprietary Limited, a company incorporated in South Africa under
      registration number 2017/068221/07;

	 	 
	1.1.88 	
      SPV2 Documents has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.89 	
      SPV2 Shares means the Shares held by SPV2 from
      time to time;

	 	 
	1.1.90 	
      SPV3 means Yellowwood Cellular Investment 3 (RF)
      Proprietary Limited, a company incorporated in South Africa under
      registration number 2017/068241/07;

	 	 
	1.1.91 	
      SPV3 Documents has the meaning given to it in the
      Master Implementation Agreement;

	 	 
	1.1.92 	
      SPV3 Shares means the Shares held by SPV3 from
      time to time;

	 	 
	1.1.93 	
      Subsidiary means a subsidiary company as defined
      in the Act;

	 	 
	1.1.94 	
      Tag Along Right has the meaning given in clause
      11;

	 	 
	1.1.95 	
      Tag Equity has the meaning given in clause
    11;

	 	 
	1.1.96 	
      Targeted Black Interest means the status of a
      company as a company or the status of a trust as a trust which has been
      rated as having 100% (one hundred per cent) of its shares, interest or
      beneficial entitlement held or deemed to be held by Black People as
      determined by the application of the modified flow through principle in
      accordance with the BEE Codes as they apply at the Signature
  Date;

	 	 
	1.1.97 	
      Tax means all taxes, charges, imports, duties,
      levies, deductions, withholdings or fees of any kind whatsoever, or any
      amount payable on account of or as security for any of the foregoing,
      imposed, levied, collected, withheld or assessed by a Government Entity,
      together with any penalties, fines or interest relating thereto, and Taxes
      and Taxation shall be construed accordingly;

	 	 
	1.1.98 	
      Transaction means all the transactions
      contemplated by the Transaction Documents;

	 	 
	1.1.99 	
      Transaction Documents has the meaning given to it
      in the Equity Implementation Agreement;

10

	1.1.100 	Trigger Event in relation
      to a Shareholder means: 

	1.1.100.1 	
      a person (other than such Shareholder) acquiring any
      registered or beneficial interest in Shares held by the Shareholder except
      as permitted under this Agreement; 

	  	     
	1.1.100.2 	
      subject to clause 1.1.100.3, the Shareholder undergoing a
      change of Control without the prior written consent of the other
      Shareholders at the relevant time; 

	  	     
	1.1.100.3 	
      the Shareholder, in the event of BLT, ceasing to be
      Controlled by BLT Parent at any time prior to the 4th (fourth)
      anniversary of the Implementation Date (other than pursuant to a listing
      of BLT) without the prior written consent of the remaining Shareholders
      holding the majority of the voting rights (which consent shall not be
      unreasonably withheld or delayed) at the relevant time; 

	  	     
	1.1.100.4 	
      the Shareholder, in the event of MS15, not being a
      wholly-owned subsidiary of the Believe Trust and/or the beneficiaries of
      the Believe Trust no longer being solely bona fide employees of the
      Group and/or should any member of M5 be a beneficiary (directly or
      indirectly) of the Believe Trust without the prior written consent of the
      other Shareholders at the relevant time; 

	  	     
	1.1.100.5 	
      the Shareholder being the subject of an Insolvency Event;
      or 

	  	     
	1.1.100.6 	
      the Shareholder breaching this Agreement or the
      Memorandum of Incorporation in any material respect, and the breach
      remaining unremedied for 30 (thirty) Business Days after the Company or
      another Shareholder has notified the Shareholder in breach;
  

	1.1.101 	
      Undertaking means a company, a body corporate or
      partnership or unincorporated association carrying on trade or business
      with or without a view to profit. In relation to an undertaking which is
      not a company, expressions in this Agreement appropriate to companies are
      to be construed as references to the corresponding persons, officers,
      documents or agents (as the case may be) appropriate to undertakings of
      that description; 

	  	     
	1.1.102 	
      Value of Associate means, for each Associate, the
      result of the last 12 (twelve) month rolling EBITDA of that Associate
      multiplied by an EBITDA multiple as applicable in the relevant clause of
      this Agreement, less the Enterprise Value Adjustments of such Associate
      multiplied by the percentage shareholding in such Associate held by the
      Group; 

	  	     
	1.1.103 	
      Value of Associates means the sum of the Value of
      Associate for all Associates held by the Group; 

	  	     
	1.1.104 	
      Value of Minority means, for each Minority, the
      result of the last 12 (twelve) month rolling EBITDA of that group of
      companies in which a Minority shareholding is held multiplied by an EBITDA
      multiple as applicable in the relevant clause of this Agreement, less the
      Enterprise Value Adjustments of the group of companies in which the
      Minority shareholding is held multiplied by the percentage shareholding in
      such group of companies not held by the Group; and 

	  	     
	1.1.105 	
      Value of Minorities means the sum of each Value of
      Minority. 

11

	1.2 	
      Interpretation

	1.2.1 	
      Unless expressly provided to the contrary or inconsistent
      with the context, a reference in this Agreement
to:

	1.2.1.1 	
      this Agreement or any other agreement, document or
      instrument shall be construed as a reference to this Agreement or that
      other agreement, document or instrument, as amended varied, novated or
      substituted from time to time;

	 	 
	1.2.1.2 	
      a clause, sub-clause, Schedule or Appendix is to a
      clause, Schedule or Appendix of this Agreement;

	 	 
	1.2.1.3 	
      law is construed as any law including common law,
      statute, constitution, decree, judgment, treaty, regulation, directive,
      by-law, order or any other measure of any government, local government,
      statutory or regulatory body or court, having the force of law;
  and

	 	 
	1.2.1.4 	
      a person includes any natural person, firm, company,
      corporation, body corporate, juristic person, unincorporated association,
      government, state or agency of a state, or any association, trust,
      partnership, syndicate, consortium, joint venture, charity or other entity
      (whether or not having separate legal
personality).

	1.2.2 	
      Where a word or expression is given a particular meaning,
      other parts of speech and grammatical forms of that word or expression
      have a corresponding meaning.

	 	 
	1.2.3 	
      All the headings and sub-headings in this Agreement are
      for convenience and reference only and do not govern or affect the
      interpretation of this Agreement.

	 	 
	1.2.4 	
      If any provision in a definition confers rights, or
      imposes obligations on any Party, effect is given to it as a substantive
      provision of this Agreement.

	 	 
	1.2.5 	
      Unless the context indicates otherwise, an expression
      which denotes any gender includes both the others; reference to a natural
      person includes a juristic person; the singular includes the plural, and
      the plural includes the singular.

	 	 
	1.2.6 	
      Any number of days prescribed in this Agreement excludes
      the first day and includes the last day, and if that day is not a Business
      Day, the next Business Day, and any relevant action or notice may be
      validly done or given on the last day.

	 	 
	1.2.7 	
      The words including, include or in particular followed by
      specific examples shall be construed by way of example or emphasis only
      and shall not be construed, nor shall it take effect, as limiting the
      generality of any preceding words, and the eiusdem generis rule is
      not to be applied in the interpretation of such specific examples or
      general words.

	 	 
	1.2.8 	
      The words other or otherwise shall not be construed
      eiusdem generis with any foregoing words where a wider construction
      is possible.

	 	 
	1.2.9 	
      Any reference to legislation is to that legislation as at
      the Signature Date, as amended or replaced from time to time.

	 	 
	1.2.10 	
      Any reference to a document or instrument includes the
      document or instrument as ceded, delegated, novated, altered, supplemented
      or replaced from time to time.

12

	1.2.11 	
      A reference to a Party includes that Party’s
      successors-in-title and permitted assigns.

	 	 
	1.2.12 	
      A time of day must be construed as a reference to South
      Africa Standard Time.

	 	 
	1.2.13 	
      The rule of interpretation that, in the event of
      ambiguity, the contract must be interpreted against the party responsible
      for the drafting of the contract does not apply.

	 	 
	1.2.14 	
      The termination of this Agreement does not affect those
      of its provisions which expressly provide that they will operate after
      termination, or which must continue to have effect after termination, or
      which must by implication continue to have effect after
  termination.

	 	 
	1.2.15 	
      Unless the context indicates otherwise, any reference in
      this Agreement to agreed in writing means agreed in writing by means of
      one or more written instruments signed by all the Parties on the same
      document or in counterpart, and which clearly provides that the relevant
      matter or document is separately agreed specifically for purposes of,
      and/or must be read with, one or more specific provisions of this
      Agreement.

	 	 
	1.2.16 	
      Unless the context indicates otherwise, no provision of
      this Agreement constitutes a stipulation for the benefit of any person who
      is not a party to this Agreement.

	 	 
	1.2.17 	
      The Schedules or Annexures to this Agreement form an
      integral part of it and words and expressions defined in this Agreement
      will bear, unless the context otherwise requires, the same meaning in such
      Schedules or Annexures. To the extent that there is any conflict between
      the Schedules or Annexures to this Agreement and the provisions of this
      Agreement, the provisions of this Agreement will prevail.

	 	 
	1.2.18 	
      Where any term is defined in a particular clause,
      Schedule or Appendix in this Agreement, unless it is clear from the
      clause, Schedule or Appendix in question that it has limited application,
      the relevant clause Schedule or Appendix, will bear the same meaning
      ascribed to it for all purposes in this Agreement, even though that term
      has not been defined in clause 1.1, and where there is an inconsistency
      between any term defined in any clause, Schedule or Appendix in this
      Agreement, then, for the purposes of construing such clause, Schedule or
      Appendix the term, as defined in such clause, Schedule or Appendix,
      prevails.

	 	 
	1.2.19 	
      The reference to any South African legal term for any
      action, remedy, method of judicial proceeding, legal document, legal
      status, court, official, or any legal concept or thing will in respect of
      any jurisdiction other than South Africa be treated as a reference to any
      analogous term in that jurisdiction.

	 	 
	1.2.20 	
      Where figures are referred to in numerals and in words,
      if there is any conflict between the two, the words will
  prevail.

	2. 	
      SUSPENSIVE CONDITION

	2.1 	
      This entire Agreement, excluding clauses 1, 2 and 29 to
      41 (both inclusive), which shall be of immediate force and effect from the
      Signature Date, is subject to the fulfilment or waiver of the suspensive
      condition that the Equity Implementation Agreement is signed by all the
      parties thereto and becomes unconditional (save insofar as it refers to
      this Agreement becoming unconditional) by no later than the Long Stop Date
      (Condition).

13

	2.2 	
      The Parties shall, where it is within their respective
      power and control to do so, use their respective reasonable endeavours to
      procure the fulfilment of the Condition as soon as reasonably possible
      after the Signature Date, but in any event within the time permitted
      therefor.

	 	 
	2.3 	
      If the Condition is not fulfilled or waived on or prior
      to the date provided for fulfilment or waiver thereof, the provisions of
      this Agreement (save for clauses 1, 29, 30, 33, 34, 35 to 38 (both
      inclusive), 40 and 41, which shall remain of full force and effect) shall
      never become effective, and no Party shall have any claim against any
      other Party for anything done hereunder or arising here from, save for a
      claim relating to a breach of, or pursuant to, the provisions of clause
      2.2.

	 	 
	2.4 	
      The Condition is for the benefit of all the Parties and
      may only be waived with their mutual written
consent.

	3. 	
      COMMENCEMENT OF THIS
AGREEMENT

	3.1 	
      Subject to the fulfilment or waiver of the Condition,
      this Agreement shall commence on the Implementation Date (save for those
      clauses specified in clause 2.1 which come into effect on the Signature
      Date and which are effective from the Signature Date) and shall bind the
      Company and each Shareholder for as long as such Shareholder holds Shares
      in the Company.

	 	 
	3.2 	
      The Parties hereby acknowledge that no agreement shall
      come into place on the terms set out in this Agreement unless and until
      all Parties to this Agreement have signed it.

	4. 	
      RANKING OF DOCUMENTS

	4.1 	
      To the extent that the provisions of the Memorandum of
      Incorporation and/or the memorandum of incorporation of any Subsidiary of
      the Company (Relevant Entity MOI) are inconsistent with any
      provision of this Agreement, the Memorandum of Incorporation and/or
      Relevant Entity MOI (as applicable) shall, to the extent of any such
      inconsistency and to the extent required by the Act, take precedence over
      that provision of this Agreement until the Memorandum of Incorporation
      and/or Relevant Entity MOI (as applicable) is amended in accordance with
      clause 4.2. If, however:

	4.1.1 	
      any provision of this Agreement merely supplements, but
      is not inconsistent with, the Memorandum of Incorporation and/or Relevant
      Entity MOI (as applicable); or

	 	 
	4.1.2 	
      the Act does not require the Memorandum of Incorporation
      and/or Relevant Entity MOI (as applicable) to take precedence over that
      provision of this Agreement,

		
      then that provision of this Agreement shall be given
      effect to by the Parties.

	 	 
	4.2 	
      Any Shareholder shall be entitled, by giving written
      notice to that effect to the Company and the other Shareholders, to
      require the Memorandum of Incorporation and/or Relevant Entity MOI (as
      applicable) to be amended, to the extent permissible in terms of the Act,
      so as to be consistent with this Agreement or to record any supplementary
      provisions of this Agreement. Upon receipt of that
  notice:

	4.2.1 	
      the Company shall procure that a meeting of the
      shareholders of the Company or the Subsidiary concerned is called as soon
      as practically possible; and

14

	4.2.2 	
      the Shareholders (or the Company if the entity concerned
      is a Subsidiary of the Company) shall exercise all votes which they may
      have to vote in favour of or procure the adoption of all resolutions of
      the Company or the Subsidiary concerned necessary to amend the Memorandum
      of Incorporation and/or Relevant Entity MOI (as applicable) in terms of
      this clause 4.2.

	5. 	
      SHARE CAPITAL

	5.1 	
      As at the Signature Date:

	5.1.1 	
      the authorised share capital of the Company is 1,000 (one
      thousand) ordinary shares;

	 	 
	5.1.2 	
      the authorised and issued ordinary shares rank equally in
      all respects; and

	 	 
	5.1.3 	
      the entire issued share capital of the Company, being 641
      (six hundred and forty one) Shares, is held by 3C Telecommunications
      Proprietary Limited.

