Investment Business
AirTrip CVC Report
Vol.5～Aiming to contribute to society～
AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
Public announcement: June. 30,2023
Revised: July. 3, 2023

Contents

1. AirTrip CVC Award
2. Investment Policy
3. Investment Performance
4. Return Record
5. IPO Record
6. Current Situation of Investees

・This document is mainly based on the content of interviews with investees conducted every six months.
Copyright © AirTrip Corp. All Rights Reserved.

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1. AirTrip CVC Award ～ 『 AirTrip CVC Award 2023 』 on Thursday 2 March 2023 ～First AirTrip CVC event on Thursday, March 2, 2023
The "AirTrip CVC Award 2023" was held with great success!

【Part I】 Pitch Contest ResultsNo. 1: Cuebus Corporation（https://cuebus.jp）
No. 2: NOW ROOM Corporation（https://fukuri-kousei.nowroom.jp）
No. 3: TouchSpot Corporation（https://ceoclone.com/touchspot）【Part 2】 Awards ceremony (awards to investee companies in four categories)
Sales Growth Division: Algorithm, Inc.（https://algorithms.co.jp/）
Profit Growth Division: Will Gate, Inc.（https://www.willgate.co.jp/）
Funding Division: Zehitomo Corporation（https://www.zehitomo.com/）
AirTrip Award : Upsell Technologies Corporation（http://upselltech-group.co.jp）

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2. Investment Policy

Investing in growing companies with a high probability of IPO
Mentoring by a management team with extensive experience executing investments in a wide range of investment areas and going public,
Providing the necessary support for IPOs, including mentoring by management teams with extensive IPO experience, providing insight basedon real-world experience of the investee, business support, and assistance in establishing management systems.

Investment Policy●●●Strengths and support system

Through investments in growing companies, we aim to earn
returns by increasing the corporate value of our portfolio
companies, pursue synergies through collaboration with ourportfolio companies, and expand the AirTrip economic zone.
The investment business is one of the six main businessesof the AirTrip Group, and in addition to daily monitoring, themanagement team personally conducts interviews withinvestment targets every six months.
We invest in companies with a high probability of IPO by
focusing on "business growth potential and probability ofreturn" "synergy with the AirTrip economic zone" and"management team and management system.

●We are investing in a wide range of fields with the aim of
expanding the AirTrip economic zone in the future.

●In addition to utilising the management team's network, theCompany also works with other VC firms and financial
institutions to identify promising new investment targets
through a variety of channels.

Mentoring〈Mentoring by a management team with extensive listing experience.〉
・Mentoring of the management team that established AirTrip and achieved aMothers listing, a first section listing on the TSE, a subsidiary listing and anaffiliate listing.
〈Providing insights based on real experience of the investee and other factors.〉
・Providing insights based on the real experiences of investees such as Hard Things, whichwere faced in the process of preparing for listing, and the AirTrip Group's experience inpreparing for listing.

ProvideinsightBusinesssupport・
Procurement
supportAssistance insetting up
management
systems〈Comprehensive sales, marketing, development and financing support〉
・Collaboration in providing services to AirTrip members and other cooperation in softwaredevelopment using the resources of AirTrip Group companies.
・Introduce other VCs, financial institutions, etc. as funding support.

〈Introductions, advice, etc. required to set up management systems.〉
・Lead managing broker and Auditor Introduction
・Advice on how to respond to short review
・Advice on setting up management systems.

＜Realization of subsidiary listing and affiliate listing / subsidiary in preparation forlisting＞【TSE Standard：4059】

Copyright © AirTrip Corp. All Rights Reserved.

【TSE Growth：4260】
42. Investment Policy ～SDGs and Community Serviece～

We donate to Japan Future Sports* every IPO of investees
We have started to donate to Japan Future Sports
as an activity for SDGs and community service since December 2021.
We will contribute to society consistently through Investment Business.

*General Incorporated Foundation Japan Future Sports Promotional Association https://jf-sports.or.jp/
We supply sports equipments for those children who has difficulties in playing sports due to family environment and economicalreasons to let them enjoy playing sports easily.
We try to increase population of playing sports in Japan and help every one’s growth and shaping unique personality.
Copyright © AirTrip Corp. All Rights Reserved.

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3. Investment performance

Total investment including subsidiaries and affiliate aimingfor IPO: 109 companies / 7.9 billion yen
Total collected and most recent appraisal value is 17.8 billion yen＜Total investment amount - Collection and valuation amount＞
単位：億円

単位：件

Operating investment in 105 companies and 4.5 billion yen
since 2017
We have invested in 105 companies and 4.5 billion yen in about 5
years since 2017, mainly in blue-chip venture companies that arebuilding management systems with the aim of IPO.

Invested 3.4 billion yen in four subsidiaries and affiliate

TVPI

Investment in four subsidiaries and affiliate that have gone public or ispreparing to go public is 3.4 billion yen. Although affected byfluctuations in the price of listed shares, the latest valuation remains
strong at 10.1 billion yen.

226%

Total value of collections and the latest valuation is 17.8
billion yen, 226% TVPI※The total investment amount does not include investments in listed stocks and funds other than Magmag.
※Total amount of collections and the latest valuation is the sum of the value of shares sold and the value of shares held.
※For listed subsidiaries and associates, the figures are based on the share price at the end of May.
Vol. 4 Revised edition with the addition of one subsidiary and a total of four companies.

