Business Report(From October 1, 2022
to September 30, 2023)

1. Matters Concerning the Status of the Corporate Group(1) Business Conditions in the Current Consolidated Fiscal Year
During the current consolidated fiscal year, the Japanese economy has been
recovering moderately, with corporate earnings generally improving despite someweakness and a gradual recovery in personal consumption.
As for the environment surrounding the travel industry, travel demand continues
to recover due to the easing of restrictions on travel behavior in Japan and theeasing of entry restrictions of various countries for inbound travel to Japan.
Our group has continued to steadily accumulate profits through theimplementation of our growth strategy "AirTrip "Re-Start"" in the current fiscal year.
In the future, the AirTrip Group aims to achieve endless growth by expanding
earnings through strategic marketing investments in response to increased domestic
travel demand triggered by nationwide travel support, continuing to grow existing
businesses other than travel business, and strategically diversifying andrestructuring its business portfolio.
[Consolidated Financial Results]
Revenue
Operating income

23,386 million yen(72.0% increase YoY)

2,018 million yen(10.0% decrease YoY)

Income before income taxes
1,973 million yen (2.7% decrease YoY)
Current income attributable to1,274 million yen (25.5% decrease YoY)
owners of the parent company
In terms of revenue for the current consolidated fiscal year, the online travelbusiness posted an 82.8% YoY increase to 23,020 million yen due to a significant
increase in revenue from a recovery in travel demand, while the IT offshoredevelopment business posted a 41.1% YoY decline to 322 million yen. In theinvestment business, sales declined 88.3% YoY to 53 million yen. As a result of theabove, net sales for the current consolidated fiscal year increased 72.0% YoY to23,386 million yen.
Operating income for the current consolidated fiscal year benefited from anincrease in gross profit due to a recovery in demand for travel and from cost
reduction measures and other measures undertaken as part of the diversification
and restructuring of the business portfolio. Operating income in the online travelbusiness increased 1,192 million yen YoY to 3,732 million yen, operating loss in the
IT offshore development business decreased 652 million yen YoY to 263 million
yen, and operating loss in the investment business decreased 495 million yen YoY
to 33 million yen. As a result, operating income for the current consolidated fiscal
year decreased by 10.0% YoY to 2,018 million yen, and operating income before
impairment losses and other items amounted to 3,696 million yen.

―1―[Segment Results](Online Travel Business)
Revenue

23,020 million yen(82.8% increase YoY)

Segment Income

3,732 million yen(46.9% increase YoY)

1. AirTrip Travel Business
Since its establishment, the Company has provided convenient services to its
customers as a travel agency specializing in online travel. Based on our three mainstrengths of "purchasing power," "diverse sales channels," and "systemdevelopment capability," we develop the following services:(1) B-to-C services (directly managed by the company)
We have achieved a strong competitive edge by handling the industry's largest
volume of domestic airline tickets and by forming alliances with various airlines andEast Japan Railway Company. We operate "AirTrip," a website that enables
customers to easily compare and book domestic and international travel content.
We deliver the best travel options to our customers by focusing more on the ease ofuse of our website.
(2) BtoBtoC services (OEM provision of travel contents)
We provide domestic airline tickets, travel, overseas airline tickets, and hotel
products as travel contents to other media. Increasing the lineup of content helps toimprove customer satisfaction for media users.
2. Inbound Business and Wi-Fi Rental Business
AirTrip's subsidiary Inbound Platform Inc. is developing the inbound business. The
company offers Wi-Fi router rental services for visitors to Japan and has establisheda brand through long-standing trust and word-of-mouth. Together with campervan
rentals, the company aims to expand services for inbound demand.
3. Media BusinessIn cooperation with our subsidiary Magmag, which has the philosophy of"conveying what you want to say to the people who want to know," we develop andprovide a system for collecting content from creators and others around the world
and delivering it to the hands of people who find value in that information. Including
the free and paid e-mail magazine distribution service, "Magmag!", we also offer thelive distribution service, "Magmag! LIVE, as well as the web media "MAG2 NEWS,""MONEY VOICE," "TRiP EDiTOR," and "by them," which enable us to discovercontent and deliver it to a large number of people who want to know about it.
4. Regional Development Business
AirTrip subsidiaries Kanxashi and N's Enterprise are engaged in the regional
development business. They aim to solve social issues such as population shortage
and produce regional tourism by developing solutions based on "tourism tech" x "HRtech" to increase the number of people interacting with each other and revitalize
regional economies.

―2―5. Cloud Business
AirTrip subsidiary Kanxashi is developing cloud business. The company isdeveloping cloud services mainly to improve operational efficiency in the lodging
and restaurant industry, including "Kanxashi Cloud," a tool to manage
accommodation plans in bulk, "Wakixashi Cloud," an automated tool to collectcancellation fees, "Kuchikomi Cloud," "Zenigata Cloud," "Cloud Tenso Shaseen,"and "Vansow Cloud," among others, and aims to become the most indispensable
company for inns, hotels, and local businesses.
Segment sales revenue for the online travel business for the current fiscal year
was 23,020 million yen, and segment income was 3,732 million yen.
(IT offshore development business)
Revenue
322 million yen
Segment Income△263 million yen(41.1% decrease YoY)
(decreased by 652 million yen YoY)

The IT offshore development business segment provides laboratory-based
development services in Ho Chi Minh City, Hanoi and Danang, Vietnam, mainly to
e-commerce, web solutions, game and system development companies.
The IT offshore development business segment reported net sales of 322 million
yen and segment loss of 263 million yen for the current fiscal year.
(Investment Business)
Revenue

53 million yen

Segment Income△33 million yen(88.3% decrease YoY)
(decreased by 495 million yen YoY)

In the investment business, we invest in and nurture growth companies,
pursuing synergies through collaboration with investee companies and othermeans, while aiming to earn capital gains through the growth of investee
companies and their IPOs.
In the current consolidated fiscal year, the number of investee companies
expanded to 123.
Segment revenues for the investment business for the current consolidated fiscal
year were 53 million yen and segment losses were 33 million yen.
(2) Capital Investment
Software-related
Major capital investments during the current consolidated fiscal year totaled 703
million yen for systems related to the Company's online travel business. There
was no disposal or sale of significant facilities.
(3) Status of fund procurement
The Company raised funds of 471 million yen through the exercise of stockacquisition rights during the current consolidated fiscal year.

―3―(4) Issues to be addressed
The Group's sales are mainly revenues related to airline ticket sales, and wecontinue to have a good relationship with airlines.
In the future, the AirTrip Group will continue to promote the growth of existing
businesses and the creation of new businesses, with (1) the AirTrip Travel
Business as its core business and (2) the IT Offshore Development Business, (3)Inbound Business and Wi-Fi Rental Business, (4) Media Business, (5) Investment
Business, (6) Regional Development Business, and (7) Cloud Business as its
business domain, with the aim of achieving overall growth for the Group.
Under the med- to long-term growth strategy "AirTrip 5000," we will address thefollowing items as issues that need to be addressed:i) Steady capture of growing domestic travel demand through nationwide travel
supportThe Company sells travel products through its own media Internet site,
centering on its own brand of Internet reservation site, "AirTrip."
We will capture revenues from the increase in travel demand triggered by thenationwide travel support by expanding sales of newly focused products such as
rental cars, bullet trains, and buses, and by retaining repeat customers through alarge point redemption program.
ii) Consideration of large-scale mass promotions utilizing the AirTrip brandAs the industry's largest OTA service in terms of airline ticket volume, theCompany will respond to new forms of travel by promoting marketing strategies
that utilize the AirTrip brand and organic inflow.
iiii) Services that respond to new forms of travel and lifestyles by leveraging our IT
literacy and development capabilities
In the sales of travel products via the Internet that we conduct, it is essential forbuyers and clients to know how much information is available, how fast the
response time is, how low the price is, how convenient it is, and so on. Users whopurchase travel products on the Internet search and browse various sites for allof these services. We will continue to study system technology and build
infrastructure with the aim of enhancing these functions and providing a moreuser-friendly system.
We also aim to develop new business models and services that capture thetravel styles and lifestyles that are expected to change as a result of the after
COVID-19.
iv) Preparation for Listing of Major Group Subsidiaries and Affiliates
Inbound Platform was listed on the Growth Market of the Tokyo Stock Exchange
on August 30, 2023, with the aim of creating new value in the market for foreign
visitors and residents in Japan by promoting the development of various services
that make the most of Japan's attractive cultural and tourist resources to meet thediverse needs of foreign visitors and residents in Japan.
Preparations for the listing of other major subsidiaries of our group are also
underway, and we will continue to enhance the corporate value of our entire group.

―4―v) Cost reduction
The Company is reducing administrative costs while improving customer
service convenience by automating systems for operations that can be performed
without human intervention.
(5) Changes in assets and profit/lossa) Assets and profit/loss of the corporate groupClassification

14th FY(Year Ended Sep
30, 2020)
IFRS

15th FY(Year Ended Sep
30, 2021)
IFRS

16th FY(Year Ended Sep
30, 2022)
IFRS

17th FY(Year Ended Sep
30, 2023)
IFRS

Revenue
21,241
17,524
13,58923,386(Millions of yen)
Operating income orloss(△)
3,142
2,243
2,018
△8,994(Millions of yen)
Net income or loss(△) attributable to
2,372
1,712
1,274
△8,692owners of the parent(Millions of yen)
Basic net income orloss (△) per share
112.1577.38
57.32△433.80(yen)
Total Assets
21,94021,37324,13530,586(Millions of yen)
Total capital
2,538
8,136
9,908
13,287(Millions of yen)
Equity attributable toowners of the parent
92.21
334.54410.93548.73per share(yen)(NOTE) 1. The Company prepares its consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS).
2. The names of each category are based on the terminology used in accordance with
International Financial Reporting Standards (IFRS).
3. Hikawa was classified as a discontinued operation in the 14th fiscal year due to its exclusionfrom the scope of subsidiaries. Revenue and operating loss for the 14th fiscal year are amounts
from continuing operations and do not include discontinued operations.

(b) Assets and Profit and Loss of the Company

Classification

Net Sales(Millions of yen)
Ordinary income orloss (△)(Millions of yen)

14th FY
15Th FY
16th FY
17th FY(Year Ended Sep (Year Ended Sep (Year Ended Sep (Year Ended Sep
30, 2020)
30, 2021)
30, 2022)
30, 2023)
JapaneseJapaneseJapaneseJapaneseStandards
Standards
Standards
Standards
4,568

7,895

9,558

17,014

△474

1,441

525

2,428

―5―

Net income or loss(△)
(Millions of yen)
Net income or loss(△) per share(yen)
Total assets(Millions of yen)
Net Assets(Millions of yen)
Net assets per share(yen)△6,820

2,034

892

2,774

△340.38

96.14

40.33

124.81

11,02012,857

14,73919,318

389

5,478

6,092

9,376

17.86

246.98274.11419.04(6) Significant status of parent company and subsidiaries(a) Significant status of parent company
No applicable matter.
(b) Significant status of subsidiaries
Percentage of voting
rights held by theCompany

Principal business

100 million yen

100%

AirTrip Travel Business

EVOLABLE ASIA CO., LTD

US$200,000

51.0%

N's Enterprise

50 million yen

64.1%（64.1%）

Inbound Platform

337 million yen

66.4%

Company name
AirTrip International

CapitalIT Offshore Development
Business
Regional
Development
Business
Inbound Business and Wi-Fi
Rental Business

Kanxashi

10 million yen

64.1%

Cloud Business

Magmag319 million yen

70.7%

Media Business(Note) Percentage of voting rights in parentheses is the percentage of indirect ownership and is includedin the number of voting rights.

―6―(7) Principal businessBusiness

Business Description

AirTrip Travel Business

The following services related to airline tickets, travel, and hotel
products are offered:- BtoC service/Introduction of own direct management site
- B to B to C service / Provision of travel contents on an OEM basis

IT Offshore
Business

Offshore development business with 700 Vietnamese employees

Development

Inbound Business and Wi-Fi
Rental BusinessMedia Business

Investment Business

Regional Development
Business

Cloud Business

Developing the following services for customers traveling to Japan:- Camper car rental, Wi-Fi rental- Consulting service, concierge application- Tourism information media advertising
Development of the following services to make our customers' lives
more convenient in every aspect:- Mail newsletters and web media
Build the Group's business portfolio based on the following:- Pursuit of synergies through collaboration with portfolio companies
by investing in growth companies- Promote M&A activities in response to the momentum of
restructuring in the travel industry.
- Aggressive investment aimed at continuous expansion of businessscale- Promote M&A aimed at business growth following the travel business- Consideration of selling some of the businesses in the travel industry
Develop the following services to solve regional economic issues withthe power of technology:- Tourism tech to increase the number of people interacting with thelocal economy- HR tech to address labor shortages and improve shift management
efficiency
Development of the following services to improve operational
efficiency in the lodging industry:- Kanxashi Cloud, a tool to manage accommodation plans in bulk
- Kuchikomi Cloud, an AI-powered batch management tool for reviews- Zenigata Cloud, a tool for batch viewing of competitors- Cloud Transfer Shaseen, a photo batch management tool
- Vansow Cloud, a customer success service- Wakixashi Cloud, a cancellation fee collection automation tool―7―(8) Main offices
Name
Head Office
EVOLABLE ASIA CO., LTD

Location
Atago Green Hills MORI Tower, 2-5-1 Atago, Minato-ku, Tokyo,
Japan
7F Dongnhan Office Building, 90 Nguyen Dinh Chieu Street, Dakao
Ward, District 1, HCMC,Vietnam(9) Employees
Name

Number of employees

The Company

119

employees

Change from the end of theprevious period+5 employees

Group of Companies

337

employees+21

employees(Note) The number of employees is the number of full-time employees and excludes temporary
employees (part-timers and part-time workers).

