For the Third Quarter of the Fiscal YearEnding September 30, 2022

Results ofOperations
AirTrip Corp.
TSE Prime Market: 6191
12th August, 2022

“Restart”～Start for the 2nd stage after being listed～～AirTrip Group restarts～

FY22.9 Period 3Q “Restart”~ FY22.9 Cumulative Operating Profit for the 1～3Q
progressed favorably against Full Year Earnings Forecast after upward revision～

By implementing the growth strategy AirTrip “Restart”
Cumulative Operating Profit for the 1st～3rd quarters was 1.74 billion yen!
It has progressed favorably against Full Year Earnings Forecast after upward revision.
~ Continuing from the previous fiscal year, strategically promote diversification and restructuring of the business portfolio ~Unit: (Hundred Million Yen)

FY20.9 Period

FY21.9 Period(Full-year Result)(Full-year Result)

FY22.9 Period

FY22.9 Period

FY22.9 Period

FY22.9 Period(1Q’s Result)(2Q’s Result)

FY22.9 Period(3Q’s Result)*1(1～3Q’s Result)(Full-year Result
Forecast)※

1st Stage

2nd Stage(From the time being listed to FY 20.9)(“Restart” from FY21.9 period)

2.7

31.5

26.0

5.3
17.4
Consolidated Operating Profit

9.4

Consolidated Operating Loss
(Before Impairment Loss)△7.9

Full-year
ResultProfit is steadily accumulated in the 3Q due tocontinued strategical diversification andrestructuring of the business portfolio

1Q Grand Total

2Q Grand Total

3Q Grand Total（FY22.9 Period）（FY22.9 Period）（FY22.9 Period）(After deducting
impairment)

1～3Q Grand Total（FY22.9 Period）

Full-year Forecast*2
after upward revision(Result Forecast Planned Value)*1 3Q’s results are preliminary figures at the present and may differ from actual results*2：Based on the full-year earnings forecast plan announced on June 16, 2022, after the second upward revision for the current fiscal year

Copyright © AirTrip Corp. All Rights Reserved.

。

2

FY22.9 3Q "Restart" ~ Strengthening AirTrip Economic Zone through a Diversification Strategy ~Promote the construction of diversified business foundation andstrategically strengthen AirTrip Economic Zone
~ Promote business portfolio diversification and restructuring by utilizing AirTrip Group’s assets ~In Domestic Travel Domain, along with the convergence of Covid-19’s cases, recovery of domestic travel demandand commencement of the nationwide travel promotion are expected, and the profits will increase significantly
through strategic marketing investment. In Overseas Travel Domain, we aim to increase profits at the fastest speed
in the travel industry by expanding products by strengthening system cooperation with each airline and promoting UI/ UX website’s improvement in light of slowly rising demand for overseas travel.

Aiming to become the No. 1 creator firstplatform by acquiring new creators offour WEB media operated by MagMag(listed subsidiary company) and actively
investing in content expansion.

AirTrip
TravelBusiness

Media
Business

Economic Zone

Japan InboundTravel Business
Wi-Fi Business

Diversify business development by utilizing AirTrip Group’s Assets

IT Offshore
Development
Business

Starting from the Life Media Techbusiness for foreign residents inJapan, we aim to grow our businessby providing optimal solutions todiversifying needs due to changes
in the environment.

Investment
Business(AirTrip CVC)
According to Investment Business, AirTrip CVC, we strategically aim to
expand and strengthen the AirTrip economic zone by utilizing theinvestment knowledge and experience that has achieved the listing of a totalof 11 companies so far, by aggressively investing in growth areas thatemphasize the high probability of IPO.

Aiming for further growth by providing development that meets customer needs
through a hybrid-type comprehensive system that combines the design
capabilities of the upstream process of Hybrid Technologies (listed groupcompany) and the abundant offshore development capabilities.

Promoting our business portfolio diversification by utilizing our company’s strong assets such as businessdevelopment know-how, marketing know-how, system development ability, brand power, customer base…
Copyright © AirTrip Corp. All Rights Reserved.

3

FY22.9 3Q "Restart" ~ Executive Summary ~Consolidated results for the 3rd quarter of FY22.9 are 35.3 billion yen in Transaction Volume, 8.54 billion yen in Net Sales, and 1.74
billion yen in Operating Profit.

●

In the 3rd quarter, by executing the growth strategy AirTrip “Restart”, business profit in each business domain wereaccumulated, resulting in an operating income of 1.74 billion yen for the cumulative from the 1st to the 3rd quarter, which
is a steady increase in profit over the 9 months to the full-year forecast announced during the 3rd quarter after the 2nd upwardrevision of the current fiscal year, with the busy 4th quarter still to come.

●

The AirTrip Travel Business secured stable earnings by steadily capturing rising domestic travel demand through continued
multi-faceted AirTrip branding initiatives and strategic marketing investments for increased travel demand, driven by rising travel
demand in response to the decrease in the number of new covid-19 cases during the 3rd quarter.
The existing business areas other than Travel Business (IT Offshore Development Business, Inbound Travel Business / Wi-Fi
Rental Business, Media Business, Investment Business [AirTrip CVC]), all are strongly and smoothly growing, continue topromote diversification and restructuring of the business portfolio.

●

In particular, in the Investment Business (AirTrip CVC), the AirTrip CVC Report Vol. 3 is now available.
At the time of the release, the company had invested in a total of 80 companies with a total investment amount of 5.8 billion yen, andthe total amount collected and recently evaluated was 15.2 billion yen.
We will continue to make the best use of our listing experience and know-how, by aggressive investment in growing areas with a highprobability of IPO, aiming to generate further future returns by expanding and strengthening AirTrip Economic Zone.

We expect the impact of the current 7th wave of new Covid-19 on the travel domain to continue for a certain period of time, but
we anticipate a recovery in demand and the start of nationwide travel support as the Covid-19 infection subsides,AirTrip Group●aims for endless growth by expanding profits in AirTrip Travel Business through strategic marketing investment in response to
growing travel demand for the summer and continuing growth of 4 existing businesses other than the Travel Business and promoting© AirTrip Corp. All Rights Reserved.
4
diversification and restructuring of the business Copyrightportfolio.

FY22.3Q Financial Summary

Copyright © Air Trip Corp. All Rights Reserved.

5

Changes in Transaction Volume

Transaction Volume compared to the last period 140％
Although being impacted by the changes of scope of consolidation, transaction
volume still steadily grows.
Consolidated Transaction Volume(Hundred Million Yen)

※Changed to pre-cancellation Transaction Volume from FY19.4Q.
※Each quarter of FY20.9’s figures are based on continuing businesses, excluding discontinued businesses.

