Mecom Och-Ziff (part 2)

MECOM GROUP PLC - $75 million Co-Investment Agreement

LONDON, ENGLAND August 1, 2005 – The Directors of Mecom Group plc ("Mecom") are pleased to announce that they have entered into a $75 million co-investment agreement (the "Agreement") with a substantial financial institution (the "Co-Investor") on substantially the same terms as those agreed with OZ Europe Master Fund, Ltd and OZ Master Fund, Ltd and announced on 13th May 2005.

      The Agreement is the second in a series of arrangements (referred to as the Pledge Vehicle in Mecom's Admission Document dated 18th March 2005) which Mecom is seeking to put in place with a number of financial institutions to provide it with greater financial flexibility to carry out its strategy of investing in underperforming media assets.  The Agreement means that Mecom's Co-Investment Fund now totals $175 million in aggregate.

      Under the terms of the Agreement, Mecom will for a period of three years present co-investment opportunities to the Co-Investor and the Co-Investor will be invited, but not obliged, to co-invest with Mecom.  Mecom has undertaken to invest a proportion of its own funds in the opportunities presented.  The Co-Investor has agreed to allocate up to $75 million for these purposes.

      In return, the Co-Investor has entered into a profit sharing arrangement with Mecom.  The Agreement also provides, inter alia, for the subscription by the Co-Investor of $1.5 million for new Mecom ordinary shares.

      Mecom expects that a limited number of further institutions may enter into agreements on substantially similar terms to the Agreement and that further announcements may be made in due course.

      Compass Advisers Limited has acted as financial adviser to Mecom in negotiating the Agreement.