Based on what I found here and over at https://groups.google.com/forum/?fromgroups=#!topic/cocoa-unbound/Qin6gjYj7XU, I came up with the following which works very well.

- (void)drawString:(CFAttributedStringRef)attString inRect:(CGRect)frameRect inContext:    (CGContextRef)context
{
CGContextSaveGState(context);

// Flip the coordinate system
CGContextSetTextMatrix(context, CGAffineTransformIdentity);
CGContextTranslateCTM(context, 0, self.bounds.size.height);
CGContextScaleCTM(context, 1.0, -1.0);

CGFloat height = self.frame.size.height;
frameRect.origin.y = (height - frameRect.origin.y)  - frameRect.size.height ;

// Create a path to render text in
// don‘t set any line break modes, etc, just let the frame draw as many full lines as will fit
CGMutablePathRef framePath = CGPathCreateMutable();
CGPathAddRect(framePath, nil, frameRect);
CTFramesetterRef framesetter = CTFramesetterCreateWithAttributedString(attString);
CFRange fullStringRange = CFRangeMake(0, CFAttributedStringGetLength(attString));
CTFrameRef aFrame = CTFramesetterCreateFrame(framesetter, fullStringRange, framePath, NULL);
CFRelease(framePath);

CFArrayRef lines = CTFrameGetLines(aFrame);
CFIndex count = CFArrayGetCount(lines);
CGPoint *origins = malloc(sizeof(CGPoint)*count);
CTFrameGetLineOrigins(aFrame, CFRangeMake(0, count), origins);

// note that we only enumerate to count-1 in here-- we draw the last line separately
for (CFIndex i = 0; i < count-1; i++)
{
    // draw each line in the correct position as-is
    CGContextSetTextPosition(context, origins[i].x + frameRect.origin.x, origins[i].y + frameRect.origin.y);
    CTLineRef line = (CTLineRef)CFArrayGetValueAtIndex(lines, i);
    CTLineDraw(line, context);
}

// truncate the last line before drawing it
if (count) {
    CGPoint lastOrigin = origins[count-1];
    CTLineRef lastLine = CFArrayGetValueAtIndex(lines, count-1);

    // truncation token is a CTLineRef itself
    CFRange effectiveRange;
    CFDictionaryRef stringAttrs = CFAttributedStringGetAttributes(attString, 0, &effectiveRange);

    CFAttributedStringRef truncationString = CFAttributedStringCreate(NULL, CFSTR("\u2026"), stringAttrs);
    CTLineRef truncationToken = CTLineCreateWithAttributedString(truncationString);
    CFRelease(truncationString);

    // now create the truncated line -- need to grab extra characters from the source string,
    // or else the system will see the line as already fitting within the given width and
    // will not truncate it.

    // range to cover everything from the start of lastLine to the end of the string
    CFRange rng = CFRangeMake(CTLineGetStringRange(lastLine).location, 0);
    rng.length = CFAttributedStringGetLength(attString) - rng.location;

    // substring with that range
    CFAttributedStringRef longString = CFAttributedStringCreateWithSubstring(NULL, attString, rng);
    // line for that string
    CTLineRef longLine = CTLineCreateWithAttributedString(longString);
    CFRelease(longString);

    CTLineRef truncated = CTLineCreateTruncatedLine(longLine, frameRect.size.width, kCTLineTruncationEnd, truncationToken);
    CFRelease(longLine);
    CFRelease(truncationToken);

    // if ‘truncated‘ is NULL, then no truncation was required to fit it
    if (truncated == NULL)
        truncated = (CTLineRef)CFRetain(lastLine);

    // draw it at the same offset as the non-truncated version
    CGContextSetTextPosition(context, lastOrigin.x + frameRect.origin.x, lastOrigin.y + frameRect.origin.y);CTLineDraw(truncated, context);CFRelease(truncated);}
free(origins);CGContextRestoreGState(context);

}

Maybe I‘m missing something, but whats wrong with? :

NSMutableAttributedString *text = [[NSMutableAttributedString alloc] initWithString:@"test"];

NSMutableParagraphStyle *style = [[NSMutableParagraphStyle alloc] init];
style.lineBreakMode = NSLineBreakByTruncatingTail;
[text addAttribute:NSParagraphStyleAttributeName
                      value:style
                      range:NSMakeRange(0, text.length)];

label.attributedText = text;

This works perfectly and will add a ellipsis to the end.