Copyright © AirTrip Corp. All Rights Reserved.

6

Changes in Net Sales

Net Sales compared to the last period 60％
Despite some decreases due to the changes in the scope of consolidation,
Net Sales still stably grows.
Consolidated Net Sales(Million Yen)

*Each quarter of FY20.9’s figures are based on continuing businesses, excluding discontinued businesses.
*Figures for Net Sales for FY22.1Q and FY22.2Q have been compiled after correction.

Copyright © AirTrip Corp. All Rights Reserved.

7

Changes in Operating Profit

Operating Profit compared to the last period 56％
Despite some decreases due to the changes in the scope of consolidation,
real profit increase was secured.
Consolidated Operating
Profit (Million Yen)

※ Each quarter of FY20.9’s figures are calculating by excluding discontinuing businesses from the figures before considering impairment loss published last period.

Copyright © AirTrip Corp. All Rights Reserved.

8

FY22.1Q＆FY22.2Q Notcie of partial correction of financial figures

Revised Net Sales and Cost of sales of FY22.1Q＆FY22.2Q
No effect on Profit and loss at each stage (Million yen)
FY22.1Q
BeforeCorrectiom

FY22.2Q
After
Correction

BeforeCorrecton

After
Correction

Transaction
Volume10,69010,69019,651

19,651Net Sales

4,354

3,158

6,870

5,526

Cost of Sales

2,452

1,255

3,617

2,273

Gross Profit

1,902

1,902

3,252

3,252

*Due to some omissions in the process of processing the Group's consolidated financial statements, it has been discovered that the same amounts of Net Sales and cost of sales
related to the online travel business were overstated respectively, we revised these figures.
*This was discovered during the third quarter closing procedures and there is no impact on prior period financial results or correction of prior period financial statements.
*planning to submit a correction report for the quarterly report for the relevant period as soon as the review procedures by the audit firm are completed.

Copyright © AirTrip Corp. All Rights Reserved.

9

Statement of Income

Although both Net Sales and Operating Profit decreased compared to last year,
stable Operating Profit was secured.
(Million yen)

FY21.3Q

安定した営業利益を確保
Amount

FY22.3Q

Amount% to Sales% to Sales

Transaction
Volume25,277

ー

35,262ーNet Sales

14,198100.0%

8,545

100.0%

Gross Profit

5,661

39.9％

5,131

60.0％

Operating Profit

3,071

21.6%

1,743

20.4％

Profit attributableto owners ofparent

2,206

15.5%

1,273

14.9％

Copyright © AirTrip Corp. All Rights Reserved.

10Balance Sheet

Equity Capital remains stable due to accumulated profits~ Cash position continues to improve ~(Million Yen)

FY21.4Q

FY22.3Q

Difference

Current Assets

15,56818,7883,219

Cash and Deposits

8,771

9,194

423

Operational Investment
Securities

4,852

5,759

906

Non-current Assets

5,804

5,968

163

Total Assets

21,37324,756

3,383

Liabilities

13,236

15,4302,193

Interest-bearing Debts

7,443

6,474

-968

Equity

8,136

9,326

1,190

Equity ratio

38.1%

37.7%

-0.4%

Copyright © AirTrip Corp. All Rights Reserved.

11

FY22.9 Period Full-year Result Forecast

By implementing FY22.9 period new growth strategy AirTrip 2022 “Restart”, strategicallycontinue to promote business portfolio diversification and restructuring.
~ Due to the smooth and strong growth of the business, Full-year result has been upward
adjusted compared to the first version. ~(Million yen)

FY22.9 Period
Full-year result
first forecast

FY22.9 Period
Full-year result
revised forecast*

Net Sales

13,00014,500Operating Profit

1,000

2,600

Net Profit

700

1,820

Dividend--

Strategy based on the result forecast
・Revenue recovery in AirTrip Travel Business・Accumulating revenue by promoting businessportfolio dispersion
・Profit from active investment in growth areas
・Increasing profit by thorough cutting down cash out cost・Revenue recovery in AirTrip Travel Business・Accumulating business profits by promoting diversification ofbusiness portfolio
・Profit from active investment in growth areas

・Aiming for a payout ratio of 20%※revised full-year forecast is based on the revised full-year consolidated forecast announced on June 16, 2022.

Copyright © AirTrip Corp. All Rights Reserved.

12Strategies and Results against the impact of COVID-19

Copyright © Air Trip Corp. All Rights Reserved.

13

Future travel demand recovery prospects based on the impact of Covid 19 crisis
Currently, travel demand is temporarily on a slight downward trend due to the impact of the 7th wave of the Corona,
but the number of infection cases is expected to decrease due to the additional booster vaccination and the spread of medical treatment.
~ Besides the decrease in new infection cases, the demand will increase more than before with the resumption of the GoTo Travel ~The booster vaccination / the spread of medical
treatment as well as the commencement of thenationwide travel promotion

Infection Cases
Travelers(TravelDemand)

7th Wave

Numberof
PeopleHigh

Travel Demand tends
to increase morethan ever

6th Wave

5th Wave
4th Wave
3rd Wave
1st Wave

Now

2nd Wave

Travel demand tends to increase dramaticallythrough the commencement of the nationwide
travel promotion, the additional booster
vaccination and the spread of medical
treatment

IncreasDecreasee in
in infection
infectiocases
n cases
DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

DemandRecovery
Phase

DemandDecrease
Phase

Low
Now

Time
(3~3.5 Years)
Copyright © AirTrip Corp. All Rights Reserved.

DemandRecovery Phase

DemandDecrease
Phase

DemandRecovery Phase

DemandDecrease
Phase

Explosion indemand phase

Future14

About the impact of Covid 19 on the current business result

Domestic Travel Domain remained strong, driven by the impact of recovery in travel demand.
The existing business domains, other than travel, has been making good progress~ Continuing from the previous fiscal year, strategically promote business portfolio diversification and restruction ~“Local Coupon”
spread nationwide（1st Apr～）

Demand recoveredby unrestricted big
holidays（29th Apr～8th May）

resumed accepting
foreign tourists
first time in two years（1st Jun～）

7th Corona wave
the number of infected
person recorded high(early Jul～)

3Q Announcement offinancial statements(12 Aug)

Aug

Sep

Oct

Apr

May

Jun

Jul

（Expected）（Expected）（Expected）

AirTrip Travel (Domestic)

◯

◯

◯

◯

◯?

◯?

◯?

AirTrip Travel (Overseas)

×

×

×～△

×～△

×～△?

×～△?

×～△?

IT Offshore Development
Business

◯

◯

◯

◯

◯?

◯?

◯?

