Issue of Equity

2 September 2010

                           Parallel Media Group Plc                            

                            ("PMG" or the "Group")                             

                                Issue of Shares                                

                              Holding in Company                               

Following the passing of the resolutions by the Group's shareholders at the
general meeting held on 31 August 2010, PMG has exercised its discretion to
settle the outstanding extension payment due on certain convertible loan
agreements, amounting to £0.63m in aggregate, through the issue of 1,151,238
ordinary shares of 2.2p. The Group is also issuing 176,665 ordinary shares of
2.2p in settlement of certain debts. A further 436,361 shares remain to be
issued to certain directors, following the announcement of the interim results
which will occur before the end of September 2010. The details of these share
issues are set out in the circular posted to PMG's shareholders dated 9 August
2010.

The 1,327,903 shares, have been admitted to trading on AIM and dealings have
commenced.

Following the issue of these 1,327,903 shares, the total issued share capital
of the Group will be 6,173,466 ordinary shares of 2.2p each. As the Group does
not hold any ordinary shares in Treasury its total number of voting rights
equals its capital. This figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in the Company under
the FSA's Disclosure and Transparency Rules.

Following the issue of the 1,327,903 shares, the holdings of Ciclitira Concert
Party are as follows:


Name              Shares being  Total Holding   Percentage of     Outstanding
                        issued                   issued share       rights to
                                                      capital ordinary shares
                                                                             
David Ciclitira              -        177,672            2.9%         199,478
(Director)                                                                   
                                                                             
Serena                       -              -              0%               -
Ciclitira                                                                    
(Director)                                                                   
                                                                             
Barclays Wealth        666,781      2,019,734           32.7%       2,136,039
Trustees                                                                     
                                                                             
Luna Trading           190,699        602,244            9.8%         610,909
Limited                                                                      
                                                                             
Total                  857,480      2,799,650           45.4%       2,946,426


For further information, please contact:

Stewart Mison, Martin Doherty      Parallel Media Group Plc                 020 7225 2000
                                                                                                                    
Stuart Lane, Toby Gibbs            Astaire Securities Plc (Nomad/Broker)    020 7492 4750
                                                                                                                     
Alex Giacchetti, Laura Stevens     Bishopsgate Communications               020 7562 3355