Issue of Equity

3 February 2012

                           Parallel Media Group PLC                            

                           ("PMG" or the "Company")                            

                                Issue of equity                                

PMG, the AIM-quoted sports media and digital agency, announces that it has
issued a total of 1,462,595 shares as detailed below in settlement of fees and
commissions, bonuses to certain directors of the Company and following the
exercise of share options (the "New Ordinary Shares").

The average price at which the New Ordinary Shares (other than the option
shares) are being issued is 34.6p, representing a premium of 116% to the
closing midmarket price of 16p at the close of business on 2 February 2012. The
New Ordinary Shares represent 6.8% of the enlarged issued share capital.

                                   Shares            Issue price 
                                                                 
Shares issued in                   845,928              34.5p    
settlement of fees and                                (average)  
commissions for                                                  
fundraising, financial                                           
advisory and other                                               
services and expenses                                            
                                                                 
Shares issued to Urban             416,667               24p     
Strategic Pte Ltd* on                                            
exercise of option                                               
                                                                 
Shares issued to Directors in settlement of bonus awards         
                                                                 
David Ciclitira                    100,000               35p     
                                                                 
Leonard Fine                       100,000               35p     
                                                                 
Total                             1,462,595                      

* Ranjit Murugason is interested in Urban Strategic Pte Ltd.

Application will be made for admission of the New Ordinary Shares to trading on
AIM ("Admission"). Admission is expected to occur on or around 9 February 2012.
The New Ordinary Shares will rank pari passu with the existing ordinary shares.

Total voting rights

Following Admission, there will be 21,482,346 ordinary shares in issue. This
number may be used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of the
Company.

Directors' interests

Following the issue and allotment of the New Ordinary Shares and Admission, the
interests of Messrs Ciclitira, Fine and Murugason in the issued share capital
of the Company will be as follows:

                                  Shares                 %       
                                                                 
David Ciclitira*                 8,040,450             37.43     
                                                                 
Leonard Fine                      233,750               1.09     
                                                                 
Ranjit Murugason                 1,386,249              6.45     

* David Ciclitira's interest includes his direct interest, that of Luna Trading

Limited and that of the other members of the Concert Party as defined in the

circular published by the Company dated 9 August 2010.

Commenting today, David Ciclitira, Chairman of PMG, says:

"We have had positive news recently, in respect of our agreement to enter joint
venture with Froggies Media SARL.

"We are pleased to receive continued and growing support from directors,
employees, shareholders and advisers."

                                     -End-                                     

For further information, please contact:

Parallel Media Group plc 020 7225 2000

David Ciclitira

Northland Capital Partners Limited 020 7796 8800

Luke Cairns, Edward Hutton

Novus Capital Markets Limited 020 7107 1881

Nicholas Lee

Bishopsgate Communications 020 7562 3350

Deepali Schneider, Natalie Quinn

[e-mail]