Japan Inbound Travel／
Wi-Fi Business

◯

◯

◯

◯

◯?

◯?

◯?

Media Business

△～◯

△～◯

△～◯

△～◯

Investment Business (AirTrip CVC)

◯

◯

◯

◯

Copyright © AirTrip Corp. All Rights Reserved.

△～◯? △～◯? △～◯?
◯?

◯?

◯?
15

FY22.9 Period 3Q Changes in Sales, general, and administrative expenses~ Cash-out cost optimization and implementation measures ~In addition to continuing to reduce fixed costs, Strategic marketing investments forincreased travel demand andOptimization of cash-out costs by minimizing other variable costs~ In the 3Q, monthly SG & A expense stay around 600-650 million yen.
In the 4Q, planning further more active investment in marketing for the demand in summer ~(Hundred Million Yen)

Optimizing variable cost and advertisement cost
0.5?

10.0

Variable Cost

Variable Cost

4.0

Fixed Cost

8.0

3.2

Controlling outsourcing cost according to travel demand
Reducing of subcontract expenses and other temporary cost at eachdepartment

3.2

2.0

Advertisement Cost

6.0

Strategic investment in marketing for increasing demandControlling labor cost and continuing to reduceother fixed costs
4.0

Labor Cost

6.4

Continuing to return part of Directors’ bonuses ( Director /Supervisor)
Reducing labor cost along with optimizing personnel
Together with partly remote work to reduce commuting cost

2.0

2.6

2.8

2.8
Other fixed Cost

0.0

20.2
FY20.921.9
FY21.9※Because it is a planned value for 2Q, it may differ from the actual value.

22.4~6
FY22.922.7~9※(Planned Value)

Copyright © AirTrip Corp. All Rights Reserved.

Reducing system’s maintenance fee related to infrastructure
management
Reducing expenses for space rent by switching to remote work
Review and reduce other fixed costs of each department

16

FY22.9 2Q Changes in Gross profit～we have continued to be profitable in the 3Q led by profit recovery in the Domestic Travel Domain~

Domestic Travel Domain achieved gross profit through strategic marketing investments
in response to rising travel demand, other business domains also made strong and steadyprogress and stable single-month profit in the 3Q.
～Expecting further profit increase led by profit recovery in the Domestic Travel Domain～(Hundred million
yen)
Other Business Domains

12.0

Oversea Travel DomainWith the recovery of travel
demand domestic travel
domain achieved Gross profit
through strategic marketinginvestments

Domestic Travel Domain

10.0

Even under the 7th corona
wave, Domestic Travel
Domein expects further moreincrease of gross profit

1.2

8.0

0.5

3.3

6.0

4.0

2.9
0.1

3.4

2.4

21.4

21.5

21.6

21.7

1.6

0.1

0.1

2.8

21.8

21.9

1.2

21.10

21.11

0.1

4.2

21.12

0.1

2.5

2.4

22.1

22.2
FY22.9FY21.9Copyright © AirTrip Corp. All Rights Reserved.
*The above gross profit is preliminary figure used for our Group management board.

0.4

0.4

2.1
4.4

1.1

0.3

7.0

1.4
3.9

3.1

0.2

0.4

1.1

0.2

0.1

0.1

4.3
3.0

1.4

1.8
2.9

0.1

0.1

2.9

3.8

0.2

0.1

2.0

0.0

2.9

1.5

3.1

1.2

4.4

22.3

5.4

5.1

5.5

22.4

22.5

22.6

6.3

5.6

22.7
22.8
22.9
(Preliminary (Planned (Planned
Value)
Value)
Value)

17

Recent Actions and Achievements

Copyright © Air Trip Corp. All Rights Reserved.

18

Gross profit in the Domestic Travel Domain ~ Achieved a level significantly higher than the previous year by capturing thegrowing travel demand
AirTrip Travel
Business

Gross Profit of the Domestic Travel domain has achieved a significantly higher level thanthe previous year by strategic marketing investment to meet the growing travel demand.
～Since April, gross profit has significantly exceeded the previous year's level, and is expected toreach 191% y/y in July~
July gross profit
191% compared tolast year

2022’s Gross Profit
2021’s Gross Profit

Apr gross profit
216% compared tolast year

21.4

22.4

June gross profit 255%
compared to last year

May gross profit
321% compared tolast year

21.5

22.5

21.6
FY22.9

22.6

21.7

22.7
(preliminary
figures)※The above figures are the total gross profit (preliminary figures) of domestic airline tickets, domestic airline tickets + hotels, domestic tours, and domestic hotels.

Copyright © AirTrip Corp. All Rights Reserved.

19

Celebrating Paris Saint-Germain's visit to Japan, of which AirTrip is the title sponsor
Paris Saint-Germain's visit to Japan with the largest ever Super Summer Campaign!
AirTrip Travel Business

Celebrating Paris Saint-Germain's visit to Japan, of which AirTrip is the title
sponsor the largest-ever Super Summer Campaign!
～A total of 55 products in 11 categories, carefully selected by ”AirTrip”, will befeatured in the campaign!

Copyright © AirTrip Corp. All Rights Reserved.

20

Comprehensive Business Collaboration with Fliggy, China's Leading Travel Platform Operated by Alibaba
Group Holding Ltd！
AirTrip Travel BusinessComprehensive Business Collaboration with Fliggy, China's Leading
Travel Platform Operated by Alibaba Group Holding Ltd.！
～As the first step, we will provide accommodation facilities handled by "AirTrip Domestic
and Overseas Hotels" to iming to capture demand from Chinese visitors and residents inJapan, further expand sales channels, and increase recognition of the AirTrip brand〜
Provide lodging inventory

Sending Chinese Consumers

Copyright © AirTrip Corp. All Rights Reserved.

21

"AirTrip Domestic Hotels" is now listed on JAL's website!
AirTrip Travel Business"AirTrip Domestic Hotels" is now listed on JAL's website!
～Aiming to attract new customers by listing more than 20,000
accommodations handled by "AirTrip Domestic Hotels" on the JAL website 〜◆JAL WEB site "AirTrip Domestic Hotels" pagehttps://www.jal.co.jp/jp/ja/dom/option/hotel/airtrip/

Copyright © AirTrip Corp. All Rights Reserved.

22

“AirTrip Domestic and Overseas Hotels" starts business collaboration with "Travel Book", a hotel and airline ticket pricecomparison site!
AirTrip Travel Business“AirTrip Domestic and Overseas Hotels" starts businesscollaboration with "Travel Book", a hotel and airline ticket pricecomparison site!
～Aiming to attract more customers by listing accommodation facilities handled by"AirTrip Domestic and Overseas Hotels" on "Travel Book"〜
Provide lodging inventory

Sending new customers

Copyright © AirTrip Corp. All Rights Reserved.

