Ibex Global : Cover Letter – Notice of AGM 2016

If you have sold or otherwise transferred all of your ordinary shares in the Company, please send this document and the accompanying proxy form as soon as possible to the purchaser or transferee, or to the stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. If you have sold or otherwise transferred some (but not all) of your ordinary shares in the Company, please retain these documents ad consult the stockbroker or other agent through whom the sale or transfer was effected.

(Registered in England and Wales with company number 08462510)

Zia Chishti - Non-executive Chairman 3rd Floor

Robert Dechant - Chief Executive Officer 5 Lloyds Avenue Karl Gabel - Chief Financial Officer London, EC3N 3AE Mohammed Khaishgi - Non-executive Director

John Leone - Non-executive Director Gerard Kleisterlee - Non-executive Director Joel Wyler - Non-executive Director

4 November 2016 Dear Shareholder

I have pleasure in sending you notice convening the annual general meeting of IBEX Global Solutions plc (the "Company"). The meeting will be held on 1 December 2016 at 2 p.m. at Millbank Tower, 21- 24 Millbank, 27th Floor, London SW1P 4QP, together with a copy of the Company's 2016 Annual Report.

As you will see from the formal notice of meeting which follows this letter, there are a number of items of business to be considered.

Shareholders will note the proposed recommended cash offer ("Offer") by India Bidco Limited (a company wholly-owned and controlled by IBEX's largest shareholder, The Resource Group International Limited (TRGI)), to acquire the entire issued and to be issued share capital of the Company at a price of 112 pence per share, which was announced on 21 October 2016.

The Annual Report will need to be read in light of the Offer. In particular, the timetable for the payment of the final dividend has changed. In the annual results announcement, the Board previously announced its intention to pay a final dividend of 6.6 cents per share, representing a total dividend for the year of 11.7 cents per share and that the final dividend was to be declared ahead of the 2016 Annual General Meeting, and expected to be paid before the end of the calendar year, in line with previous periods.

However, as a result of the Offer, the Board announced on 21 October 2016 that it had declared a final dividend of 6.6 cents per share to be paid on the basis of the following timetable:

Ex-dividend date - 27th February 2017 Record date - 28th February 2017 Dividend payment date - 1st March 2017

Accordingly, the dividend will be paid on 1 March 2017 to those shareholders whose names appear on the register of members on 28 February 2017, subject to the approval of shareholders by passing resolution [x] contained in the attached Notice of Annual General Meeting.

Shareholders who accept the Offer (or whose shares are otherwise compulsorily acquired by India Bidco Limited under the Companies Act 2006) will, subject to the offer becoming or being declared wholly unconditional, cease to be on the register of members on such record date and they will therefore not be entitled to receive the 6.6 cent final dividend now being declared by the Board.

TRGI has given an irrevocable undertaking in favour of IBEX to vote in favour of that resolution to approve the payment of the 6.6 cents final dividend at the forthcoming Annual General Meeting.

You can vote in respect of your shareholding by attending the meeting or by appointing one or more proxies to attend the meeting and vote on your behalf.

Proxies may be appointed by either:

• completing and returning the enclosed proxy form; or

• using the CREST electronic proxy appointment service (for CREST members only).

In either case, the notice of appointment of a proxy should reach the Company's registrar, Capita Asset Services, PXS, 34 Beckenham Road, Beckenham, Kent, BR3 4TU, by no later than 2 p.m. on 29 November 2016.

Yours faithfully

Muhammad Ziaullah Khan Chishti