Sponsorship

PARALLEL MEDIA GROUP REFOCUSES NEW LET AGREEMENT                

                            (`PMG' or `the Group')                             

Parallel Media Europe plc (AIM: PAA), and the Ladies European Tour (LET) have
renegotiated their existing agreement, maintaining the sports marketing
company's strong involvement in ladies golf.

Since 2003, PME has acted as the exclusive commercial partner and TV rights
broker. Under the new agreement, PME will continue as a non-exclusive
commercial partner of the LET on sales of sponsorship. PME will also continue
as the exclusive international TV rights broker until 2013 with an option to
extend the contract to 2016. Commissions due to PME from this role will
increase to 30 percent of the revenues achieved.

PMG will be the exclusive promoter for the LET in Korea. In partnership with
JGolf and Sportizen, PME is the promoter of the new LET event called the Saint
Four Ladies' Masters taking place in Korea, from November 14 - 16, 2008. This
tournament is co-sanctioned by the LET and the KLPGA. It was recently announced
that the title sponsor will be Saint Four Golf Club, which is the host venue of
the tournament. In addition to the Saint Four Ladies Masters, the LET is
setting aside another date for a PME-promoted event in Asia.

In the case that any event in Asia promoted by PME exists at the end of the LET
agreement, PME will retain the event's tournament rights for a further ten
years, subject to meeting certain criteria.

David Ciclitira, Chairman of PMG, `We are delighted to reach a new agreement
which I believe, very much plays to both parties' strengths'.

Alexandra Armas Executive Director of LET said, `Parallel Media Group have
proven experience in the golf industry worldwide and we are delighted to
continue our partnership'.

For further inquiries, please contact:

Rory Maxwell, Parallel Media Group plc [phone]

Liam Murray/Antony Legge, Dowgate Capital Advisers Limited 020 7492 4777

Jos Simson, Ben Way Conduit PR [phone]

www.parallelmediagroup.com

http://www.ladieseuropeantour.com/