New Sponsorship Agreement

PARALLEL MEDIA GROUP PLC ANNOUNCES TITLE SPONSORSHIP AGREEMENTS FOR INDONESIA 
                          OPEN AND SINGAPORE MASTERS                           

Parallel Media Group plc (`PMG') announces today the awarding of two
sponsorship agreements relating to the Indonesia Open and the Singapore
Masters. Both golf tournaments are promoted by Parallel Media Golf (Asia)
Limited (PMA), of which PMG is a 49% shareholder. As a result, PMG receives a
fixed net 9% commission on the turnover from these events and is entitled to a
share of any profits generated by the tournaments.

The first sponsorship agreement sees HSBC become the title sponsor of the
Indonesia Open, a professional golf tournament staged at Emeralda Golf Club
from March 2nd until March 5th 2006. The tournament, entitled `the Enjoy
Jakarta HSBC Indonesia Open 2006' receives co-sanctioning from the European and
Asian Tours, as well as the Indonesian Golf Association and offers prize money
this year of US$1 million.

The second agreement appoints OSIM International Ltd, a global healthy
lifestyle product company based in Singapore, as the title sponsor of
Singapore's premier golf tournament - the Singapore Masters. The tournament, to
be held at Laguna National Golf and Country Club from March 9th to March 12th,
will be officially named the OSIM Singapore Masters at Laguna. It offers prize
money of US$1 million and is co-sanctioned by the European and Asian Tours and
the Singapore Professional Golfers Association.

David Ciclitira, Chairman & CEO of PMG said, 'Sponsorship is the lifeblood of
sport these days and to have a major global company like HSBC associated with
the Indonesia Open as Title Sponsor is a tremendous boost for the tournament.
The introduction of OSIM International as Title Sponsor of the Singapore
Masters is another valued addition to our golf sponsorship portfolio and bodes
well for the future of the tournament.'

For further inquiries, please contact:

David Ciclitira, Parallel Media Group plc [phone]

Leesa Peters/ Abigail Singleton, Conduit PR [phone]