ITF

3 Welcome to the 2023 Annual Report and Consolidated Financial Statements of the ITF Trust. The consolidated financial statements of the ITF Trust ('ITF') make a dis nc on between Opera ng Ac vi es, Strategic Ac vi es and Inves ng Ac vi es. Opera ng Ac vi es represent the ongoing ac vi es of the ITF and in 2023 the profit on disposal of commercial and intellectual property rights (IP) to the Billie Jean King Cup joint venture (see below). Strategic Ac vi es cons tute discrete projects aimed specifically at delivering the objec ves of the ITF's ITF2024+4 strategy. Inves ng Ac vi es represent the performance of the investment por olios which underpin the ITF reserves. 2023 represented a year of posi ve changes with the ITF taking back control of the Davis Cup, entering into a joint venture for the Billie Jean King Cup and reintroducing the Hopman Cup. The former does not have a significant impact in 2023 with licence fees being covered by contractual security provided for in the Kosmos contract. The joint venture sees substan al external investment in the Billie Jean King Cup over a five-year period with the result being accounted for in these consolidated financial statements on the equity basis. This results in a charge to the Consolidated Income Statement in these accounts of $1.8m being ITF Licensing (UK) Ltd's share of the losses in the first year of trading of the new company. These losses were consistent with the Business Plan and are fully funded through the investment in the new company. We also recorded a profit of $4.3m represen ng the realised fair value upli on transferring commercial and intellectual property rights from ITF Licensing (UK) Ltd into the joint venture. Further details of the joint venture are provided in note 26. The comprehensive profit for the year of $3.1m (2022: loss of $4.2m) includes the planned u lisa on of reserves to fund strategic projects of $3.9m (2022: $3.0m), offset by posi ve returns from the investment por olio of $3.7m (2022: nega ve $4.7m) and a posi ve revalua on of cash flow hedges of $2.8m (2022: nega ve $1.7m). Net Assets of $43.3m as at 31 December 2023 (2022: $40.2m) remain above the level considered to be acceptable by the Board. Total Income Total income for 2023 was $120.0m (2022: $98.3m); Licence Fees from Kosmos (2022: $32.3m) have been replaced by the Cash Security Deposit of $25.4m and Commercial Revenues of the Davis Cup of $38.8m whereas Commercial Revenues for the Billie Jean King Cup (2022: $5.5m) have been accounted for in the financial statements of Billie Jean King Cup Limited and only included in these consolidated accounts as part of the losses of the joint venture noted above. Sponsorship, compe on, and television income has increased from $60.7m to $73.9m in 2023 as commercial rights for the Davis Cup have reverted to the ITF. Partners for 2023 included Rolex, S.A Damm, Socios, Quiron Salud and Lexus. The Wheelchair Tennis Tour, Wheelchair Masters and World Team Cup con nue to be supported through key partnerships with Uniqlo, NEC and BNP Paribas and the ITF con nues to be supported by corporate partnerships with Tennis-Point, ICP and OFX. Revenues from ITF circuits increased from $5.3m in 2022 to $6.4m in 2023 reflec ng the con nued growth in tour events with 10,617 men and women compe ng during the year in 50,605 main draw and 36,492 qualifying matches across 1,135 tournaments in 73 countries (2022: 10,216 men and women compe ng during the year in 47,016 main draw and 33,553 qualifying matches across 1,059 tournaments in 65 countries). The Hopman Cup returned to the calendar in Nice, France in July 2023, to great acclaim, and reaffirms the ITF's commitment to the combined men's and women's interna onal team event. The ITF is grateful to Tennium, our event delivery partner for their management and delivery of the event. Data Sales income rose to $24.3m (2022: $20.8m), an increase of $3.5m which allowed the ITF to con nue to distribute increased levels of payments to Na onal Associa ons. This income reflects record levels of tournaments on the ITF World Tennis Tour, with increased playing opportuni es across the world, a direct result of the ITF's investment in the player pathway through the Balanced Calendar Fund, a key Strategic project funded from reserves. 2023 revenues included $7.7m of income deferred from the Tokyo 2020 Olympic and Paralympic Games that took place in 2021 (2022: $7.8m). The ITF is in the final stages of planning for the next Olympic and Paralympic Games, to be held in Paris, France in 2024. Opera ng income also includes Grand Slam Player Development Programme ('GSPDP') income of $3.0m (2022: $2.7m) providing compe ve opportuni es in developing tennis regions throughout the globe, and helping talented individuals to succeed where finances may have otherwise proved a barrier to their success. REPORT OF THE CHAIRMAN OF THE FINANCE COMMITTEE ITF Annual Report and Financial Statements 2023

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