Statement re Vanguard Plc

    FOR IMMEDIATE RELEASE                                               22 May 2006

                                PNC TELECOM PLC                                

                           ("PNC" or "the Company")                            

                           Statement re Vanguard Plc                           

  The Directors of PNC have been made aware that Vanguard Plc is being placed  
into administration. This has the effect of potentially creating a liability to
   PNC for a number of leases on certain properties that were indemnified by   
  Vanguard Plc. PNC has taken steps to mitigate these losses by attempting to  
assign these leases. The Directors have been advised that there may be several 
  claims that they can make against some of the professionals who handled the  
        original administration of PNC Plc which ended in January 2004.        

 The claims against the ex Directors, which are still proceeding, have so far  
 recovered some �160,000 and the defendants are at present seeking a mediation 
                                   hearing.                                    

 The Board of PNC will report any further updates when it is in position to do 
                                      so.

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