New Contract

Parallel Media Group Plc ("PMG" or the "Company")               

                          UBS Hong Kong Open Sponsors                          

PMG are pleased to announce that it has agreed terms for new sponsorship
contracts for the UBS Hong Kong Open with Emirates, Rolex and BMW. Each of
these sponsorship contracts are for three years and cover the 2006, 2007 and
2008 events. Sunday saw the successful completion of the 2006 event which was
held at the Hong Kong Golf Club in Fanling and was sanctioned by both the
European and Asian PGA Tours.

David Ciclitira, Chairman of PMG stated "We are delighted to secure the long
term commitment of such well-known brands who, along with the title sponsor
UBS, will surely increase their presence in the Asian market as a result of
their involvement in the event".

Contact:

David Ciclitira, Chairman, Parallel Media Group Plc - 020 7225 2000

James Caithie, City Financial Associates Limited - 020 7090 7800