Update

Parallel Media Group plc

Update to changes to business arrangements in Asia and restructuring of
financing

On 16 August 2006, Parallel Media Group plc (the "Company" or "PMG") announced
that it had entered into heads of agreement for a rearrangement of its Asian
golf interests and that it was seeking to raise funds to repay loans and to
provide working capital. In that announcement, the Company said that it would
make a further announcement before the Extraordinary General Meeting of the
Company convened for 9:45 a.m. today.

The Company is pleased to announce that its negotiations with the Malaysian
financiers with whom the heads of agreement were signed, with the providers of
the funds PMG needed to raise and with creditors as referred to in the previous
announcement are all nearing a satisfactory conclusion and the Board
anticipates making a further announcement giving full details of the
transaction and the fund raising in the next few days.

For further information, contact:

David Ciclitira, Chairman, Parallel Media Group plc 020 7225 2000

Conduit PR 020 7429 6600