Telecard Limited’s Term Finical Certificate Issue of PKR 2,400,000,000/- of in terms of Trust Deed Dated October 9, 2004

Karachi: We wish to inform you that due to certain unforeseen cash flow problems, Telecard Limited (TELE) was unable to make the repayment / redemption payment due on May 27, 2011 in respect of the TFC Issue.

We would like to inform you that we are already in discussion with investors of the TFC Issue and expect to agree on a resolution for settlement of same very soon and for which purposes the draft of resolutions to be passed by the TFC Holders have already been circulated.

For more information, contact:
Waseem Ahmed
Company Secretary
Telecard Limited
Corporate Office, World Trade Center,
10 Kh, Roomi, Clifton,
Karachi-75600
UAN: +9221 111-222-123
Fax: +9221 35867850
Website: www.telecard.com.pk