23

Our subsidiary, AirTrip International Corp. andHankyu Travel International Co.,Ltd to Form Business Alliance in the Overseas Travel Domain!
AirTrip Travel Business

Our subsidiary, AirTrip International Corp. andHankyu Travel International Co.,Ltd to Form Business
Alliance in the Overseas Travel Domain!
~ Further strengthen sales network in preparation for rising demandfor overseas travel~

Copyright © AirTrip Corp. All Rights Reserved.

24

AirTrip Point service is now available for overseas airline tickets and overseas airline tickets + hotel (AirTrip Plus)! AirTrip
Point service is now available!
AirTrip Travel Business

AirTrip Point service is now available for overseas airline tickets
and overseas airline tickets + hotel (AirTrip Plus)!

～AirTrip points can now be "earned and used" when making international travel
reservations.～

Copyright © AirTrip Corp. All Rights Reserved.

25

Investment Business (AirTrip CVC) Performance Report Vol. 3 is now available!
Investment Business (AirTrip CVC)

The results of our Investment Business (AirTrip CVC) include Total
investment amount of 5.8 billion yen in 80 companie, with a total of
15.2 billion yen in collected and recent valuations, and an
investment multiple of 260%, showing steady growth.
～Achieved 11 IPOs (including 1 listed subsidiary and 1 listed affiliate)*The figures are as of the end of May 2022 (when the CVC Report Vol. 3 was released).
Copyright © AirTrip Corp. All Rights Reserved.

26

Actions and Achievements to strengthen
the business portfolio～ Business progress of Group Companies ～Copyright © Air Trip Corp. All Rights Reserved.

27

Group company (subsidiary): Magmag,Inc.(Securities code: 4059)~Although sales and income declined due to the Covid-19 disaster, the platform business continued to grow steadily~Media
Business

While sales and profits declined due to the tide of declining adunit prices in the Covid-19 Disaster, the platform business
continued to grow steadily.

～Maintained 86% of sales compared with 3Q of the previous fiscal year by accelerating support for creators～<Magmag, Inc.'s sales/operating profit transition>（Millions yen）

600

Net sales

507

Operating profit

450

Investment in “Voicy”, a voice platform, will strengthen
the platform business by expanding functions thatleverage the respective strengths of the twocompanies, such as text and voice.

438
Net sales

300（3Q’s Actual
Value）

86%

Operatingprofit※Compared to
FY21.3Q150（3Q’s Actual
Value）

16%

108

16
0
FY21.3Q
Total

Invested in Voicy,Inc. to further strengthen theplatform business

FY22.3Q
Total※Compared to
FY21.3Q

Expansion of the paying subscriber basethrough support for creators.
Expansion of "Magmag! Live" content featuring
conversations with celebrities, particularly withmainstay creators, to further expand the paying
subscriber base.
※The above results are preliminary figures at this time and may differ from the actual results.

Copyright © AirTrip Corp. All Rights Reserved.

28

Group companies (Affiliated companies): Hybrid Technologies Co., Ltd. (stock code: 4260)~Continued measures to promote high-unit-price personnel, and both net sales and operating income increased significantly! ~IT Offshore
Development BusinessContinued measures to promote high-unit-price personnel, and both
net sales and operating income increased significantly!
～Achieved 145% of net sales and 206% of operating income compared to 3Q of the previous fiscal
year～～<Hybrid Technologies Co., Ltd.'s sales/operating profit
transition>
750（Millions yen）

Net Sales（3Q’s Actual
Value）

657

Net sales

145%

600

Operating profit※Compared to
FY21.3Q

Continued strong progress in the appointment of highunit-price personnel, resulting in a significant increasein both net sales and operating income year-on-year.

452
450

Operatingprofit300"Hybrid Technologies Capital" made good
progress.

（3Q’s Actual Value

206%※Compared to
FY21.3Q

150

124

60
0

FY21.3Q

Both net sales and operating income increased
significantly year-on-year

FY22.3Q“Hybrid Technologies Capital”, a startup development
support program launched in the previous quarter,
made steady progress, with two new companies
selected for support during the quarter.
※The above results are preliminary figures at this time and may differ from the actual results.

Copyright © AirTrip Corp. All Rights Reserved.

29

Group Company: Inbound Platform Corp.
~ Wi-Fi Rental Business and media channels for foreigners continued to grow strongly ~Japan Inbound Travel／
Wi-Fi Business

Wi-Fi Rental Business and media channels for foreigners
continued to grow strongly.
~Net Sales achieved 124% compared to last year’s 3Q～<Inbound Platform Corp.'s sales/operating profit transition>(Million yen)

900

828
Net Sales

720

669

540

Net Sales（3Q’s Actual
Value）

360

124%※Compared to
FY21.3Q

180

Inbound Wi-Fi rental is on a recovery trend.
Wi-Fi rentals for foreign visitors to Japan are
gradually recovering and are expected to recoversteadily in the future.
Increasing demand for Wi-Fi rental for overseas
travelers
Recovery in demand for international travel increases
signs of recovery in demand for Wi-Fi rentals forinternational travelers.

Strong Growth of Life MediaTech Business
Steady growth in real estate rental agency services
and airport transfer services for foreign residents

0FY21.3Q

FY22.3Q※The above results are preliminary figures at this time and may differ from the actual results.

Copyright © AirTrip Corp. All Rights Reserved.

30

FY22.9 3Q "Restart" ~ Executive Summary ~Consolidated results for the 3rd quarter of FY22.9 are 35.3 billion yen in Transaction Volume, 8.54 billion yen in Net Sales, and 1.74
billion yen in Operating Profit.

●

In the 3rd quarter, by executing the growth strategy AirTrip “Restart”, business profit in each business domain wereaccumulated, resulting in an operating income of 1.74 billion yen for the cumulative from the 1st to the 3rd quarter, which
is a steady increase in profit over the 9 months to the full-year forecast announced during the 3rd quarter after the 2nd upwardrevision of the current fiscal year, with the busy 4th quarter still to come.

●

The AirTrip Travel Business secured stable earnings by steadily capturing rising domestic travel demand through continued
multi-faceted AirTrip branding initiatives and strategic marketing investments for increased travel demand, driven by rising travel
demand in response to the decrease in the number of new covid-19 cases during the 3rd quarter.
The existing business areas other than Travel Business (IT Offshore Development Business, Inbound Travel Business / Wi-Fi
Rental Business, Media Business, Investment Business [AirTrip CVC]), all are strongly and smoothly growing, continue topromote diversification and restructuring of the business portfolio.