	5.2 	
      It is recorded that, pursuant to the adoption of the
      Memorandum of Incorporation and subsequent implementation of the Equity
      Implementation Agreement and the Master Implementation
  Agreement:

	5.2.1 	
      the authorised share capital of the Company will be
      1,000,000,000 (one billion) ordinary shares; and

	 	 
	5.2.2 	
      the issued share capital of the Company will be as
      follows:

	5.2.2.1 	
      225,000,000 (two hundred and twenty five million) class
      “A” ordinary no par value shares (Class “A” Shares), comprising 45%
      (forty five per cent) of the issued Shares, held by BLT;

	 	 
	5.2.2.2 	
      75,000,000 (seventy five million) Class “A” Shares,
      comprising 15% (fifteen per cent) of the issued Shares, held by
    NET1;

	 	 
	5.2.2.3 	
      59,000,000 (fifty nine million) Class “A” Shares,
      comprising 11.8% (eleven point eight per cent) of the issued Shares, held
      by SPV1;

	 	 
	5.2.2.4 	
      80,000,000 (eighty million) Class “A” Shares, comprising
      16% (sixteen per cent) of the issued Shares, held by SPV2;

	 	 
	5.2.2.5 	
      11,000,000 (eleven million) Class “A” Shares, comprising
      2.2% (two point two per cent) of the issued Shares, held by
SPV3;

	 	 
	5.2.2.6 	
      25,000,000 (twenty five million) Class “A” Shares,
      comprising 5% (five per cent) of the issued Shares, held by MS15;
    and

	 	 
	5.2.2.7 	
      25,000,000 (twenty five million) class “B” ordinary no
      par value shares (Class “B” Shares), comprising 5% (five per cent)
      of the issued Shares, held by M5.

	5.3 	
      Except where expressly stated to the contrary herein or
      in the MOI, each Share and, following the Conversion Date, each Class “B”
      Share shall have the same dividend, voting and other rights and shall rank
      pari passu in all respects with each Class “A”
  Share.

15

	6. 	
      FUNDING OF THE COMPANY

	6.1 	
      Subject always to the restrictions imposed by clause 7,
      the funding requirements of the Company shall be determined by the Board,
      from time to time, and shall:

	6.1.1 	
      firstly, be provided by the Company from its own cash
      resources;

	 	 
	6.1.2 	
      secondly, if the Company’s own cash resources are
      insufficient for the purposes in question, be obtained from loans by
      outside sources to the extent required, based on the creditworthiness of
      the Company and upon such terms and conditions as the Board may think fit;
      and/or

	 	 
	6.1.3 	
      thirdly, if the Company is unable to source funding from
      outside sources on terms reasonably acceptable to the Board and within
      such reasonable time period as may be acceptable in the circumstances, be
      obtained from any loans by Shareholders in accordance with the provisions
      set out in clause 6.2, provided that nothing herein shall oblige any
      Shareholder to provide any loan to the
Company.

	6.2 	
      Claims shall be subject to the following terms and
      conditions:

	6.2.1 	
      the loans advanced to the Company by any Shareholder
      (each such Shareholder being a Lending Shareholder) shall be
      advanced on such terms and conditions as may be suggested by the Board and
      then agreed upon in writing between the Lending Shareholders and the
      Company, provided that:

	6.2.1.1 	
      the rate, accrual, payment and calculation of interest
      and all other material terms in respect thereof shall (save as provided
      for to the contrary in clause 6.3) be the same for each Lending
      Shareholder providing funding on a proportionate basis to its shareholding
      in the Company in that round of funding;

	 	 
	6.2.1.2 	
      the interest charged on such loans shall not be less than
      the Prime Rate plus 2% (two per cent);

	 	 
	6.2.1.3 	
      the period for which interest shall run shall not be
      longer than the period from the date on which the debt is incurred to the
      date of repayment;

	 	 
	6.2.1.4 	
      such interest shall be calculated and paid monthly in
      arrears, unless otherwise agreed in writing between the Company and the
      Lending Shareholders; and

	 	 
	6.2.1.5 	
      such loans shall be recorded separately in the Company's
      books of account, together with the date on which they were
    advanced;

	6.2.2 	
      subject to clause 6.4 and the subordination provisions
      contained in any intercreditor agreement to which the Company may be a
      party, all repayments of loans and payments of interest shall be paid
      proportionately, by repaying to each Lending Shareholder an amount which
      is pro rata to the Claims held by such Lending Shareholder in
      relation to all the Claims held by Lending Shareholders;

	 	 
	6.2.3 	
      notwithstanding anything to the contrary in this
      Agreement but subject to the subordination provisions contained in any
      intercreditor agreement to which the Company may be a party, Claims shall
      be repaid in full on any earlier date on which any of the following
      circumstances occur:

16

	6.2.3.1 	
      the Board resolves that the Company should do so,
      provided that the Board shall also be entitled to determine that the
      Claims shall be repaid in part, in which event the Company shall, subject
      to clauses 6.2.2 and 6.4, make such repayment;

	 	 
	6.2.3.2 	
      the Company ceases to carry on business;

	 	 
	6.2.3.3 	
      any licences of the Group being revoked, permanently
      suspended or not renewed so that the Company materially ceases to carry on
      business;

	 	 
	6.2.3.4 	
      a provisional or final order for the curatorship,
      liquidation, winding-up or business rescue of the Company is made by any
      competent court or other competent authority;

	 	 
	6.2.3.5 	
      the Board or the Shareholders pass a resolution for the
      Company's voluntary liquidation or the commencement of business rescue
      proceedings (as contemplated in the Act) in relation to the Company;
    or

	 	 
	6.2.3.6 	
      the Company submits an offer of compromise or similar
      offer to its creditors generally (or otherwise becomes party to a
      compromise arrangement with its creditors
generally).

	6.3 	
      Should a Shareholder not provide a loan in such amounts
      as are in proportion to each Shareholder’s shareholding in the Company,
      then the other Shareholders may provide such loan funding to the Company
      as may be disproportionate to their shareholding in the Company (such
      non-proportionate shareholder loans hereinafter referred to as
      Disproportionate Loans). For so long as the funding required by the
      Company as contemplated in this clause 6 is not provided by the
      Shareholders pro rata to their respective shareholdings, interest
      shall accrue on the amount by which any Lending Shareholders’ Claims
      exceeds such Shareholders’ pro rata share of all Claims, at an
      interest rate 2% (two per cent) higher than the applicable interest rate
      agreed to between the Company and the Lending Shareholders in terms of
      clause 6.2.1 (Disproportionate Loan Interest) or, if more than one
      rate has been agreed in respect of previous loans granted under clause
      6.2.1, the highest applicable rate then in effect under such loans. The
      Disproportionate Loan Interest accruing on a Lending Shareholder’s Claims
      in terms of this clause 6.3 shall accrue, be calculated and paid monthly
      in arrears, unless otherwise agreed to in writing between the Company and
      the Lending Shareholders. The rate, accrual, payment and calculation of
      interest and all other material terms in respect thereof shall (save as
      provided for to the contrary in this clause 6.3) be the same for each
      Lending Shareholder providing Disproportionate Loans.

	 	 
	6.4 	
      Subject to the subordination provisions contained in any
      intercreditor agreement to which the Company may be a party,
      Disproportionate Loans shall always be repaid by the Company in preference
      to any Claims provided by Lending Shareholders in proportion to their
      shareholding in the Company, provided that all Claims (whether
      disproportionate or not) shall be repaid on the final date stipulated for
      repayment as may have been agreed in terms of clause 6.2.1. The Company
      undertakes to repay all outstanding Claims (whether disproportionate or
      not) as soon as it is reasonably able to do so and as soon as there is
      free cash available for such repayments. In the event of any of the events
      stipulated in clause 6.2.3.2 to 6.2.3.6 (both inclusive) occurring, all
      Claims shall be subordinated to the Disproportionate Loans (to the extent
      that such Claims are disproportionate) and the Disproportionate Loans shall be repaid in preference to
      the other Claims, which Claims shall be repaid as set out in clause
      6.2.2.

17

	6.5 	
      Notwithstanding anything to the contrary contained
      herein, all loans (together with any interest payable thereon) comprising
      the Claims shall, subject to the requirements of all Applicable Laws and
      the subordination provisions contained in any intercreditor agreement to
      which the Company may be a party, be repaid in full on the Business Day
      immediately preceding the 10th (tenth) anniversary of the date
      on which such loan was advanced (End Date). Each such loan shall,
      for the purposes of calculating the End Date in respect of such loan, be
      recorded separately in the Company's books of account, together with the
      date on which it was advanced, on the basis that, subject to the
      provisions of clauses 6.2.2, 6.2.3 and 6.4, the loans comprising the
      Claims shall be repaid in the order in which they were advanced.

	 	 
	6.6 	
      If the Company is unable to raise sufficient loan funding
      from Shareholders pursuant to this clause 6, the Board may decide to raise
      any funding required from Shareholders by way of a pro rata rights
      offer of shares ranking pari passu with all other shares in the
      Company (the Rights Offer), upon the following terms and
      conditions:

	6.6.1 	
      the Company shall send a written notice to each
      Shareholder specifying: (i) the total number of shares in the Company
      required to be subscribed for; (ii) the number of the shares in the
      Company required to be subscribed for by each Shareholder (which shall be
      determined pro rata to each Shareholder’s shareholding in the
      Company as at the date on which the Company resolves to implement the
      provisions of the Rights Offer); (iii) the subscription price at which the
      shares in the Company will be subscribed for; and (iv) the date by which
      such shares in the Company are to be subscribed for, which date shall not
      be earlier than 30 (thirty) days from the date of the aforementioned
      notice (Shareholder Subscription Notice);

	 	 
	6.6.2 	
      any shares in the Company to be issued under such Rights
      Offer and as contained in the Shareholder Subscription Notice shall be
      issued at a subscription price equal to the Fair Market Value thereof as
      at the date of the Shareholder Subscription Notice. If the Fair Market
      Value is to be determined by the Expert, the date of the Shareholder
      Subscription Notice shall be deemed to be the 1st (first)
      Business Day after the Fair Market Value determination has been received
      by the Company from the Expert and notified to all the
  Shareholders;

	 	 
	6.6.3 	
      upon receiving a Shareholder Subscription Notice, a
      Shareholder may elect whether or not to subscribe for its portion of such
      shares in the Company, and shall notify the Board in writing of its
      election within 20 (twenty) Business Days of receipt by it of such
      Shareholder Subscription Notice. Should a Shareholder elect to subscribe
      for its portion of such shares in the Company, such Shareholder shall pay
      to the Company, in cash, the subscription price stated in such Shareholder
      Subscription Notice within 30 (thirty) Business Days of notifying the
      Board of its election to subscribe for such shares in the Company
      (provided that such time period may be extended to take cognisance of any
      regulatory approvals required);

	 	 
	6.6.4 	
      if a Shareholder does not subscribe at all, or does not
      subscribe in full, for its portion of shares pursuant to a Rights Offer in
      terms of this clause 6.6 (the Non-Subscribing Shareholder), then
      the Non-Subscribing Shareholder shall be deemed to
have renounced its entitlement to subscribe for such shares or
      the unsubscribed portion of such shares in the Company (as the case may
      be) in favour of the Shareholders who have agreed to subscribe in full for
      their portion of such shares, free of any consideration, pro rata
      to their shareholding in the Company;

18

	6.6.5 	
      the aforementioned process set out in clauses 6.6.1 to
      6.6.4 (both inclusive) will be repeated until:

	6.6.5.1 	
      all the Non-Subscribing Shareholder’s shares have been
      subscribed for; or

	 	 
	6.6.5.2 	
      there are no further Shareholders who are willing to
      subscribe for such shares,

whichever is applicable. 

	6.7 	
      If, after completion of the process described in clause
      6.6, the funding requirements of the Company called upon under this clause
      6 have still not been satisfied completely, the Company shall be entitled
      to raise any additional funding required by way of an offer of the
      unsubscribed shares in the Company pursuant to the completion of the
      abovementioned subscription process (Unsubscribed Rights Offer
      Shares) to such third parties (provided that the Unsubscribed Rights
      Offer Shares shall not be offered to a Competitor of the Company) at the
      Fair Market Value thereof (provided that if the Expert provided its
      determination of the Fair Market Value under clause 6.6.2 within the last
      6 (six) months of the determination being required under this clause 6.7,
      such earlier determination by the Expert shall be binding on the
      Shareholders and the Board as to the Fair Market Value of the shares under
      this clause 6.7), provided that such price shall not be lower than the
      price at which the shares were offered to Shareholders under clause
      6.6.

	 	 
	6.8 	
      If, at any time, the Company wishes to obtain funding
      from a third party, and that third party requires suretyships, guarantees
      and/or indemnities to be given to it by any of the Shareholders, and if
      any of the Shareholders agree in writing to provide such suretyships,
      guarantees and/or indemnities (Guaranteeing Shareholders), only
      then shall the Guaranteeing Shareholders provide such suretyships,
      guarantees or indemnities in a form acceptable to the third party,
      provided that the liability for such suretyships, guarantees or
      indemnities shall be limited to the amount of the funding.

	 	 
	6.9 	
      The Guaranteeing Shareholders agree that such
      suretyships, guarantees or indemnities shall be in proportion to the
      number of Shares held by each of them at the time of giving such
      suretyships, guarantees or indemnities.

	7. 	
      LIMITATIONS ON BORROWINGS

	 	 
		
      Notwithstanding any contrary provisions herein but
      subject to any changes agreed to pursuant to clause 5.5.2.12 (Ordinary
      Resolutions, Special Resolutions and Restrictions on Board Powers) of
      the MOI, the Group’s indebtedness shall not be increased if the Net Debt
      of the Group is (or would be as a result of such increase), in the
      period:

	7.1 	
      from the Implementation Date to 31 December 2017, greater
      than 4 x (four times) the Group’s last 12 (twelve) month rolling EBITDA
      (as reflected in the most recent Group management accounts or annual
      financial statements, as applicable); and

19

	7.2 	
      after 31 December 2017, greater than 3.5 x (three point
      five times) the Group’s last 12 (twelve) month rolling EBITDA (as
      reflected in the most recent Group management accounts or annual financial
      statements, as applicable).

	8. 	
      DIVIDEND POLICY

	8.1 	
      It is agreed that no dividends shall be declared or paid
      until all Claims have been repaid in full to the Lending Shareholders,
      unless each Lending Shareholder agrees otherwise in writing.

	 	 
	8.2 	
      Subject to the provisions of clauses 7 and 8.3, the
      Shareholders record their intention to declare the maximum amount of
      dividends bi-annually with effect from the 2017 Financial Year. However,
      any declaration or payment of a dividend made in terms of this clause 8.2
      shall be subject to:

	8.2.1 	
      the restrictions set out in clause 7;

	 	 
	8.2.2 	
      the requirements of the Act and any other applicable
      legislation or regulations;

	 	 
	8.2.3 	
      the working capital requirements of the Company for the
      following 12 (twelve) months, acting reasonably;

	 	 
	8.2.4 	
      the investment commitments of the Company for the
      following 12 (twelve) months, acting reasonably;

	 	 
	8.2.5 	
      the declaration being permissible in terms of the
      agreements between the Company and any third-party lenders (including any
      bondholders) to the Company; and

	 	 
	8.2.6 	
      any additional restrictions as may be contained in the
      Memorandum of Incorporation.