(10) Major lenders
Lenders

Loan balance (Millions of yen)Mizuho Bank

1,112

Chiba Bank

540

Tokyo Star Bank

450

Resona Bank

452

2. Matters concerning the Company's shares(1) Total number of shares

36,000,000 sharesauthorized to be issued(2) Total number of shares issued

Common stock(3) Number of shareholders(4) Major shareholders

22,373,865 shares
19,425

Number of shares
held
6,015,700 shares

Name of shareholder
Munenori Oishi
Master Trust Bank of Japan
Custody Bank of Japan
Yoshimura Holdings
Yoshimura Holdings IFA AccountCentral Tanshi
SBI Securities
MORGANSTANLEY&CO.LLC
BNYGCMCLIENTACCOUNTJPRDACISG(FE-AC)
BNYMASAGT/CLTS10PERCENT

26.9

％

1,776,100 shares
1,434,800 shares
1,173,000 shares
1,080,000 shares
444,400 shares
269,148 shares

7.9
6.4
5.2
4.8
2.0
1.2

％

121,400 shares
101,606 shares

0.5
0.5

％

shares0.4％

95,234―8―

Shareholding ratio

％
％
％
％
％

％

3. Status of stock acquisition rights, etc.
(1) Stock acquisition rights held by the Company's officers (as of Sep 30, 2023)
4th series of stock
6th series of stockacquisition rights
acquisition rights
Date of resolution to
September 30, 2015
October 23, 2015
issue
Number of stock85
1
acquisition rights
Type of shares to be
Common stock
Common stock
issued upon exercise
Number of shares to be
76,500 shares (Note) 1
900 shares (Note) 1
issuedAmount to be paid-in
upon exercise
636 yen (Note) 1
636 yen (Note) 1of the new sharesubscription rights
October 24, 2017March 31, 2016 Exercise period
September 29, 2025
September 29, 2025
Issue price and amount
paid into capital upon
exercise of stock options
Conditions for exercise

Directors'
holdings

Issue price 636 yen
Amount incorporated into
capital 318 yen(Note) 1(Note) 2

Issue price 636 yen
Amount incorporated into
capital 318 yen(Note) 1(Note) 3
Number of stock acquisitionrights1
Number of shares to beissued900 shares
Number of holders
1(Note) 1

Directors(excluding
outsidedirectors)

Not applicable

Outsidedirectors

Not applicableNot applicable

Corporate
auditorNumber of stockacquisition rights
5
Number of shares to beissued4,500 shares
Number of holders
1(Note) 1

Not applicable(Note) 1. The Company's common stock was subject to a 300-for-1 stock split on December 18, 2015,
and a 3-for-1 stock split on August 1, 2016. As a result, the "number of shares to be issued
upon exercise of stock acquisition rights" and "total amount of assets to be contributed
upon exercise of stock acquisition rights" have been adjusted.
2. The conditions for exercising the 4th series of stock acquisition rights are as follows:(i) The grantee must be an officer or an employee of the Company or its subsidiary at thetime of exercising the stock acquisition rights. However, this shall not apply in the event of
retirement from office due to expiration of term of office, mandatory retirement, or otherjustifiable reasons, or in the event that the stock acquisition rights are acquired through―9―inheritance.
(ii) If the grantee is not a director or an employee of the Company or its subsidiary, thegrantee shall obtain the approval of the Board of Directors of the Company at the time of
exercising such rights.
(iii) More than one year has passed since the Company's listing, and there is no limit on thenumber of stock acquisition rights that may be exercised.
3. The conditions for exercising the 6th series of stock acquisition rights are as follows:(i) The grantee of stock acquisition rights must be an officer or employee of the Company
or its subsidiary at the time of exercising the rights. However, this shall not apply in theevent of retirement from office due to expiration of term of office, mandatory retirement, orother justifiable reasons, or in the event that the stock acquisition rights are acquired
through inheritance.
(ii) If the grantee is not a director or an employee of the Company or its subsidiary, thegrantee shall obtain the approval of the Board of Directors of the Company at the time of
exercising such rights.
4. The 1st, 7th, 8th, 9th, 10th, 11th, 13th, and 14th stock acquisition rights were not granted toany officers. In addition, the 2nd, 3rd, 5th and 12th stock acquisition rights have been
exercised by the officers.

The 15th series of stock acquisition rights
Date of resolution toissue
Number of stockacquisition rights
Type of shares to beissued upon exercise
Number of shares to beissuedAmount to be paid-in
upon exerciseof the new sharesubscription rights

November 30, 2020
1,131
Common stock
113,100 shares
1,230

Exercise period

January 1, 2022December 31, 2025

Issue price and amount
paid into capital upon
exercise of stock options

Issue price 1,230 yen
Amount incorporated into capital 615 yen

Conditions for exercise(Note) 1

Directors'
holdings

Directors(excluding
outsidedirectors)
Outsidedirectors
Corporate
auditorNumber of stock acquisition rights
Number of shares to be issued
Number of holders

785
78,5002

Not applicableNot applicable(Note) 1 The terms and conditions for the exercise of the 15th Series of stock acquisition rights are as
follows:―10―(i) The allotted stock acquisition rights may be exercised in the event that Adjusted EBITDA
calculated from the consolidated statements of income and consolidated statements of cash
flows for the fiscal years ending September 30, 2021, 2022, 2023, or 2024 exceeds 2.5 billion
yen.
(ii) Holders of stock acquisition rights may exercise all or part of their stock acquisition rights
in accordance with the following classifications:a. On and after January 1, 2022, one-third of the allotted stock acquisition rights
b. On and after January 1, 2023, two-thirds of the allotted stock acquisition rights
c. On and after January 1, 2024, all allotted stock acquisition rights

4. Matters related to corporate officers(1) Names, etc. of Directors and Corporate Auditors (as of September 30, 2023)
Position in the
Company

Responsibilities and significant concurrent positions

Yusuke Shibata

Representative
Director,
President, and
CFO

In charge of Hotel Reservation Business Department,
Domestic Airline Ticket Business Promotion Department,
Administration Division, Corporate Strategy Department,
and Office of the Chairman and President
Representative Director, President and CFO, AirTrip
International
President and Representative Director, AirTrip Premium
Club

Munenori Oishi

Director

Satoshi Tamura

Director and CIO

Masahide Akiyama

DirectorTakeshi Masuda

Director

In charge of Domestic Ticket Sales Department

Yoshiki Moribe

Director

Representative Director, Rocking Horse
Chairman of the Board, Nippon Reference
Representative Director and President, Mac Suzuki's
Baseball School
Director, Isle
Director, Colony
Director, ELSTYLE

Yasuhito Omori

Director

Director, Develop

Name

Pikapaka, Director
In charge of Domestic DP Sales Department, Marketing
Department and IT Strategy OfficeDirector, AirTrip International
In charge of Regional Development BusinessDirector, AirTrip International
President and CEO, Kanxashi
President and CEO, N's Enterprise
Representative Director, Giamso International Tours Pte
ltd.

―11―

Name
Tsuguhiro
Wakabayashi

Position in the
Company

Responsibilities and significant concurrent positions

Corporate Auditor, AirTrip International
Full-time Corporate
Corporate Auditor, Kanxashi
AuditorCorporate Auditor, AirTrip Premium Club

Yoshiaki Takamichi

Corporate auditor

President and Representative Director, TKMC Corporation

Masahito Okada

Corporate auditor President and Representative Director, M&E Consulting

Masayasu Morita

Corporate auditor

Outside Director, Open8
Outside Director, Albirex Niigata
Outside Auditor, GMO OMAKASE
Representative Director, Bancroft & Telegraph(NOTE) 1. Directors Yoshiki Moribe and Yasuhito Omori are outside directors.
2. Corporate Auditors Masahito Okada and Masayasu Morita are outside corporate auditors.
3. The Company has designated Directors Yoshiki Moribe and Yasuhito Omori and Corporate
Auditor Masahito Okada as independent officers as stipulated by the Tokyo Stock
Exchange, and has notified the Exchange of such designation.
4. Directors who retired during the fiscal year under review are as follows:
Position,
responsibilities
andDate of
Reason forNamesignificant concurrent positions at theretirement
retirement
time of resignation
Director and CSO
In charge of Hotel Reservation
Business Department
Sho Niiya
May 18, 2023
Resignation
Representative
Director,
AirTrip
Premium Club
Outside Director, Kanxashi(2) Outline of the contents of the liability limitation agreement
Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company and its
outside directors and corporate auditors have entered into an agreement to limit
their liability for damages under Article 423, Paragraph 1 of the same law. The
maximum amount of liability for damages under such liability limitation agreement is
the amount stipulated by law.
Such limitation of liability is limited to cases where the outside directors andcorporate auditors have performed their duties in good faith and without grossnegligence.
(3) Directors' and Officers' Liability Insurance Contracts
Scope of Insured

Outline of the contents of the Directors' and Officers' Liability Insurance Policy

Directors, corporate
auditors,
executive
officers, and important
employees of theCompany and its
subsidiaries under theCompanies Act

The Company has concluded a directors' and officers' liability insurance
contract with an insurance company as stipulated in Article 430-3, Paragraph
1 of the Companies Act, and the Company pays all premiums for all insured
parties. The policy covers legal damages and dispute expenses in the eventof a claim for damages arising from an act committed by an insured personin the capacity of an insured person (including in the case of shareholder
derivative actions). Indemnification is not provided for cases in which the―12―insured person illegally obtained profits or benefits, or committed criminal
acts, dishonest acts, fraudulent acts, or acts committed with knowledge thatthey were in violation of laws, regulations, or regulatory rules.

(4) Amount of compensation, etc. of directors and corporate auditors for the current
fiscal year
The Company's Board of Directors has adopted a policy for determining thecontent of directors' compensation. The summary of the policy is that the basic
policy is to set the remuneration of directors at an appropriate level based on theirrespective responsibilities.
The remuneration of the Company's Directors consists solely of baseremuneration. In principle, the base remuneration is a fixed monthly remuneration,
which is determined in accordance with the position, responsibilities, and otherfactors, taking into consideration economic and social conditions, trends at othercompanies, and other comprehensive factors.
The Board of Directors has confirmed that the method of determining the detailsof remuneration, etc. and the details of remuneration, etc. determined for eachindividual for the current fiscal year are consistent with the decision policy resolved
at the Board of Directors meeting held on December 25, 2020, and the Company
believes that the Company is in compliance with such decision policy.
The maximum amount of remuneration for directors was resolved at the Ordinary
General Meeting of Shareholders held on December 26, 2012 to be within 300
million yen per year (not including salaries for employees). As of the close of theOrdinary General Meeting of Shareholders, the number of directors was three.
The maximum amount of remuneration for corporate auditors was resolved at theOrdinary General Meeting of Shareholders held on December 26, 2012 to be 50
million yen per year. The number of corporate auditors as of the close of theOrdinary General Meeting of Shareholders was four.
At the Company, President and CFO Yusuke Shibata determines the specificamount of remuneration for each individual director based on a resolution delegatedby the Board of Directors. The content of such authority is to determine the amountof base remuneration for each director in accordance with the Company's
established policy, and the reason for delegating this authority is that the President
and CFO, who has a bird's-eye view of the Company's overall performance, is best
suited to evaluate the business operations of each director.
Total amount of remuneration, etc. by typeClassification

Perform
Amount of
Number ofancecompensation, etc. Fixed Remuneration linked Non-monetary persons paidcompensation
remuneration

Directors(including outside
directors)

70 million yen(5 million yen)

70 million yen(5 million yen)

-

-

10
(2)

Corporate Auditors(of which outside
auditors)

11 million yen(3 million yen)

11 million yen(3 million yen)

-

-

4
(2)

―13―

Total(Of which outside
directors)

81 million yen(9 million yen)

81 million yen(9 million yen)

-

14
(4)

-

(5) Matters Related to Outside Directors(i) Relationship between the Company and other companies at which they holdimportant concurrent positions
Yoshiki Moribe, an outside director, is a representative director of Rocking
Horse. There are no transactions to be disclosed between the Company and thecompany.
Outside Director Yoshiki Moribe is the Chairman of the Board of Directors of
Nippon Reference. There are no transactions to be disclosed between the
Company and the company.
Outside Director Yoshiki Moribe is the President and Representative Directorof Mac Suzuki's Baseball School. There are no transactions to be disclosed
between the Company and the company.
Outside Director Yoshiki Moribe is a director of Isle Corporation. There are notransactions to be disclosed between the Company and the company.
Outside Director Yoshiki Moribe is a director of COLONY. There are notransactions to be disclosed between the Company and the company.
Outside Director Yoshiki Moribe is a director of ELSTYLE Corporation. There
are no transactions to be disclosed between the Company and the company.
Outside Director Yasuhito Omori is a director of Develop. There are notransactions to be disclosed between the Company and the company.
Outside Corporate Auditor Masahito Okada is President and Representative
Director of M&E Consulting. There are no transactions to be disclosed between
the Company and the company.
Outside Corporate Auditor Masayasu Morita is a director of Bancroft &Telegraph. There are no transactions to be disclosed between the Company andthe company. (1) Although he has been appointed as a director at a number ofcompanies as described above, there are no transactions between the Company
and any of these companies.
(ii) Major Activities of Outside Directors during the Current Fiscal Year
1) Attendance at Board of Directors meetings and Board of Corporate Auditors
meetings
Board of Directors

Board of Corporate Auditors

Number of times
Number of times
Attendance rate
Attendance rateattendedattended
Director

Yoshiki Moribe

15/18

83.3%

-

-

Director

Yasuhito Omori

18/18

100%

-

-

18/18

100%

12/12

100%

18/18

100%

12/12

100%

Corporate
Masahito Okada
auditorCorporate
Masayasu Morita
auditor2) Statements made at meetings of the Board of Directors and Board of Corporate―14―

Auditors
Name
Director

Yoshiki Moribe

Director

Yasuhito Omori

Corporate
Masahito Okada
auditorCorporate
Masayasu Morita
auditorMain statements, etc.
Mr. Yoshiki Moribe has served as a manager in various industries andhas a wealth of experience and broad insight, and therefore provides
objective and appropriate opinions regarding the Company's overallmanagement.
He has provided objective and appropriate opinions regarding theCompany's overall management based on his extensive experienceand wide-ranging insight as a former employee of the Financial
Services Agency.
Based on his extensive experience as a former employee of a financial
institution, he has expressed his opinions from time to time, mainly froma compliance perspective.
Based on his extensive experience and broad insight as aninternational person, he closely monitors the Company's overseas
strategies and provides opinions on risk management, etc. from amanagement supervisory standpoint.

5. Status of accounting auditors(1) Name of accounting auditor
BDO Sanyu & Co.
(2) Amount of compensation, etc. for the accounting auditor for the current fiscal year
Amount of compensation, etc.
Amount of compensation to the accounting
auditor for the current fiscal year
Total amount of monetary and other financial
benefits payable by the Company and its
subsidiaries to the accounting auditor

44 million yen
94 million yen(Note) 1. The audit contract between the Company and the accounting auditor does not clearly
distinguish between the amounts of remuneration, etc. for audits based on the Companies
Act and those for audits based on the Financial Instruments and Exchange Act, and it is notpractically possible to distinguish between them; therefore, the total amount ofcompensation, etc. for the accounting auditor for the current fiscal year includes the sum ofthese amounts.
2. Based on the "Practical Guidelines for Cooperation with Accounting Auditors" published by
the Japan Corporate Auditors Association, the Board of Corporate Auditors of the Company
has confirmed and reviewed the outline of audit details, etc. and the basis for calculation of
remuneration estimates, and as a result has given its consent to the amount of
remuneration, etc. for the accounting auditors in accordance with Article 399, Paragraph 1of the Companies Act.

