Restructuring of the Business wef Nov 1, 2017

November 2, 2017

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LS

Dear Sir/Madam,

Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 by Subex Limited

In terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we, Subex Limited ("Company"), hereby make the following disclosure:

Restructuring of the Business of the Company with effect from November 1, 2017

Pursuant to: (i) the in-principle approval accorded by the board of directors of the Company ("Board") at its meeting No. 2/ 2017-18 held on May 25, 2017; (ii) the final approval accorded by the Board at its meeting No. 5/ 2017-18 held on August 21, 2017; and (iii) the approval accorded by the members of the Company vide postal ballot on September 23, 2017; the Board has approved November 1, 2017 as the effective date for the restructuring of the business of the Company. Accordingly, with effect from November 1, 2017:

(i) the Revenue Maximization Solutions and related businesses carried out by the Company (the "RMS Business"), shall stand transferred on a going concern basis to the Company's subsidiary, Subex Assurance LLP, by way of a capital contribution made by the Company into Subex Assurance LLP; and

(ii) the Subex Secure and Analytics solutions and related businesses carried out by the Company (the "Digital Business"), shall stand transferred on a going concern basis to the Company's subsidiary, Subex Digital LLP, by way of a capital contribution made by the Company into Subex Digital LLP.

The Company holds over 99.99% of the capital of, and has 99.99% share in the profits and losses of, each of Subex Assurance LLP and Subex Digital LLP.

We request you to take the aforesaid update on record.

Thanking you

Yours truly,

For Subex Limited

Surjeet Singh

Managing Director & CEO

DIN: 05278780