Letter of Intent

PARALLEL MEDIA GROUP PLC                            

                               LETTER OF INTENT                                

Parallel Media Group PLC (`PMG') announces that its joint venture company*,
European Golf Resorts Limited, which was formed with Ram Investment Group PLC
to develop golf properties in emerging sporting and tourist destinations, has
signed a letter of intent to acquire a real estate site on the Croatian
'Riviera' Island of Hvar. The proposed development is intended to include a
mixed scheme of golf course, hotel and residential property.

The site on Hvar has been identified as a prime location for the construction
and development of a 18 hole Championship golf course capable of staging future
professional tournament golf from 2009 onwards.

David Ciclitira, Chairman & CEO of PMG commented, "Hvar has a vision of
bringing professional golf tournaments to its shores by 2009. PMG has nearly
twenty years experience in working with national tourist boards, sports
governing bodies and government departments to develop and deliver strategies
in sport. I am confident that with our strong pedigree in staging and promoting
professional golf we will create a valuable asset for the island.

*PMG has a 25% holding in European Golf Resorts Ltd., with an option to acquire
an additional 25% holding in the venture for an agreed consideration of £
125,000

For further information please contact:

Leesa Peters/ Abigail Singleton         T: [phone]                
                                                                               
Conduit PR                              M: [phone]                
                                                                               
Wynton Faure                            T: [phone]                 
                                                                               
PMG