The total of the EXITed investment recovery and the latest valuation of
the holdings is JPY 17.8 billion. A solid TVPI (investment multiple) of
226% has been secured on the JPY 7.9 billion investment.

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4. Return Record

2.3 billion in funds recovered from IPOs and EXITs
390% return on investment of JPY 600 million in projects already recovered.
＜Actual IPO and EXIT deal recoveries＞

2.3 billion recovered from 12 investee IPOs and sharetransfer EXIT
EXITs from IPOs and share transfers resulted in a recovery of JPY 2.3
billion and a return of 390%. One further EXIT from an IPO of aninvestee company since the last announcement.

Only a few companies were deemed uncollectible

TVPI■Companies in liquidation etc.：2 cases

390%

・TECHNIQUE CONSULTING Inc. (Head Office: ChuoWard,Tokyo;
Representative Director / CEO: Yoshihiro Sato)
・LS Corp.(Head Office: Chuo Ward, Tokyo; Representative Director:Leo Liang)■Dormant Company：2 case・Dazzle.inc(Head Office: Shibuya Ward, Tokyo; RepresentativeDirector / CEO: Yasuo Yamada)・CMN Co.,
Ltd.(Head Office: Hakata Ward, Fukuoka City, Fukuoka Prefecture /Representative Director: Keisuke Yamashita)※The amount recovered is the total amount of funds recovered through share transfers from 12 IPOs and 2 EXITs.
aggregated using the market value at the end of the immediately preceding quarter as the redemption amount.

※Minority interests areCopyright © AirTrip Corp. All Rights Reserved.

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5. IPO Record

12 companies have achieved IPO by our investment（including 1 subsidiary and 1 affiliate）
IPO

Prime Strategy[TSE Standard: 4059]
Listed in February 2023
Public Appeal : 4.6billion yen
Opening price：10.3 billion yen

Last One Mile[TSE Growth: 9252]

Mental Health Technologies[TSE Growth：9218]

Hybrid Technologies（Affiliated Company listed

Listed on March 2022

[TSE Growth: 4260]

Listed in September 2021

Public Appeal : 6.0billion yen

Listed in December 2021

Public Appeal：4.6 billion yen

Opening price : 8.4 billion yen

Public Appeal：4.9 billion yen

Opening price：6.8 billion yen

Opening price：7.8 billion yen

ROBOT PAYMENT[TSE Growth: 4374]

Headwwaters[TSE Growth: 4011]

Listed in September 2021

Listed in September 2020

Public Appeal：6.9 billion yen

Public Appeal：2 billion yen

Opening price：13.9 billion yen

Opening price：26.3 billion yen

Magmag （Subsidiary Company listed）[TSE Standard: 4059]
Listed in September 2020
Public Appeal：2.2 billion yen
Opening price：9.2 billion yen

Cyber Security Cloud[TSE Growth: 4493]
Listed in March 2020
Public Appeal：9.2 billion yen
Opening price： 21.2 billion yen

AI CROSS [TSE Growth: 4476]

Branding Technology[TSE Growth: 7067]

Piala[TSE Prime: 7044]

Listed in October 2019

Listed in June 2019

Listed in December 2018July 2020

Listed in March 2018

Public Appeal：3.8 billion yen

Public Appeal：2.4 billion yen

Public Appeal：7.6 billion yen

Public Appeal：4.4 billion yen

Opening price：6.9 billion yen

Opening price：7.7 billion yen

Opening price：17.5 billion yen

Openingprice：12.5 billion yen※Market capitalization based on public offering and market capitalization based on Opening price are estimated by Us, AirTrip Corp.
Copyright © AirTrip Corp. All Rights Reserved.

Wagokoro[TSE Growth: 9271]

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6. Current situation of Investees ～Investees list～

Cumulative Investees 105 companies
Total investment amount is about 4.5 billion yen※As of June 2023･･･etc※Investments in subsidiaries and associates of the Company4( companies in total, total investment of JPY 3.4 billion) are excluded from the table above.
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96. Current situation of investees ～IPO schedule～

80% investees progressed more than N-3 period We
expect some IPOs every single term

N,N-1
N-2,N-3period
the rate ofinvestees

80%※Figures in the pie chart are the number of companies.
※Aggregation based on expected status as of July 1th, 2023
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106. Current situation of Investees ～Lead Managing Underwriter and Audit Firm～

More than half of investees have selectedlead managing underwriter and audit firm
which are critical factors for IPO
Selection of lead managing underwriter

Selection of Audit Firm

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116. Current situation of Investees ～Assumed market capitalization at listing～

63% of investees aiming to exceed 10 billion yenmarket capitalization at IPO
which exceeds average value of TSE Mothers* IPOsinOver 10billion yen

63%＊present=TSE Growth※Average market capitalization based on assumed IPO offering price in 2021. Approximately 10 billion yen (based on our calculations)※Aggregated by excluding companies whose notional offer price has not yet been considered.
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12

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates, and forecasts.・
A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may result in differences fromthe statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise any
forward-looking statements to reflect future events or conditions.
・This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, theoriginal shall prevail.
AirTrip Corp.
(Tokyo Stock Exchange PRIME Section：6191)
19th Fl. Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.airtrip.co.jp