I haven‘t tried this in all cases, but something like this could work for truncation:

NSAttributedString *string = self.attributedString;
CGContextRef context = UIGraphicsGetCurrentContext();
CGContextSetTextMatrix(context, CGAffineTransformIdentity);

CFAttributedStringRef attributedString = (__bridge CFTypeRef)string;
CTFramesetterRef framesetter = CTFramesetterCreateWithAttributedString(attributedString);
CGPathRef path = CGPathCreateWithRect(self.bounds, NULL);
CTFrameRef frame = CTFramesetterCreateFrame(framesetter, CFRangeMake(0, 0), path, NULL);

BOOL needsTruncation = CTFrameGetVisibleStringRange(frame).length < string.length;
CFArrayRef lines = CTFrameGetLines(frame);
NSUInteger lineCount = CFArrayGetCount(lines);
CGPoint *origins = malloc(sizeof(CGPoint) * lineCount);
CTFrameGetLineOrigins(frame, CFRangeMake(0, 0), origins);

for (NSUInteger i = 0; i < lineCount; i++) {
    CTLineRef line = CFArrayGetValueAtIndex(lines, i);
    CGPoint point = origins[i];
    CGContextSetTextPosition(context, point.x, point.y);

    BOOL truncate = (needsTruncation && (i == lineCount - 1));
    if (!truncate) {
        CTLineDraw(line, context);
    }
    else {
        NSDictionary *attributes = [string attributesAtIndex:string.length-1 effectiveRange:NULL];
        NSAttributedString *token = [[NSAttributedString alloc] initWithString:@"\u2026" attributes:attributes];
        CFAttributedStringRef tokenRef = (__bridge CFAttributedStringRef)token;
        CTLineRef truncationToken = CTLineCreateWithAttributedString(tokenRef);
        double width = CTLineGetTypographicBounds(line, NULL, NULL, NULL) - CTLineGetTrailingWhitespaceWidth(line);
        CTLineRef truncatedLine = CTLineCreateTruncatedLine(line, width-1, kCTLineTruncationEnd, truncationToken);

        if (truncatedLine) { CTLineDraw(truncatedLine, context); }
        else { CTLineDraw(line, context); }

        if (truncationToken) { CFRelease(truncationToken); }
        if (truncatedLine) { CFRelease(truncatedLine); }
    }
}

free(origins);
CGPathRelease(path);
CFRelease(frame);
CFRelease(framesetter);

You may be able to use follow code to have a more simple solution.

    // last line.
    if (_limitToNumberOfLines && count == _numberOfLines-1)
    {
        // check if we reach end of text.
        if (lineRange.location + lineRange.length < [_text length])
        {
            CFDictionaryRef dict = ( CFDictionaryRef)attributes;
            CFAttributedStringRef truncatedString = CFAttributedStringCreate(NULL, CFSTR("\u2026"), dict);

            CTLineRef token = CTLineCreateWithAttributedString(truncatedString);

            // not possible to display all text, add tail ellipsis.
            CTLineRef truncatedLine = CTLineCreateTruncatedLine(line, self.bounds.size.width - 20, kCTLineTruncationEnd, token);
            CFRelease(line); line = nil;
            line = truncatedLine;
        }
    }

I‘m using MTLabel in my project and it‘s a really nice solution for my project.

I integrated wbyoung‘s solution into OHAttributedLabel drawTextInRect: method if anyone is interested:

- (void)drawTextInRect:(CGRect)aRect
{
    if (_attributedText)
    {
    CGContextRef ctx = UIGraphicsGetCurrentContext();
    CGContextSaveGState(ctx);

    // flipping the context to draw core text
    // no need to flip our typographical bounds from now on
    CGContextConcatCTM(ctx, CGAffineTransformScale(CGAffineTransformMakeTranslation(0, self.bounds.size.height), 1.f, -1.f));

    if (self.shadowColor)
    {
        CGContextSetShadowWithColor(ctx, self.shadowOffset, 0.0, self.shadowColor.CGColor);
    }