(3) Policy on dismissal or non-reappointment of accounting auditors
The Board of Corporate Auditors shall decide the content of the proposal for
dismissal or non-reappointment of the Accounting Auditor to be submitted to the―15―General Meeting of Shareholders when it determines that such action is necessary,such as when there is a problem with the Accounting Auditor's performance of its
duties.
In addition, the Board of Corporate Auditors will dismiss the Accounting Auditor
with the unanimous consent of the Corporate Auditors if the Accounting Auditor isdeemed to fall under any of the items of Article 340, Paragraph 1 of the Company
Act. In this case, the corporate auditor selected by the Board of Corporate Auditors
shall report the dismissal of the accounting auditor and the reasons for the dismissal
at the first general meeting of shareholders convened after the dismissal.
6. Systems to ensure that the execution of duties by directors complies with laws andregulations and the Articles of Incorporation, and other systems to ensure theappropriateness of operations, and the status of operation of such systems(1) Basic policy of the Internal Control System Department
In accordance with the Companies Act and the Ordinance for Enforcement of theCompanies Act, the Company has established a basic policy for the development ofsystems to ensure the appropriateness of operations at the Board of Directors
meeting held in July 2015. Based on this policy, the Company has established asystem to ensure that the internal control system functions effectively, led by the
Corporate Auditors and the Company's internal audit staff. In addition, in order toensure the appropriateness of the operations of the Company's subsidiaries, theCompany monitors the management status of its subsidiaries in accordance with
the Affiliated Companies Management Regulations and Insider Trading Regulations,and shares information at the Group Management Meetings held regularly or asnecessary from time to time. The outline of the basic policy is as follows:
A. System to ensure that the execution of duties by directors complies with laws andregulations and the Articles of Incorporation- The Company shall establish "Compliance Regulations" and other rules toensure that the execution of duties by Directors complies with laws, regulations,and the Articles of Incorporation, and to ensure the appropriateness of business
operations.
- In the event that a director of the Company discovers a serious violation of laws
and regulations, compliance violation, or other material fact concerning theCompany or its subsidiaries, the director shall promptly report such fact to theBoard of Directors.
- The Company's corporate auditors shall audit the execution of duties by directors
in accordance with the "Corporate Auditor Audit Regulations."- The Company shall establish "Whistleblower Protection Regulations" and set up
an internal whistleblower hotline as a reporting system for any violation or
attempted violation of laws, regulations, the Articles of Incorporation, or internal
rules. The Company and its subsidiaries shall not dismiss or otherwise treat
disadvantageously any person who makes such a report.
B. System for storage and management of information related to the execution ofduties by Directors―16―

- The Company shall prepare documents and establish a system for the storageand management of information in accordance with laws and regulations, theArticles of Incorporation, and internal rules such as "Document Management
Rules," "Rules for Handling Personal Information," and "Information Security
Management Rules." Directors and corporate auditors shall have access tosuch information as necessary.
C. Regulations and other systems for loss risk management- The Company shall promote risk management activities by establishing a "RiskManagement Committee" to manage risks of the Group across the board inaccordance with the "Risk Management Regulations."- The Company shall monitor and manage the risk situation of the Company andits subsidiaries in a timely manner through periodic reports on the status ofbusiness execution at the Management Strategy Meeting and other meetings.
- The Company's Internal Audit Department shall audit the implementation statusof risk management at the Company and its subsidiaries in accordance with the"Internal Audit Regulations."
D. System to ensure that Directors execute their duties efficiently- The Company shall introduce an Executive Officer System in accordance withthe "Executive Officer Regulations" in order to improve management efficiency
and clarify responsibilities.
- The Company shall hold a meeting of the Board of Directors at least once amonth to make decisions on important matters, report on the status of executionof duties by Directors and Executive Officers, and monitor and supervise theexecution of duties by Directors and Executive Officers of the Company.
- The Company shall ensure that the execution of duties based on decisions by
the Board of Directors is carried out efficiently by clarifying the respective
responsibilities in the "Rules on Division of Duties" and the "Rules on
Administrative Authority."- In order to supplement the efficient execution of duties, the Company shall holda management strategy meeting at least once a month to discuss importantmanagement matters.
E. System to ensure that the execution of duties by employees complies with laws
and regulations and the Articles of Incorporation- The Company shall establish the "Compliance Regulations" as the standards ofconduct to be observed in the performance of duties, and shall ensure that all
officers and employees are fully aware of them.
- The Company shall establish an internal whistleblower hotline in accordancewith the "Whistleblower Protection Regulations" in order to prevent misconduct.
- The internal audit department of the Company shall conduct internal audits inaccordance with the internal rules to verify the status of compliance with laws
and regulations, the Articles of Incorporation, and internal rules in theperformance of duties by employees of the Company and its subsidiaries, aswell as the status of execution of other operations.
F. System to ensure the appropriateness of business operations within the corporate―17―

group- The Company shall establish "Regulations for Management of AffiliatedCompanies" to ensure the appropriateness of decision-making and operations
based on the unified business strategy of the Group and to clarify the
responsibilities of management control.
- The Company shall clarify management responsibility by establishing "AffiliatedCompany Management Regulations" to ensure appropriate decision making
and business operations based on the unified business strategy of the Group.
In addition, important facts arising in the course of business execution at
subsidiaries shall be reported to the Company and relevant divisions of theCompany at Group Management Meetings held periodically or as necessary.
- The Company's internal audit department shall also conduct periodic audits ofeach subsidiary.
G. Matters concerning employees who are to assist the duties of corporate auditors
and the independence of such employees from directors- The Corporate Auditors may appoint assistants to the Corporate Auditors fromamong the Company's employees.
- The Board of Directors shall decide on the appointment, dismissal, personnel
transfer, and revision of wages, etc. of assistants to Corporate Auditors after
obtaining the consent of the Board of Corporate Auditors, thereby ensuring their
independence from Directors.
- Assistants to the Corporate Auditors shall not concurrently hold positions related
to the execution of duties.
H. System for reporting to Corporate Auditors by Directors, Executive Officers andemployees, and other systems for reporting to Corporate Auditors- When a director, executive officer, or employee of the Company's group
discovers a fact that violates laws and regulations or that may cause significant
damage to the Company, they shall promptly report the matter concerning suchfact to the Company's auditors. In addition, if they are requested by theCompany's corporate auditors to report on matters related to the execution ofbusiness, they must also do so promptly.
- The Company Group shall establish a system to ensure that a person who
reports to the Company's Corporate Auditors in accordance with the preceding
paragraph shall not be treated unfavorably by reason of such report.
I. Other systems to ensure that the audits of the Company's corporate auditors are
conducted effectively- The Company's corporate auditors shall attend meetings of the Board of
Directors, management strategy meetings, and other important meetings
related to the management of the Company's group, and shall be able tounderstand important management decisions and the status of businessexecution, as well as to express their opinions.
- The Company's representative director regularly exchanges opinions with theCompany's corporate auditors.
- The Company's corporate auditors may receive in advance explanations of theannual plan for internal audits conducted by the internal audit division and may―18―

request modifications to the plan. They may also receive reports from time totime on the status of internal audits and, if deemed necessary, may request theimplementation of additional audits or the formulation of measures to improve
operations.
- The Company's corporate auditors shall receive explanations and exchange
opinions on the details of accounting from the accounting auditor as necessary,and shall cooperate with the accounting auditor for efficient audits.
(2) Overview of internal control system operation
The Company and its subsidiaries (hereinafter referred to as the "Group") aremaking efforts to properly operate the internal control system based on the above
resolution by having the department in charge of internal audit inspect the system.
The main items in the status of operation during the current fiscal year are as follows:
A. Compliance Initiatives- The Company provides compliance education to its officers and employees
based on the Group's regulations on information management and preventionof insider trading, etc., to ensure that they are fully aware of the importance ofcompliance.
- The Company's management strategy meeting deliberates on the Group's
compliance status, risk identification, and countermeasures based on
information collected from the Company's administrative divisions andsubsidiaries, determines measures to be implemented by the Group, andreports on the measures and their implementation status to the Board of
Directors.
- The internal audit department, which reports directly to the President and CFO,
audits each division of the Company and its subsidiaries, and reports its findings
to the President and CFO and the Board of Directors.
B. Initiatives concerning appropriateness and efficiency of the execution of duties- During the fiscal year under review, the Board of Directors of the Company met
18 times and, in addition to resolutions on matters exclusively decided by law
and the Articles of Incorporation, made decisions on management philosophy,
corporate governance structure, and business execution that could significantly
affect consolidated business results and the reputation of the Company's group.
- In the fiscal year under review, the Corporate Strategy Meeting was held once aweek to monitor the execution status of each business division, discuss
important matters delegated by the Board of Directors, and make flexible
decisions by the Company's President.
- At the Business Strategy Meeting and Board of Directors meetings, the monthly
business results of the Group were reported, and the progress of the Group's
management targets, management issues, and measures to deal with themwere confirmed and deliberated.
C. Audit system by corporate auditors- The Company ensured that corporate auditors had opportunities to attend
important meetings of the Company's Board of Directors, and through thesemeetings, the Company provided reports and information to the corporate―19―

auditors.
- The Corporate Auditors also hold regular information sharing meetings with the
Corporate Auditors or Directors in charge of auditing of subsidiaries, thedepartments in charge of internal audits and accounting auditors of theCompany, and receive reports from the Company's Executive Officers on
business performance, business operations and internal control systems toenhance the effectiveness of their audits.
- The Company also holds regular meetings to exchange opinions between the
President and CFO and the Corporate Auditors.
- The Company has appointed one assistant to the corporate auditors to assist
them in their duties, and ensures independence from directors by respecting
the opinions of the Board of Corporate Auditors with respect to the appointment,
transfer, evaluation, and discipline of such employees.
7. Policy on determining dividends from surplus, etc.
The Company regards the return of profits to shareholders, including the payment
of dividends, as an important management policy. The Company's basic policy is topay stable dividends while retaining earnings to strengthen its financial position andoperating base and to provide for capital needs for investments with a long-term
perspective.
The Company is authorized to pay dividends from surplus twice a year, an interim
dividend and a year-end dividend, but currently pays only the year-end dividend. The
decision-making body for dividends is the Board of Directors.
In the previous fiscal year, the Company decided to place more emphasis on
returning profits to shareholders and paid a dividend of 10.00 yen per share. The
Company's distribution of surplus is based on consolidated profits, with a target
consolidated dividend payout ratio of approximately 20%. The Company aims to
distribute profits in line with business performance (high profit growth and highdividends) while emphasizing retained earnings to prepare for aggressive businessdevelopment.
Regarding the distribution of retained earnings for the current fiscal year, after
comprehensive consideration of returning profits to shareholders and strengthening
the management structure, we have resolved to pay an annual dividend of 10.00 yen
per share based on the above policy and profit level forecast, with September 30 as
the record date.

―20―

Consolidated Statements of Financial Position(As of September 30, 2023)(Unit: Millions of yen)
Item

AmountItem

AssetsCurrent assets

Liabilities
24,615

Cash and cash equivalents

12,453

Trade and other receivables

2,985

Other financial assets

6,989

Inventories
Other current assets
Non-current assets

Amount17

Current liabilities
Trade liabilities and otherliabilities
Trade and other receivables

13,267
6,150
2,203

Other financial liabilities

299

Lease liabilities

198

2,170

Income taxes payable

634

5,970

Other current liabilities

3,780

Tangible fixed assets

369

Right-of-use assets

1,330Interest-bearing liabilities

2,046

Goodwill

1,276

Lease liabilities

1,201

Intangible assets
Investments accounted forby the equity method

953
1,055

Non-current liabilities

4,031

Other financial liabilities

5

Provisions

52

Other financial assets

795

Deferred tax liabilities

712

Other non-current assets

12

Other non-current liabilities

11

Deferred tax assets

177

Total liabilities

17,298EquityEquity attributable to owners of
the parent
Capital stock

30,586

1,782

Capital surplus

3,982

Earned surplus

6,387

Treasury stock△0

Other capital components

187

Noncontrolling interest

Total assets

12,340947

Total equity

13,287

Total liabilities and equity

30,586―21―

Consolidated Statements of Income(Oct. 1, 2022 - Sep. 30, 2023)(Unit: Millions of yen)
Item

AmountRevenue

23,386△9,857

Cost of sales
Gross profit

13,528Selling, general and administrative
expenses△10,456

Investment income (loss)

97

Equity in earnings (losses) of affiliatedcompanies

30

Other income

361

Other expenses△1,542

Operating income

2,018

Financial income

39

Financial expenses△84

Income before income taxes

1,973
△873

Income tax expense
Net income

1,099

Attribution of net income
Owners of the parent company

1,274

Noncontrolling interest

△174

―22―

Consolidated Statement of Changes in Equity(Oct. 1, 2022 - Sep. 30, 2023)(Unit: Millions of yen)
Equity attributable to owners of the parent
Noncontrolling

Capital stock

Balance at the
beginning of current
periodNet income
Other comprehensive
incomeCurrent comprehensive
incomeDividends fromsurplusIssuance of newsharesChanges in interests
in controlledsubsidiaries
Repurchase oftreasury stock
Increase (decrease)
due to transfers andother changes
Total amount oftransactions withownersBalance at the end ofcurrent period

Capitalsurplus

EarnedsurplusTreasurystock

Other capitalcomponents

1,547

2,094

5,335

△0

-

-

1,274

-

-

-

-

-

-

Total capitalinterest

Total

209

9,185

723

9,908

-

-

1,274

△174

1,099

-

△5

△5

△2

△7

1,274

-

△5

1,269

△176

1,092

-

△221

-

-

△221

-

△221

235

235

-

-

-

471

-

471

-

1,653

-

-

-

1,653

389

2,042

-

-

-

-

-

-

-

-

-

△0

-

0

△17

△17

11

△5

235

1,888

△221

0

△17

1,885

401

2,286

1,782

3,982

6,387

△0

187

12,340947

13,287―23―

Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements(Notes regarding significant matters that form the basis for the preparation of theconsolidated financial statements, etc.)
1. Basis of Preparation of Consolidated Financial Statements
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") pursuant to Article 120,
Paragraph 1 of the Ordinance on Accounting of Companies. In accordance with thesecond sentence of the same paragraph, certain disclosures required under IFRS
have been omitted from these consolidated financial statements.
2. Scope of consolidation
Number of consolidated subsidiaries: 13
Names of principal consolidated subsidiaries
EVOLABLE ASIA CO.,LTD
MagmagN's Enterprise
Inbound Platform
AirTrip International
KanxashiChanges in consolidated subsidiaries
The main companies that became newly consolidated subsidiaries during thecurrent consolidated fiscal year are as follows:- Kanxashi: Share exchange and share acquisition
In addition, the number of consolidated subsidiaries decreased during theconsolidated fiscal year under review as follows:- Soki Asia: Share transfer- AirTripstay: Share transfer- AirTrip Hawaii: Absorption-type merger(1) Names of major unconsolidated subsidiaries
There are no major unconsolidated subsidiaries that should be noted.
Reason for exclusion from scope of consolidation
Because non-consolidated subsidiaries are all small in size, and their combined
total assets, net sales, net income/loss (as calculated by the equity method), andretained earnings (as calculated by the equity method) do not have a material
impact on the consolidated financial statements.
3. Application of equity method(1) Number of unconsolidated subsidiaries and affiliates accounted for by the equity
method and names of principal companies
Number of affiliates to which the equity method was applied: 3Names of principal companies―24―