	8.3 	
      The Board’s decision on whether or not to declare and pay
      a dividend in terms of this clause 8 shall be subject to the following: if
      the Group’s Net Debt (as evidenced by a certificate duly issued by the
      Auditors at the relevant time of declaring the dividend) post- proposed
      dividend, divided by the Group’s last 12 (twelve) month rolling EBITDA (as
      evidenced by a certificate duly issued by the Auditors at the relevant
      time) results in a multiple that:

	8.3.1 	
      is equal or greater than 4 (four), then no dividend shall
      be declared or paid;

	 	 
	8.3.2 	
      is greater than 3.5 (three point five) but less than 4
      (four), then a maximum dividend of up to R100,000,000 (one hundred million
      Rand) (gross of applicable dividends tax) shall be declared and paid,
      provided that the multiple does not equal or exceed 4 (four) following
      such declaration and payment;

	 	 
	8.3.3 	
      is greater than 3 (three) but less than or equal to 3.5
      (three point five), then a maximum dividend of up to R200,000,000 (two
      hundred million Rand) (gross of applicable dividends tax) shall be
      declared and paid, provided that the multiple does not equal or exceed 3.5
      (three point five) following such declaration and payment; or

	 	 
	8.3.4 	
      is less than or equal to 3 (three), then the maximum
      permitted dividend shall be declared and paid by the Company as long as
      the multiple does not equal or exceed 3 (three) following such declaration
      and payment. Notwithstanding the aforementioned, a minimum dividend of
      R200,000,000 (two hundred million Rand) (gross of
  applicable dividends tax) shall always be declared and paid if the multiple is
      less or equal to 3 (three) whether or not the multiple exceeds 3 (three)
      following such declaration or payment. 

20

 

	9. 	
      DISPOSAL OF EQUITY AND
LOCK-UP

	9.1 	
      A Shareholder may not Dispose of any of its Equity except
      as specifically provided or permitted under this Agreement. Except as
      otherwise provided in this Agreement, no Shares shall be Disposed of by
      any Shareholder unless a proportionate percentage of Claims are Disposed
      of simultaneously by such Shareholder.

	 	 
	9.2 	
      Subject to clause 24, a Disposal of Equity is permitted:
      (i) with the written consent of all Shareholders; or (ii) without the
      written consent of all Shareholders, by an Original Shareholder (other
      than M5 and MS15) to an Affiliate, provided
that:

	9.2.1 	
      notwithstanding any contrary provisions in this
      Agreement: (i) BLT Parent shall be entitled to Dispose of all or any of
      its shares in, or claims against, BLT to another wholly-owned subsidiary
      of BLT Parent; and (ii) BLT shall be entitled to merge its interests
      (which may include a transfer by BLT to BLT Parent of its Equity) into BLT
      Parent as part of a bona fide internal restructuring, without
      invoking the provisions of clauses 10, 11, 12, 14, 16 of this Agreement
      and/or clause 3.4 (Pre-emption) of the MOI and each Shareholder
      waives any and all of its pre-emptive rights to enable such transfer to
      occur;

	 	 
	9.2.2 	
      notwithstanding any contrary provisions in this
      Agreement: (i) NET1 Parent shall be entitled to Dispose of all or any of
      its shares in, or claims against, NET1 to another wholly-owned subsidiary
      of NET1 Parent; and (ii) NET1 shall be entitled to merge its interests
      (which may include a transfer by NET1 to NET1 Parent of its Equity) into
      NET1 Parent as part of a bona fide internal restructuring, without
      invoking the provisions of clauses 10, 11, 12, 14, 16 of this Agreement
      and/or clause 3.4 (Pre- emption) of the MOI and each Shareholder
      waives any and all of its pre-emptive rights to enable such transfer to
      occur,

		
      in each case, a Permitted Disposal.

	 	 
	9.3 	
      It is specifically agreed
that:

	9.3.1 	
      MS15 shall not be entitled to Dispose of any of its
      Shares or Claims for a period of 4 (four) years from the Implementation
      Date other than as specifically provided for in clauses 11, 12, 14, 16, 19
      or 20 of this Agreement or pursuant to the enforcement by any of the
      Creditors of their rights under the respective SPV Documents;

	 	 
	9.3.2 	
      MS15 was set up for the sole purpose of acquiring and
      holding Shares, directly or indirectly, including the MS15 Shares, and
      MS15 may not, accordingly, conduct any business or incur any debt not
      strictly necessary to fulfil its stated and sole purpose; and

	 	 
	9.3.3 	
      should MS15 Dispose of any or all of its MS15 Shares
      after the 4 (four) year period referred to in clause 9.3.1, it may only do
      so subject to complying with the provisions of clauses 10 and
  21.

21

	9.4 	
      Should an Affiliate to whom any Equity has been Disposed
      to in terms of clause 9.2 cease to be an Affiliate in relation to the
      Original Shareholder from whom it acquired its Equity, then that Affiliate
      (now Shareholder) undertakes, by virtue of having acceded to the terms of
      this Agreement, to immediately transfer all the Equity back to the
      Original Shareholder concerned, or to such other Affiliate of that
      Original Shareholder, as may be so nominated, subject to clause 24.
      Furthermore, should Equity be transferred to an Affiliate of an Original
      Shareholder as contemplated and permitted in this clause 9, such Affiliate
      may not in turn Dispose of any Equity to any other Affiliate other than
      back to the Original Shareholder from whom the Affiliate acquired the
      Equity.

	 	 
	9.5 	
      Other than a Disposal of Equity in accordance with this
      Agreement or an Encumbrance of Equity by:

	9.5.1 	
      BLT or NET1; or

	 	 
	9.5.2 	
      any other Shareholder pursuant to any agreement for the
      pledge of Shares or any other related financing or security arrangement
      entered into in order to implement the
Transaction,

which shall at all times be permitted
in accordance with the terms of this Agreement, an Encumbrance of Equity
requires the prior written consent of all the Shareholders and the share
certificate evidencing any Encumbered Shares must be endorsed to that effect.

	10. 	
      PRE-EMPTION

	10.1 	
      Subject to clauses 11, 12, 13, 14, 15, 16, 19, 20 and 32,
      it is recorded and agreed that the holder of Class “B” Shares shall not be
      entitled to Dispose of any Class “B” Shares and, following the conversion
      of the Class "B" Shares into Class "A" Shares, M5 shall not be entitled to
      Dispose of any Class "A" Shares in terms of this clause 10 prior to the
      5th (fifth) anniversary of the Implementation Date and, after
      such date, M5 may Dispose of Class "A" Shares in terms of this clause
      10.

	 	 
	10.2 	
      Subject to the provisions of clauses 9, 10.1, 11, 12 and
      13, if any Shareholder (referred to below as the Seller), receives
      an offer for, or otherwise wishes to Dispose of, all or some of its Shares
      in the Company and a corresponding amount of its Claims (Sale
      Equity) to, a bona fide third party (Third Party Offer)
      (provided that Shares shall not be offered to or otherwise transferred to
      a Competitor of the Company) such shareholder
must:

	10.2.1 	
      if the Seller is BLT, first offer the Sale Equity in
      writing to NET1;

	 	 
	10.2.2 	
      if the Seller is NET1, first offer the Sale Equity in
      writing to BLT;

	 	 
	10.2.3 	
      if the Seller is any member of M5, first offer the Sale
      Equity in writing to BLT, NET1 and the other members of M5 pro rata
      to their percentage shareholding in the Company;

	 	 
	10.2.4 	
      if the Seller is SPV1, first offer the Sale Equity in
      writing to the other Shareholders, other than SPV2 and SPV3;

	 	 
	10.2.5 	
      if the Seller is SPV2, first offer the Sale Equity in
      writing to the other Shareholders, other than SPV1 and SPV3;

	 	 
	10.2.6 	
      if the Seller is SPV3, first offer the Sale Equity in
      writing to the other Shareholders, other than SPV1 and SPV2;
  or

22

	10.2.7 	
      if the Seller is any Shareholder other than BLT, NET1,
      any member of M5, SPV1, SPV2 or SPV3, offer the Sale Equity in writing to
      all the other Shareholders pro rata to their percentage
      shareholding in the Company,

		
      (collectively referred to as the Offer Notice) on
      the terms and conditions as set out in the Third Party Offer.

	 	 
	10.3 	
      The Offer Notice should set out full details
  of:

	10.3.1 	
      the Sale Equity, it proposes to Dispose of;

	 	 
	10.3.2 	
      the name of the proposed purchaser and of any person who
      Controls the proposed purchaser, or where there is no proposed purchaser,
      then this fact must be stated;

	 	 
	10.3.3 	
      the price per Share and the amount payable for the
      Claims, if any (all of which is payable on Completion in accordance with
      clause 17.5) (Proposed Purchase Price);

	 	 
	10.3.4 	
      the warranties (if any) the Seller proposes to give the
      proposed purchaser; and

	 	 
	10.3.5 	
      all other terms of the proposed
sale.

	10.4 	
      An Offer Notice delivered by a Seller is irrevocable and
      constitutes:

	10.4.1 	
      an offer by the Seller to sell the Sale Equity to all the
      other Shareholders who received the notice at the Proposed Purchase Price
      and on the same terms mutatis mutandis, all as stated in the Offer
      Notice and in the manner outlined in this clause 10; and

	 	 
	10.4.2 	
      appointment of the Secretary as agent of the Seller for
      the purpose of that offer.

	10.5 	
      Each Shareholder which elects to purchase its portion of
      the Sale Equity in response to an Offer Notice (referred to below as a
      Buyer), shall notify the Seller, the Company and the Secretary in
      writing of its election within 30 (thirty) calendar days of receipt of the
      Offer Notice. Should a Shareholder elect to purchase its portion of the
      Sale Equity, such Shareholder shall pay to the Seller, in cash and subject
      to clause 10.11, its portion of the Proposed Purchase Price within 30
      (thirty) calendar days of notifying the Seller of its election to purchase
      the Sale Equity.

	 	 
	10.6 	
      If any of the Shareholders fail to purchase all of the
      Sale Equity offered to it in the Offer Notice by SPV1, SPV2 or SPV3 then
      the relevant Seller shall again be obliged to issue an Offer Notice in
      respect of the Sale Equity not purchased to all the Buyers and the Buyers
      shall again be entitled to purchase its portion of the Sale Equity on
      offer and, if there are no other Buyers, all of the Sale Equity on offer
      by any of SPV1, SPV2 or SPV3. Following the aforementioned additional
      offer of Sale Equity, if any of the Shareholders fail to purchase all of
      the Sale Equity offered to it in the Offer Notice
by:

	10.6.1 	
      SPV1 as referred to in clause 10.2.4, then SPV1 must
      offer the Sale Equity not accepted by any such Shareholder to SPV2 and
      SPV3;

	 	 
	10.6.2 	
      SPV2 as referred to in clause 10.2.5, then SPV2 must
      offer the Sale Equity not accepted by any such Shareholder to SPV1 and
      SPV3; or

	 	 
	10.6.3 	
      SPV3 as referred to in clause 10.2.6, then SPV3 must
      offer the Sale Equity not accepted by any such Shareholder to SPV1 and
      SPV2,

23

		
      on the terms set out in clauses 10.2 to 10.5.

	 	 
	10.7 	
      Should:

	10.7.1 	
      either SPV2 or SPV3 fail to purchase at all, or do not
      purchase in full, the Sale Equity offered to it in the Offer Notice by
      SPV1 as envisaged to in clause 10.6.1;

	 	 
	10.7.2 	
      either SPV1 or SPV3 fail to purchase at all, or do not
      purchase in full, the Sale Equity offered to it in the Offer Notice by
      SPV2 as envisaged to in clause 10.6.2;

	 	 
	10.7.3 	
      either SPV1 or SPV2 fail to purchase at all, or do not
      purchase in full, the Sale Equity offered to it in the Offer Notice by
      SPV3 as envisaged to in clause 10.6.3; or

	 	 
	10.7.4 	
      a Shareholder otherwise not purchase at all, or does not
      purchase in full, its pro rata portion of the Sale Equity offered
      to it pursuant to clause 10.2.7,

		
      (referred to as the Non-Accepting Shareholder),
      then the Non-Accepting Shareholder shall be deemed to have renounced its
      entitlement to purchase its full pro rata portion of the Sale
      Equity in favour of the Buyers who have agreed to purchase in full their
      respective pro rata portions of the Sale Equity, such renunciation
      being free of any consideration.

	 	 
	10.8 	
      If all (and not some only) of the Sale Equity is not
      acquired by the Shareholders following compliance with the process set out
      in this clause 10, then the Seller shall be entitled to dispose of all of
      the Sale Equity to the named third party:

	10.8.1 	
      at a price not less than that, and on terms and
      conditions that are materially no less favourable than those, set out in
      the original Third Party Offer;

	 	 
	10.8.2 	
      subject, where applicable, to rights contained in clauses
      9, 11, 12 or 13 provided that clauses 9, 11, 12 or 13 do not apply to SPV3
      where SPV3 is the seller; and

	 	 
	10.8.3 	
      subject to clause 10.11, within a period of 180 (one
      hundred and eighty) calendar days from the date of the Offer Notice, after
      which the Seller will once again be obliged to offer the Sale Equity to
      the other Shareholders as set out in this clause
10.

	10.9 	
      Should no proposed purchaser be set out in the Offer
      Notice as envisaged in clause 10.3.2, then the Seller will once again be
      obliged to offer the Sale Equity to the other Shareholders as set out in
      this clause 10 upon disclosing the details of the proposed purchaser to
      the other Shareholders and prior to disposing of the Sale Equity to the
      proposed purchaser.

	 	 
	10.10 	
      The Secretary may not allocate what would otherwise be
      fractional interests in Shares, but shall round off to the nearest whole
      number with 0.5 (zero point five) being rounded up.

	 	 
	10.11 	
      Completion under clause 17 must take place as soon as
      possible after the Sale Equity has been allocated to the Buyers or such
      extended period as may be required to obtain regulatory approvals and
      Complete the acquisition of such shares.

	 	 
	10.12 	
      The pre-emption rights set out in this clause 10 shall
      apply, mutatis mutandis, to any issue of new shares of any class by
      the Company, other than as contemplated in clause
6.6.

