ITF

27. Investment in joint ventures In August 2023, ITF Licensing (UK) Ltd (ITFL) and TWG Group (TWG) entered into a joint venture (JV) agreement to set up Billie Jean King Cup Limited (BJKCL), responsible for organising and staging the Billie Jean King Cup competition. ITFL holds 51% of ordinary shares with a combined nominal value of $5 (which carry voting rights) and TWG holds 49%; however, strategic financial and operating decisions require the consent of both parties, are indicative of joint control, hence this is equity-accounted as a joint venture. Both parties have also committed preference share capital, with ITFL's share equating to 9.7% on acquisition and 15.7% at 31 December 2025 (2024: 12.3%). The $7.2m preference shares held by ITFL are only redeemable at the issuer's discretion and carry no fixed dividend, hence are treated as equity and have been included as part of the investment in JV. However, because the first tranche of profits earned will be distributed according to the weighting of the nominal value of preference shares, the % preference share holding has been used to determine the cumulative $6.5m (2024: $4.3m) share of losses, using the equity method. Once all preference shares have been redeemed, ITFL will take a share of results based on its ordinary share holding. Country of incorporation Year-end reporting date Class of shares held Ownership Billie Jean King Cup Ltd UK 31 December Ordinary 51% Registered office address: Bank Lane, Roehampton, London, SW15 5XN, United Kingdom 2025 $000 2024 $000 Total investment in joint venture (JV) 7,200 4,800 Capitalisation of JV transaction cost 905 905 Valuation of IP attributable third party investor 4,283 4,283 Cumulative share of loss of JV under the equity method (6,495) (4,342) Impairment loss (5,893) - - 5,646 2025 $000 2024 $000 Commitments – joint ventures - - Commitment to provide funding for joint venture's capital commitments, if called 4,800 7,200 26. Investment in subsidiaries (continued) The registered addresses of each of the above subsidiaries is as follows: ITF Limited PO Box N-272, Nassau, Bahamas ITF Licensing (UK) Ltd Bank Lane, Roehampton, London, SW15 5XZ, United Kingdom Roehampton Investments Ltd PO Box N-272, Nassau, Bahamas Hopman Cup Pty Ltd 144 Northwood St West Leederville, Western Australia, 6007 Australia BJKCL IP Holdings Ltd Bank Lane, Roehampton, London, SW15 5XZ, United Kingdom BJKCL Equity Holdings Ltd Bank Lane, Roehampton, London, SW15 5XZ, United Kingdom NOTES (Forming part of the Financial Statements) ITF Trust Annual Report and Consolidated Financial Statements 32

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