    [self recomputeLinksInTextIfNeeded];
    NSAttributedString* attributedStringToDisplay = _attributedTextWithLinks;
    if (self.highlighted && self.highlightedTextColor != nil)
    {
        NSMutableAttributedString* mutAS = [attributedStringToDisplay mutableCopy];
        [mutAS setTextColor:self.highlightedTextColor];
        attributedStringToDisplay = mutAS;
        (void)MRC_AUTORELEASE(mutAS);
    }
    if (textFrame == NULL)
    {
        CFAttributedStringRef cfAttrStrWithLinks = (BRIDGE_CAST CFAttributedStringRef)attributedStringToDisplay;
        CTFramesetterRef framesetter = CTFramesetterCreateWithAttributedString(cfAttrStrWithLinks);
        drawingRect = self.bounds;
        if (self.centerVertically || self.extendBottomToFit)
        {
            CGSize sz = CTFramesetterSuggestFrameSizeWithConstraints(framesetter,CFRangeMake(0,0),NULL,CGSizeMake(drawingRect.size.width,CGFLOAT_MAX),NULL);
            if (self.extendBottomToFit)
            {
                CGFloat delta = MAX(0.f , ceilf(sz.height - drawingRect.size.height))+ 10 /* Security margin */;
                drawingRect.origin.y -= delta;
                drawingRect.size.height += delta;
            }
            if (self.centerVertically) {
                drawingRect.origin.y -= (drawingRect.size.height - sz.height)/2;
            }
        }
        CGMutablePathRef path = CGPathCreateMutable();
        CGPathAddRect(path, NULL, drawingRect);
        CFRange fullStringRange = CFRangeMake(0, CFAttributedStringGetLength(cfAttrStrWithLinks));
        textFrame = CTFramesetterCreateFrame(framesetter,fullStringRange, path, NULL);
        CGPathRelease(path);
        CFRelease(framesetter);
    }

    // draw highlights for activeLink
    if (_activeLink)
    {
        [self drawActiveLinkHighlightForRect:drawingRect];
    }

    BOOL hasLinkFillColorSelector = [self.delegate respondsToSelector:@selector(attributedLabel:fillColorForLink:underlineStyle:)];
    if (hasLinkFillColorSelector) {
        [self drawInactiveLinkHighlightForRect:drawingRect];
    }

    if (self.truncLastLine) {
        CFArrayRef lines = CTFrameGetLines(textFrame);
        CFIndex count = MIN(CFArrayGetCount(lines),floor(self.size.height/self.font.lineHeight));

        CGPoint *origins = malloc(sizeof(CGPoint)*count);
        CTFrameGetLineOrigins(textFrame, CFRangeMake(0, count), origins);// note that we only enumerate to count-1 in here-- we draw the last line separatelyfor(CFIndex i =0; i < count-1; i++){// draw each line in the correct position as-isCGContextSetTextPosition(ctx, origins[i].x + drawingRect.origin.x, origins[i].y + drawingRect.origin.y);CTLineRef line =(CTLineRef)CFArrayGetValueAtIndex(lines, i);CTLineDraw(line, ctx);}// truncate the last line before drawing itif(count){CGPoint lastOrigin = origins[count-1];CTLineRef lastLine =CFArrayGetValueAtIndex(lines, count-1);// truncation token is a CTLineRef itselfCFRange effectiveRange;CFDictionaryRef stringAttrs =CFAttributedStringGetAttributes((BRIDGE_CAST CFAttributedStringRef)_attributedTextWithLinks,0,&effectiveRange);CFAttributedStringRef truncationString =CFAttributedStringCreate(NULL, CFSTR("\u2026"), stringAttrs);CTLineRef truncationToken =CTLineCreateWithAttributedString(truncationString);CFRelease(truncationString);// now create the truncated line -- need to grab extra characters from the source string,// or else the system will see the line as already fitting within the given width and// will not truncate it.// range to cover everything from the start of lastLine to the end of the stringCFRange rng =CFRangeMake(CTLineGetStringRange(lastLine).location,0);
            rng.length =CFAttributedStringGetLength((BRIDGE_CAST CFAttributedStringRef)_attributedTextWithLinks)- rng.location;// substring with that rangeCFAttributedStringRef longString =CFAttributedStringCreateWithSubstring(NULL,(BRIDGE_CAST CFAttributedStringRef)_attributedTextWithLinks, rng);// line for that stringCTLineRef longLine =CTLineCreateWithAttributedString(longString);CFRelease(longString);CTLineRef truncated =CTLineCreateTruncatedLine(longLine, drawingRect.size.width, kCTLineTruncationEnd, truncationToken);CFRelease(longLine);CFRelease(truncationToken);// if ‘truncated‘ is NULL, then no truncation was required to fit itif(truncated == NULL){
                truncated =(CTLineRef)CFRetain(lastLine);}// draw it at the same offset as the non-truncated versionCGContextSetTextPosition(ctx, lastOrigin.x + drawingRect.origin.x, lastOrigin.y + drawingRect.origin.y);CTLineDraw(truncated, ctx);CFRelease(truncated);}
        free(origins);}else{CTFrameDraw(textFrame, ctx);}CGContextRestoreGState(ctx);}else{[super drawTextInRect:aRect];}}

I used as sample MTLabel. It allows to manage line height. I needed the draw method exactly, so i just put away most stuff i did not need. This method allows me to draw multilined text in rect with tail truncation.

