Allotment of Equity Shares

January 17, 2011

The London Stock Exchange

10 Paternoster SquareLondonEC4M 7LS

Dear Sir/Madam,

Sub: Allotment of 3,725 equity shares upon exercise of stock options

Please be informed that the Allotment Committee of the Company has allotted 3,725 equity shares to employees pursuant to exercise of stock options under the ESOP schemes of the Company.

Consequently, the paid up share capital of the company has increased from Rs. 651,820,460 to Rs. 651,857,710.

We request you to take the aforesaid notification on record.

Thanking you

Yours truly,

For Subex Limited

Vinay M A

Assistant Company Secretary