Maybank Sponsorship of Malaysian Open

Parallel Media Group Plc                            

           PMG Announces Maybank as Title Sponsor of Malaysian Open            

Parallel Media Group plc (`PMG' or `the Company') announces that Maybank, one
of Malaysia's leading banks, will assume the position of Title Sponsor of the
Malaysian Open, a golf tournament promoted by Parallel Media Asia Limited
(PMA), of which PMG is currently a 49% shareholder. The event, one of the
richest golf tournaments in Asia, is sanctioned by both the PGA European Tour
(European Tour) and the Asian Tour and will offer prize money of US$1.25
million in 2006.

The news follows PMG's recent staging of the UBS Hong Kong Open, one of Asia's
most prestigious and longest running tournaments, won in December 2005 by
Scotland's Colin Montgomerie. The tournament, one of the few sporting events to
receive official support from the Hong Kong Government (by way of the coveted
'M' Mark) will offer prize money of US$2 million in 2006. Swiss Financial firm
UBS, the title sponsor of the event, plans to increase the purse further, to an
anticipated US$2.5 million by 2008.

Under PMG's agreement with the European Tour, the Company retains the exclusive
sponsorship selling rights for all PMA's Asian promoted events (currently
five), including the UBS Hong Kong Open, the Maybank Malaysian Open, Singapore
Masters, Indonesia Open and TCL Classic in China, making the company the
largest promoter of co-sanctioned golf events on the European Tour in the
region. PMG receives 49% of any profits generated by PMA-promoted tournaments,
in addition to a 10% commission on all sponsorship sales made in relation to
these events.

 

Datuk Amirsham A Aziz, President and CEO of Maybank said, 'Maybank is proud and
excited to be associated with such a marquee event. We have witnessed the
tremendous growth of the Malaysian Open through the years and we are pleased to
now play a major role in the further development of our N ational Open on the
international stage.'

 

David Ciclitira, Chairman & CEO of PMG stated, 'We are delighted to welcome
Maybank as title sponsor of the Malaysian Open. This five-year agreement with
Maybank offers PMG long term visibility and ensures the continued growth of the
tournament.'

 

For more information, please contact:

David Ciclitira/Charles Perring

Chairman & CEO/Director of Golf

Parallel Media Group

[phone]

Pam Spooner/Leesa Peters

Conduit PR

[phone]/00