- Hybrid Technologies(2) Names of major unconsolidated subsidiaries and affiliates not accounted for by
the equity method
There are no major companies, etc. that should be noted.
(3) Reason for not accounted for by the equity method
The companies that are not accounted for by the equity method are excluded
from the scope of equity method since their net income or loss (as calculated by theequity method) and retained earnings (as calculated by the equity method) have aminimal effect on the consolidated financial statements and are not significant as awhole.
4. Matters related to fiscal year of consolidated subsidiaries
Of the consolidated subsidiaries, Giamso International Tours Pte Ltd. and one
other company have a fiscal year ending March 31, and Kyushu Hotel Resort has
a fiscal year ending July 31. In preparing the consolidated financial statements,
the Company uses financial statements based on a provisional settlement ofaccounts conducted as of the consolidated balance sheet date. The fiscal year
end of other consolidated subsidiaries is the same as the consolidated fiscal year
end.
5. Accounting policies(1) Valuation standards and methods for significant assets and liabilities(i) Financial instruments
The Group applies IFRS 9 "Financial Instruments" (revised July 2014).
Financial assets and liabilities are recognized when the Company becomes acontractual party to the financial instrument.
Non-derivative financial assets
The Group recognizes and derecognizes all sales and purchases of nonderivative financial assets in the ordinary course of business as of the contract
date. A purchase or sale in the ordinary course of business is a purchase orsale of a financial asset under a contract that requires delivery of the asset
within a period generally prescribed by the rules or practices of the relevantmarket.
i) Classification and measurement of non-derivative financial assets
The Group measures all non-derivative financial assets at fair value atinitial recognition and classifies them as either financial assets at amortized
cost, financial assets at fair value through other comprehensive income(FVTOCI financial assets) or financial assets at fair value through profit orloss (FVTPL financial assets).
a. Financial assets at amortized cost
The Group classifies financial assets as financial assets at amortizedcost if they meet the following conditions:- The Group holds the financial assets based on a business model in which―25―the objective is to collect contractual cash flows.
- The contractual terms of the financial asset result in cash flows that aresolely payments of principal and interest on the principal balance at a
specific date.
Financial assets measured at amortized cost are measured at fair value
plus transaction costs directly attributable to the transaction at initialrecognition and at amortized cost using the effective interest method after
initial recognition. Interest income and gains or losses on derecognition aremeasured as net gain or loss for the period.
b. FVTOCI financial assets
i. FVTOCI debt financial assets
The Group classifies debt financial assets as FVTOCI debt financial
assets measured at fair value through other comprehensive income ifthey meet the following conditions:- The Group holds the financial assets based on a business model inwhich the objective is achieved by both collecting and selling thecontractual cash flows.
- The contractual terms of the financial asset result in cash flows that aresolely payments of principal and interest on the principal balance at a
specific date.
For FVTOCI debt instruments, changes in fair value (excluding
impairment losses) after initial recognition are recognized in othercomprehensive income, the accumulated amount of which is transferred
to net income or loss upon derecognition. Interest income, gains orlosses on derecognition and impairment losses are recognized in current
period net income or loss.
ii. FVTOCI capitalized financial assets
The Group designates and classifies financial assets at fair value thathave an irrevocable election to present subsequent changes in fair value
in other comprehensive income at initial recognition as FVTOCI
capitalized financial assets at fair value through other comprehensive
income.
FVTOCI equity instruments are measured at fair value plus transaction
costs directly attributable to the transaction at initial recognition.
Changes in fair value after initial recognition are recognized in othercomprehensive income and included in other components of equity.
When the financial asset is derecognized, the accumulated othercomprehensive income is immediately transferred to retained earnings.
Dividends received on FVTOCI capitalized financial assets arerecognized as financial income when the right to receive dividends isestablished unless such dividends clearly represent a recovery of thecost of the investment.
c. FVTPL financial assets
The Group classifies financial assets that are not classified as either
financial assets measured at amortized cost or FVTOCI financial assets―26―

as described above as FVTPL financial assets.
FVTPL financial assets are measured at fair value at initial recognition,with valuation gains and losses, dividend income and interest income
arising from changes in fair value after initial recognition recognized in
net income or loss.
ii) Impairment of financial assets
The Group recognizes a loss valuation allowance based on expected credit
losses for financial assets measured at amortized cost or FVTOCI debt
instruments.
At the end of each reporting period, the Group assesses whether the credit
risk associated with the financial asset has increased significantly since initialrecognition. If the credit risk associated with the financial asset has increased
significantly since initial recognition, the Group measures the loss valuation
allowance for the financial asset at an amount equal to the expected credit
loss for the entire period, or at an amount equal to the expected credit loss
for 12 months if the credit risk has not increased significantly. Whether credit
risk has increased significantly or not is estimated by a method that reflects
changes in credit information and information about the maturity ofreceivables.
However, for trade receivables that do not contain significant financial
elements, the expected credit loss for the entire term is measured regardlessof the increase or decrease in credit risk.
iiii) Derecognition
The Group derecognizes a financial asset when the contractual rights tothe cash flows arising from the financial asset have been extinguished orwhen the financial asset has been transferred and substantially all of the risks
and economic value of ownership of the financial asset have been transferred.
The interest created or continued to be held by the Group in the transferredfinancial asset is recognized as a separate asset and liability.
Non-derivative financial liabilitiesi) Classification and measurement of non-derivative financial liabilities
The Group classifies non-derivative financial liabilities as either financial
liabilities at amortized cost or financial liabilities at fair value through profit orloss (FVTPL financial liabilities).
a. Financial liabilities measured at amortized cost
The Group classifies all financial liabilities as financial liabilities atamortized cost except for the following:- FVTPL financial liabilities (including derivative liabilities)- Financial guarantee contracts- Conditional consideration recognized in a business combination
Financial liabilities measured at amortized cost are measured at fairvalue less transaction costs directly attributable to the financial liability at―27―

initial recognition and are measured at amortized cost using the effective
interest method after initial recognition.
b. FVTPL financial liabilities
FVTPL financial liabilities are measured at fair value at initialrecognition and changes in fair value after initial recognition arerecognized in net income or loss unless they qualify for hedge
accounting.
ii) Derecognition
The Group derecognizes a financial liability when the obligation has been
fulfilled, discharged, cancelled, or expired.

Offsetting financial instruments
Financial assets and financial liabilities are offset and recognized net in the
consolidated statement of financial position only when the Group has an
enforceable legal right to offset the recognized amounts and there is anintention to settle on a net basis or to realize the asset and settle the liability
simultaneously.
Fair value of financial instruments
The fair value of financial instruments traded in active financial markets ateach reporting date is measured at the quoted market price.
The fair value of financial instruments for which no active market exists ismeasured using appropriate valuation techniques.
(ii) Inventories
Inventories, which consist primarily of merchandise, are measured at thelower of cost or net realizable value. The cost of inventories is determined using
the first-in, first-out method. Net realizable value is determined as the estimatedselling price in the ordinary course of business less costs to sell.
(2) Depreciation and amortization of significant depreciable assets(1) Tangible fixed assets: ...... Depreciation is computed on a straight-line basis overthe estimated useful lives of each component of theassets at cost less residual value. The depreciation
method estimated useful lives and residual values arereviewed at the end of each fiscal year and anychanges are applied as a change in accounting
estimate in the period in which the estimate ischanged and prospectively.
The estimated useful lives are as follows:- Buildings: 6 to 20 years- Vehicles: 10 years- Furniture and fixtures: 3 to 20 years―28―

(ii) Intangible assets(excluding goodwill) .............Amortization expense for intangible assets with definite
useful lives is computed using the straight-line method
over the estimated useful lives of the assets. The
amortization method and estimated useful lives arereviewed at the end of each fiscal year and anychanges are applied to the period in which theestimate is changed and prospectively as a change inaccounting estimate. There are no intangible assets
with indefinite estimated useful lives.
Impairments are described in "(4) Impairment (i)Impairment of tangible fixed assets and intangible
assets".
The estimated useful lives are as follows:- Software: 5 years- Customer-related assets: 3 to 5 years(3) Goodwill
Goodwill is stated at cost less accumulated impairment losses.
Goodwill is allocated to a cash-generating unit or group of cash-generating units
that is expected to benefit from synergies arising from a business combination.
The cash-generating unit or group of cash-generating units to which goodwill isallocated is determined based on the unit to which the goodwill is monitored for internalmanagement purposes and is within the scope of the segment before consolidation.
Impairment is described in "(4) Impairment (ii) Goodwill".
(4) Impairment(i) Impairment of tangible fixed assets and intangible assets
The Group determines at the balance sheet date whether there is any indicationthat tangible fixed assets and intangible assets with definite useful lives may be
impaired, and if there is an indication of impairment, the Group performs an
impairment test based on the recoverable amount of such assets.
Intangible assets with indefinite useful lives and intangible assets that are not
yet available for use are not amortized, but are tested for impairment annually,
regardless of whether there is an indication of impairment, or whenever there isan indication of impairment.
Recoverable amounts are measured at the higher of fair value less costs todispose or value in use. Value in use is determined by discounting the estimatedfuture cash flows to present value using a pre-tax discount rate that reflects thetime value of money and the inherent risks of the asset.
If the recoverable amount of an individual asset or cash-generating unit is lessthan its carrying amount, the carrying amount is reduced to its recoverable amountand an impairment loss is recognized in net income or loss.
For tangible and intangible assets for which impairment losses have been―29―

recognized in prior periods, the Company determines at the balance sheet datewhether there is an indication that an impairment loss has been reversed.
If there is an indication that an impairment loss has been reversed and therecoverable amount of an individual asset or cash-generating unit exceeds its
carrying amount, the impairment loss is reversed up to the lower of therecoverable amount and the carrying amount less any amortization or
depreciation that would have occurred had no impairment loss been recognizedin prior periods.
(ii) Goodwill
The Group conducts an impairment test at certain times during each year andwhenever there is an indication that an allocated cash-generating unit or group of
cash-generating units may be impaired.
If the recoverable amount of a cash-generating unit or group of cash-generating
units is less than its carrying amount upon impairment testing, the difference isrecognized as an impairment loss in net income or loss. The impairment loss is
reduced from the carrying amount of goodwill allocated to the cash-generating
unit or group of cash-generating units and then from the carrying amount of each
asset in proportion to its proportionate share of the carrying amount of otherassets in the cash-generating unit or group of cash-generating units.
Goodwill impairment losses are recognized in net income or loss and are notreversed in subsequent periods.
(5) Basis for recognition of significant reserves
The Group recognizes a provision when it has a present obligation (legal orconstructive) as a result of a past event, it is probable that an outflow of resources
with economic benefits will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.
When the time value of money is significant, the provision is measured at thepresent value of the amount of expenditure estimated to be required to settle theobligation. The present value is determined using a pre-tax discount rate thatreflects the time value of money and the risks inherent in the liability.
The Group recognizes asset retirement obligations primarily as provisions. Assetretirement obligations are recognized for the amount expected to be paid in the
future based on historical experience and estimates by third parties for restoration
obligations arising from lease contracts for offices used by the Group.
Expenditures for restoration are expected to be incurred mainly after one year or
more, but are affected by future business plans and other factors.

―30―

(6) Revenue recognition
Revenue is recognized for contracts with customers by applying the following steps:(Excluding interest and dividend income, etc. based on IFRS 9 "Financial Instruments"and lease income based on IFRS 16 "Leases")
Step 1: Identify the contract with the customer.
Step 2: Identify the performance obligations in the contract.
Step 3: Calculate the transaction price.
Step 4: Allocate the transaction price to the performance obligations in thecontract.
Step 5: Recognize revenue when (or as) the performance obligation is satisfied.
The Group identifies the separate services included in the contract with thecustomer and identifies the performance obligation as the transaction unit.
In identifying performance obligations, the Company considers whether it is theprincipal or an agent. If the nature of its own promise is a performance obligation toprovide itself with the identified services, the revenue is presented in the
consolidated statement of income at the gross amount of the consideration as theprincipal. If the nature of its commitment is a performance obligation to arrange forthose services to be provided by another party, it presents revenue as an agent in
the consolidated statement of income in the amount of commission or remunerationor net consideration.
The transaction price is the amount of consideration to which the consolidated
entity expects to be entitled in exchange for the transfer of the promised services tothe customer. If the amount of consideration is undetermined at the time of revenue
recognition, the consideration is reasonably estimated based on certain formulas
and other factors specified in the contract. If the amount of consideration is highly
uncertain or difficult to reasonably estimate, it is not included in the transaction price.
The transaction price is reviewed when uncertainty is reduced and a reasonableestimate can be made.
The Group recognizes major revenues as follows:(i) Commission income from online sales
The Group earns sales commissions and other fees from customers byarranging and providing airline tickets and other travel products as an agent. The
Group recognizes revenue on a net basis from the provision of these services
because the provision of these services is a performance obligation to arrange forthe services to be provided by another party.
Sales commissions and other fees are recognized as revenue when theperformance obligation to the customer is satisfied at the time the ticket is issued.
For contracts that include variable consideration, such as rebates and subsequentdiscounts, the transaction price is determined using the mode method based on
historical experience, considering such variable prices to the extent that there is―31―

no significant difference between estimates and actual results.
For sales through customer loyalty programs, in which points are awarded at
the time of sale, the fair value of the points is estimated, and the revenue isrecognized net of the estimated fair value of the points.
(ii) Package revenues from online sales (airline tickets + hotels, etc.)
The Group provides services to arrange and provide a combination of airline
tickets and hotels, etc., and recognizes revenue on a gross basis. The
performance obligation is deemed to be satisfied upon completion of the trip, andrevenue is recognized on the basis of the date of return.
(iii) Revenue from providing offshore services
The Group provides offshore development services for which it receives labor
service fees from its customers.
Revenue from offshore services is recognized based on the actual utilization of
the services during the service period.
(iv) Revenues from investment business
The Group earns capital gains and income gains by nurturing and rehabilitating
investments in portfolio companies.
For income from investment business, the Group initially recognizes
investments (financial assets) at fair value and recognizes changes in fair value
after initial recognition as investment gains or losses. At the time of sale of aninvestment, the Group recognizes the sale price as income.
The Group does not adjust the time value of money for the transaction pricebecause the Group does not have any contracts where the period between thetransfer of services to the customer and payment by the customer is expected to
exceed one year.
(7) Translation of assets and liabilities denominated in foreign currencies into
Japanese currency
The consolidated financial statements of the Group are prepared based on thefinancial statements of each company in its functional currency.
(i) Foreign currency transactions
Foreign currency transactions are translated into the Group's respective functional
currencies by applying the spot exchange rates prevailing on the transaction dates.
Monetary assets and liabilities denominated in foreign currencies are translated into
the functional currency at the exchange rates prevailing at the balance sheet date.
Non-monetary items denominated in foreign currencies measured at cost aretranslated into the functional currency at the exchange rate prevailing at thetransaction date. Foreign currency non-monetary items measured at fair value aretranslated into the functional currency at the spot exchange rate at the measurement
date of such fair value. Translation differences arising from such translation andsettlement are recognized in net income or loss for the period. However, for equity
instruments for which post-acquisition changes in fair value are recognized in other―32―comprehensive income, translation differences are recognized in othercomprehensive income.
(ii) Financial statements of foreign operations
Assets and liabilities of foreign operations are translated at the spot rate at thebalance sheet date, and revenues and expenses are translated at the averageexchange rate during the period, except for significant fluctuations in exchange rates.
Translation differences arising from the translation of financial statements of foreign
operations are recognized in other comprehensive income. When a foreign
operation is disposed of, the cumulative translation differences related to the foreign
operation are recognized in profit or loss at the time of disposal.
(Notes on accounting estimates)
The preparation of consolidated financial statements in conformity with IFRS
requires management to make judgments, estimates and assumptions that affectthe application of accounting policies and the amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates due to their nature.
Estimates and underlying assumptions are reviewed on an ongoing basis. The
effect of a review of accounting estimates is recognized in the accounting period inwhich the estimate is reviewed and in future accounting periods thereafter.
Although the above assumptions have been determined based on management's
best estimates, they may be affected by future changes in uncertain economic
conditions, which could affect the consolidated financial statements for the next
accounting period if the assumptions need to be revised.
The judgments and estimates made by management that have a significant effecton the amounts reported in the consolidated financial statements are as follows:―33―

(1) Impairment of financial assets(i) Amount recorded in the consolidated financial statements for the current fiscal
year(Millions of yen)
Current consolidated fiscal year
Trade and other receivables

2,985

Other financial assets (current)

6,989

Other financial assets (non-current)

795(ii) Information on Significant Accounting Estimates for Identified Items
The method of calculating the amounts is the same as that described in"Notes regarding significant matters that form the basis for the preparation of theconsolidated financial statements, etc., 5. Accounting policies (1) Valuation
standards and methods for significant assets and liabilities.”(2) Impairment of non-financial assets(i) Amount recorded in the consolidated financial statements for the current fiscal
year(Millions of yen)
Current consolidated fiscal year
Impairment loss (Note)

916

Tangible fixed assets

2

Right-of-use assets-

Goodwill

473

Intangible assets

440（Note) Impairment losses are included in "Other expenses" in the consolidated
statements of income.
(ii) Information on Significant Accounting Estimates for Identified Items
The method of calculating the amount is the same as that described in "Notes
regarding significant matters that form the basis for the preparation of theconsolidated financial statements, etc., 5. Accounting policies, (4) Impairment".
(3) Valuation of goodwill(i) Amount recorded in the consolidated financial statements for the current fiscal
year

―34―

(Millions of yen)
Current consolidated fiscal year
Goodwill

1,276(ii) Information on Significant Accounting Estimates for Identified Items
The method of calculating the amount is the same as that described in "Notes
regarding significant matters that form the basis for the preparation of theconsolidated financial statements, etc., 5. Accounting policies, (3) Goodwill.”(4) Recoverability of deferred tax assets(i) Amount recorded in the consolidated financial statements for the current fiscal
year(Millions of yen)
Current consolidated fiscal year
Deferred tax assets

177(ii) Information on Significant Accounting Estimates for Identified Items
Deferred tax assets are determined based on the timing and amount of
taxable income expected to be available against which they can be recovered
with respect to deductible temporary differences, unused tax credit
carryforwards, and net operating loss carryforwards for tax purposes.
(Notes to consolidated statement of financial position)
1 Allowance for doubtful accounts directly
608 million yen
deducted from assets
2 Accumulated depreciations of tangible
1,005 million yen
fixed assets(Note) Accumulated depreciation includes accumulated impairment loss.

