Outcome of Board decisions

July 17, 2012

To

The London Stock Exchange

10 Paternoster SquareLondonEC4M 7LS

Dear Sirs,

Sub: Outcome of the Board Decisions

Please be informed that the following decisions were taken by the Board of Directors of the Company:

1. Allotment of 89,335,462 equity shares upon mandatory conversion of principal amount of U.S.$ 36,321,000 out of Company's U.S.$127,721,000 5.70 per cent FCCBs due 2017. The post-allotment paid up equity share capital of the Company is Rs.1,586,462,340 consisting of 158,646,234 equity shares of Rs. 10/- each.

2. Approval of Amendment of the Articles of Association of the Company to incorporate certain provisions as per the trust deed the Company's U.S.$127,721,000 5.70 per cent FCCBs.

3. Convening an Extraordinary General Meeting of the Company on Friday, August 17, 2012 at 11.30 AM the Registered Office to seek approval of the members to the aforesaid amendment of the Articles of Association.

We request you to take the aforesaid notification on record.

Thanking you

Yours truly,

For Subex Limited

Ramanathan J

Vice President-Finance & Company Secretary