●

In particular, in the Investment Business (AirTrip CVC), the AirTrip CVC Report Vol. 3 is now available.
At the time of the release, the company had invested in a total of 80 companies with a total investment amount of 5.8 billion yen, andthe total amount collected and recently evaluated was 15.2 billion yen.
We will continue to make the best use of our listing experience and know-how, by aggressive investment in growing areas with a highprobability of IPO, aiming to generate further future returns by expanding and strengthening AirTrip Economic Zone.

We expect the impact of the current 7th wave of new Covid-19 on the travel domain to continue for a certain period of time, but
we anticipate a recovery in demand and the start of nationwide travel support as the Covid-19 infection subsides,AirTrip Group●aims for endless growth by expanding profits in AirTrip Travel Business through strategic marketing investment in response to
growing travel demand for the summer and continuing growth of 4 existing businesses other than the Travel Business and promoting© AirTrip Corp. All Rights Reserved.
31
diversification and restructuring of the business Copyrightportfolio.

FY22.3Q Business Progress

Copyright © Air Trip Corp. All Rights Reserved.

32

Marketing - AirTrip branding measures
AirTrip Travel Business

Became the title sponsor of "Paris Saint-Germain JAPAN TOUR 2022"!
～TV commercials aired during nationwide live broadcasts on TBS affiliate stations and at all 3games,
including the Kawasaki game. Commercials aired on large screens at each venue, and the "AirTrip" logo
displayed on billboards, etc. at the venues.～

Copyright © AirTrip Corp. All Rights Reserved.

33

Marketing - AirTrip branding measures
AirTrip Travel BusinessSponsored the “Naoya Inoue vs Nonito Donaire 2nd”
～Expanded awareness of “AirTrip” by airing CM on Amazon Prime Video andpublishing ads on the ring〜

Copyright © AirTrip Corp. All Rights Reserved.

34

Marketing - Various branding measures
AirTrip Travel BusinessContinuous implementation of branding measures for "AirTrip"
and promotions for AirTrip members!
～Strengthen "AirTrip" brand through various promotions 〜

Copyright © AirTrip Corp. All Rights Reserved.

35

Marketing - Airtree Branding Effectiveness
AirTrip Travel Business

Various marketing measures have been implemented in responseto the recovery in demand for travel. Keyword searches for "AirTrip"
increased steadily from the same period of the previous year!
～Achieved an increase in searches through optimal advertising placement in response to risingdemand for domestic travel.〜
Paris Saint-Germain JAPAN TOUR 2022 Crown
SponsorNaoya Inoue vs. Nonito Donaire 2
Sponsorship

2022

Steady increase in the number of searches for AirTrip KW through various marketingmeasures, including sponsorships, in response to rising demand for domestic travel.

2021
May 2022

June 2022
Copyright © AirTrip Corp. All Rights Reserved.

July 2022

36

Domestic flight tickets ~ Significant increase in Transaction Volume due to strategic advertising! ~AirTrip Travel Business

Strategic advertising in response to rising demand fordomestic travel has steadily captured demand, resulting in asignificant increase in transaction volume!
～Achieved 269% of transaction volume compared to 3Q of the previous fiscal year～<Transaction volume of Domestic Airline Tickets>
sales
volumesales volume（3Q’s Actual
Value）

Steadily capturing growing demand throughstrategic advertising
Successfully tapped into rising domestic travel demandthrough strategic marketing investments at a time when action
restrictions were lifted, resulting in a significant increase intransaction volume269%※Compared to
FY21.3Q

Steady CVR improvement achieved throughcontinuous UI/UX improvements

FY21.3Q

FY22.3Q

Steady improvement in CVR through continued UI/UX
improvements to further enhance usability, such as top page
improvements and additional functions

Copyright © AirTrip Corp. All Rights Reserved.

37

Domestic AirTrip Plus (airline tickets + hotels) - Significant increase in transaction volume and operating income
through optimal marketing measures
AirTrip Travel Business

Optimal marketing measures in response to increased demand for domestic
travel Both transaction volume and gross profit increased significantly!
～Achieved 359% of transaction volume and 380% of gross profit compared to 3Q ofthe previous fiscal year～＜Domestic DP (Air Tickets + Hotels) Transaction Volume/Gross Profit＞
sales volume
gross profit

sales volume（3Q’s Actual
Value）

Significant increase in both transaction volume and grossprofit due to implementation of optimal marketing measures tomeet growing domestic travel demand359%※Compared to
FY21.3Q

gross profit（3Q’s Actual
Value)

380%※Compared to
FY21.3Q

FY21.3Q

Significant increase in transaction volume due
to optimal marketing measures

Preparations begin with an eye toward
nationwide travel support
Implemented measures to further improve UI/UX and expand
sales channels in anticipation of the launch of full travel
support in the future

FY22.3Q
Copyright © AirTrip Corp. All Rights Reserved.

38

Domestic Hotels Significant increase in gross profit and operating income through promotion of strategic businessalliances with JAL and Alibaba Group Holding Ltd and active participation in the prefectural discount program
AirTrip Travel Business

Promotion of strategic business alliances including JAL and Alibaba,
and active participation in the prefectural discount program have led toa significant increase in both gross profit and operating income!
～Achieved 241% gross profit and 742% operating income compared to the 3Q of the previous fiscal year～＜ Domestic Hotels Transaction Volume/Gross Profit＞
sales
volumesales volume
gross profit（3Q’s Actual
Value）

Further expand sales channels and enhance brand recognition bypromoting strategic alliances with Japan Airlines Co., Ltd., Alibaba Group
Holding Ltd., and other companies as a provider of a total of approximately
600,000 domestic and overseas lodging facilities.

241%※Compared to
FY21.3Q

gross
profit（3Q’s Actual
Value）

742%※Compared to
FY21.3Q

FY21.3Q

Promote strategic business alliances with Japan
Airlines Co., Ltd., Alibaba Group Holding Ltd., etc.

FY22.3Q

Capturing Growing Travel Demand throughActive Participation in Prefectural DiscountPrograms
Achieved significant increases in both gross profit and operating income
through active participation in the prefectural residents' discount(regional block discount) program, which greatly expanded the areas
covered by the program in response to rising travel demand.

Copyright © AirTrip Corp. All Rights Reserved.