24

	11. 	
      TAG ALONG RIGHTS

	11.1 	
      Subject to Shareholder compliance with the provisions of
      clause 10, if any one or more Shareholders (Selling Shareholders)
      issues an Offer Notice that is for Shares constituting 50% (fifty per
      cent) or more of the issued Share capital of the Company (and
      corresponding Claims, if any) (Tag Equity), in one or a series of
      transactions, then each other Original Shareholder (or its Affiliate
      pursuant to a Permitted Disposal) other than SPV1, without the prior
      written consent of the holders of the SPV1 Bonds, and NET1 but including,
      subject to clause 11.6, M5, has the right (Tag Along Right) to
      require the Selling Shareholders to cause the purchaser named in the Offer
      Notice or, where there is no named purchaser, the party to whom the
      Selling Shareholders wish to sell the Tag Equity to, to also buy a pro
      rata portion of their Equity (Pro Rata Equity) at the same
      price and on the same terms and conditions applicable to the sale of the
      Tag Equity.

	 	 
	11.2 	
      To exercise its Tag Along Right, an Original Shareholder
      (or its Affiliate pursuant to a Permitted Disposal) must, within 20
      (twenty) calendar days following receipt of the Offer Notice, notify the
      Selling Shareholders and the Secretary in writing of the exercise of its
      Tag Along Right.

	 	 
	11.3 	
      If the Selling Shareholders of the Tag Equity Completes
      the sale notified in the Offer Notice, they must ensure that the purchaser
      of their Tag Equity simultaneously completes the acquisition of all Equity
      which is subject to the exercise of a Tag Along Right provided that the
      same price, terms and conditions applicable to the sale of the Tag Equity
      shall apply to the sale of all of the Equity (including the provision of
      warranties by all sellers of Equity).

	 	 
	11.4 	
      Completion under clause 17 must take place as soon as
      possible after the Tag Along Right has been exercised or such extended
      period as may be required to obtain regulatory approvals and Complete the
      acquisition of Tag Equity and each other Shareholder waives its
      pre-emptive rights to enable a sale under this clause 11 to be effected.
      It being recorded and agreed that any sale in terms of this clause 11 will
      be subject to the warranties in clause 20.5 mutatis
  mutandis.

	 	 
	11.5 	
      Notwithstanding the remaining provisions in this clause
      11, it is agreed that:

	11.5.1 	
      the Tag Along Right under this clause 11 shall not be
      triggered if the sale of Shares by the Selling Shareholders is pursuant to
      a Listing or a listing as initiated by the Shareholders (or any of them);
      and

	 	 
	11.5.2 	
      MS15 shall not be entitled to follow its Tag Along Right
      under this clause 11 in the first 7 (seven) years following the
      Implementation Date unless: (i) BLT and NET1 have consented thereto in
      writing; and (ii) doing so would not be prejudicial in any manner to the
      Company.

	11.6 	
      M5 will only be entitled to exercise the Tag Along Right
      set out in clause 11.1 provided that:

	11.6.1 	
      it is the holder of Class “A” Shares; and

	 	 
	11.6.2 	
      at the time that the Selling Shareholders issue the Offer
      Notice referred to above, a period of at least 4 (four) years have elapsed
      from the Implementation Date; or

25

	11.6.3 	
      at the time that the Selling Shareholders issue the Offer
      Notice referred to above as well as at the time of Completion of such sale
      (and the period in between):

	11.6.3.1 	
      José dos Santos is the Chief Executive Officer of the
      Company; or

	 	 
	11.6.3.2 	
      if José dos Santos is not the Chief Executive Officer of
      the Company, it is not due to him having been dismissed by the Company for
      any of the following reasons:

	11.6.3.2.1 	
      him breaching his terms of employment, or being found
      guilty of misconduct or gross negligence that justifies his
    dismissal;

	 	 
	11.6.3.2.2 	
      him committing any breach or offence which results in a
      criminal conviction due to him being dismissed for cause; or

	 	 
	11.6.3.2.3 	
      him becoming prohibited by law from being a director of a
      company,

		
      provided that any such dismissal (save in the case of
      clause 11.6.3.2.3) will be subject to the relevant provisions of the
      Labour Relations Act, 66 of 1995 and the Company’s internal disciplinary
      procedures.

	 	 
	11.7 	
      Notwithstanding anything to the contrary contained herein
      and for the avoidance of any doubt, this clause 11 shall no longer apply
      upon a Listing.

	12. 	
      DRAG ALONG RIGHTS

	12.1 	
      Subject to Shareholder compliance with the provisions of
      clause 10 and clause 12.2, if any one or more Shareholders (Selling
      Shareholders) issues an Offer Notice that is for Shares constituting
      50% (fifty per cent) or more of the issued Share capital of the Company
      (and corresponding Claims, if any) (Drag Equity) in one or a series
      of transactions, then the Selling Shareholders shall be entitled to
      require the other Shareholders (other than (i) NET1; and (ii) SPV1, SPV2
      and SPV3 within the first 12 (twelve) months following the Implementation
      Date) (Dragged Shareholders) to sell all of their Equity at the
      same price, terms and conditions applicable to the sale of the Drag Equity
      (including the provision of warranties).

	 	 
	12.2 	
      Notwithstanding the provisions of clause
  12.1:

	12.2.1.1 	
      M5 shall not be required to sell their Shares under this
      clause 12 if the price is less than the result of: (i) 7 (seven) times the
      Group’s last 12 (twelve) month rolling EBITDA (as evidenced by a
      certificate duly issued by the Auditors at the relevant time); less (ii)
      the Enterprise Value Adjustments; multiplied by (iii) the percentage
      shareholding in the Company of the relevant Dragged Shareholder;

	 	 
	12.2.1.2 	
      unless otherwise agreed to in writing by SPV2, SPV2 shall
      not be required to sell its Shares under this clause 12 if the price
      attributable to the SPV2 Shares is less than the aggregate of the
      principal amount and the accrued interest on the loan between SPV2 and
      China Development Bank and Industrial and Commercial Bank of China Limited
      then outstanding;

	 	 
	12.2.1.3 	
      unless otherwise agreed to in writing by SPV1, SPV1 shall
      not be required to sell its Shares under this clause 12: (i) until such
      time as SPV2 is obliged to sell its Shares following the fulfilment of the
      requirement set out in clause 12.2.1.2; and (ii) for a value less than the
      Fair Market Value of such Shares; or

26

	12.2.1.4 	
      unless otherwise agreed to in writing by SPV3, SPV3 shall
      not be required to sell its Shares under this clause 12 until such time as
      SPV2 is obliged to sell its Shares following the fulfilment of the
      requirement set out in clause 12.2.1.2.

	12.3 	
      For a period of 7 (seven) years from the Implementation
      Date, should MS15 not retain the Targeted Black Interest (provided that
      there shall be a period of 30 (thirty) days from the date of MS15 Becoming
      Aware or being notified in writing of the relevant event resulting in MS15
      not retaining the Targeted Black Interest to remedy such non-compliance)
      then, regardless of the cause thereof other than a change in law, MS15
      shall retain its rights and obligations under this clause 12, provided
      that the minimum price provided in clause12.1shall no longer
  apply.

	 	 
	12.4 	
      Completion under clause 17 must take place as soon as
      possible after having reached agreement on the sale of the Drag Equity,
      subject to obtaining the required regulatory approvals and each other
      Shareholder waives its pre-emptive rights to enable a sale under this
      clause 12 to be effected. It being recorded and agreed that any sale in
      terms of this clause 12 will be subject to the warranties in clause 20.5
      mutatis mutandis.

	13. 	
      M5 PUT OPTION

	13.1 	
      Subject to Shareholder compliance with the provisions of
      clauses 10 and 11.6, should any Shareholder (Controlling
      Shareholder), other than M5, agree to acquire, in one or more
      transactions, Shares that will result in its entire shareholding
      constituting more than 50% (fifty per cent) of the entire issued Share
      capital of the Company (and corresponding Claims, if any) in one or more
      transactions (Control Put Equity), then the Controlling Shareholder
      shall be obliged to give written notice thereof (M5 Put Notice) to
      M5 and M5 has the option (M5 Put Option) to put its entire Equity
      (and not only part thereof) to the Controlling Shareholder and accordingly
      oblige the Controlling Shareholder to buy M5’s Equity at a price that is
      equal to the result of: (i) 5 (five) times the Group’s last 12 (twelve)
      month rolling EBITDA (as evidenced by a certificate duly issued by the
      Auditors at the relevant time); less (ii) the Enterprise Value
      Adjustments; multiplied by (iii) the percentage shareholding in the
      Company of M5 (subject to clause 13.3) and otherwise on the same terms and
      conditions applicable to the acquisition of the Control Put Equity. It is
      agreed that the M5 Put Option as set out in this clause 13 shall lapse and
      be of no further force or effect with effect from the 5th
      (fifth) anniversary of the Implementation Date.

	 	 
	13.2 	
      To exercise the M5 Put Option, M5 must, within 20
      (twenty) calendar days of receiving the M5 Put Notice, notify the
      Controlling Shareholder, BLT, NET1 and the Secretary in writing of the
      exercise of the M5 Put Option.

	 	 
	13.3 	
      The Controlling Shareholder must simultaneously with the
      Completion of the sale of the Control Put Equity Complete the acquisition
      of M5’s Equity and the payment of the purchase price in respect thereof,
      provided that the same terms and conditions (other than the price as set
      out in clause 13.1) applicable to the sale of the Control Put Equity shall
      apply to the sale of M5’s Equity (including the provision of warranties by
      all sellers of Equity).

	 	 
	13.4 	
      Completion under clause 17 must take place as soon as
      possible after the M5 Put Option has been exercised or such extended
      period as may be required to obtain regulatory approvals and Complete the
      acquisition of the Control Put Equity. Completion of the exercise of the
      M5 Put Option as provided for in this clause 13 shall be subject to
    all Applicable Laws and the relevant parties obtaining the
      necessary consents (including that of the competition authorities and
      ICASA, if required) and each other Shareholder waives its pre-emptive
      rights to enable a sale under this clause 13 to be effected. It being
      recorded and agreed that any sale in terms of this clause 13 will be
      subject to the warranties in clause 20.5 mutatis
mutandis.

27

	13.5 	
      If M5 Disposes of some or all of its Shares in terms of
      this clause 13, such Disposal shall not be subject to the provisions of
      clauses 10, 14 or 16.1.

	14. 	
      M5 CALL OPTION

	14.1 	
      Subject to Shareholder compliance with the provisions of
      clauses 10 and 11.6, should any Shareholder (Controlling
      Shareholder), other than M5, agree to acquire, in one or more
      transactions, Shares that will result in its entire shareholding
      constituting more than 50% (fifty per cent) of the entire issued Share
      capital of the Company (and corresponding Claims, if any) (Control Call
      Equity), then the Controlling Shareholder shall be obliged to give
      written notice thereof (M5 Call Notice) to M5 and the Controlling
      Shareholder has the option (M5 Call Option) to call upon M5’s
      Equity and oblige M5 to sell M5’s Equity to the Controlling Shareholder,
      at the same price (subject to clause 14.3) and on the same terms and
      conditions applicable to the acquisition of the Control Call Equity
      provided that M5 shall not be required to sell their Shares under this
      clause 14 if the price is less than the result of: (i) 7 (seven) times the
      Group’s last 12 (twelve) month rolling EBITDA (as evidenced by a
      certificate duly issued by the Auditors at the relevant time); less (ii)
      the Enterprise Value Adjustments; multiplied by (iii) the percentage
      shareholding in the Company of M5 and otherwise on the same terms and
      conditions applicable to the acquisition of the Control Call Equity. It is
      agreed that the M5 Call Option as set out in this clause 14 shall lapse
      and be of no further force or effect 60 (sixty) days after the expiry of
      the 5th (fifth) anniversary of the Implementation
  Date.

	 	 
	14.2 	
      To exercise the M5 Call Option, the Controlling
      Shareholder must, within 20 (twenty) calendar days of delivering the M5
      Call Notice to M5, notify BLT, NET1 and the Secretary in writing of the
      exercise of the M5 Call Option.

	 	 
	14.3 	
      The Controlling Shareholder must simultaneously with the
      Completion of the sale of the Control Call Equity Complete the acquisition
      of M5’s Equity and the payment of the purchase price in respect thereof,
      provided that the same terms and conditions (other than the price as set
      out in clause 14.1) applicable to the sale of the Control Call Equity
      shall apply to the sale of M5’s Equity (including the provision of
      warranties by all sellers of Equity).

	 	 
	14.4 	
      Completion under clause 17 must take place as soon as
      possible after the M5 Call Option has been exercised or such extended
      period as may be required to obtain regulatory approvals and Complete the
      acquisition of Control Call Equity. Completion of the exercise of the M5
      Call Option as provided for in this clause 14 shall be subject to all
      Applicable Laws and the relevant parties obtaining the necessary consents
      (including that of the competition authorities and ICASA, if required) and
      each other Shareholder waives its pre- emptive rights to enable a sale
      under this clause 14 to be effected. It being recorded and agreed that any
      sale in terms of this clause 14 will be subject to the warranties in
      clause 20.5 mutatis mutandis.

28

	14.5 	
      If M5 Disposes of some or all of its Shares in terms of
      this clause 14, such Disposal shall not be subject to the provisions of
      clauses 10, 13 or 16.1.

	15. 	
      FORCED TRANSFER OF EQUITY ON TRIGGER
  EVENT

	15.1 	
      A Shareholder (Defaulting Shareholder) shall
      immediately notify the other Shareholders and the Company in writing if it
      is the subject of a Trigger Event. If a Defaulting Shareholder so notifies
      the other Shareholders or the other Shareholders otherwise become aware of
      such Trigger Event, then any other Shareholder or combination of
      Shareholders, other than the Defaulting Shareholder, SPV1, SPV2 and SPV3
      (Acquiring Shareholder(s)) may notify the Defaulting Shareholder,
      the Company and all other Shareholders that it or they will buy all of the
      Defaulting Shareholder’s Equity at the Fair Market Value of such Shares
      less 10% (ten per cent) and Claims, if any, at face value (which must be
      payable on Completion in accordance with clause 17.5) (Trigger
      Price), provided that all Acquiring Shareholders shall be entitled to
      participate as such pro rata to its shareholding in the
    Company.

	 	 
	15.2 	
      For the avoidance of doubt, where a Party comprising M5
      is the subject of a Trigger Event, only such Party shall be deemed a
      Defaulting Shareholder and the remaining Parties comprising M5 shall not
      be deemed to be Defaulting Shareholders.