3 Mortgaged assets(1) Assets pledged as collateral (book value)
Cash and deposits

30 million yen(Note) The above cash and deposits are pledged as collateral for borrowings from financial
institutions.

(2) Collateral-related liabilities (book value)
Long-term loans payable(including current portion of long-termloans payable)―35―

124 million yen

(Notes to consolidated statement of changes in equity)
1. Type and number of shares issued and outstanding (Unit: shares)
Type of shares

At the beginning of
the current fiscal
year

Common stockTotal

22,157,465
22,157,465

Increase

216,400
216,400

At the end of thecurrent consolidated
fiscal year

Decrease-

22,373,865
22,373,865

2. Matters related to dividends(1) Dividends based on the resolution of the Board of Directors' meeting held on
November 24, 2022
(i) Total amount of dividends
221 million yen(ii) Dividend per share
10 yen(iii) Record date
September 30, 2022(iv) Effective date
December 26, 2022
(2) Dividends with a record date in the current fiscal year but an effective date in thefollowing fiscal year
The Company plans to propose the following items regarding dividends on common
stock as an agenda item at the Board of Directors meeting to be held on November
29, 2023:(i) Total amount of dividends
223 million yen(ii) Dividend per share
10 yen(iii) Base date
September 30, 2023(iv) Effective date
December 25, 2023
The source of the dividend is planned to be retained earnings.
3. Shares and number of shares to be issued upon exercise of stock acquisition rights(excluding those for which the first day of the exercise period has not arrived) as ofthe end of the current consolidated fiscal year
(Unit: shares)

Breakdown of stockacquisition rights
3rd series of stockacquisition rights
4th series of stockacquisition rights
6th series of stockacquisition rights
15th series of stockacquisition rights

Type of shares to beissued upon
exercise of stockacquisition rights
Common stock

Number of shares to be
subject
27,000Common stock

76,500Common stock

900

Common stock

113,100
217,500

Total(Notes to financial instruments)
1. Matters concerning the status of financial instruments(1) Capital management
The Group manages capital to achieve sustainable growth and maximize corporate
value.

―36―

In order to realize sustainable growth, the Group recognizes that it is necessary tosecure sufficient fund-raising capacity in order to make flexible investments in the
future when business investment opportunities for business growth, such as theacquisition of external resources, or synergy opportunities through collaboration withportfolio companies through investments in growing companies, arise. To this end, theGroup aims to ensure financial soundness and flexibility for future business
investments and to maintain a capital structure that is balanced in terms of capital
return.
(2) Financial risk management
In the course of its business activities, the Group is exposed to financial risks (credit
risk, liquidity risk, foreign exchange risk, and market price fluctuation risk) andmanages such risks based on certain policies in order to avoid or mitigate such risks.
The Company uses forward exchange contracts as derivatives to mitigate foreignexchange risks and has a policy of not engaging in speculative transactions.
(3) Market risk management
The Group conducts business in Asia and is exposed to foreign exchange fluctuation
risk. In addition, the Group invests in capital instruments in its investment businessand is exposed to price fluctuation risk of capital instruments.
The Group is exposed to interest rate risk because it raises some funds at floatinginterest rates for business purposes through the acquisition of external resources andfor the acquisition of shares in the investment business.
(i) Foreign currency risk
1) Foreign currency risk management
The Group conducts transactions denominated in foreign currencies and is
exposed to foreign exchange risk arising mainly from fluctuations in the U.S. dollar
rate. The Group uses forward exchange contracts to hedge against this risk.
2) Currency derivatives and hedging
The Group uses forward foreign exchange contracts to hedge risks arising fromfuture fluctuations in foreign currency exchange rates on transactions denominatedin foreign currencies, and hedge accounting is applied to those contracts that meetthe requirements for hedging. The Company's policy is not to enter into derivatives
transactions for speculative purposes.
(ii) Interest rate fluctuation risk management
When procuring funds, the Group manages interest rate risk by giving due
consideration to the amount and terms of borrowings at the time of contract
execution and future economic conditions, and by continuously verifying theeffectiveness of the contract after its execution.
(iii) Management of price fluctuation risk of equity instruments
The Group holds capital instruments such as listed stocks for strategic businesspurposes and as part of its investment business, and is exposed to market pricefluctuation risk. To manage the risk of market price fluctuations, the Group
continuously monitors the financial condition of issuers and market prices.
(4) Credit risk management
Trade receivables, which are receivables arising from the Group's business―37―

activities, are exposed to credit risk of customers. In addition, securities held by theGroup are exposed to credit risk of the issuer.
When the Group initiates an ongoing transaction that results in a receivable, thecredit limit and, if necessary, the credit period is set for each counterparty, and thefinance department manages the credit risk. The Group conducts regular credit checksof its counterparties and, when necessary, takes security measures such as obtaining
collateral.
The Group does not have excessively concentrated credit risk exposure to a single
counterparty or a group to which that counterparty belongs.
(5) Liquidity risk management
The Group manages liquidity risk by preparing and updating funding plans in a timely
manner and maintaining liquidity on hand.
The ultimate responsibility for managing liquidity risk rests with the CFO, who isdelegated by the Board of Directors. Under the direction of the CFO, the Group's
treasury department takes the lead in maintaining appropriate surplus funds andborrowing facilities from banks through commitment lines and overdrafts, monitoringbudgets and cash flows, and managing liquidity risk.
2. Fair value of financial instruments
The carrying amounts and fair values of financial instruments at the end of thecurrent period are as follows: Financial instruments measured at fair value on arecurring basis are not included in the table below, as their fair value is equal to theircarrying amount.
(Unit: Millions of yen)

Carrying amount inconsolidated statement offinancial position
Long-term debt (Note)
Lease liabilities

2,262
1,399

Fair value
2,261
1,377

(Note) Long-term debt and lease liabilities include the balance due within one year. The fair value of
long-term debt and lease liabilities is calculated based on the present value of the debt amountdiscounted by the interest rate that considers the period to maturity and credit risk for each debt
classified by a certain period of time.

3. Fair value of financial instruments measured at fair value recognized in the
consolidated statement of financial position
For financial instruments measured at fair value, the fair value calculated based on
the observability of the inputs to the valuation techniques used for measurement isclassified into the following three levels:
Level 1: Fair value measured at published prices in actively traded markets
Level 2: Fair value calculated directly or indirectly using observable prices, otherthan Level 1
Level 3: Fair value derived from valuation techniques that include inputs that are not―38―

based on observable market data
When multiple inputs are used in the fair value measurement, the fair value level isdetermined based on the lowest level of input that is significant in the overall fair value
measurement. Transfers between levels of the fair value hierarchy are recognized at
the end of each fiscal year. There were no transfers between Level 1 and Level 2 or
between Level 2 and Level 3 during the current fiscal year.
Financial instruments measured at fair value
The fair value hierarchy of financial instruments measured at fair value is as follows:(Unit: Millions of yen)
Level 1

Level 2

Level 3

Total

5,104

6,662

177

177

0

0

5,281

6,839

Financial assets
Financial assets at fair value through profit orloss
Equity financial instruments

1,557

Financial assets at fair value through othercomprehensive income
Equity financial instruments
Others
Total

1,557

The fair value of marketable equity securities classified as Level 1 is based on
unadjusted published prices in active markets for identical assets or liabilities.
The valuation of derivative financial instruments classified as Level 2 is basedon observable inputs such as prices quoted by correspondent financial institutions.
The fair value of unlisted equity securities classified as Level 3, for which quoted
prices in active markets are not available, is measured using reasonably available
inputs, principally using a transaction example method based on recent financing
experience and a discounted cash flow method.
The significant unobservable inputs are primarily the discount rate and the profit
level based on the earnings growth rate of the investee at a future point in timeand perpetual growth rate. An increase (decrease) in the discount rate is
associated with a decrease (increase) in the fair value, and an improvement(deterioration) in the level of earnings of the investee at a future date is associatedwith an increase (decrease) in the fair value. When using the transaction casemethod, we confirm that the most recent transaction value represents the fairvalue, considering assumptions such as the type of stock, the nature of thetransaction terms, the size of the transaction, and the relationship between theissuer and the investor.
The fair value of unlisted shares is measured quarterly by the department incharge of the Group using the last available figures in accordance with the Group's―39―

accounting policies, etc., and is reported to management together with the basis
for changes in fair value. This fair value assessment included the use of an
external valuation firm.
Changes in financial instruments classified as Level 3 from the beginning of theperiod to the end of the period are as follows:(Unit: Millions of yen)

Balance at beginning of year

5,100

Gain (loss)△313

Purchases

984

Sold

△1

Transfer to Level 1 due to listing△239

Other changes△248

Balance at end of period

5,281(Note) Gains or losses on financial assets at fair value through profit or loss at theend of each reporting period are included in "Gain (loss) on investments" inthe consolidated statements of income.
(Notes to revenue recognition)(1) Breakdown of revenues
The Group is organized on the basis of three business units: online travel, IT
offshore development, and investment. In addition, it is appropriate to use revenue
by area based on the geographic region in which the Company operates. As such,they are subject to periodic review by the Company's Board of Directors to determine
the allocation of management resources and evaluate performance. Revenues
generated from these services are recorded in accordance with contracts with clientcompanies.
The relationship between decomposed revenues and segment revenues is asfollows:(Unit: Millions of yen)
OnlineTravel Business

IT Offshore
Development
Business

Investment
Business

OthersAdjustment

Total

22,946

24

53

-

△9

23,014

Vietnam

-

298

-

-

-

298

Others

74

-

-

-

-

74

Total

23,020

322

53

-

△9

23,386

Japan

―40―

In the online travel business, the consideration for services is determined at thestart of each transaction with each customer. However, there are transactions inwhich rebates are received based on the volume of transactions over a certain
period of time, etc., and the transaction price is adjusted based on the contract terms
and conditions for these variable consideration amounts. The variable consideration
is included in the transaction price only to the extent that it is highly probable that
there will be no significant reversal of accumulated earnings. In the current period,
revenue recognized from performance obligations satisfied in prior periods was not
significant.
(2) Liabilities arising from contracts with customers(Unit: Millions of yen)

Advance received
Others

2,666
486

Total

3,152

(Note 1) All outstanding advances received as of the beginning of the current fiscal year are
recognized as revenue for the current fiscal year.
(Note 2) For services to arrange and provide travel merchandise for which the performanceobligation has not been satisfied as of the end of the fiscal year, the consideration isrecorded as advances received.
(Note 3) "Others" represents contractual liabilities under customer loyalty programs.

(3) Transaction prices allocated to remaining performance obligations
Since the Group has no significant transactions with individual expected contract
terms exceeding one year, the practical expedient method is applied and information
on residual performance obligations is omitted.
(Notes to per share information)
Equity attributable to owners of the parent per share
Basic earnings per share(Notes on significant subsequent events)
No applicable matter.

―41―

548.73 yen
57.32 yen

Balance Sheet(As of September 30, 2023)(Unit: Millions of yen)
Item
(Assets)
Current assets
Cash and deposits
Accounts receivable
Operatinginvestment
securities
Merchandiseandfinished goods
Advance payments
Prepaid expenses
Accounts receivable
OthersAllowance for doubtful
accounts
Total fixed assets
Tangible fixed assets
Buildings
Tools, furniture andfixtures
Intangible fixed assets
SoftwareInvestments and otherassetsInvestment securities
Stocks of subsidiaries
and affiliates
Investments in capital ofaffiliates
Long-term
loans
receivable from affiliates
Long-term
loans
receivable
Guarantee deposits
Bankruptcy
reorganization claims,
etc.
OthersAllowance for doubtful
accounts

Total assets

Amount
14,778
7,277
1,260
4,394
3
835
45
944
17
△0
4,539
71
45
26
431
431
4,035
3
2,576
9
1,335

Item
(Liabilities)
Current liabilities
Accounts payable-trade
Short-term debt
Current portion of long-termdebtLong-term bonds due within
one yearAccounts payable-otherAccrued expenses
Accrued income taxes
Contract liabilities
deposits received
Allowance for bonuses
Allowance for shareholder
special benefit
Lease obligations
OthersFixed liabilities
Long-term loans payable
Bonds payable
Guarantee
deposits
received
Deferred tax liabilities
Allowance for shareholder
special benefit
Lease obligations

383

Total liabilities

243(Net assets)

Amount
8,225
2,485
1,000
915
175
1,433
83
464
1,504
27
11
19
1
104
1,715
849
812
4
36
11
0
9,941

34

Shareholders' equity

9,144

8

Capital stock

1,782

△558

Capital surplus

2,109
1,682
427
5,252
5,252

19,318

Capital reserve
Other capital surplus
Earned surplus
Other retained earnings
Retained earnings brought
forwardTreasury stock
Valuation and translation
adjustments
Difference on revaluation ofother marketable securities
Stock acquisition rights
Total net assets
Total liabilities and net
assets

―42―

5,252
△0
230
230
1
9,376
19,318

Statement of Income(Oct. 1, 2022 - Sep. 30, 2023)(Unit: Millions of yen)
Item

AmountNet Sales

17,014

Cost of sales

7,792

Gross profit

9,222

Selling, general and administrative expenses

7,675

Operating income

1,547

Non-operating income
Interest income

9

Dividend income
Gain on reversal of allowance for doubtful
accounts
Others

0
828
113

951

Non-operating expenses
Interest expenses

62

Others8

Ordinary income

71
2,428

Extraordinary income
Gain on sales of stocks of subsidiaries
and affiliates
Gain on reversal of allowance for loss on
business of subsidiaries and affiliates
Extraordinary loss
Loss on disposal of fixed assets

1,054
214

1,269

26

Loss on impairment of fixed assets

84

Loss on abandonment of claims

151

Current net income before income taxes
Corporate, inhabitant and enterprise
taxes
Income taxes-deferred

262
3,434

487
171

Current net income

659
2,774

―43―

Statement of Changes in Shareholders' Equity(Oct. 1, 2022 - Sep. 30, 2023)(Unit: Millions of yen)
Shareholders' equity
Capital surplus

