Sponsorship

PARALLEL MEDIA GROUP                              

                            (`PMG' or `the Group')                             

               ANNOUNCES KEY SPONSORHIPS FOR HONG KONG GOLF OPEN               

Parallel Media Group plc, (AIM: PAA), the sports marketing, media and events
company, is delighted to announce that BMW, Emirates and Rolex have agreed to
sponsor the 50th UBS Hong Kong Open in November this year. In addition to these
companies, PMG has also renewed sponsorship with Hugo Boss, Samsung, PCCW (the
telecommunications giant of Hong Kong), Jebsen, Ecco, AIA, Korean Ginseng,
Heineken, Tibet Water and Ballantines.

These blue chip sponsorships are testament to the capability of PMG which has
been promoting the Hong Kong Open for eight years, since 2000. The Open is one
of the most elite tournaments in Asia and the longest running sporting event in
Hong Kong.

Revenue from the 2007 Hong Kong Open generated the Group £2.5million last year.
PMG anticipate a significant revenue improvement for the 2008 Hong Kong Open as
a result of these new sponsors.

David Ciclitira, Chairman & CEO, of PMG commented:

"We're delighted to have so many blue chip brands supporting the tournament in
its 50th year. This proves the enduring strength of what is in many people's
eyes, Asia's traditional major".

For further inquiries, please contact:

David Ciclitira
Parallel Media Group plc
Tel [phone]

Liam Murray, Nominated Adviser
Dowgate Capital Advisers Limited
Tel [phone]

Jos Simson
Ben Way Conduit PR
Tel [phone]

Background to UBS Hong Kong Open:

It is the 50th anniversary of the UBS Hong Kong Open this year. The Open has
played host to some of the all-time greats including Peter Thomson, Tom Watson,
José Maria Olazábal and Padraig Harrington. The Open is to be held at the Hong
Kong Golf Club from November 20 - 23.

Since the European Tour co-sanctioned the event in 2001, the stakes have been
raised significantly to a prize of $2.25 million for this year. The Hong Kong
Open is in a unique position in that it will take place twice within the Race
to Dubai, (formerly known as The European Tour Order of Merit), which will
commence in November 2008 and finish November 2009.

For further information see: http://www.parallelmediagroup.com/index.html

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