Outcome of Bondholders Meeting

5 July 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 5 July 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 5 July 2012 as provided by ourselves or on our behalf to the LSE, in the form attached.

Yours faithfullyFor and on behalf ofSUBEX LIMITED

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

Enclosure:Notice to Bondholders dated 5 July 2012

NOTICE

To the Bondholders of the outstanding

U.S.$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 5 July 2012 at 5:30 p.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 5 July 2012 at 5:30 p.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

5 July 2012