	 	 
	15.3 	
      A notice under clause 15.1 is irrevocable.

	 	 
	15.4 	
      If the sale of the Defaulting Shareholder’s Equity is to
      proceed under this clause, then:

	15.4.1 	
      the Secretary must notify all Shareholders of the
      proposed sale and the Trigger Price;

	 	 
	15.4.2 	
      the Defaulting Shareholder must be treated as having
      issued to all other Shareholders an Offer Notice for sale of all its
      Equity;

	 	 
	15.4.3 	
      clauses 10 and 17 apply; and

	 	 
	15.4.4 	
      the Acquiring Shareholders shall be obliged to purchase
      all (and not some only) of the Defaulting Shareholder’s Equity, provided
      that if any Acquiring Shareholder fails to purchase its total pro rata
      portion of the Defaulting Shareholder’s Equity, such Shareholder shall
      be deemed to have renounced its entitlement to purchase such portion to
      the other Acquiring Shareholders and the other Acquiring Shareholders may
      proportionally increase their share in the Defaulting Shareholder’s
      Equity.

	15.5 	
      Tag Along Rights do not apply to a sale of Equity under
      this clause 15. The Defaulting Shareholder is not required to give any
      warranties other than customary title warranties in respect of such
      Equity.

	16. 	
      CHANGE OF CONTROL

	16.1 	
      Should any Party comprising M5 (Defaulting M5
      Party) sell any of its Shares to any party (Purchasing Third
      Party) without offering such Shares to the other Shareholders in
      accordance with the provisions set out in clause 10 or without the prior
      written consent of the other Shareholders, then a deemed offer of: (i) all
      the Shares held by such Purchasing Third Party; and (ii) all the remaining
      Shares held by the Defaulting M5 Party, if any, (collectively referred to
      as the Defaulting Shares) shall be deemed to have been triggered.
      The Equity subject to the deemed offer and held by the Purchasing Third
      Party or the Defaulting M5 Party, as the case may be, in the
      Company shall be deemed to have been offered to the other Shareholders
      (other than the Defaulting M5 Party) at the Fair Market Value of such
      shares less 10% (ten per cent) and Claims, if any, at face value and as
      set out in clause 16.3.

29

	16.2 	
      For a period of 7 (seven) years from the Implementation
      date, should MS15 not retain the Targeted Black Interest (provided that
      there shall be a period of 30 (thirty) days from the date of MS15 Becoming
      Aware or being notified in writing of the relevant event resulting in MS15
      not retaining the Targeted Black Interest to remedy such non-compliance)
      then, regardless of the cause thereof other than a change in law, a deemed
      offer of the MS15 Shares shall be triggered. The Equity subject to the
      deemed offer and held by MS15 in the Company shall be deemed to have been
      offered to the other Shareholders at the Fair Market Value of such shares
      less 10% (ten per cent) and Claims, if any, at face value and as set out
      in clause 16.3.

	 	 
	16.3 	
      If a sale of Equity is to proceed under either clause
      16.1 or 16.2, then:

	16.3.1 	
      the Secretary must notify all Shareholders (other than
      SPV1, SPV2 and SPV3) of the proposed sale and the price;

	 	 
	16.3.2 	
      if M5 triggers the deemed offer under clause 16.1, the
      Defaulting M5 Party or the Purchasing Third Party, as the case may be,
      must issue to all other Shareholders (other than SPV1, SPV2 and SPV3) an
      Offer Notice for sale of the Defaulting Shares provided that, should the
      Defaulting M5 Party or the Purchasing Third Party, as the case may be,
      fail to issue an Offer Notice as contemplated, any other Party aware of
      such trigger may issue an Offer Notice; or

	 	 
	16.3.3 	
      if MS15 triggers the deemed offer under clause 16.2, MS15
      must issue to all other Shareholders (other than SPV1, SPV2 and SPV3) an
      Offer Notice for sale of all its Equity in the Company provided that,
      should MS15 fail to issue an Offer Notice as contemplated, any other Party
      aware of such trigger may issue an Offer Notice; and

	 	 
	16.3.4 	
      clause 17 shall apply.

	16.4 	
      Should the Defaulting Shares or MS15’s Equity, as the
      case may be, not be acquired in full by the other Shareholders (other than
      SPV1, SPV2 and SPV3) following the provisions of clauses 16.3.1, 16.3.2
      and 16.3.3 then the Defaulting M5 Party or MS15, as the case may be, shall
      be obliged to issue the Offer Notices to all of the Shareholders
      (including SPV1, SPV2 and SPV3) offering any Defaulting Shares or MS15’s
      Equity not acquired when the Offer Notices were first
  issued.

	17. 	
      COMPLETION OF TRANSFERS OF
EQUITY

	17.1 	
      This clause 17 applies to the Completion of any Disposal
      of Equity under this Agreement other than a Permitted Disposal.

	 	 
	17.2 	
      The rights and obligations of the Parties in respect of
      any Disposal of Equity under this Agreement are subject to, where
      necessary, the prior approval of any competent and necessary regulatory
      authority provided that the Disposal shall always be subject to any
      specific time periods set out in the clause triggering the Disposal of
      Equity. Each Party will use all reasonable efforts on its part to ensure
      that any necessary approvals are obtained.

30

	17.3 	
      If the transferee is not already a Shareholder in the
      Company, the transferee must sign a Deed of Accession or a Funder Deed of
      Accession (as applicable) as envisaged in clause 24.3.

	 	 
	17.4 	
      The Secretary must notify each transferor and transferee
      of Equity of the arrangements for Completion including the time (between
      10:00 and 15:00), date (between 5 (five) and 10 (ten) Business Days after
      receipt of the notice) and place (in Johannesburg) for
  Completion.

	 	 
	17.5 	
      At Completion, each transferee must pay to each
      transferor the Price for all the Shares and the amount owing for any
      Claims being transferred by inter-bank or other electronic funds transfer
      into an account notified by the transferor at least 2 (two) Business Days
      before Completion.

	 	 
	17.6 	
      At Completion, each transferor must
  deliver:

	17.6.1 	
      to the transferee for its
Shares:

	17.6.1.1 	
      duly executed proper instrument of transfer for the
      Shares being transferred;

	 	 
	17.6.1.2 	
      clear title in those Shares, free of any Encumbrance
      unless otherwise agreed to by the relevant transferor and transferee;
      and

	 	 
	17.6.1.3 	
      the original share certificates for all those Shares (if
      issued);

	17.6.2 	
      to the transferee for its Claims, a duly executed cession
      of the Claims; and

	 	 
	17.6.3 	
      to the Company, resignation of any director or directors
      nominated or appointed by the transferor under the Memorandum of
      Incorporation whom, following Completion, the transferor is no longer
      entitled to appoint, together with certified copies of such directors’
      identity documents or passports not older than 3 (three) months from the
      date of transfer of the Equity.

	17.7 	
      If a transferor required to transfer Equity under this
      Agreement fails to deliver at Completion any required executed instruments
      of transfer, the Secretary may sign a transfer instrument for the relevant
      Shares and/or cession for the relevant Claims, in each case as agent for
      the transferor. The Secretary may also receive, and give a good discharge
      for, the Price of any Share and the amount owing for any Claim transferred
      by the Secretary as agent for the transferor.

	 	 
	17.8 	
      Following Completion, stamping of share transfers (if
      required) and compliance with clause 24 (if required), the Company must
      register the transfer of the relevant Equity.

	 	 
	17.9 	
      The Company will pay all securities transfer tax payable
      in respect of a transfer of Shares and will be entitled to claim such
      securities transfer tax from the transferor.

	18. 	
      RELEASE OF GUARANTEES

	18.1 	
      Whenever a Shareholder (Selling Shareholder)
      Disposes of all its Equity to any other Shareholders (Buying
      Shareholders), the Buying Shareholders shall use their reasonable
      endeavours to procure the release of the Selling Shareholder and its
      Affiliates from all suretyships, guarantees and/or indemnities executed by
      the Selling Shareholder or its Affiliates on behalf of or for the benefit of the
      Company or any of its Affiliates in favour of third parties.

31

	18.2 	
      The Buying Shareholders hereby indemnify the Selling
      Shareholder, in proportion to the Equity acquired from the Selling
      Shareholder, in respect of any liability which the Selling Shareholder may
      have under any of the said suretyships, guarantees and/or indemnities
      until the Buying Shareholders have procured the said
  release.

	19. 	
      LISTING

	19.1 	
      It is the stated intention of the Shareholders to pursue,
      in good faith, a Listing within a reasonable time after the conclusion of
      this Agreement.

	 	 
	19.2 	
      At any stage following the Implementation Date, the Board
      may resolve to pursue a Listing and implement the provisions of this
      clause 19. Should the Board resolve to pursue a Listing, each Party agrees
      to:

	19.2.1 	
      act reasonably and provide such assistance to each other,
      the appointed underwriters and bookrunners and/or the Company as may
      reasonably be required for a successful Listing in accordance with
      standard market practice in respect of a Listing of its size and nature
      (Reasonable Assistance) and to vote in favour of all such
      resolutions as may be required to effect the Listing. Such Reasonable
      Assistance will include, amongst others:

	19.2.1.1 	
      reconstitution of the Board to comply with the Listings
      Requirements and appropriate governance practices, including the
      appointment of an appropriate number of independent directors to the
      Board;

	 	 
	19.2.1.2 	
      appropriate post-Listing lock-in restrictions up to a
      maximum period of 12 (twelve) months following the date of
  Listing;

	 	 
	19.2.1.3 	
      establishing an appropriate capital structure of the
      Company post-Listing; and

	 	 
	19.2.1.4 	
      a stand still on any share transfers in the period
      commencing 6 (six) weeks prior to the publication of the pre-listing
      statement or the prospectus, as the case may be, and ending on Listing;
      and

	19.2.2 	
      as a pre-condition to Listing, procure the release of any
      third party guarantees, sureties and/or all other undertakings provided on
      behalf of the Company by any Shareholder;

	 	 
	19.2.3 	
      waive any pre-emptive rights which they may have over the
      Shares to be placed pursuant to the Listing; and

	 	 
	19.2.4 	
      use their respective reasonable endeavours to prepare and
      file an offering document for the Listing, develop a plan for the
      marketing of the offering, procure agreements with Listing, transfer and
      paying agents and procure comfort letters and opinions, all as necessary
      or advisable, in the reasonable discretion of the underwriters or
      bookrunners, to facilitate a successful
Listing.

	19.3 	
      The cost of the Listing and any primary issuance of the
      Shares shall be borne by the Company. The on-going stock exchange and
      other costs related to the Company being a publicly traded company shall
      also be borne by the Company.

32

	19.4 	
      In the event that:

	19.4.1 	
      M5 elects to sell Shares as part of the Listing, it shall
      be entitled to dispose of up to a maximum of 50% (fifty per cent) of the
      Shares held by M5 pursuant to the Listing, which disposal shall occur
      though the sale of Shares by each member of M5 listed in Schedule
      1.1.55 pro rata to their holding of Shares; and

	 	 
	19.4.2 	
      MS15 elects to sell Shares as part of the Listing, it
      shall be entitled to dispose of up to a maximum of 30% (thirty per cent)
      of its Shares pursuant to the Listing provided that MS15 shall still be
      obliged to comply with the provisions of clause 21 following such disposal
      notwithstanding the termination of this
Agreement.

	19.5 	
      SPV1 shall only be entitled to sell Shares as part of the
      Listing to the extent that the holders of the SPV1 Bonds have consented to
      such sale in writing.

	20. 	
      M5 LISTING, BUY-BACK AND CALL
  OPTION

	20.1 	
      In the event that no Listing has taken place or has been
      triggered or commenced under clause 19 within 5 (five) years from the
      Implementation Date, M5 shall be entitled to require a Listing of the
      Company on, mutatis mutandis, the same terms and conditions as set
      out in clause 19.2 by giving written notice thereof to the Company and the
      other Shareholders (M5 Listing Notice) within 60 (sixty) days after
      the expiry of the aforementioned 5 (five) year period (M5 Listing
      Notice Period) and provided that:

	20.1.1 	
      the Group’s last 12 (twelve) month rolling EBITDA reached
      an amount of R3,500,000,000 (three billion five hundred million Rand). The
      Company shall instruct the Auditors to prepare a certificate confirming
      the Group’s last 12 (twelve) month rolling EBITDA number as envisaged in
      this clause 20.1.1, which Auditor’s certificate will be attached to the M5
      Listing Notice. Should M5 fail to invoke the provisions of this clause
      20.1 when it is entitled to do so, and the Group’s last 12 (twelve) month
      rolling EBITDA at any time thereafter falls below R3,500,000,000 (three
      billion five hundred million Rand), then M5 can thereafter only invoke the
      provisions of this clause 20.1 upon the Group’s last 12 (twelve) month
      rolling EBITDA once again reaching an amount of R3,500,000,000 (three
      billion five hundred million Rand);

	 	 
	20.1.2 	
      the Main Board Listing Criteria contained in the Listings
      Requirements are complied with; and

	 	 
	20.1.3 	
      in the event that MS15 elects to sell Shares as part of
      the Listing, it shall be entitled to dispose of up to a maximum of 30%
      (thirty per cent) of its Shares pursuant to the Listing provided that MS15
      shall still be obliged to comply with the provisions of clause 21
      following such disposal.

	
      20.2 
	
      Should M5 elect to pursue a Listing resulting in the
      listing for trading of the Shares as contemplated in clause 20.1, the
      Listing process shall be controlled by Shareholders together holding not
      less than 75.1% (seventy five point one per cent) of the Shares and the
      appointment of the underwriters and bookrunners shall be appointed by
      agreement amongst Shareholders together holding not less than 75.1%
      (seventy five point one per cent) of the total issued share capital of the
      Company from the agreed list of potential underwriters and bookrunners, a
      copy of which is attached to this Agreement as Schedule
  20.2.

33

	20.3 	
      Should the Company for any reason wish not to pursue a
      Listing following receipt of the M5 Listing Notice, the Company shall be
      obliged, by the delivery of a written notice (Buy- Back Notice) to
      M5, BLT and NET1 within 60 (sixty) days of the date of the M5 Listing
      Notice, to acquire M5’s Equity (the M5 Buy-Back). The M5 Buy-Back
      shall be exercised against payment of a price that is equal to the result
      of: (i) 5 (five) times the Group’s last 12 (twelve) month rolling EBITDA
      (as evidenced by a certificate duly issued by the Auditors at the relevant
      time); less (ii) the Enterprise Value Adjustments; multiplied by (iii) the
      percentage shareholding in the Company of M5 (the Buy-Back Price).
      Completion of the M5 Buy Back shall be subject to all Applicable Laws and
      the relevant parties obtaining the necessary consents (including that of
      the competition authorities and ICASA, if required).

