New Agreement

Parallel Media Group PLC
07 June 2005


 PARALLEL MEDIA GROUP PLC AND EUROPEAN TOUR SIGN FOUR-YEAR AGREEMENT FOR UBS TO
                   BECOME TITLE SPONSOR OF THE HONG KONG OPEN


The Board of Parallel Media Group plc ('PMG' or the 'Company') are pleased to
announce that it has successfully negotiated a 4 year agreement with UBS, one of
the world's leading financial firms, and The PGA European Tour ('ET') for UBS
to become the title sponsor to the Hong Kong Open golf tournament.  This
agreement has been signed by PMG's associate company Parallel Media Asia (2003)
Limited ('PMA').  The tournament will be known as the UBS Hong Kong Open and
will be played at the Hong Kong Golf Club, Fanling, between 1st and 4th December
2005.

The UBS Hong Kong Open, co-sanctioned between The European Tour, the Asian Tour
and the Hong Kong Golf Association, forms part of PMG's portfolio of Asian golf
events and has been promoted by PMG since 2001. The agreement takes Asia's
second longest-running tournament through to its 50th anniversary in 2008. UBS
will substantially increase the prize fund from last year's USD800,000 to USD1.2
million in 2005 and eventually to an anticipated minimum USD2.5 million over the
four-year term of the contract. As part of the PMA Shareholders' Agreement PMG
receives a fixed commission on the event's turnover and is entitled to a share
of any profits any generated by the event.

Group President and CEO of PMG, David Ciclitira added, 'It gives PMG great
pleasure to welcome UBS as the Hong Kong Open's Title Sponsor - UBS share our
vision and excitement for the tournament and they will be joining a family of
sponsors building towards the forthcoming event and celebrating the UBS Hong
Kong Open's 50th anniversary in 2008.'


For further information, contact:
Communications Division
The European Tour
Tel: [phone]
Fax: [phone]
Email: [e-mail]


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