39

Domestic Hotels - In addition to strengthening procurement of lodging facilities and continuing UI/UX improvements, attract
new customers by promoting strategic alliances and actively participating in the prefectural discount!
AirTrip Travel BusinessIn addition to strengthening procurement of lodging facilities and continuing
UI/UX improvements, we are attracting new customer segments by promoting
strategic alliances and actively participating in the prefectural discount!
~Strategic approach to capture diversifying lodging demand~
Strengthen purchasing andsales promotion of selected
Airtree facilities

Improve UI/UX to increase
revenue and CVR

Promoting Strategic Business Alliances
to Further Expand Sales Channels
Further Expansion of Sales Channels

Capture lodging demand throughactive participation in the prefectural
discount program

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化

エアトリ厳選施設の仕入及び販売強化Signed a sales agreement with Meitetsu Hotel
Holdings Corporation, which operates a total of
20 facilities mainly in the Chubu region, tofurther strengthen the purchase of lodging
facilities and plan SNS tie-up campaigns forongoing sales promotion.

Revised the layout and each functional
item of the hotel detail page of "Domestic
Hotels" to optimize and simplify the flowfrom hotel selection to reservation, thereby
improving convenience and directly
increasing revenue and CVR.

Further expand sales channels and increase
brand recognition by promoting strategic
alliances with JAL, Alibaba, and others as newproviders of the approximately 600,000 lodging
facilities inventory handled by "AirTrip
Domestic and Overseas Hotels".

Actively participate in the prefectural residents'
discount (regional block discount) campaign, which
has expanded its coverage area nationwide, andcapture lodging demand through D2C marketing
using social networking services, in addition to
expanding the number of lodging plans that are
ideal for the campaign.

Copyright © AirTrip Corp. All Rights Reserved.

40

Domestic Tour / N's Enterprise, Inc. (Group company)～Significant increase in transaction volume due to aggressive campaign development and continued UI/UX improvements in line withrecovery in domestic travel demand~.
AirTrip Travel Business

Aggressive campaign development and continued UI/UX
improvements in line with the recovery of domestic travel
demand led to a significant increase in transaction volume!
～Achieved 170% increase in transaction volume compared to 2Q of this fiscal year～<Transaction volume of Domestic Tour (N's Enterprises, Inc.) >sales
volumesales volume（3Q実績値）

Aggressive Campaign Development Leads to
Substantial Increase in Transaction Volume
Aggressively launched various campaigns including tie-up
programs with airlines to meet growing domestic travel
demand, and achieved a significant increase in transaction
volume.

170%※Compared toFY22.2Q

Capture growing travel demand throughcontinuous UI/UX improvements

FY22.2Q

FY22.3Q

Captured growing demand by continuing to improve the
UI/UX of the "Needs Tour" website operated by N's
Enterprises, a group company celebrating its 30th
anniversary

Copyright © AirTrip Corp. All Rights Reserved.

41

Overseas Flight Tickets / Overseas Hotel / Overseas AirTrip Plus (Flight Tickets + Hotels)～ Further expansion of sales channels and ancillary travel products in response to the trend of recovery in demand for overseas travel ～AirTrip Travel Business

Further expansion of sales channels and ancillary travel products in responseto the trend of recovery in demand for overseas travel.
～Further strengthen sales network and expand product lineup to meet growing overseas travel demand～

Further expansion of sales channels throughbusiness collaboration with Hankyu Travel
Aiming to further expand sales channels and acquire newcustomers to meet growing demand for overseas travel
through business collaboration with Hankyu Express, which
has strengths in the overseas travel domain (tour products)

Ancillary travel products in response to thetrend of recovery in demand for overseas travel
Aiming for a recovery in demand for overseas travel,
expanded product lineup by introducing "trip cancellation
insurance" that fully covers trip cancellation fees incurred due
to corona infection
Copyright © AirTrip Corp. All Rights Reserved.

42

Overseas Tour
～resumed accepting reservations for Hawaii tour products for the first time in two years to capture demand～
AirTrip Travel BusinessIn order to capture the demand, accepting reservations for
Hawaii tour products for the first time in almost two years!
～Expanded tour products with PCR testing for return to Japan～
In order to capture the demand, accepting
reservations for Hawaii tour products
In order to capture the demand, accepting reservations for
Hawaii tour products for the first time in almost two years.
Reservation volume growing stably

Expanded tour products with PCR testing for
return to Japan
With the recovery of demand for travel to Hawaii, demand for
PCR testing upon return to Japan is also increasing.

Copyright © AirTrip Corp. All Rights Reserved.

43

IT Strategy / System Development Roadmap～Strategically and rapidly expand functions and upgrade infrastructure to capture new travel demand～
AirTrip Travel Business

Strategically and swiftly expand functions and upgrade infrastructure
to capture new demand for domestic and international travel~Continuing to aggressively develop and invest in systems in anticipation of further travelrecovery demand in the future～＜FY22.9 System Development Plan＞＜Progress on Action Plan＞

Construction of point system for domestic Airtriplus, domestic tours, and overseas travel products

Expanded functionality of the Airtori website

・Construction of a point system for overseas travel products(completed)multilingual support

・Multilingual support is currently being implemented.

GNew API connection and new functionality for GDS/airline/hotel suppliers

Connectivity linkage and enhancement with external systems

・Started business collaboration and sales with Hankyu Travel International
Corp. (Completed)

Expansion of various payment methods

・Started introduction and sales of insurance products for domestic tours(Completed)
Strengthen and upgrade system infrastructure

Rebuild membership database infrastructure

Autoscaling of infrastructure infrastructure (automatic optimization of processing performance based on access volume)

・Started verification experiment of auto-scaling of infrastructure
infrastructure
Plans to sequentially deploy in production environment in the
futureFY22.9 1Q

FY22.9 2Q

FY22.9 3Q

FY22.9 4Q

Copyright © AirTrip Corp. All Rights Reserved.

44

Group Company: AirTrip Stay
~ Significant increase in Net Sales due to the recovery trend of domestic demand for vacation rental ~Japan Inbound Travel Business
Wi-Fi Business

Net Sales (daily sales per room) increased significantly by steadily
capturing the recovering domestic demand for vacation rental.
~ Net sales achieved 199% compared to last year’s 3Q~<Changes in AirTrip Stay (Vacation Rental)’s Net Sales>
Net Sales

Net Sales(3Q’s Actual
Value)

199%

Acquired increasing domestic demand for private lodging,
resulting in a significant increase in Net Sales
Steadily capture demand for private lodging such as micro tourism, which has
been on an increasing trend since the previous fiscal year, and Net sales haveincreased significantly.

※Compared to
FY21.3Q

Strengthen product capabilities to meet growing inbounddemandIn response to the recovering inbound demand for private accommodations,
expanding product lineup by extending the period for reservations until one
year later and focusing on acquiring new properties.

FY21.3Q

FY22.3Q
Copyright © AirTrip Corp. All Rights Reserved.

