(Tytherington, December 19 2003) The Ladies European Tour (LET/Tour) announced today a new agreement with Parallel Media Group (PMG), which brings the Tour’s commercial arm, Ladies European Tour Enterprises (LETE) fully under the umbrella of the Tour’s control.

Integral to this restructuring the Tour has signed a new 10-year agreement with PMG – who is one of the world’s leading promoters and commercial managers of professional golf tournaments, and Federations’ commercial rights – whereby PMG (formerly 49% shareholders in LETE) will remain the commercial adviser to the Tour with special responsibilities in the areas of sponsorship and television.

In today’s announcement, Ian Randell, Chief Executive of the LET, stated that in bringing the operations of LETE in-house whilst retaining the expertise of PMG will further provide the Tour with an appropriate structure to meet the needs and requirements of its membership and allow the Tour to continue the progress and development of women’s professional golf in Europe.

“With 2003 being such a fantastic year for women’s professional golf culminating in the hugely successful Solheim Cup in Sweden, we feel that the Ladies European Tour has a fabulous opportunity for growth over the coming years and the business structure that is now in place will enable us to take full advantage of this.

“I would like to thank PMG and David Ciclitira in particular for assisting us in making this change for the mutual benefit of our organisations and look forward to continuing our work together over the coming years.”

David Ciclitira from Parallel Media Group added:

“As a company, PMG has pursued this change because we are firm in the belief that it is in the best interests of the sport and, it is from such platforms are our interests served. We as a company have always understood that our task is to make possible the growth of sport by increasing its income, promote the power of its sponsors by providing a wide audience for their message and attain the attention of the audiences through excellence in broadcasting – to be rewarded with a ten year agreement confirms the strength of our relationship with the Ladies European Tour and I am sure that from this we will all enjoy significant success.”