Issue of Equity

Parallel Media Group plc                            

                                Issue of Equity                                

Following the exercise of third of the four options under the agreement between
Parallel Media Group plc (the "Company") and Pacific Continental Securities
(UK) Limited described in the announcement made on 3 October 2006, the Company
has today allotted to Pacific Continental Securities (UK) Limited 23,741,690
new ordinary shares of 0.5p each in the Company to raise £250,000 for the
Company.

Application is being made for all such new ordinary shares to be admitted to
trading on AIM and it is anticipated that such admission will become effective
and that dealings in such new ordinary shares will start on 19 December 2006.
Following this allotment, the Company will have 296,429,269 ordinary shares in
issue.