Notice of Outcome of Bondholders Meeting

6 March 2012

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LSDear Sirs

Announcement of Notice of outcome of the meeting of the holders of US$180,000,000 2% Coupon Convertible Unsecured Bonds due 2012 (convertible into Equity Shares of Subex Limited (formerly known as Subex Azure Limited) (the Bonds) of which US$39,000,000 in principal amount remain outstanding) held on 6 March 2012

ISIN: XS0289206285

We, Subex Limited, authorize London Stock Exchange (the LSE) to release the announcement of Notice of outcome of meeting of holders of the outstanding Bonds held on 6 March 2012 as provided or to be provided by ourselves or on our behalf to the LSE, in the form attached. All capitalized terms used but not defined in this letter have the meanings given to them in the attached Notice.

Please be informed that consequent to approval of the holders at the meeting held on 6 March 2012, the maturity date of the Bonds now stands amended to July 9, 2012.

Yours faithfullyFor and on behalf ofSUBEX LIMITED

By:Name: Ramanathan JTitle: Vice President-Finance & Company Secretary

Enclosure:Notice to Bondholders dated 6 March 2012

NOTICE

To the Bondholders of the outstanding

US$180,000,000 2% Coupon Convertible Unsecured Bonds due 2012Convertible into Equity Shares of Subex Limited (formerly knownas Subex Azure Limited) (ISIN: XS0289206285) (the Bonds)

Bondholders' Meeting held on 6 March 2012 at 10 a.m. (Singapore time) at the offices of Norton Rose (Asia) LLP, One Raffles Quay, 34-02 North Tower, Singapore 048583

NOTICE IS HEREBY GIVEN to the holders of the above Bonds that, at the Meeting of such holders held on 6 March 2012 at 10 a.m. (Singapore time) at the offices of Norton Rose (Asia) LLP, One Raffles Quay, 34-02 North Tower, Singapore 048583, the Extraordinary Resolution set out in the Notice of Meeting of the Bondholders previously notified to Bondholders in accordance with the terms of the Trust Deed for such Bonds was duly passed.

This Notice is given by:

SUBEX LIMITED

6 March 2012