	 	 
	20.4 	
      The Buy-Back Price shall be payable by the Company to M5,
      subject to Completion, as follows:

	20.4.1 	
      an initial amount equal to the lesser of 30% (thirty per
      cent) of the Buy-Back Price or an amount of R1,000,000,000 (one billion
      Rand), against transfer of M5’s Equity to it; and

	 	 
	20.4.2 	
      the remainder of the Buy-Back Price shall be paid in
      equal monthly instalments over 36 (thirty six) months (Buy-Back
      Instalments). Interest shall be charged on such Buy- Back Instalments
      at the Prime Rate and payable with each Buy-Back Instalment. The Company
      may, at its election, accelerate the payment of the Buy-Back Instalments
      without any penalty. Should the Company fail to pay any Buy-Back
      Instalment together with accrued interest on the due date for such
      payment, the entire Buy-Back Price together with all unpaid Buy-Back
      Instalments and accrued interest shall immediately become due and payable
      by the Company.

	20.5 	
      M5 warrants to the Company, on delivery of the Buy-Back
      Notice immediately prior to Completion of any sale in terms thereof,
      that:

	20.5.1 	
      M5 will be the sole beneficial and, where applicable,
      registered owner of the Shares held by it (and corresponding Claims, if
      any) (M5 Equity) and will be able to give free and unencumbered
      title of the M5 Equity to the Company;

	 	 
	20.5.2 	
      no third party will have any right (including any option
      or right of first refusal) to acquire the M5 Equity;

	 	 
	20.5.3 	
      upon delivery of the M5 Equity and the documents of title
      to the Company in terms of this clause 20, ownership of the M5 Equity will
      pass to the Company and the Company will become the sole registered and
      beneficial owner of the M5 Equity; and

	 	 
	20.5.4 	
      the M5 Equity will, when delivered to the Company, be
      free of any cession, pledge, lien, hypothec or other Encumbrance of any
      nature whatsoever and free of any other security interest or right of
      retention or right of pre-emption and no agreement shall have been entered
      into which may give rise to the M5 Equity sold being thus
    Encumbered.

	20.6 	
      If M5 does not deliver the M5 Listing Notice within the
      M5 Listing Notice Period, then from the day after the expiry of the M5
      Listing Notice Period (Call Option Effective Date) the Company will
      be entitled to exercise a call option to purchase all of M5’s Equity
      within 60 (sixty) days of the Call Option Effective Date (Call Option
      Period) and M5 will be obliged to sell its Equity to the Company against payment of a
      price that is equal to or higher than the result of: 7 (seven) times the
      Group’s last 12 (twelve) month rolling EBITDA (as evidenced by a
      certificate duly issued by the Auditors at the relevant time); less (ii)
      the Enterprise Value Adjustments; multiplied by (iii) the percentage
      shareholding in the Company of M5 (the Call Option Price) (the
      Call Option).

34

	20.7 	
      The Call Option Price shall be payable by the Company to
      M5, subject to Completion, as follows:

	20.7.1 	
      an initial amount equal to the lesser of 30% (thirty per
      cent) of the Call Option Price or an amount of R1,000,000,000 (one billion
      Rand), against transfer of M5’s Equity to it; and

	 	 
	20.7.2 	
      the remainder of the Call Option Price shall be paid in
      equal monthly instalments over 36 (thirty six) months (Call Option
      Instalments). Interest shall be charged on such Call Option
      Instalments at the Prime Rate and payable with each Call Option
      Instalment. The Company may, at its election, accelerate the payment of
      the Call Option Instalments without any penalty. Should the Company fail
      to pay any Call Option Instalment together with accrued interest on the
      due date for such payment, the entire Call Option Price together with all
      unpaid Call Option Instalments and accrued interest shall immediately
      become due and payable by the Company.

	20.8 	
      All payments to be made pursuant to this clause 20 shall
      be payable by electronic funds transfer into the bank account notified in
      writing by M5 to the Company.

	 	 
	20.9 	
      For the purposes of, and in the circumstances
      contemplated by, this clause 20, each of the other Shareholders hereby
      waives any pre-emptive right which it may have over the Shares, in terms
      of this Agreement, the Memorandum of Incorporation or any Applicable Laws,
      and undertakes to vote in favour of all such resolutions as may be
      required in order to enable the Company to acquire M5’s
  Equity.

	21. 	
      BEE WARRANTY AND
UNDERTAKING

	21.1 	
      MS15 hereby warrants and undertakes that, for a period of
      7 (seven) years following the Implementation Date, MS15 shall retain the
      Targeted Black Interest provided that there shall be a period of 30
      (thirty) days from the date of MS15 Becoming Aware or being notified in
      writing of the relevant event resulting in MS15 not retaining the Targeted
      Black Interest to remedy such non-compliance.

	 	 
	21.2 	
      Notwithstanding any contrary provisions contained in this
      Agreement but subject to clause 11.5.2 and other than a transfer of any
      MS15 Shares to BLT and/or NET1 or pursuant to the provisions of clause
      19.4.2 or 20.1.3 or as may otherwise be agreed to by BLT and NET1 in
      writing, should MS15 transfer any of the MS15 Shares in terms of and in
      accordance with this Agreement, it shall only be entitled to do so to the
      extent that the proposed acquirer of such MS15 Shares is bound by and
      complies with the provisions of this clause 21.

	 	 
	21.3 	
      In the event of a change in the BEE Act, the BEE Codes or
      the law generally that results in a change in the way that the Targeted
      Black Interest is defined, measured or otherwise calculated, MS15 shall
      use its reasonable endeavours to comply with such change in
  the law in order to give effect to the provisions and intent
      of this Agreement and adhere to such revised or amended Targeted Black
      Interest.

35

	21.4 	
      It is specifically recorded and agreed that NET1 shall
      not be obliged to contribute to or maintain the Targeted Black Interest or
      any other empowerment credentials of the Group as may be required by the
      BEE Act, the BEE Codes or otherwise. Should the Group undergo a drop in
      empowerment credentials or ratings under the BEE Act, the BEE Codes or
      otherwise then BLT and/or MS15 shall do all such things as may be required
      in order to rectify such situation.

	22. 	
      SHAREHOLDERS NOT TO BIND THE
  COMPANY

	22.1 	
      None of the Shareholders will have the ability, power or
      capacity independently to bind the Company in any way.

	 	 
	22.2 	
      Each of the Shareholders undertakes that it will not seek
      to bind the Company in any way and each of the Shareholders respectively
      undertakes not to hold itself out at any time, to any third party, as
      having authority to bind the Company in any
manner.

	23. 	
      FINANCIAL MATTERS AND ACCESS TO
  RECORDS

	23.1 	
      The Parties will procure that the financial policies of
      the Company will be in accordance with the Accounting Principles. These
      include policies as to:

	23.1.1 	
      the keeping of accounting records;

	 	 
	23.1.2 	
      the preparation and format of strategic and management
      plans;

	 	 
	23.1.3 	
      the preparation of monthly financial and management
      reports and accounts by no later than 20 (twenty) days following the end
      of the previous month and the distribution thereof to all Directors and
      Shareholders within such time period;

	 	 
	23.1.4 	
      the preparation of interim financial statements by no
      later than 45 (forty five) days following the end of the first 6 (six)
      months of each financial year and the distribution thereof to all
      Directors and Shareholders within such time period;

	 	 
	23.1.5 	
      the preparation of management reports stamped by the
      Auditors by no later than 60 (sixty) days following the end of May and
      November each year and the distribution thereof to all Directors and
      Shareholders within such time period; and

	 	 
	23.1.6 	
      the preparation of annual audited financial statements by
      no later than 60 (sixty) days following the end of the previous financial
      year and the distribution thereof to all Directors and Shareholders within
      such time period.

	23.2 	
      The Company will keep complete, accurate and current
      records and books of accounts and the Shareholders or their authorised
      representatives will be entitled to inspect such records at any
    time.

	 	 
	23.3 	
      The Company shall ensure that all transactions entered
      into by any entity within the Group with a Director or any other Related
      Party is reported to the Board in each quarter for all the transactions in
      the preceding quarter.

36

	24. 	
      NEW SHAREHOLDERS

	24.1 	
      No Party may Dispose of its Shares to a person not
      already a Shareholder other than as permitted in terms of this Agreement
      and unless that person has first executed and delivered to each
      Shareholder and the Company a Deed of Accession. For the avoidance of
      doubt, a Funder Deed of Accession is required to be signed at the date of
      Encumbering of the Shares should such Shares be pledged as security for
      the debt of the Shareholder, and should the third party funder receiving
      such pledge be entitled to take ownership of such Shares upon an
      enforcement thereof, provided that, in the event that a Shareholder wishes
      to Encumber its Shares and the relevant third party funder refuses to sign
      or has an objection to signing a Funder Deed of Accession on the date of
      Encumbrance, the Parties shall negotiate in good faith in order to find a
      solution to such situation.

	 	 
	24.2 	
      It is further recorded that, save as specifically set out
      in clause 6, no person not already a Shareholder shall be entitled to any
      of the rights allocated by clauses 11, 12 or 19.

	 	 
	24.3 	
      The Company must not register in its records or otherwise
      recognise any Disposal of Shares unless a Deed of Accession or Funder Deed
      of Accession has been executed and delivered as required under clause
      24.1, and unless all obligations of the Shareholder under this Agreement
      have been satisfied.

	25. 	
      NON-CIRCUMVENTION

	 	 
		
      Each of the Shareholders undertakes in favour of the
      Company that it shall not, and shall procure that its Affiliates shall
      not, for the duration of this Agreement:

	25.1 	
      circumvent, avoid, bypass or obviate any of the rights or
      obligations contained in this Agreement; or

	 	 
	25.2 	
      in any other way do, or omit to do, anything which is in
      any way designed or intended to circumvent, or which has the effect of
      circumventing, any of the rights and obligations contained in this
      Agreement.

	26. 	
      APPOINTMENT OF EXPERT

	 	 
		
      Where certification or determination is required by any
      Expert under this Agreement:

	26.1 	
      the Expert must be an investment bank jointly appointed
      by the Shareholders affected by the determination to be made, from the
      list of investment banks contained in Schedule 20.2. The Parties
      affected by the determination to be made shall appoint the Expert by
      agreement within 10 (ten) Business Days of such notice requiring the
      matter to be referred to the Expert. In the event that the Parties are
      unable to agree upon which investment bank to appoint, within a period of
      10 (ten) Business Days of the date of the notice, then the Expert shall be
      appointed by the President for the time being of the South African
      Institute of Chartered Accountants (or its successor body) on the
      application of any Party;

	 	 
	26.2 	
      the certification or determination must be prepared or
      undertaken by the Expert acting as expert and not as arbitrator, and will
      be final and binding on the Parties save for manifest error in calculation
      or fraud; and

37

	26.3 	
      each of the Parties agrees to execute, if requested, by
      the Expert, an engagement letter containing terms and conditions that are
      reasonably requested by the Expert, and further that each of them shall
      co-operate with the Expert and promptly provide all documents and
      information reasonably requested by the
Expert.

	27. 	
      DETERMINATION OF VALUE OF
EQUITY

	27.1 	
      In determining the Fair Market Value of the Shares of a
      Shareholder as provided for in this Agreement, the Expert shall use such
      accepted valuation methodology as the Expert may deem appropriate and the
      Expert will take into account, amongst other things and as may be
      appropriate, the following principles:

	27.1.1 	
      the value of the Shares of a relevant Shareholder must be
      the market value of the Shares as between a willing buyer and a willing
      seller provided, however, that the Expert will not take into account for
      the purposes of the valuation the fact, if it is so, that the relevant
      Shares represent a minority shareholding;

	 	 
	27.1.2 	
      the Expert will not take into account any potential
      disadvantage that the Company may suffer due to the loss of the
      contribution of the particular Shareholder to the Company;

	 	 
	27.1.3 	
      the Expert will, in the determination of the value of the
      Equity of a Shareholder, allow the Shareholders an opportunity to make
      written representations to the Expert in respect of the deemed value of the said Shares;

      
	 	 
	27.1.4 	
      the Expert will be obliged to disclose to the
      Shareholders the basis of their valuation of the relevant Equity on the
      date of determination of such value;

	 	 
	27.1.5 	
      the value of the Claims will be their face value. If the
      Company has advanced any loans to the Shareholders, the amount of such
      loans will be set off against the value of the Shares of such Shareholder;
      and

	 	 
	27.1.6 	
      the costs of the Expert in effecting the valuation will
      be borne by the Shareholders in proportion to their holding of Shares in
      the Company, unless otherwise determined by the Expert or, when applied in
      circumstances set out in clause 14 and the Valuation Price is within 5%
      (five per cent) of the Proposed Purchase Price or less than the Proposed
      Purchase Price, in which case the costs of the Expert will be borne by the
      Defaulting Shareholder.

	27.2 	
      The Parties undertake to do everything reasonably in
      their power to ensure that the Expert completes the process set out in
      this clause 27 and delivers its determination within 30 (thirty) days of
      the relevant matter being referred to the
Expert.

	28. 	
      VOTING UNDERTAKING, GOOD FAITH, CONSENT AND
      WAIVER

	28.1 	
      Each Shareholder undertakes in favour of the other
      Shareholders to exercise all such voting rights to implement and observe
      (and procure the implementation and observance of) the provisions of this
      Agreement.

38

	28.2 	
      The Parties shall at all times during the continuance of
      this Agreement observe the principles of good faith towards one another in
      the performance of their obligations in terms of this Agreement. This
      implies, without limiting the generality of the foregoing, that they
      shall:

	28.2.1 	
      at all times during the term of this Agreement act
      reasonably, honestly and in good faith;

	 	 
	28.2.2 	
      perform their obligations arising from this Agreement
      diligently and with reasonable care; and

	 	 
	28.2.3 	
      not unreasonably withhold or delay any consent that they
      are required to give under this Agreement.