45

Investment Business (AirTrip CVC) ~ Capital and business alliance with HUMAN LIFE Co.,Ltd.~
Investment Business(AirTrip CVC)

Formed a capital and business alliance with HUMAN LIFE
operating diversified business including “ZEUS WIFI”, a mobile data communication business thatcan be used domestically and internationally using cloud SIM~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital ＆ business alliance

Copyright © AirTrip Corp. All Rights Reserved.

46

Investment Business (AirTrip CVC) ~ Capital and business alliance with Zeal Communications inc.~
Investment Business(AirTrip CVC)

Formed a capital and business alliance with Zeal Communications
operating Digital Risk Business which protect corporate brand value
from reputational risks in the digital world~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital ＆ business alliance

Copyright © AirTrip Corp. All Rights Reserved.

47

Investment Business (AirTrip CVC) ~ Capital and business alliance with Prime Strategy Co.,Ltd. ~Investment Business(AirTrip CVC)

Formed a capital and business alliance with Prime Strategy
Developed and provides the ultra high-speed CMS execution environment "KUSANAGI”~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital ＆ business alliance

Copyright © AirTrip Corp. All Rights Reserved.

48

Investment Business (AirTrip CVC) ~ Additional investment in Algorithm inc. ~Investment Business(AirTrip CVC)

Made an additional investment in Algorithm inc.
operating media and medical DX businesses~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Additional investment

Third-party allocation of shares

Copyright © AirTrip Corp. All Rights Reserved.

49

Investment Business (AirTrip CVC) ~ Capital and business alliance with start-up studio Inc. ~Investment Business(AirTrip CVC)

Formed a capital and business alliance with start-up studio
operator of "Uniforce”, DXs management of financial disclosure operations~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital ＆ business alliance

Copyright © AirTrip Corp. All Rights Reserved.

50

Investment Business (AirTrip CVC) ~ Contracted unsecured convertible bond with stock acquisition rights with Smart Share Inc. ~Investment Business(AirTrip CVC)

Contracted unsecured convertible bond with stock acquisition rights
with Smart Share Inc.
operating SNS marketing platform “OWNLY”~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Contracted unsecured
convertible bond with stockacquisition rights

Copyright © AirTrip Corp. All Rights Reserved.

51

Investment Business (AirTrip CVC) ~ Capital and business alliance with XIAN,Inc ~Investment Business(AirTrip CVC)

Formed a capital and business alliance with XIAN,Inc
operating marketing DX business and "mediable", a video platform~ The company is currently preparing for listing, and we will make the most of our listing experience and know-how. ~Capital ＆ business alliance

Copyright © AirTrip Corp. All Rights Reserved.

52

Investment Business (AirTrip CVC) ~ Continue to invest for further growth～
Investment Business(AirTrip CVC)

Cumulative Investees 79 companies
Total investment amount is about 3.4 billion yen*
★As of Jul 2022･･･etc*Investments in subsidiaries and affiliated company (3 companies, 250 million yen) are excluded

Copyright © AirTrip Corp. All Rights Reserved.

53

Investment Business (AirTrip CVC) ~ Accumulated 11 IPOs ~11 companies have achieved IPO by our investment（including 1 subsidiary and 1 affiliate）

Investment Business(AirTrip CVC)

IPO

Mental Health Technologies[TSE Growth：9218]
Listed on March 2022
Public Appeal : 6.0billion yen

Last One Mile
[TSE Growth: 9252]
Listed in September 2021
Public Appeal：4.6 billion yen
Opening price：6.8 billion yen

Hybrid Technologies（Affiliated Company listed）[TSE Growth: 4260]
Scheduled to be listed on December 23, 2021
Public Appeal：4.9 billion yen

ROBOT PAYMENT[TSE Growth: 4374]
Listed in September 2021
Public Appeal：6.9 billion yen
Opening price：13.9 billion yen

Openning price : 8.4 billion yen

Headwwaters

Magmag （Subsidiary Company listed）[TSE Growth: 4011][TSE Standard: 4059]

Listed in September 2020

Cyber Security Cloud

Listed in September 2020

[TSE Growth: 4493]

Public Appeal：2 billion yen

Public Appeal：2.2 billion yen

Listed in March 2020

Opening price：26.3 billion yen

Opening price：9.2 billion yen

Public Appeal：9.2 billion yen
Opening price： 21.2 billion yen
Piala

AI CROSS

Branding Technology[TSE Prime: 7044]

Wagokoro[TSE Growth: 4476][TSE Growth: 7067]

Listed in December 2018July 2020

[TSE Growth: 9271]

Listed in October 2019

Listed in June 2019Market change to the first section of the Tokyo Stock Exchange

Listed in March 2018

Public Appeal：3.8 billion yen

Public Appeal：2.4 billion yen,

Public Appeal：7.6 billion yen

Public Appeal：4.4 billion yen

Opening price：6.9 billion yen

Opening price：7.7 billion yen

Opening price：17.5 billion yen

Opening price：12.5 billion yen

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

54

Appendix
Growth strategy “AirTrip 2022”
A new Growth Strategy to achieve ~ “Restart” ~ “AirTrip 5000” faster than everCopyright © Air Trip Corp. All Rights Reserved.

55

Growth Strategy Aiming for "AirTrip 2022" Restart"~ New Growth Strategy to Achieve "AirTrip 5000" at the fastest speed ~"Restart" New growth strategy to achieve "AirTrip 5000" at the fastest speed~ Starting from the AirTrip Travel Business, we will achieve the fastest discontinuous growth of the entire groupthrough continuing growth of five existing businesses and strategic investment including M & A ~(Revenue)

32

Creating a new revenue base throughstrategic investment including M & A

Continuing the growth in four existing business areas
other than the travel area

Capital andbusiness alliance

M&A

VentureDevelopment
Newbusinessdevelopment

Investment
Business
Media
Business

Japan InboundTravel Business
Wi-Fi Business1

Thorough strengthening of AirTrip Travel Business

IT Offshore
Development
Business

AirTrip Travel
Business

1st Stage

2nd Stage(From being listed to FY 20.9 Period)(From FY21.9 period " Restart ")(Time)
Copyright © AirTrip Corp. All Rights Reserved.

56

"AirTrip 2022 Restart" Growth Strategy~ Reorganized the healthcare business and restructured the business portfolio in 5 new business areas ~Reorganized the healthcare business and restructure thebusiness portfolio into 5 new business areas
訪日旅行事業
ITオフショア開発事業

Media Business

AirTrip Travel Business

Inbound Travel Agency /Wi-Fi Rental BusinessBusiness
restructuring

IT Off-shore Development
Business

Health Care Business
Copyright © AirTrip Corp. All Rights Reserved.