Capital stock

Balance at the
beginningofcurrent period
Issuance of newsharesDividends fromsurplus
Current
net
incomeRepurchase oftreasury st ock
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at the endof current period

Capitalreserve

1,547

1,447

235

235

235

235

1,782

1,682

Other capitalsurplus427

Dividends fromsurplus
Current
net
incomeRepurchase oftreasury st ock
Net changes of
items other thanshareholders'equityTotal changes of
items during theperiodBalance at the endof current period△46

Capitalsurplus
Total

1,874

2,699

Capitalsurplus
Total

Treasurystock

Shareholders' equity
Total

△0

6,120

2,699

235

427

Valuation and translation
adjustments
valuation and
Difference ontranslation
revaluation of othertranslation
marketable securities
differences
Balance at the
beginningofcurrent period
Issuance of newsharesEarned surplus
Other
capitalsurplusRetainedearnings
brought
forward

471
△221

△221

△221

2,774

2,774

2,774

235

2,553

2,553

3,024

2,109

5,252

5,252

Stock acquisitionrights△46△0Total net assets

18

6,092
471
△221
2,774

277

277

△17

260

277

277

△17

3,284

230

230

1

9,376

―44―

9,144

Notes to Non-Consolidated Financial Statements(Notes on Matters Related to Significant Accounting Policies)
1. Valuation standards and methods for securities
Available-for-sale securities (including operational investment securities)
Other than………………Market value method
stocks and(Unrealized gains and losses are accounted forother securities
as a component of net assets and the cost ofwithout market
securities sold is determined by the movingquotations
average method.)
Non………………Cost method based on the moving average
marketable
methodequitysecurities, etc.
2. Valuation standards and methods for inventories
Merchandise ………………Stated at cost determined by the first-in, firstout method (the carrying value on the balance
sheet is written down to reflect the effect oflower profit margins)
3. Depreciation and amortization of noncurrent assets(i) Tangible fixed ………………………The declining-balance method is used.
assetsHowever, buildings and structures acquired on
or after April 1, 2016 are depreciated using thestraight-line method. The useful lives of major
depreciable assets are as follows:
Buildings
3 to 15 years
Tools, furniture and fixtures3 to 20 years
Assets related to finance lease transactions
that do not transfer ownership of the leased
assets to the lessee are depreciated on astraight-line basis, with the lease period
being the useful life and the residual value
being zero.
(ii) Intangible………………………The straight-line method is used. The main
assetsamortization periods are as follows:
Software (for internal use)
5 years (period of internal availability)
4. Standards for converting foreign currency denominated assets and liabilities into yen
Monetary assets and liabilities denominated in foreign currencies are translated
into Japanese yen at the spot exchange rates prevailing on the balance sheet
date, with translation differences recognized as gains or losses.

―45―

5. Basis for recording revenues and expenses
Revenue is recognized for contracts with customers by applying the following steps:
Step 1: Identify the contract with the customer
Step 2: Identify the performance obligations in the contract
Step 3: Calculate the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Identify revenue when (or as) the performance obligation is satisfied.
The Company recognizes revenues principally as follows:(i) Commission income from online sales
The Company earns sales commissions and other fees from customers byarranging and providing airline tickets and other travel products as an agent. The
Group recognizes revenue on a net basis from the provision of these services
because the provision of these services is a performance obligation to arrange forthe services to be provided by another party.
Sales commissions and other fees are recognized as revenue when theperformance obligation to the customer is satisfied at the time the ticket is issued.
For contracts that include variable consideration, such as rebates and subsequentdiscounts, the transaction price is determined using the mode method based on
historical experience, considering such variable prices to the extent that there is no
significant difference between estimates and actual results.
(ii) Package revenues from online sales (airline tickets + hotels, etc.)
The Company arranges and provides services that combine airline tickets andhotels, etc., and recognizes revenues on a gross basis. The performance obligation
is deemed to be satisfied upon completion of the trip, and revenue is recognized on
the basis of the date of return.
(iii) Revenue from investment business
The Company earns capital gains and income gains by nurturing andrehabilitating investments in portfolio companies.
Income from investment business is initially recognized at the acquisition cost of
the investment (financial asset), and the sales price is recognized as income at thetime the investment is sold.
6. Basis for recognition of allowances and provisions(1) Allowance for……………… To prepare for credit losses on receivables, an―46―

doubtful accounts…………

allowance for doubtful accounts is provided forthe estimated uncollectible amount based on
the historical write-off ratio for general
receivables and on a case-by-casedetermination of collectability for specificreceivables such as doubtful receivables.
(2) Reserve for……………… To provide for the payment of employees'
bonuses………… bonuses, an amount accrued for the current
fiscal year is recorded based on the estimatedamount of bonus payments at the end of thecurrent fiscal year.
(3) Allowance for………………… To provide for the use of shareholder special
shareholder benefits
benefit, the amount expected to be used in the
future at the end of the current fiscal year isrecorded.
(4) Provision for loss ………………… To provide for possible business losses ofon business of
subsidiaries and affiliates, an allowance issubsidiaries andprovided for the estimated amount of losses toaffiliates
be incurred in the future.
7. Amortization method and period of goodwill
Goodwill is equally amortized over a period of 5 years when the effect of goodwill
is realized.
(Notes on changes in accounting policies)
Not applicable.
(Notes on accounting estimates)
The following are items for which an amount has been recorded in the financial
statements for the current fiscal year due to an accounting estimate and which may
have a material effect on the financial statements for the following fiscal year.
(1) Recoverable amount of operational investment securities and stocks ofsubsidiaries and affiliates(i) Amount recorded in the financial statements for the current fiscal year
(Millions of yen)
Current fiscal year
Operating investment securities

4,394(ii) Information on Significant Accounting Estimates for Identified Items
When the market value or fair value of stocks and other securities with market
quotations declines significantly, the balance sheet amount of such stocks and―47―

other securities with market quotations is determined based on such market
value, except in cases where a recovery is deemed probable, and the valuationdifference is recognized as a loss for the fiscal year under review.
For investments in unlisted affiliated companies and other securities withoutmarket quotations, the acquisition cost is used as the balance sheet amount.
However, when the real value of such shares declines significantly due todeterioration in the financial condition of the issuing company, a substantial
reduction is made and the valuation difference is recognized as a loss for thecurrent fiscal year, unless the recoverability is supported by sufficient evidence.
(2) Valuation of property, plant and equipment and intangible assets(i) Amount recorded in the financial statements for the current fiscal year
(Millions of yen)
Current fiscal year
Buildings

45

Tools, furniture and fixtures

26

Software431(ii) Information on Significant Accounting Estimates for Identified Items
The calculation method of the amounts is the same as that described in"Notes regarding significant matters that form the basis for the preparation of theconsolidated financial statements, etc., 5. Accounting policies, (4) Impairment, (i)Impairment of tangible and intangible fixed assets".
(3) Evaluation of investments in and advances to affiliated companies(i) Amount recorded in the financial statements for the current fiscal year
(Millions of yen)
Current fiscal year
Stocks of subsidiaries and affiliates

2,576

Investments in capital of affiliates

9

Allowance for doubtful accounts of234
subsidiaries and affiliates (Note)(Note) Allowance for doubtful accounts of subsidiaries and affiliates is
included in "Allowance for doubtful accounts" under investments and otherassets on the balance sheet.
(ii) Information on Significant Accounting Estimates for Identified Items―48―

The Company's holdings of stocks and investments in subsidiaries andaffiliates are stocks and investments in subsidiaries and affiliates that do nothave market prices. When the real value of such stocks and investments,
including excess earning capacity, declines significantly due to deterioration in
financial condition, the Company records a corresponding reduction in the valueof such stocks and investments, unless the possibility of recovery is supported
by sufficient evidence, in which case, the Company records a loss.
In addition, as stated in "Note on significant accounting policies, 6. Basis forrecognition of allowances and provisions, (1) Allowance for doubtful accounts,"
the Company provides an allowance for doubtful accounts for amounts
estimated to be uncollectible based on its business plan and financial position
with respect to its receivables from subsidiaries and affiliates. In addition, as
stated in "Note on significant accounting policies, 6. Basis for recognition ofallowances and provisions, (4) Provision for loss on business of subsidiaries andaffiliates" in "Notes regarding significant matters that form the basis for the
preparation of the consolidated financial statements, etc.," an allowance for loss
on business of subsidiaries and affiliates is provided based on the estimatedamount of future losses to be incurred in excess of claims to subsidiaries andaffiliates.
In the event that the financial position and operating results of the affiliatedcompanies deteriorate in the next fiscal year, or if the assumptions on whichbudgets and other estimates are based change, additional losses may need tobe recorded for stocks and investments in affiliated companies, and additional
provisions or reversals may need to be made for allowance for doubtful accounts
of affiliated companies and for loss on business of affiliated companies.
(Notes to Balance Sheet)
1. Accumulated depreciation of tangible fixed assets 115 million yen
2. Mortgaged assets(1) Assets pledged as collateral
Cash and deposits
30 million yen(Note) The above cash and deposits are pledged as collateral for borrowings fromfinancial institutions.
(2) Collateral-related liabilities (book value)
Long-term loans payable(including current portion of long-term loans payable)
Total

124 million yen
124 million yen

3. Guarantees
The Company guarantees purchase debt of affiliated companies from their suppliers.
AirTrip International 706 million yen―49―

N's Enterprises

60 million yen

4. Monetary receivables from and monetary payables to subsidiaries and affiliates(excluding those presented separately)
Short-term monetary claims
713 million yen
Short-term monetary payables

860 million yen(Notes to Statements of Income)1. Transactions with subsidiaries and affiliates
Operating transactions
Net Sales
Purchases

1 million yen
11,802 million yen

Selling, general and administrative expenses
Non-operating transactions
Non-operating income

382 million yen
6 million yen(Notes to non-consolidated statement of changes in net assets)
1. Matters related to treasury stock
Number of treasury stock as of the end of the current fiscal year Common stock 309
shares(Notes to tax effect accounting)Significant components of deferred tax assets and liabilities
Deferred tax assets
Loss on valuation of stocks ofsubsidiaries and affiliates
Allowance for doubtful accounts
Loss on valuation of operational
investment securities
Software
Others

171 million yen
41 million yen
20 million yen
60 million yen

Subtotal of deferred tax assets

1,445 million yen△1,380 million yen

Valuation allowance
Total deferred tax assets
Deferred tax liabilities
Difference on revaluation
marketable securities
Total deferred tax liabilities

1,152 million yen

64 million yen

of

other

△101 million yen△101 million yen―50―

△36 million yen

Net deferred tax liabilities(Notes on transactions with related parties)
1. Directors and major shareholders, etc.
Capital or
Name of

Percentage
Business

investment
Typecompany,

Locationorwith related(millions of
etc.
Major

Balance atamountend of term

Breakdown of transactions

Account

rights, etc.
occupation

yen)

Transaction
Relationshipof voting(Millions of(Millions of

yen)

yen)

parties
owned (%)

Company
Yoshimura

share

-

-

ManageholderMajor

Guarantee of the Company's

shareholder

borrowings (Note) 1(Ownership)

13

Hideki--ment(NOTE) 1. The Company has received a guarantee for bank loans from Hideki Yoshimura, a former
director and major shareholder of the Company. The transaction amount shows the balance ofthe guaranteed debt at the end of the current fiscal year. No guarantee fee is paid.

2. Subsidiaries and affiliates, etc.
Name ofType

company,etc.

Percentage
of votingrights, etc.
held (owned)

Transaction

Balance at

Details ofamountend of term

Transactions(Millions ofRelationshipwith relatedpartiesAccount(Millions ofyen)
Purchasetravel

yen)

of

goods

2,987

-

-

(Note) 1
Long-termloans

Funds loan
Interlocking

Subsidiary

AirTrip(Ownership)

Internation

Directly

al

100%

-

(Note) 2,5

receivable

550

from

directors

affiliates

Businesstransactions

Guarantee for

Debtpurchase debt

guarantee

of

the

72

-

-

706

-

-

Company(Note) 3
Debt
guarantee(Note) 4
Purchase
Interlocking

N's
SubsidiaryEnterprise(Ownership)
Indirect64%

directorsofairline tickets

Accounts
7,984(Note) 1

payable-

228

trade

Businesstransactions
Debt
guarantee

Purchases of
tours andtravel goods(Note) 1―51―

Accounts
829

payabletrade34

Funds loan-

(Note) 2,5

Long-term
loans
receivablefrom affiliates

500

Debt
guarantee

60

-

-

(Note) 4

Subsidiary

Kyushu(Ownership)

Hotel

Directly

Resort99%

Interlocking

Funds loan

directors(Note) 2,5-

Long-term
loans
receivablefrom affiliates

220

Terms and Conditions of Transactions and Policy for Determining Terms andConditions of Transactions, etc.
（NOTE) 1. Sales and purchases of airline tickets, tours, and travel products are
determined in the same manner as general transaction conditions.
2. Loans and borrowings of funds are determined in consideration of market
interest rates.
3. The Company has received a debt guarantee for its purchase debt from
AirTrip International. The transaction amount shows the balance of theguaranteed debt at the end of the current fiscal year. No guarantee fee is paid.
4. The Company has guaranteed the purchase debt of an affiliated company
from its suppliers. No guarantee fee was received.
5. The Company recorded a total of 234 million yen as allowance for doubtful
accounts for loans to Kyushu Hotel Resort. A reversal of allowance for doubtful
accounts of 733 million yen was also recorded for AirTrip International.
6. Transaction amounts do not include consumption taxes. Consumption taxes
are included in the ending balance.
(Notes to revenue recognition)
Information on the basis for recognizing revenues is included in Note 5. Accounting
Policies, (6) Revenue recognition, so the notes are omitted.
(Notes to per share information)
Net assets per share
Net income per share

419.04 yen
124.81 yen(Notes on significant subsequent events)
No applicable matter.