	28.3 	
      To the extent that Chapter 5 of the Act and/or any of the
      Takeover Regulations prescribed in terms of the Act (collectively
      Takeover Provisions) apply to any transaction contemplated in this
      Agreement, including a transaction referred to in clause 11 to 17 (both
      inclusive) and 19 (Relevant Transaction), each of the Parties, to
      the extent permitted by law, hereby:

	28.3.1 	
      agrees and acknowledges that such Party has been advised
      and made aware of the Takeover Provisions relating to the regulation of an
      "affected transaction", as defined in the Act;

	 	 
	28.3.2 	
      irrevocably consents to each member of the Group and all
      parties to the Relevant Transaction being exempted from compliance with
      the relevant Takeover Provisions by the Panel (as defined in the
    Act);

	 	 
	28.3.3 	
      irrevocably agrees to do all such things and sign all
      such documents as may be reasonably required to obtain the exemptions
      contemplated in clause 28.3.2 from the Panel;

	 	 
	28.3.4 	
      irrevocably waives all rights that such Party may have in
      terms of the Takeover Provisions (including the right to receive a
      mandatory or other offer in terms of the Takeover Provisions and/or any
      circular, fairness opinion or financial information from the Directors) in
      connection with any Relevant Transaction; and

	 	 
	28.3.5 	
      irrevocably undertakes that it shall not accept any
      mandatory or other offer that may be required to be made in terms of the
      Takeover Provisions in connection with any Relevant
  Transaction.

	29. 	
      PUBLICATIONS AND ANNOUNCEMENTS

	 	 
		
      The Parties record their intention that, wherever
      practically possible, no public announcement other than announcements
      which may be required in terms of applicable legislation, the Listings
      Requirements or the rules and regulations of the JSE or any other
      recognised securities exchange will be made by the Company or by any of
      the Shareholders concerning the Company without the prior approval of all
      Shareholders, which shall not be unreasonably withheld or
  delayed.

39

	30. 	
      CONFIDENTIAL
INFORMATION

	30.1 	
      For purposes of this Agreement, Confidential
      Information shall mean all written and/or tangible information related
      to this Agreement and information and/or data created by the Company or by
      any of the Parties or their Affiliates and disclosed by either the Company
      or any Party or its Affiliate to another Party or such Party's Affiliate
      which is confidential, proprietary and/or not generally available to the
      public, including, but not limited to, information relating in whole or in
      part to the Company, including present and future services, business plans
      and strategies, marketing ideas and concepts, especially with respect to
      unannounced services, present and future business plans, marketing plans,
      sales strategies, customer information, development plans, customer
      requirements, or other technical and business information.

	 	 
	30.2 	
      The Parties shall not, and each Party shall use all
      reasonable endeavours to procure that every Affiliate of such Party shall
      not, disclose to any Person or use (other than in connection with claims
      against such Parties in respect of any breach of their obligations and
      duties under this Agreement or other documents related thereto or
      otherwise enforcing any right) any Confidential Information which may have
      come to its or their knowledge, provided however that in respect of each
      Party (or Affiliates thereto) the foregoing obligations shall not apply to
      the disclosure of Confidential Information if and to the
  extent:

	30.2.1 	
      disclosure is required by law or for the purpose of any
      judicial proceedings or by any Government Entity if (to the extent
      practicable) prior notice is given to the other Parties;

	 	 
	30.2.2 	
      that a Party is obliged to make such disclosure in terms
      of the Act or any other law or enactment, or the Listings Requirements or
      the rules and regulations of any other securities exchange or any other
      regulator having jurisdiction, provided that the Party in question shall,
      where possible and provided that it will not delay the Party concerned
      from complying with its obligations, consult with the other Parties before
      making any such announcement or statement in the event that the content of
      the announcement or statement is not limited to the minimum disclosure
      requirements as prescribed by the aforementioned rules and
    regulations;

	 	 
	30.2.3 	
      the Confidential Information is disclosed by a Party in
      connection with judicial or arbitral proceedings (and only to the extent
      it is used in the proceedings), brought by any Party for the purposes of
      enforcing the provisions of this Agreement;

	 	 
	30.2.4 	
      the Confidential Information is or becomes generally
      available to the public other than as a result of a breach of any
      undertaking or duty of confidentiality by any Party;

	 	 
	30.2.5 	
      the Confidential Information is disclosed on a
      confidential basis by a Party to its Affiliates and their advisers,
      representatives, directors, Shareholders, auditors or bankers for the
      purposes of its business;

	 	 
	30.2.6 	
      the Confidential Information is disclosed on a
      confidential basis by the Parties, their Affiliates and the Company for
      the taking of any action contemplated by this Agreement or related
      documentation;

40

	30.2.7 	
      the Confidential Information is disclosed on a
      confidential basis by a Party to a Creditor pursuant to the exercise by
      the relevant Creditor of its rights under the SPV Documents;

	 	 
	30.2.8 	
      disclosure is by a Party to one of its Affiliates which
      accepts or is otherwise subject to reasonable confidentiality
      restrictions; or

	 	 
	30.2.9 	
      the other Parties have given their prior written consent
      to the contents and the manner of the disclosure by a Party (not to be
      unreasonably withheld or delayed).

	30.3 	
      Nothing in this clause 30 will prohibit any Shareholder
      from utilising information which it is able to show
that:

	30.3.1 	
      was lawfully in its possession at the time of
    receipt;

	 	 
	30.3.2 	
      was at the time of receipt part of the public domain or
      lawfully after receipt became part of the public domain;

	 	 
	30.3.3 	
      was lawfully received from a third party entitled to
      possess and disclose that information;

	 	 
	30.3.4 	
      was disclosed to a potential purchaser of the
      Shareholder’s Equity and the potential purchaser has entered into a
      confidentiality agreement with the Company to its reasonable satisfaction
      prior to such disclosure; or

	 	 
	30.3.5 	
      was required by law or any securities exchange or
      regulatory or Government Entity to which any Party is subject, wherever
      situated, whether or not the requirement for information has the force of
      law, provided that the Shareholder required to make the disclosure has
      taken all reasonable steps to oppose or prevent the disclosure and to
      limit, as far as reasonably possible, the extent of such disclosure and,
      additionally, has given the other Shareholders reasonable notice of the
      required disclosure and a reasonable opportunity to participate in
      opposing, preventing or limiting the
disclosure.

	30.4 	
      The restrictions contained in this clause 30 shall bind
      each Shareholder and Party for so long as it or he is a Shareholder or
      Party and for a period of 12 (twelve) months after such person ceases to
      be a Shareholder or Party for any reason.

	 	 
	30.5 	
      Parties acknowledge that damages would not be a
      sufficient remedy for any breach of this clause 30 and each Party will be
      entitled to the remedy of injunction, specific performance and other
      equitable relief for any threatened or actual breach, in addition to any
      damages or other remedy to which it may be entitled and no proof of
      special damages will be necessary for the enforcement of this
      Agreement.

	31. 	
      TERMINATION

	 	 
		
      This Agreement will
terminate:

	31.1 	
      on a Listing of the Company; or

	 	 
	31.2 	
      in respect of a Shareholder, upon that Shareholder
      ceasing to hold any Equity, provided that the Shareholder will remain
      bound by the provisions of clauses 1, 29, 30, 34, 35 to 38 (both
      inclusive), 40 and 41 and such person will have no further rights or
      obligations under this Agreement, save as provided in
this Agreement and without prejudice to the accrued rights or obligations of any
Party prior to such termination. 

41

 

	32. 	
      CEO REMOVAL

	32.1 	
      Should José dos Santos (CEO) cease to be employed
      by the Company for any reason other than his resignation or for any of the
      reasons detailed in clauses 11.6.3.2.1, 11.6.3.2.2 or 11.6.3.2.3
      (Removal), the CEO will be entitled, pursuant to the delivery of a
      written notice (CEO Put Option Notice) to the Company, BLT and NET1
      within 6 (six) months of the Removal (the CEO Put Option Period),
      to put such number of Shares in, and claims against, the Company that the
      CEO holds (CEO Equity) to the Company against payment of a price
      that is equal to or higher than the result of: (i) 5 (five) times the
      Group’s last 12 (twelve) month rolling EBITDA (as evidenced by a
      certificate duly issued by the Auditors at the relevant time); less (ii)
      the Enterprise Value Adjustments; multiplied by (iii) the percentage
      shareholding in the Company that the CEO Equity represents and an amount
      in respect of CEO’s claims against the Company forming part of the M5
      Equity equal to the face value thereof (the CEO Put Option Price)
      and the Company will be obliged to acquire the CEO Equity (the CEO Put
      Option).

	 	 
	32.2 	
      The CEO Put Option Price shall be payable by the Company
      to the CEO in full by electronic funds transfer into the bank account
      notified by the CEO in writing, upon Completion, provided that Completion
      shall take place within 30 (thirty) days of the date of the CEO Put Option
      Notice, or such other date as may be agreed to in writing between the CEO
      and the Company and provided further that Completion of the CEO Put Option
      shall be subject to all Applicable Laws and the relevant parties obtaining
      the necessary consents (including that of the competition authorities and
      ICASA, if required).

	 	 
	32.3 	
      On Completion of any sale pursuant to the CEO Put Option,
      the CEO shall deliver to the Company free, clear and unencumbered title to
      the CEO Equity in freely transferable form, including share certificates
      (together with signed share transfer forms) in respect of the CEO
      Equity.

	 	 
	32.4 	
      The CEO warrants to the Company, on delivery of the CEO
      Put Option Notice and immediately prior to Completion of any sale in terms
      thereof, that:

	32.4.1 	
      the CEO will be the sole beneficial and, where
      applicable, registered owner of the CEO Equity and will be able to give
      free and unencumbered title of the CEO Equity to the Company;

	 	 
	32.4.2 	
      no third party will have any right (including any option
      or right of first refusal) to acquire the CEO Equity;

	 	 
	32.4.3 	
      upon delivery of the CEO Equity and the documents of
      title to the Company in terms of this clause 32, ownership of the CEO
      Equity will pass to the Company and the Company will become the sole
      registered and beneficial owner of the CEO Equity; and

	 	 
	32.4.4 	
      the CEO Equity will, when delivered to the Company, be
      free of any cession, pledge, lien, hypothec or other Encumbrance of any
      nature whatsoever and free of any other security interest or right of
      retention or right of pre-emption and no agreement shall have been entered
      into which may give rise to the CEO Equity sold being thus
    Encumbered.

42

	32.5 	
      If the CEO Disposes of some or all of his Shares in terms
      of this clause 32, such Disposal shall not be subject to the provisions of
      clauses 10, 14 or 16.1.

	33. 	
      BREACH

	33.1 	
      Should a Shareholder and/or the Company (Defaulting
      Party) commit a material breach of any of the terms and conditions of
      this Agreement, then any of the other Shareholders and/or the Company
      (Aggrieved Party) may give the Defaulting Party 30 (thirty) days’
      written notice to remedy the default.

	 	 
	33.2 	
      Subject to clause 34, if the Defaulting Party fails to
      remedy such breach within 30 (thirty) days’ of receipt of a written notice
      requiring it to do so, such breach shall not constitute grounds for
      winding up the Company, and any Aggrieved Party will be entitled at its
      option without prejudice to any other specific remedy or right that it may
      have under the Agreement or in law:

	33.2.1 	
      to uphold the Agreement against the Defaulting Party and
      sue for specific performance of the Defaulting Party's obligations to it
      under this Agreement, with or without a claim for damages; or

	 	 
	33.2.2 	
      to uphold the Agreement against the Defaulting Party and
      sue for damages;

it being hereby recorded that the
remedy of cancellation shall not be available to the Aggrieved Party. 

	34. 	
      DISPUTE RESOLUTION

	34.1 	
      In the event of any dispute arising out of or relating to
      this Agreement, or the breach, termination or invalidity thereof, any
      Party may invite the other(s) in writing to a meeting of the respective
      Chief Executive Officers (or other officials holding executive positions)
      of the Parties to the dispute and the Parties to the dispute shall attempt
      to resolve the dispute through negotiation between the Chief Executive
      Officers (or other officials holding executive positions) within 10 (ten)
      Business Days from the date of such written invitation.

	 	 
	34.2 	
      Should the respective Chief Executive Officers (or other
      officials holding executive positions) of the Parties fail to resolve the
      dispute referred to in clause 34.1, then any Party to the dispute shall
      (if it requires a dispute to be settled in terms of this Agreement) be
      obliged to give written notice to any other Parties to the dispute (other
      than where the Company is a party to the dispute in which case the notice
      shall be provided to all the Shareholders) to initiate the arbitration
      procedure set out below (the Dispute Notice).

	 	 
	34.3 	
      The Parties may agree on the arbitrators and the
      arbitration procedure and, failing agreement within 5 (five) Business Days
      from the date of the Dispute Notice or such longer period of time as may
      be agreed to in writing, then: (i) the arbitration shall take place in
      accordance with the rules of the Arbitration Foundation of South Africa
      (AFSA) in force at the time of the dispute (or the last rules in
      existence if, for whatever reason, AFSA ceases to exist); and (ii) the
      arbitrators shall be nominated and appointed by AFSA upon written request
      by any Party, provided that the arbitrators shall each have at least 15
      (fifteen) years’ relevant experience and, in the case of lawyer, shall be
      a senior counsel of the Johannesburg Bar or a retired
  judge.

43

	34.4 	
      Unless agreed otherwise, the arbitration shall be
      administered by the Parties. The number of arbitrators shall be 3 (three)
      and the place of the arbitration hearing shall be Sandton, Johannesburg
      and the arbitration shall be conducted in the English language.

	 	 
	34.5 	
      The governing substantive law of the Agreement shall be
      the law of South Africa. The governing procedural law of the arbitration
      shall be the law of South Africa.

	 	 
	34.6 	
      The arbitrators shall have the same remedial powers as a
      court of law in South Africa would have were it adjudicating the dispute.
      The arbitrators shall deliver an award together with written reasons
      within 30 (thirty) days from the date upon which the arbitration ends
      which award shall be final and binding on the Parties save for any
      manifest error.

	 	 
	34.7 	
      Nothing in this clause 34 shall preclude any Party from
      applying to a duly constituted court of competent jurisdiction for urgent
      interim relief: (i) to compel arbitration; (ii) to obtain interim measures
      of protection prior to or pending arbitration; (iii) to seek such
      injunctive relief as may be necessary and appropriate; (iv) to enforce any
      decision of the arbitrators, including the final award; (v) for judgment
      in relation to a liquidated claim; or (vi) to enforce any security granted
      in terms of, or relating to, this Agreement and to this end the Parties
      hereby consent to the jurisdiction of the High Court of South Africa,
      Gauteng Local Division, Johannesburg (or its
successor).

	35. 	
      GENERAL

	35.1 	
      This Agreement read with the Transaction Documents
      comprises the whole agreement between the Parties in regard to its subject
      matter.

