ITF

DIRECTORS' REPORT The directors present their directors' report and financial statements for the year ended 31 December 2012. Principal activities The principal activities of the Group are the development and administration of the game of tennis worldwide. The surplus for the year after tax was $3.32m (2011: $1.65m). Please refer to the report of the Honorary Treasurer on page 39 for a more detailed financial review of the year. Enhanced business review Key measures of performance for the Group are Operating Income, which was $52.7m in 2012 (2011: $53.2m) and Operating Surplus from operating activities, which was $0.7m in 2012 (2011: $3.2m). The ITF is exposed to a variety of risk factors which are assessed on a regular basis. These include the loss of a key sponsor, exposure to medium term fluctuations in foreign exchange rates and the possible impact of heightened security concerns in certain countries where we operate events. Policy and practice on payment of creditors The ITF continues to operate a 30 day payment policy in respect of trade creditors. At the year end there were 13 days' (2011: 12 days) purchases in trade payables. Directors The directors who held office during the year were as follows: Francesco Ricci Bitti Juan Margets Ismail El Shafei Jean Gachassin Lucy Garvin Jack Graham Chris Kypriotis Suwat Liptapanlop Roman Murashkovsky Geoff Pollard Stuart Smith Rene Stammbach Jon Vegosen Georg Von Waldenfels Employees The Group is committed to employment practices, policies and procedures which follow best practice, based on equal opportunities for all employees irrespective of gender, race, national origin, religion, colour, disability, sexual orientation, age or marital status. Employees are kept closely involved in major changes affecting them through such measures as team meetings, briefings and internal communications. There are well established procedures to ensure that the views of employees are taken into account in reaching decisions. Political and charitable contributions The Trust made a charitable contribution of $807 to a local children's charity in the year in support of an employee fundraising initiative. Neither the Trust nor any of its subsidiaries made any other political or charitable donations or incurred any political expenditure during the year. Disclosure of information to auditors The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, there is no relevant audit information of which the Group's auditors are unaware; and each director has taken all the steps that he/ she ought to have taken as a director to make himself/ herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information. Responsibility statement The directors who held office at the date of approval of this directors' report confirm that, so far as they are each aware, the financial statements have been prepared in accordance with the applicable set of accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Trust. Furthermore, they confirm that the directors' report includes a fair review of the development and performance of the business and the principal risks and uncertainties that it faces. By order of the Board Honorary Treasurer David Jude Franceso Ricci Bitti President Bank Lane Roehampton London SW15 5XZ 26 March 2013 42 ITF FINANCIAL STATEMENTS David Jude Honorary Treasurer

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