―52―

Independent Auditor's Report on the Consolidated Financial Statements

Independent Auditor's Report
November 29, 2023
AirTrip Corp.
To: Board of Directors

BDO Sanyu & Co.
Tokyo Office
Designated Partner
Engagement Partner
Designated Partner
Engagement Partner
Designated Partner
Engagement Partner

CertifiedPublicAccountant
CertifiedPublicAccountant
CertifiedPublicAccountant

Satoshi Nomura

Kiichi Yonebayashi
Tsuyoshi
Hashizume

Audit Opinion
We have audited the consolidated financial statements, comprising the consolidated statementof financial position, the consolidated statement of income, the consolidated statement of changes
in equity, and the notes to consolidated financial statements of AirTrip Corporation for the fiscal
year from October 1, 2022 to September 30, 2023, in accordance with Article 444-4 of theCompanies Act.
We approve that the consolidated financial statements referred to above, which were preparedin accordance with the second sentence of Article 120, Paragraph 1 of the Ordinance on
Accounting of Companies, omitting certain disclosure items required under the designatedInternational Financial Reporting Standards, present fairly, in all material respects, the financial
position and results of operations of the AirTrip Corporation and its consolidated subsidiaries forthe period, for which the consolidated financial statements were prepared, and the results of theiroperations, for which the consolidated financial statements were prepared, in conformity withaccounting principles generally accepted in Japan.
Basis of Audit Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan.
Our responsibility in accordance with auditing standard. is to express an opinion on the "Auditor's
Responsibility for the Audit of the Consolidated Financial Statements." We are independent of theCompany and its consolidated subsidiaries and fulfill our other ethical responsibilities as auditorsin accordance with the rules of professional ethics in Japan. We believe that we have obtained
sufficient and appropriate audit evidence to provide a basis for our opinion.
Other Miscellaneous Statements
The other statements consist of the business report and supporting schedules. Management
is responsible for the preparation and disclosure of the other statements. The responsibility of the
Statutory Auditors and the Board of Statutory Auditors is to monitor the directors' performance of
their duties in the development and operation of the reporting process for the other statements.
Our audit opinion on the consolidated financial statements does not include the otherstatements, and we express no opinion on them.
Our responsibility in the audit of the consolidated financial statements is to read the other―53―

information carefully and, in the course of that reading, to consider whether there are material
differences between the other information and the consolidated financial statements or our
knowledge obtained in the audit, and pay attention to whether there are material indications oferrors in the other statements other than such material differences.
If, based on the work we have performed, we determine that there are material errors in theother entries, we are required to report those facts to you.
We have no matters to report with respect to the other statements.
Responsibility of Management and the Statutory Auditors and the Board of Statutory Auditors for
the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated
financial statements in accordance with the second sentence of Article 120, Paragraph 1 of theOrdinance on Accounting of Companies, which permits the preparation of consolidated financial
statements with some omissions of disclosure items required under the designated International
Financial Reporting Standards. This includes the establishment and operation of internal control
deemed necessary by management for the preparation and fair presentation of the consolidated
financial statements that are free from material misstatement due to fraud or error.
In preparing the consolidated financial statements, management is responsible for assessing
whether it is appropriate to prepare the consolidated financial statements on a going concern
basis and to disclose matters relating to a going concern in accordance with the second sentenceof Article 120, Paragraph 1 of the Ordinance on Accounting of Companies, which permits the
preparation of consolidated financial statements by omitting certain disclosure items required by
the designated International Financial Reporting Standards, management is responsible fordisclosing such matters.
The responsibility of the Statutory Auditors and the Board of Statutory Auditors is to monitor
the directors' performance of their duties in the development and operation of the financial
reporting process.
Auditor's Responsibility for the Audit of the Consolidated Financial Statements
The auditor is responsible for obtaining reasonable assurance about whether the consolidated
financial statements as a whole are free of material misstatement, whether due to fraud or error,
based on the audit performed by the auditor, and for expressing an opinion on the consolidated
financial statements that is independent in its audit report. A misstatement is considered to bematerial if it could reasonably be expected to occur as a result of fraud or error and, individuallyor in the aggregate, could reasonably be expected to influence the decisions of users of theconsolidated financial statements.
In accordance with auditing standards generally accepted in Japan, the auditor exercises
professional judgment and maintains professional skepticism throughout the audit process to:- Identify and assess the risks of material misstatement, whether due to fraud or error. Design andperform audit procedures that address the risks of material misstatement. The auditor shall use
its judgment in selecting and applying audit procedures. In addition, we obtain sufficientappropriate audit evidence to provide a basis for our opinion.
- In making those risk assessments, the auditor considers internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances, but not for the purposeof expressing an opinion on the effectiveness of internal control.
- In making those risk assessments, the auditor evaluates the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
the reasonableness of related note disclosures.

―54―

- Conclude whether it is appropriate for management to prepare the consolidated financial
statements on a going concern basis and, based on the audit evidence obtained, whether there
are material uncertainties regarding events or conditions that might cast significant doubt on theentity's ability to continue as a going concern. If a material uncertainty regarding the entity's ability
to continue as a going concern exists, the auditor is required to draw attention to the notes to theconsolidated financial statements in the auditor's report or, if the notes to the consolidated
financial statements are not appropriate with respect to the material uncertainty, to express an
opinion with qualifications on the consolidated financial statements. The auditor's conclusion isbased on audit evidence obtained up to the date of the auditor's report, but future events orcircumstances may cause the entity to cease to exist as a going concern.
∙ Evaluate whether the presentation and notes to the consolidated financial statements comply
with the second sentence of Article 120, Paragraph 1 of the Ordinance on Accounting ofCompanies, which permits the preparation of the consolidated financial statements with someomissions of disclosure items required by the designated International Financial ReportingStandards, and the presentation, organization, and content of the consolidated financial
statements, including the related notes, and whether the consolidated financial statements
present fairly the underlying transactions and accounting events.
- Obtain sufficient appropriate audit evidence concerning the financial information of the Company
and its consolidated subsidiaries to enable us to form our opinion on the consolidated financial
statements. The auditor is responsible for directing, supervising, and performing the audit of theconsolidated financial statements. The auditor is solely responsible for its audit opinion.
The auditor shall report to the corporate auditors and the board of corporate auditors on theplanned scope and timing of the audit, significant audit findings, including significant deficiencies
in internal control, identified during the course of the audit, and other matters required by auditing
standards.
The auditor shall report to the auditor and the board of auditors on compliance with theprovisions of the Japanese Code of Professional Ethics regarding independence, and on mattersthat could reasonably be considered to affect the auditor's independence, and on safeguards, ifany, taken to remove or mitigate impediments.
Interests
We have no interest in or relationship with the Company or its consolidated subsidiaries that isrequired to be disclosed pursuant to the provisions of the Certified Public Accountants Act.
End of Report―55―Independent Auditor's Report
Independent Auditor's Report

November 29, 2023
AirTrip Corp.
To: Board of Directors

BDO Sanyu & Co.
Tokyo Office
DesignatedPartnerEngagement
Partner
DesignatedPartnerEngagement
Partner
DesignatedPartnerEngagement
Partner

CertifiedPublicAccountant

Satoshi Nomura

CertifiedPublicAccountant

Kiichi Yonebayashi

CertifiedPublicAccountant

Tsuyoshi Hashizume

Audit Opinion
We have audited the financial statements, comprising the balance sheet, the statement ofincome, the statement of changes in net assets, the notes to the financial statements, and therelated supplementary schedules (the "financial statements, etc.") of AirTrip Corporation for its
17th fiscal year from October 1, 2022 to September 30, 2023, in accordance with Article 436,
Paragraph 2, Item 1 of the Corporation Law.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position and results of operations of the Company for the period, for which the financial
statements were prepared, in conformity with accounting principles generally accepted in Japan.
Basis of Audit Opinion
We conducted our audit in accordance with auditing standards generally accepted in Japan. Our
responsibility in these auditing standards is described in "Auditor's Responsibility in the Audit of
the Financial Statements and Other Financial Statements." We are independent of the Company
and fulfill our other ethical responsibilities as auditors in accordance with the rules on professional
ethics in Japan. We believe that we have obtained sufficient and appropriate audit evidence toprovide a basis for our opinion.
Other Miscellaneous Statements
The other statements consist of the business report and supporting schedules. Management is
responsible for the preparation and disclosure of the other statements. The responsibility of the
Statutory Auditors and the Board of Statutory Auditors is to monitor the directors' performance of
their duties in the development and operation of the reporting process for the other statements.
Our audit opinion on the financial statements does not include the other statements, and we
express no opinion on them.
Our responsibility is to read the other descriptions in the financial statements and, in the courseof reading them, to consider whether there are material differences between the other descriptions―56―

and the financial statements or our knowledge obtained in the course of our audit, and to pay
attention to whether there are any indication of material errors in the other descriptions other thansuch material differences.
If, based on the work we have performed, we determine that there are material errors in theother entries, we are required to report those facts to you.
We have no matters to report with respect to the other statements.
Management's and the Statutory Auditors' and the Board of Statutory Auditors' Responsibility
for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statementsin accordance with accounting principles generally accepted in Japan. This includes establishingand operating such internal control as management determines is necessary to enable thepreparation and fair presentation of the financial statements and other financial information thatare free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for evaluating whether it isappropriate to prepare the financial statements based on the premise of a going concern, and fordisclosing matters related to a going concern if such disclosure is required under accounting
principles generally accepted in Japan.
The responsibility of the Statutory Auditors and the Board of Statutory Auditors is to monitor
the directors' performance of their duties in the development and operation of the financial
reporting process.
Auditor's Responsibility for the Audit of Financial Statements
The auditor's responsibility is to obtain reasonable assurance about whether the financial
statements, etc., as a whole are free of material misstatement, whether due to fraud or error,
based on the audit performed by the auditor, and to express an opinion on the financial
statements, etc., in the auditor's report from an independent position. A misstatement is
considered to be material if it could have been caused by fraud or error and could reasonably be
expected to influence the decisions of users of the financial statements, individually or in theaggregate.
In accordance with auditing standards generally accepted in Japan, the auditor exercises
professional judgment and maintains professional skepticism throughout the audit process to:- Identify and assess the risks of material misstatement, whether due to fraud or error. Design
and perform audit procedures that address the risks of material misstatement. The auditor shalluse its judgment in selecting and applying audit procedures. In addition, we obtain sufficientappropriate audit evidence to provide a basis for our opinion.
- In making those risk assessments, the auditor considers internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of internal control.
- In making those risk assessments, the auditor evaluates the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
the reasonableness of related note disclosures.

―57―

- Conclude whether it is appropriate for management to prepare the financial statements on agoing concern basis and, based on the audit evidence obtained, whether there are material
uncertainties regarding events or conditions that might cast significant doubt on the entity's ability
to continue as a going concern. If a material uncertainty regarding the entity's ability to continue
as a going concern exists, the auditor is required to draw attention to it in the auditor's report or,if the notes to the financial statements are not appropriate in relation to the material uncertainty,
to express an opinion with qualifications on the financial statements. The auditor's conclusion isbased on audit evidence obtained up to the date of the auditor's report, but future events orcircumstances may cause the entity to cease to exist as a going concern.
- The financial statements and the related notes are presented in conformity with accounting
principles generally accepted in Japan and, accordingly, we have made an evaluation of theoverall presentation, organization, and content of the financial statements, including the related
notes, and whether the financial statements and the related notes present fairly the underlying
transactions and accounting events.
The auditor shall report to the corporate auditors and the board of corporate auditors on theplanned scope and timing of the audit, significant audit findings, including significant deficiencies
in internal control, identified during the course of the audit, and other matters required by auditing
standards.
The auditor shall report to the auditor and the board of auditors on compliance with theprovisions of professional ethics in Japan regarding independence, and on matters that could
reasonably be considered to affect the auditor's independence, and on safeguards, if any, taken
to remove or mitigate impediments.
Interests
We have no interest in the Company which is required to be disclosed pursuant to the provisionsof the Certified Public Accountants Act.
End of Report―58―

Audit Report of the Board of Corporate Auditors

Audit Report
We, the Board of Corporate Auditors, have prepared this Audit Report based on theaudit reports prepared by each of the Corporate Auditors on the Directors'
performance of their duties during the 17th fiscal year from October 1, 2022 toSeptember 30, 2023, and after due deliberation, hereby report as follows:
1. Auditing Methods and Details of Audits by Corporate Auditors and the Board of
Corporate Auditors(1) The Board of Corporate Auditors established the audit policy, allocation of duties,
etc., received reports from each Corporate Auditor on the status and results of theiraudits, received reports from the Directors, etc. and the Accounting Auditor on thestatus of execution of their duties, and requested explanations as necessary.
(2) Each Corporate Auditor, in accordance with the auditing standards for Corporate
Auditors established by the Board of Corporate Auditors and in accordance with theauditing policy, assignment of duties, etc., communicated with the Directors, theinternal audit division and other employees, etc., endeavored to collect informationand develop the auditing environment, and conducted audits in the following
manner.
(i) Attended meetings of the Board of Directors and other important meetings,
received reports from Directors and employees, etc. on the status of executionof their duties, requested explanations as necessary, reviewed important
approval documents, etc., and investigated the status of operations and assets
at the head office and principal business offices. With respect to subsidiaries,
we communicated and exchanged information with directors, corporate
auditors, and other relevant personnel of the subsidiaries, and received
business reports from the subsidiaries as necessary.
(ii) We regularly received reports from directors, employees, and other relevant
personnel on the status of the establishment and operation of such systems,sought explanations as necessary, and expressed our opinions on the contentsof the resolution of the Board of Directors regarding the establishment of a―59―system to ensure that the execution of duties by the directors complies withlaws and regulations and the Articles of Incorporation and other systems
stipulated in Article 100, Paragraphs 1 and 3 of the Enforcement Regulationsof the Companies Act as necessary to ensure the properness of operations of
the corporate group consisting of the stock company and its subsidiaries, as
stated in the Business Report, and the systems (internal control system)
established based on such resolution.
(iii) We monitored and verified whether the accounting auditors maintained their
independence and conducted appropriate audits, received reports from theaccounting auditors on the status of the execution of their duties, and requested
explanations as necessary. In addition, we received notice from the accounting
auditors that "systems to ensure proper execution of duties" (matters set forthin each item of Article 131 of the Corporate Calculation Regulations) aremaintained in accordance with the "Quality Control Standards Regarding
Audits" (Business Accounting Council, October 28, 2005) and other relevant
standards, and sought explanations as necessary.
Based on the above methods, we have examined the business report andsupporting schedules, financial statements (balance sheet, statement of income,statement of changes in net assets, and notes to financial statements) and supporting
schedules, and consolidated financial statements (consolidated statement of financial
position, consolidated statement of income, consolidated statement of changes inequity, and notes to consolidated financial statements) for the fiscal year under review.
2. Results of Audit(1) Results of audit of business report, etc.
(i) We certify that the business report and its supporting schedules fairly present thecondition of the Company in conformity with laws and ordinances and the
Articles of Incorporation of the Company.
(ii) We have found no misconduct or material fact of violation of laws and regulationsor the Articles of Incorporation in connection with the Directors' performance of
their duties.
(iii) The contents of the resolution of the Board of Directors regarding the internal
control system are fair and reasonable. We also find no matters to be pointed―60―

out with regard to the contents of the business report and the execution ofduties by the Directors concerning such internal control system.
(2) Results of audit of financial statements and supplementary schedules
The auditing methods and results of the accounting auditor, BDO Sanyu & Co.,are fair and reasonable.
(3) Results of audit of consolidated financial statements
The auditing methods and results of the accounting auditor, BDO Sanyu & Co.,are fair and reasonable.
November 29, 2023
Board of Statutory Auditors of AirTrip Corp.
Full-time Corporate Auditor Tsuguhiro Wakabayashi
Corporate auditor
Masahito Okada
Corporate auditor
Yoshiaki Takamichi
Corporate auditor
Masayasu Morita
End of Report―61―Reference Documents for the General Meeting of Shareholders
Agenda Items and Reference Matters
Agenda Item No. 1: Election of Six Directors
The terms of office of all seven Directors will expire at the conclusion of this General
Meeting of Shareholders. Therefore, the Company proposes the election of six Directors.
The candidates for Directors are as follows:
Candidate
No.

Name(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions
2005

Number of theCompany's
shares held

Joined Tohmatsu LLC (currently
Deloitte Touche Tohmatsu LLC)

2010

Seconded to Nomura Securities (Backin 2012)2015

Director and CFO of the Company

2018

Director of AirTrip International(formerly DeNA Travel)

2019

Representative Director and CFO of
the Company

2020

Representative Director, President
and CFO of the Company (to present)
In charge of Administration Division,
Corporate Strategy Department, andYusuke Shibata

Office of the Chairman and President

1

Representative Director, President(August 5, 1982)

and CFO of AirTrip International
Representative Director, N's
Enterprise
2021

Outside Director, Kudan

2023

President and Representative Directorof AirTrip Premium ClubIn charge of Hotel Reservation
Business Department and Domestic
Airline Ticket Business Promotion
Department(Significant concurrent positions)

―62―

-

Candidate
No.