	 	 
	35.2 	
      Each Party has entered into this Agreement without
      relying on any representation by any other Party or any person purporting
      to represent that Party.

	 	 
	35.3 	
      No addition to or variation or consensual cancellation of
      this Agreement or any other Transaction Document, including this clause
      35, and no waiver of any right under this Agreement, has effect unless in
      writing and signed by the Parties. For the purposes of this clause 35.3,
      “writing” shall not include email or other data message and “signed” shall
      not include electronic signature, as defined in the Electronic
      Communications and Transactions Act, 2002.

	 	 
	35.4 	
      No indulgence by a Party to another Party, or failure
      strictly to enforce the terms of this Agreement, is to be construed as a
      waiver or be capable of founding an estoppel.

	 	 
	35.5 	
      The exercise of a power or right does not preclude either
      its exercise in the future or the exercise of any other power or
    right.

	 	 
	35.6 	
      A waiver is not effective unless it is in
  writing.

	 	 
	35.7 	
      Waiver of a power or right is effective only in respect
      of the specific instance to which it relates and for the specific purpose
      for which it is given.

	 	 
	35.8 	
      The Parties undertake to do everything reasonable in
      their power necessary for or incidental to the effectiveness and
      performance of this Agreement.

	 	 
	35.9 	
      Save as is specifically provided in this Agreement, no
      Party is entitled to cede any of its rights or delegate any of its
      obligations under this Agreement without the prior
  written consent of each of the other Parties affected by the
      transfer of rights or obligations which may not be unreasonably
      withheld.

44

	 	 
	35.10 	
      Each provision of this Agreement is, notwithstanding the
      grammatical relationship between that provision and the other provisions
      of this Agreement, severable from the other provisions of this Agreement.
      Any provision of this Agreement which is or becomes invalid, unenforceable
      or unlawful in any jurisdiction shall, in such jurisdiction only, be
      treated as pro non scripto to the extent that it is so invalid,
      unenforceable or unlawful, without invalidating or affecting the remaining
      provisions of this Agreement which shall remain of full force and effect.
      The Parties declare that it is their intention that this Agreement would
      be executed without such invalid, unenforceable or unlawful provision if
      they were aware of such invalidity, unenforceability or unlawfulness at
      the time of execution of this Agreement.

	36. 	
      RELATIONSHIP

	36.1 	
      None of the Parties shall be entitled or empowered to
      represent or hold out to any third party that the relationship between the
      Parties is that of a partnership, joint venture or the like.

	 	 
	36.2 	
      Subject to the provisions of this Agreement and the
      Memorandum of Incorporation, the Board shall manage and direct the
      Company's business and affairs.

	 	 
	36.3 	
      The Shareholders undertake to exercise the votes
      attaching to their Shares in such manner as may be necessary to give
      effect to this Agreement.

	 	 
	36.4 	
      For the sake of clarity, it is recorded and agreed that
      nothing in this Agreement nor in any of the Transaction Documents creates
      a voting pool agreement or similar arrangement between the
      Shareholders.

	37. 	
      APPLICABLE LAW

	 	 
		
      This Agreement, and all disputes and claims arising out
      of or in connection with it, will be governed by, and construed in
      accordance with, the laws of South Africa.

	 	 
	38. 	
      JURISDICTION

	 	 
		
      Subject to clause 34, the Parties unconditionally consent
      and submit to the non-exclusive jurisdiction of the High Court of South
      Africa, Gauteng Local Division, Johannesburg in regard to all matters
      arising from this Agreement.

	 	 
	39. 	
      COUNTERPARTS

	 	 
		
      This Agreement may be executed in counterparts, each of
      which will be an original and which together constitute the same
      agreement.

	 	 
	40. 	
      COSTS

	 	 
		
      Each Party must pay its own costs and disbursements
      connected with the negotiation, preparation and execution of this
      Agreement.

	 	 
	41. 	
      NOTICES AND ADDRESSES

	41.1 	
      Notices

45

		
      Any notice, consent, approval or other communication in
      connection with this Agreement (Notice) will be in writing in
    English.

	 	 
	41.2 	
      Addresses

	 	 
		
      Each Party chooses the physical address, fax number
      and/or email address corresponding to its name below as the address to
      which any Notice must be sent.

	41.2.1 	M5: 	  
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	graham@cellc.co.za 
	  	         
                     Marked for the
      attention of: Graham Mackinnon 
	41.2.2 	MS15: 	  
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	graham@cellc.co.za 
	  	         
                     Marked for the
      attention of: The Chairman 
	41.2.3 	BLT: 	  
	  	           
                   Physical address: 	75 Grayston Drive, Morningside Ext 5, Sandton, 2196
    
	  	  	 
	  	           
                   Email address: 	legal@blts.co.za 
	  	         
                     Marked for the
      attention of: The Chief Executive Officer; 
	41.2.1 	NET1: 	  
	  	           
                   Physical address: 	6th Floor, President Place, Corner
      of Jan Smuts Avenue & Bolton Road, Rosebank, 2121 
	  	  	 
	  	           
                   Email address: 	hermank@net1.com 
	  	         
                     Marked for the
      attention of: Herman Kotzé; 
	41.2.2 	SPV1: 	  
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	serenta@cellc.co.za 
		                        
    Marked for the attention of: The Company Secretary; 	 
	 	 	  

46

	41.2.3 	SPV2: 	 
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	serenta@cellc.co.za 
	  	         
                     Marked for the
      attention of: The Company Secretary; 
	41.2.4 	SPV3 : 	  
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	serenta@cellc.co.za 
	  	         
                     Marked for the
      attention of: The Company Secretary; 
	41.2.5 	Company: 	  
	  	           
                   Physical address: 	Cnr Maxwell Drive and Pretoria Main Road, Buccleuch Ext 10, 2090

	  	  	 
	  	           
                   Email address: 	serenta@cellc.co.za 
	  	         
                     Marked for the
      attention of: The Company Secretary 

	41.2.6 	
      Any Party may by Notice to the other Party change its
      address and/or the person, if any, for whose attention any Notice must be
      marked in this clause 41.2.

	41.3 	
      Effective on receipt

	41.3.1 	
      Any Notice takes effect when received by the recipient
      (or on any later date specified in the Notice) and, unless the contrary is
      proved, is deemed to be received:

	41.3.1.1 	
      on the day of delivery, if delivered by hand to a
      responsible person at the recipient’s physical address in clause
    41.2;

	 	 
	41.3.1.2 	
      on the date of transmission, if sent by fax to the
      recipient’s fax number in clause 41.2;

	 	 
	41.3.1.3 	
      on the date of transmission, if sent by email to the
      recipient’s email address in clause 41.2, and

	 	 
	41.3.1.4 	
      in each case if delivery is not on a Business Day, or is
      after ordinary business hours on a Business Day, the Notice is deemed to
      be received on the Business Day after the date of
  delivery.

	41.3.2 	
      Despite anything to the contrary in this Agreement, a
      Notice actually received by a Party is effective even though it was not
      sent, or delivered, or sent and delivered to its address in clause
      41.2.

	41.4 	
      Service of legal
process

	41.4.1 	
      Each Party chooses its physical address referred to in
      clause 41.2 as its address at which legal process and other documents in
      legal proceedings in connection with this Agreement may be served
      (domicilium citandi et executandi).

47

	41.4.2 	
      Any Party may by Notice to all the other Parties change
      its address at which legal process and other documents in legal
      proceedings in connection with this Agreement may be served to another
      physical address in South Africa.

48

	Signed at Sandton on the19th day of June 2017. 
	  
	For and on behalf of 
	Albanta Trading 109 Proprietary Limited 
	  
	  
	  
	/s/ R. Pasley 
	Name: R. Pasley 
	Capacity: Director 
	Who warrants authority 
	  
	  
	  
	Signed at Sandton on the19th day of June 2017. 
	. 
	  
	  
	  
	/s/ José Guilherme Vieira Dos Santos 
	José Guilherme Vieira Dos Santos 
	  
	  
	  
	  
	Signed at Sandton on the19th day of June 2017

49

	/s/ Robert Killigrew Sabine Pasley 
	Robert Killigrew Sabine Pasley 
	 
	 
	
       

       

	Signed at Sandton on the19th day of June 2017. 
	 
	 
	
       

       

	/s/ Graham Neil Mackinnon 
	Graham Neil Mackinnon 
	 
	 
	
       

       

	Signed at Buccleuh on the19th day of June 2017. 
	 
	 
	
       

       

	/s/ Hilton Roy Coverly 
	Hilton Roy Coverly 
	 
	 
	
       

       

	Signed at Sandton on the19th day of June 2017.
  

50

	For and on behalf of 
	The Prepaid Company Proprietary Limited 
	  
	  
	
        

       

	/s/ B. Levy 
	Name: B. Levy 
	Capacity: Director 
	Who warrants authority 
	  
	
        

       

	  
	Signed at Sandton on the19th day of June 2017. 
	
        

       

	For and on behalf of 
	Net1 Applied Technologies South Africa Proprietary
      Limited 
	  
	
        

       

	  
	/s/ H. Kotze 
	Name: H. Kotze 
	Capacity: Director 
	Who warrants authority 
	Signed at Sandton on the19th day of June 2017.
  

51

	For and on behalf of 
	Cedar Cellular Investment 1 (RF) Proprietary Limited
    
	  
	  
	
        

       

	/s/ G. Mackinnon 
	Name: G. Mackinnon 
	Capacity: Director 
	Who warrants authority 
	  
	  
	
        

       

	Signed at Sandton on the19th day of June 2017. 
	
        

       

	For and on behalf of 
	Magnolia Cellular Investment 2 (RF) Proprietary
      Limited 
	  
	  
	
        

       

	/s/ G. Mackinnon 
	Name: G. Mackinnon 
	Capacity: Director 
	Who warrants authority 
	  
	  
	
        

       

	Signed at Sandton on the19th day of June 2017.
  

52

	For and on behalf of 
	Yellowwood Cellular Investment 3 (RF) Proprietary
      Limited 
	  
	  
	
       

       

	/s/ G. Mackinnon 
	Name: G. Mackinnon 
	Capacity: Director 
	Who warrants authority 
	  
	  
	
       

       

	Signed at Sandton on the19th day of June 2017. 
	
       

       

	For and on behalf of 
	Cell C Proprietary Limited 
	  
	  
	
       

       

	/s/ J. Dos Santos 
	Name: J. Dos Santos 
	Capacity: Chief Executive Officer 
	Who warrants authority 

53

Schedule 1.1.28 – Deed of Accession 

Date 

 

Name 

Address

(Acceding Party) 

	1 	
      Introduction

	 	 
		
      This Deed is supplemental to the Cell C Shareholders
      Agreement dated [insert] 2017 between MS15, M5, NET1, SPV1, SPV2,
      SPV3, BLT and Cell C.

	 	 
	2 	
      Terms

	2.1 	
      The Acceding Party confirms that it has been supplied
      with a copy of the Cell C Shareholders Agreement and covenants with the
      parties to the Cell C Shareholders Agreement (whether original or by
      accession) (Parties) to observe, perform and be bound by the Cell C
      Shareholders Agreement so that the Acceding Party is deemed, from the date
      on which the Acceding Party is registered as a holder of Shares in the
      Company, to be a party to the Cell C Shareholders Agreement.

	 	 
	2.2 	
      The Acceding Party’s address details for services of
      notices under the Cell C Shareholders Agreement
are:

		
      Name:           
       [Company name]

	 	 
		
      Attention:      [insert]
      

      Address:       
      [insert] 

      Facsimile no: [insert]

	 	 
		
      Electronic mail address:    
       [insert]

	 	 
	2.3 	
      This Deed is governed by the laws of South
  Africa.

-1-

Signed at ________________ on the __________ day of
_________________ 20__. 

 

 

For and on behalf of 

[Name of Party 1] 

 

 

____________________________
Name: 

Capacity: 

Who warrants authority 

2

Schedule 1.1.43 – Funder Deed of Accession 

Date

 

Name 

Address

(Acceding Party) 

	1 	
      Introduction

	 	 
		
      This Deed is supplemental to the Cell C Shareholders
      Agreement dated [insert] 2017 between MS15, M5, NET1, SPV1, SPV2,
      SPV3, BLT and Cell C.

	 	 
	2 	
      Terms

	 	 
	2.1 	
      The Acceding Party confirms that it has been supplied
      with a copy of the Cell C Shareholders Agreement and covenants with the
      parties to the Cell C Shareholders Agreement (whether original or by
      accession) (Parties) to observe, perform and be bound by the Cell C
      Shareholders Agreement so that the Acceding Party is deemed, from the date
      on which the Acceding Party enforces the pledge and/or other security
      interest held by it over the relevant Shares in the Company (if it elects
      to do so), to be a party to the Cell C Shareholders Agreement.

	 	 
	2.2 	
      The Acceding Party’s address details for services of
      notices under the Cell C Shareholders Agreement are:

	 	 
		
      Name:            
      [Company name]

	 	 
		
      Attention:     
      [insert]

	 	 
		
      Address:       
      [insert]

	 	 
		
      Facsimile no: [insert]

	 	 
		
      Electronic mail
      address:      
   [insert]

	 	 
	2.3 	
      This Deed is governed by the laws of South
  Africa.

3

Signed at ________________ on the __________ day of
_________________ 20__. 

 

 

For and on behalf of 

[Name of Party 1] 

 

____________________________
Name: 

Capacity: 

Who warrants authority 

4

Schedule 1.1.58 – Memorandum of Incorporation 

 

 

 

5

Schedule 1.1.55 – Members of M5 

	1 	
      José Guilherme Vieira Dos Santos (Identity Number:
      [xxx])

	 	 
	2 	
      Robert Killigrew Sabine Pasley (Identity Number:
      [xxx])

	 	 
	3 	
      Graham Neil Mackinnon (Identity Number [xxx])

	 	 
	4 	
      Hilton Roy Coverly (Identity Number
  [xxx])

6

Schedule 20.2 – Potential Underwriters and Bookrunners

	1 	
      Goldman Sachs

	 	 
	2 	
      Barclays Capital

	 	 
	3 	
      Deutsche Bank

	 	 
	4 	
      Bank of America Merrill Lynch

	 	 
	5 	
      Rand Merchant Bank

	 	 
	6 	
      Morgan Stanley

	 	 
	7 	
      JP Morgan

	 	 
	8 	
      Investec

	 	 
	9 	
      Standard Bank

	 	 
	10 	
      UBS

	 	 
	11 	
      HSBC

	 	 
	12 	
      BNP Paribas

	 	 
	13 	
      Citi Bank

	 	 
	14 	
      Commerzbank

7

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