Subex Limited (The Company)-Update

August 27, 2015

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LS

Dear Sir/Madam,

SUB: SUBEX LIMITED ("THE COMPANY") - UPDATE

This is to inform you that pursuant to clause 2.2 of the Second Supplemental Trust Deed of the Company's USD 127,721,000 5.70% Secured Convertible Bonds Due 2017 ("FCCB III"), the company has issued notice to the Bondholders through the Trustee, The Bank of New York Mellon, that the reset of the conversion price of FCCB III from Rs. 22.79 to Rs. 13.00 per share is effective from August 26, 2015.

We request you to take the aforesaid update on record.

Yours faithfully

For and on behalf of Subex Limited

Ganesh K V

Chief Financial Officer, Global Head -Legal and Company Secretary