New Issue of Shares

    7th August 2006

NEW ISSUE OF SHARES AS EVENT MANAGEMENT DIVISION ACHIEVES FIRST TRANCHE OF
EARN-OUT

First Artist Corporation plc (AIM:FAN) (the "Company"), the acquisitive sports
and entertainment group, is pleased to announce that its recently acquired
event management business, The Finishing Touch (Corporate Events) Limited
("Finishing Touch"), has achieved the first set of financial performance
targets set out for the business under the terms of the acquisition announced
on 14th September 2005.

As a result of the agreed performance targets for the year ended 30th April
2006 being exceeded, the first tranche of earn-out consideration has become
payable to the vendors of Finishing Touch ("FTL Vendors"). This consideration
is to be satisfied by the issue by the Company to the FTL Vendors (in
aggregate) of:

  * 528,089 new ordinary shares of 0.25 pence each in the capital of the
    Company ("New Ordinary Shares") on the basis of an average mid-market price
    of 6.88 pence per share; and
   
  * £509,089 of interest bearing unsecured loan notes, redeemable 6 months from
    issue.
   
Application has therefore been made for the admission of the New Ordinary
Shares to trading on the AIM market of the London Stock Exchange. Upon issue,
the New Ordinary Shares will rank pari passu with the Company's existing
Ordinary Shares. It is expected that admission will become effective and that
dealings in the New Ordinary Shares will commence on 11th August 2006
("Admission"). Following Admission, the Company will have in issue an aggregate
of 107,478,660 Ordinary Shares.

Jon Smith, Chief Executive of First Artist Corporation plc, said:

"We are delighted that the integration of the event management activity into
our business - in line with all the recent acquisitions - has been so seamless.
Finishing Touch continues to experience a strong trading environment which is
being enhanced by opportunities that have been developed from within the
group."

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For further information please contact:

First Artist Corporation plc 020 8900 1818
Jon Smith, Chief Executive
Richard Hughes, Finance Director

Arbuthnot Securities 020 7012 2000
Tom Griffiths/Andrew Fullerton

gth media relations
Toby Hall/Jade Mamarbachi 020 7153 8039/8035