Investment Business(AirTrip CVC）
57

Growth Strategy "AirTrip 2022" Restart " ~ AirTrip Travel Business ~The fastest profit expansion in the industry through strategic mass marketing investment with aneye on the utilization of the nationwide travel promotion, mainly in the domestic travel area
~ Accelerating business growth with new travel demand after Covid-19 as a growth driver ~Growth strategy of AirTrip Travel Business●In the domestic travel area, demand is recovering in 1Q, profits are
expanding by utilizing the nationwide travel promotion in 2Q to 3Q, andhigh growth continues in 4Q due to increased travel demand in summer.
Aiming to increase profits.

●

In the overseas travel area, 1Q to 2Q will be flat due to immigration
restrictions and quarantine conditions, and after 3Q, demand is
expected to gradually recover from the restriction relaxation area, andby expanding products and optimal UI / UX improvement to meet new
overseas travel demand. Aiming for early profit recovery.

Action plan of AirTrip Travel Business

Domestic
Travel<Changes in forecast revenue of AirTrip
Travel Business in FY22.9>
Overseas Travel

Overseas
Travel
1Q

2Q

3Q

4Q

<Thorough UI / UX improvement to maximize CVR improvement>
・Improving optimal UI/UX for users who use the nationwide travel promotion
・Designing services that capture travel demand after Covid-19<Acquisition of demand through strategic mass marketing investment>・ Strengthening branding with new brand representatives
・ Strategic marketing investment in the nationwide travel promotion demand

Domestic Travel(Revenue)<Implementation of GoTo Travel utilization measures to increase
profits>
・ Strengthening competitiveness and promoting sales of the nationwide
travel promotion products
・ Strengthening cross-selling sales of domestic airline tickets and domestic
hotels・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)(Time)
Copyright © AirTrip Corp. All Rights Reserved.

<Implementation of early profit recovery measures assuming different
restriction relaxation >・ Improving to distribute useful information related to restriction relaxationand optimal UI / UX・ Expanding products and marketing investment in restriction relaxationareas
・ Promoting cross-selling of PCR test in partnership with medical institutions
nationwide (including negative certificate)58

Growth Strategy “AirTrip 2022” ~ Restart ~IT Offshore Development Business, Japan Inbound Travel Business / Wi-Fi Rental Business, Media BusinessAccelerate the promotion of diversification and restructuring of businessportfolios by continuing growth of the 3 existing businesses~ Continue growth by utilizing the business growth know-how cultivated by our Group
Growth Strategy for the 3 existing businesses●●●

In the IT offshore development business, we accurately grasp the
DX needs of client companies after Covid-19 crisis, and digitaltransformation in various industries and businesses with acomprehensive system that utilizes the overwhelming development
capabilities, development resources, and business design
capabilities. And aiming to acquire new customers
In the Japan Inbound Travel Business / Wi-Fi Rental Business, inaddition to the Wi-Fi rental business, we will continue to provide
optimal solutions to the needs of various foreign residents in Japandue to changes in the environment, starting from the platform forforeign residents in Japan. Aiming for continuous business growth
In the media business, we aim to create new business
opportunities by expanding various contents and strengthening
broadcasting, starting from the 4 WEB media operated by MagMagand the livestream platform "Magmag! Live".

Action plan for the 3 existing businesses
IT Offshore
Development
Business<Acquiring customer's DX needs with IT development andconsulting capabilities>
・Providing development capabilities from upstream to downstream
・Promoting customer DX through business consulting
・Acquiring the demand through strategic marketing investment

Japan InboundTravel Business/ Wi-Fi Rental
Business<Wi-Fi rental and strengthening services for foreigners living inJapan>
・Promoting Wi-Fi rental to meet remote work demand・Expanding services for foreign residents in Japan, where demand isdiversifying
・Acquiring demand through full-scale life media tech businessMedia
Business<Expansion of functions and contents of Livestream PF>
・ Expanding functions pursuing UX on both the broadcasting side andthe viewing side・ Expanding content such as sport events video broadcasting・ Strengthening the approach to Japan's largest e-mail newsletter
membership base

Copyright © AirTrip Corp. All Rights Reserved.

59

Growth Strategy “AirTrip 2022” ~ “Restart” ~ Investment Business ~Continue strategic and aggressive investment in growth areas~ Accurately grasp the rapidly changing business environment after Covid-19 crisis,continue active investment in growth areas that emphasize the high probability of IPO ~Growth Strategy of Investment Business●●●We will accurately grasp changes in the business environment
after Covid-19 crisis and strategically aggressively invest in
growth areas that emphasize the high probability of IPO.
As the decision axis for strategic investment, we take threebasis down below.
(1) a growth company with a high probability of IPO(2) a business area where growth is expected in the medium
to long term(3) return probability
We continuously improve accuracy of a series of processes
from M & A target selection→DD → negotiation → contract →PMI and aim further systematization of the process andimprovement of the growth rate after grouping.

Action plan of Investment Business
Strategicaland active
investment<Plan of strategic investment after Covid-19 crisis>
・Accurately grasp the business environment after Covid-19
・Determine mid-to-long term growth and profitability of target
domains・Estimate whether investment can cause discontinuous
growthDetermine
investment
domains<Identification investment target domain after Covid-19>
・Emphasis on whether the company is a growing company
with a high probability of IPO
・Determine whether the business area is expected to grow・Quantitatively evaluate the early profit contribution rate after

Improve
growthrate after
M&A<Pursuing growth rate improvement after grouping
through M&A>
・Systematize a series of processes in M&A
・Increase the M&A contract rate by committing management
・Verify the feasibility of synergy with precise DD
・Improve PMI accuracy and improve growth rate after M&A<Strategic investment decision axis in the investment business>

IPO
Probability

Business
growthpotential

Return
Probability

Copyright © AirTrip Corp. All Rights Reserved.

60

・These materials contain forward-looking statements related to industry trends and the Company’s business development based on the Company’s current expectations, estimates, and forecasts.
・ A variety of risks and uncertainties are inherent in the assertions made in these forward-looking statements. Known and unknown risks, uncertainties, and other factors may result in differences fromthe statements included in assertions related to forward-looking statements.
・ The Company’s actual future business and operating performance may differ from the forward-looking statements contained in these materials.
・ The assertions related to forward-looking statements made in these materials are based on the best information currently available to the Company and will not update or revise any forward-looking
statements to reflect future events or conditions.
・This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

AirTrip Corp.
(Tokyo Stock Exchange PRIME Section：6191)
19th Fl. Atago Green Hills Mori Tower, 2-5-1 Atago, Minato-ku, Tokyo 105-6219
TEL 03-3431-6191
https://www.AirTrip.co.jp