Name
(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions

Number of theCompany's
shares held

Representative Director, President
and CFO, AirTrip International
President and Representative
Director, AirTrip Premium Club

(Reason for appointment)
Mr. Yusuke Shibata was seconded to an auditing firm and a securities company,
where he worked on stock listings and accounting audits, before becoming a directorof the Company in May 2015 and President and CFO of the Company in January
2020.
He has been in charge of improving the market value of our group and building a
structure in the management area, including M&A and IR operations, as well as thelisting on TSE Mothers and the change of listing market to TSE First Section, utilizing
his knowledge in the accounting and finance area. For the further growth of our group,
we request that you continue to elect him as a candidate for director.
Candidate
No.

Name(Date of birth)

Brief personal history, positions,assignments, and important concurrent
positions
1995

2007

2009

2

Munenori Oishi 2018
(November 19,
1972)

2019

President and Representative
Director, I.V.T. (merged with theCompany in October 2011)
Establishment of the Company
Representative Director andPresident of DTS (merged with theCompany in October 2009)
Director of the Company (topresent)
Director of AirTrip International(formerly DeNA Travel)
Director of Giamso International
Tours Pte ltd.
Representative Director, N's
Enterprise
Director of Pikapaka (to present)

Number of theCompany's
shares held

6,015,700
shares(Significant concurrent positions)Pikapaka, Director(Reason for appointment)
Since the founding of the Company, Mr. Munenori Oishi has played a central rolein the management of the Company as Chairman of the Board of Directors, and has
contributed to the rapid growth of the Group in a wide range of areas of overall Group―63―

Candidate
No.

Name
(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions

Number of theCompany's
shares held

management by planning and implementing business strategies based on his deep
insight into the travel industry. For the further growth of our group, we request yourcontinued election as a candidate for director.
Candidate
No.

Name(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions
1995
2002
2004
2006
2018

3

SatoshiTamura(March 22, 1974)

2019

2020
2023

Joined IACE Travel
Joined Geos
Joined Canadian Coco Tours
Joined Skygate Corporation (currently
AirTrip International)
Executive Officer of AirTrip
International
Executive Officer of the Company
Director of AirTrip International (topresent)
Director of the Company
Director and CIO of the Company (topresent)
In charge of Domestic DP Sales
Department, Marketing Department
and IT Strategy Office

Number of theCompany's
shares held-

(Significant concurrent positions)
Director, AirTrip International(Reason for appointment)
Satoshi Tamura joined AirTrip International (then Skygate) in October 2006. He wasappointed as Executive Officer of the company in July 2018 and became Director of
the company in March 2019. In January 2019, he became an Executive Officer of theCompany, and in January 2020, he became a Director of the Company. He promoted
the PMI process at the time of the Company's acquisition of shares of the former
DeNA Travel in May 2018. After that, he continued to oversee overseas airline ticket
sales at AirTrip International and played a central role in promoting the business ofthe comprehensive travel platform "AirTrip". For the further growth of our group, werequest that you continue to elect him as a candidate for director.

―64―

Candidate
No.

Name
(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions
2004
2013

4

Takeshi
Masuda(July 15, 1978)

2019

2023

Joined I.V.T. (merged with Travel
Capital in October 2011)
GM of Travel Sales Department of theCompany
Executive Officer of the Company
Director of the Company (to present)
In charge of Domestic Air Ticket Sales
Department
In charge of Domestic Ticket Sales
Department

Number of theCompany's
shares held

8,500
shares(Significant concurrent positions)
None(Reason for appointment)

Mr. Takeshi Masuda has supported the Company's growth since its establishment,utilizing his deep knowledge of the travel industry to oversee the online travelbusiness, the Company's core business. For the further growth of our group, werequest that you continue to elect him as a candidate for director.
Candidate
No.

Name(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions―65―

Number of theCompany's
shares held

Candidate
No.

Name
(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions
1981
1997
1998

2001

2002
2003
2007

5

Yasuhito
Omori(July 2, 1958)

2009
2011

2012
2013

2015
2018
2019
2020

Joined Ministry of FinanceDirector, Office of Market Reform,
Securities Bureau
Director, First Department of
Investigation, Tokyo Regional Taxation
BureauHead of Investigation Office and Head of
Legal Affairs Office, Financial Services
AgencyDirector, Securities Division, Financial
Services Agency
Director, Markets Division, Financial
Services Agency
Director, Planning Division, Financial
Services Agency
Deputy Director-General, Securities andExchange Surveillance Commission
Director, Preparatory Office for
Establishment of Disaster Relief
Organization, Cabinet Office
Deputy Director-General, Reconstruction
AgencyDirector-General, Securities andExchange Surveillance Commission,
Financial Services Agency
Advisor, Dai-ichi Life Institute of
Economics
Advisor of the Company
Director of the Company (to present)
Director of OKWave
Director of Develop(Significant concurrent positions)
Director, Develop

Number of theCompany's
shares held-

(Reason for appointment and summary of expected role)
Mr. Yasuhito Omori has extensive experience at the Financial Services Agency andhas led the administration of the Securities and Exchange Surveillance Commission.
For the further growth of our group, we expect that his knowledge and experience will
be utilized to strengthen governance, and we request his continued election as a
candidate for outside director. Although he has not been involved in corporate
management in any way other than being an outside director in the past, for thereasons stated above, we believe that he will be able to appropriately perform his
duties as an outside director. He is currently an outside director of the Company andwill have held this position for four years at the conclusion of this General Meeting of
Shareholders.

―66―Candidate
No.

Name
(Date of birth)

Brief personal history, positions, assignments,
and important concurrent positions
2013
2015
2015
2015
2017

6

KazukiIshihara

2018
2020

(May 12, 1985)

2021
2021
2022

Number oftheCompany's
shares held

Joined Yahoo Japan
Joined Hogan Lovells Foreign Law Joint
Enterprise
Joined Kubota Law Office
General Counsel of Collabit
Established Ishihara Research Instituteestablished, Representative Director andPresident (to present)
Established Seven Rich Law Firm (nowFAST Law Firm), Representative
Auditor of Coconara
Secretariat of the Sharing Economy
Association of Japan
Auditor of Mirrativ (to present)
Outside Director, BIZVAL (to present)
Representative Partner of Galaxy LLC(asset management company) (topresent)
Partner, Galaxy Lawyer Corporation
President, Japan Beauty Freelance
Association (to present)
Representative Director, LDX
Corporation (to present)
Director of REIBAI (to present)
Joined Atsumi Sakai Law Office andForeign Law Joint Enterprise (to present)100
shares(Significant concurrent positions)
Established Ishihara Research Institute,
Inc. as Representative Director andPresident
Representative
Director,
LDX
Corporation (to present)(Reason for appointment and summary of expected role)
Mr. Kazuki Ishihara has a track record of providing support in various venturecompanies, and we request his election as a candidate for outside director of the board
in the expectation that his expertise and experience as a lawyer will be utilized tostrengthen governance for the further growth of our group.
(NOTE)
1. There are no special interests between the director candidate and the Company.
2. The number of the Company's shares held is as of September 30, 2023.

―67―

3. Both Mr. Yasuhito Omori and Mr. Kazuki Ishihara are candidates for outside director,
and Mr. Omori and Mr. Ishihara satisfy the requirements for independent directors.
4. Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company and theOutside Director have entered into an agreement to limit liability for damages asprovided in Article 423, Paragraph 1 of the said Act. The maximum amount of liability
for damages under such liability limitation agreement is the amount stipulated by law.
Such limitation of liability is limited to cases where the director concerned has
performed his duties in good faith and without gross negligence, which caused theliability.
5. The Company has concluded a directors' and officers' liability insurance contract withan insurance company as stipulated in Article 430-3, Paragraph 1 of the Companies
Act, and all directors are included in the insured parties. If the reappointment of eachdirector candidate is approved, each of them will continue to be included in theinsured under such insurance policy. The Company intends to renew such insurance
policies in the middle of their terms of office with similar terms. The policy provides
coverage for legal damages and dispute expenses in the event of a claim fordamages arising out of acts committed by the insured in his/her capacity as aninsured (including in the case of shareholder derivative actions). However,indemnification is not provided for cases in which the insured person illegallyobtained profits or benefits, or committed criminal acts, dishonest acts, fraudulent
acts, or acts committed with knowledge that they violate laws, regulations, or
regulatory rules.

―68―Agenda Item No. 2: Election of Three (3) Corporate Auditors
The terms of office of all four current Corporate Auditors will expire at the conclusionof this General Meeting of Shareholders, and therefore, the Company proposes theelection of three Corporate Auditors. The candidates for reappointment as Corporate
Auditors upon expiration of their terms of office are as follows.
The Board of Corporate Auditors has given its consent to this agenda item.
Candidate
No.

Name(Date of birth)

Brief personal history, position and significant
concurrent positions
1992
1999
2015
2020

1

Yasuhiro
Sakata(May 28, 1970)

2022
2023

Joined HIS
Joined Airlink (currently AirTrip
International)
General Manager of Internal Audit Office
General Manager of Sales
Administration Department,
Administration Division of the Company
Standing Corporate Auditor of N's
Enterprise
General Manager, Sales Administration
Department, Administration Division of
the Company (to present)

Number oftheCompany's
shares held-

(Significant concurrent positions)
None(Reason for appointment)
Mr. Yasuhiro Sakata has served the Company as General Manager of the Sales
Administration Department of the Administration Division and as a full-time auditor of
the Company's group companies. Based on these experiences, he has a high levelof knowledge in travel business, compliance and risk management, and internal
auditing, all of which are necessary for a corporate auditor of the Company. For thefurther growth of our group, we request his election as a candidate for corporate
auditor.

―69―

Candidate
No.

Name
(Date of birth)

Brief personal history, position and significant
concurrent positions
2006
2014
2014
2014
2015
2015
2015

2

Masayasu
Morita(January 14, 1976)

2017
2018
2019
2021

Representative Director of Hitomedia
Outside Director, Classi
Outside Director of Hyas & Company
Auditor of the Company (to present)
Representative Director of Hitotoki
Incubator (to present)
Outside Director of English Central (topresent)
Outside Director of Open8 Corporation(to present)
Outside Auditor of Magmag
Outside Director of Albirex Niigata (topresent)
Outside Auditor of GMO OMAKASE
Corporation (to present)
Representative Director of Bancroft &Telegraph (to present)

Number oftheCompany's
shares held-

(Significant concurrent positions)
Outside Director, Open8
Outside Director, Albirex Niigata
Outside Auditor, GMO OMAKASE
Representative Director, Bancroft &Telegraph(Reason for appointment)
Mr. Masayasu Morita has been involved in the management of several companies
and was appointed as a corporate auditor of the Company in 2014, based on his
extensive insight and experience as a manager.
As a corporate auditor of the Company, Mr. Morita has closely monitored theCompany's overseas strategies, etc., and has discussed risk management, etc.,from a management supervisory standpoint, based on his extensive experience andbroad insight as a manager.
For the further growth of our group, we request his continued appointment as a
candidate for corporate auditor.
He is currently an outside corporate auditor of the Company and will have held thisposition for nine years at the conclusion of this General Meeting of Shareholders.

―70―Candidate
No.

Name
(Date of birth)

Brief personal history, position and significant
concurrent positions
2019

2022

Yuki Shimizu
3(January 25,
1995)

2023

Joined Kitahama Law Office, Foreign
Law Joint Enterprise
Lecturer at Ritsumeikan University (Civil
Procedure Law)
Lecturer at Osaka Jogakuin University
Established Lit Law Office,Representative Attorney at Law (topresent)
Representative Director of Lit
Corporation (to present)
Representative Director of General
Incorporated Association Tomoshibi (topresent)

Number oftheCompany's
shares held-

(Significant concurrent positions)Representative Attorney at Law of Lit
Law Office
Representative Director of Lit
Corporation
Representative Director of General
Incorporated Association Tomoshibi(Reason for appointment)
We request the election of Mr. Yuki Shimizu as a candidate for Outside Corporate
Auditor, as we expect that his expertise and experience as an attorney-at-law will beutilized to strengthen compliance for the further growth of our Group.
(Note) 1. There is no special interest between each candidate and the Company.
2. The number of the Company's shares held is as of September 30, 2023.
3. Masayasu Morita and Yuki Shimizu are both candidates for outside corporate auditor, and Yuki
Shimizu meets the requirements for independent director.
4. Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company and its outside
corporate auditors have entered into an agreement to limit their liability for damages under
Article 423, Paragraph 1 of the said Act. The maximum amount of liability for damages undersuch liability limitation agreement is the amount stipulated by law. Such limitation of liability
is limited to cases where the director concerned has performed his duties in good faith andwithout gross negligence, which caused the liability.
5. The Company has concluded a directors' and corporate auditors' liability insurance contract
with an insurance company as stipulated in Article 430-3, Paragraph 1 of the Companies Act,and all corporate auditors are included in the insured parties. If the reappointment of each of
the candidates for corporate auditor is approved, each of them will continue to be includedin the insured under such insurance policy. The Company intends to renew such insurance
policies in the middle of their terms of office with similar terms. The policy provides coveragefor legal damages and dispute expenses in the event of a claim for damages arising out ofacts committed by the insured in his/her capacity as an insured (including in the case ofshareholder derivative actions). However, indemnification is not provided for cases in which
the insured person illegally obtained profits or benefits, or committed criminal acts, dishonest
acts, fraudulent acts, or acts committed with knowledge that they violate laws, regulations,―71―

or regulatory rules.
6. Violation of laws and regulations, etc., of other stock companies in which the nominee foroutside corporate auditor has served as an officer
Hyas & Company, Inc., for which outside auditor candidate Masayasu Morita served as an
outside director, disclosed revisions to its annual securities report and other financial
statements on September 30, 2020, after it was discovered that the company had madeinappropriate accounting entries in its financial statements for previous fiscal years.
Subsequently, on October 26, 2020, the company disclosed the final investigation report of
the third-party committee regarding the improper accounting. Following these actions, thecompany was designated as an issue on special caution market by the Tokyo Stock
Exchange, Inc. on November 27, 2020, and as an issue under supervision on May 27, 2022.
He was unaware of this fact until it came to light. However, he has always made usefulsuggestions from a broad management perspective of compliance with laws and regulations,and after the discovery of the fact, he expressed his opinion on measures to prevent
recurrence, and took appropriate measures as appropriate until July 29, 2021, when his termof office expired. The company's designation as Securities on Alert and Securities Under
Supervision was lifted as of July 28, 2022.

―72―

[Reference] Composition of Directors and Corporate Auditors (after the conclusion ofthis Ordinary General Meeting of Shareholders)
The expertise and experience of the Company's directors and corporate auditors
in the event that Agenda Items 1 and 2 are approved are listed below.
Please note that the list indicates areas in which they are expected to beparticularly active and does not represent all of the subject's knowledge.
Positionin theCompany
President
andRepresent
ative
Director

Director
Director
Director
Director
Director
Corporate
auditorCorporate
auditorCorporate
auditorExpertise and Experience
Name

Corporate
Management

Financeandaccounting

Legal
Affairs

TravelIT

YusukeShibata●

Munenori
Oishi
SatoshiTamuraTakeshi
MasudaYasuhito
Omori
KazukiIshihara
Yasuhiro
SakataMasayasu
MoritaYuki
Shimizu

●

●

●

●

●

●

●

●

●

●

●

Internal
Control

●

●

●

●

●

●

●

●

●

●

●

●

●
●

●
●

●

●

●
●
End of Report―73―