Press Release

JCR-VIS revises rating of TFC issue of Telecard Limited

Karachi, June 3, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the rating assigned to the TFC-1 issue of Telecard Limited from ‘BBB’ (Triple B) to ‘D’ (Default), as the company was unable to make the payment due on May 27, 2011.

For further information on this rating announcement, please contact the undersigned (Ext. 501) or Ms. Sobia Maqbool, CFA (Ext. 506) at 021-35311861 or fax to 021-35311872-3.



Javed Callea
Advisor

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