Trading Update

31 August 2010

                           Parallel Media Group Plc                            

                            ("PMG" or the "Group")                             

                             Update on Fundraising                             

                           Result of General Meeting                           

                                Trading Update                                 

As previously announced on 30 June and 10 August 2010, PMG is in discussions
with regard to a significant injection of capital. These discussions are
continuing, and PMG has appointed Macquarie Bank to advise on the process with
the potential Asian investors. The Directors believe that the discussions will
complete and new funding will be in place within the next couple of months. In
addition, it is expected that the conversion of the £1.7m principal of loan
notes will occur at the same time, together with any extension premium due
thereon.

PMG is also pleased to announce that at the general meeting held earlier today,
the resolutions were passed by shareholders. Admission of the Group's
consolidated share capital is expected to occur, and trading to commence, at
8.00am tomorrow, 1 September 2010. The number of ordinary shares of 2.2p each,
post the consolidation, will be 4,845,563.

Current trading continues in line with expectations. Looking towards next year,
arrangements have completed to move the Ballantine's Championship to the Korean
capital, Seoul. The move is expected to transform the event by generating a
higher profile for sponsors, hospitality and attendance in what is already
Korea's largest tournament and a significant increase in revenues for PMG.
Plans are also progressing with the creation of a new golf tournament in China,
which is expected to be held in 2012, as well as evaluating a number of
potential acquisition opportunities which would consolidate PMG's position in
world golf.

For further information, please contact:

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