CGRect CTLineGetTypographicBoundsAsRect(CTLineRef line, CGPoint lineOrigin)
{
CGFloat ascent = 0;
CGFloat descent = 0;
CGFloat leading = 0;
CGFloat width = CTLineGetTypographicBounds(line, &ascent, &descent, &leading);
CGFloat height = ascent + descent;

return CGRectMake(lineOrigin.x,
                  lineOrigin.y - descent,
                  width,
                  height);
}
- (void)drawText:(NSString*) text InRect:(CGRect)rect withFont:(UIFont*)aFont inContext:(CGContextRef)context {

if (!text) {
    return;
}

BOOL _limitToNumberOfLines = YES;
int _numberOfLines = 2;
float _lineHeight = 22;

//Create a CoreText font object with name and size from the UIKit one
CTFontRef font = CTFontCreateWithName((CFStringRef)aFont.fontName ,
                                      aFont.pointSize,
                                      NULL);


//Setup the attributes dictionary with font and color
NSDictionary *attributes = [NSDictionary dictionaryWithObjectsAndKeys:
                            (id)font, (id)kCTFontAttributeName,
                            [UIColor lightGrayColor].CGColor, kCTForegroundColorAttributeName,
                            nil];

NSAttributedString *attributedString = [[[NSAttributedString alloc]
                                         initWithString:text
                                         attributes:attributes] autorelease];

CFRelease(font);

//Create a TypeSetter object with the attributed text created earlier on
CTTypesetterRef typeSetter = CTTypesetterCreateWithAttributedString((CFAttributedStringRef)attributedString);

//Start drawing from the upper side of view (the context is flipped, so we need to grab the height to do so)
CGFloat y = self.bounds.origin.y + self.bounds.size.height - rect.origin.y - aFont.ascender;

BOOL shouldDrawAlong = YES;
int count = 0;
CFIndex currentIndex = 0;

float _textHeight = 0;

CGContextSaveGState(context);

CGContextSetTextMatrix(context, CGAffineTransformIdentity);
CGContextTranslateCTM(context, 0, self.bounds.size.height);
CGContextScaleCTM(context, 1.0, -1.0);

//Start drawing lines until we run out of text
while (shouldDrawAlong) {

    //Get CoreText to suggest a proper place to place the line break
    CFIndex lineLength = CTTypesetterSuggestLineBreak(typeSetter,
                                                      currentIndex,
                                                      rect.size.width);

    //Create a new line with from current index to line-break index
    CFRange lineRange = CFRangeMake(currentIndex, lineLength);
    CTLineRef line = CTTypesetterCreateLine(typeSetter, lineRange);

    //Check to see if our index didn‘t exceed the text, and if should limit to number of lines        
    if (currentIndex + lineLength >= [text length])
    {
        shouldDrawAlong = NO;
    }
    else
    {
        if (!(_limitToNumberOfLines && count < _numberOfLines-1))
        {
            int i = 0;
            if ([[[text substringWithRange:NSMakeRange(currentIndex, lineLength)] stringByAppendingString:@"…"] sizeWithFont:aFont].width > rect.size.width)
            {
                i--;
                while ([[[text substringWithRange:NSMakeRange(currentIndex, lineLength + i)] stringByAppendingString:@"…"] sizeWithFont:aFont].width > rect.size.width) 
                {
                    i--;}}else{
                i++;while([[[text substringWithRange:NSMakeRange(currentIndex, lineLength + i)] stringByAppendingString:@"…"] sizeWithFont:aFont].width < rect.size.width){
                    i++;}
                i--;}
            attributedString =[[[NSAttributedString alloc] initWithString:[[text substringWithRange:NSMakeRange(currentIndex, lineLength + i)] stringByAppendingString:@"…"] attributes:attributes] autorelease];CFRelease(typeSetter);

            typeSetter =CTTypesetterCreateWithAttributedString((CFAttributedStringRef)attributedString);CFRelease(line);CFRange lineRange =CFRangeMake(0,0);
            line =CTTypesetterCreateLine(typeSetter, lineRange);

            shouldDrawAlong = NO;}}CGFloat x = rect.origin.x;//Setup the line positionCGContextSetTextPosition(context, x, y);CTLineDraw(line, context);

    count++;CFRelease(line);

    y -= _lineHeight;

    currentIndex += lineLength;
    _textHeight += _lineHeight;}CFRelease(typeSetter);CGContextRestoreGState(context);}