ITF

The directors of ITF Limited in their capacity as Advisory Committee to the ITF Trust present their directors' report and financial statements for the year ended 31 December 2014. 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 $1.9m (2013: $3.3m). Please refer to the report of the Chairman of the Finance Committee on page 42 for a more detailed financial review of the year. 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 5 days (2013: 5 days) purchases in trade payables. Directors The directors who held office during the year were as follows: Francesco Ricci Bitti Juan Margets Tarak Cherif Sergio Elias Jean Gachassin Jack Graham David Haggerty Stephen Healy Anil Khanna Roman Murashkovsky 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 During the year the Trust made a charitable donation of $10,000 to the "Rally for Bally" fundraising campaign for Cancer Research. Neither the Trust nor any of its subsidiaries made any political 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 ought to have taken as a director to make himself 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 Francesco Ricci Bitti Rene Stammbach President Chairman of the Finance Committee Bank Lane Roehampton London SW15 5XZ 18 March 2015 DIRECTORS' REPORT DIRECTOR'S REPORT 47

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