Term September 2024, 1Q

Financial
Results

AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
2024/2/14"To the Next Stage"- Beginning of the third stage after listing - AirTrip Group will restart -FY23.9 4Q “To the Next Stage" - Achieved a YoY increase with FY24.9 1Q operating income of 980 million yen!

Started the third stage after listing from FY24.9, by the implementation of the "AirTrip 2024" growth strategy,
we achieved a significant increase in profit YoY to 980 million yen in operating income for 1Q!
- AirTrip travel business also continued to increase profit YoY 1st Stage

2nd Stage “AirTrip “Re-Start””

3rd Stage “AirTrip” “To the Next Stage””(from listing to FY20.9)(From FY23.9 to FY23.9)(From FY24.9)

FY20.9FY21.9FY22.9FY23.9(Full year results)(Full year results)(Full year results)(Full year results)△8.99 bn yen

4.05 bn yen

2.55 bn yen

3.69 bn yen(after impairment losses)(before deduction of
impairment losses)(before deduction of
impairment losses)

FY24.9(1Q results) ※1(earnings forecast)

From FY24.9, started the 3rd stage " To the
Next Stage" after listing. The third stage
started with YOY revenue growth and profit
growth, based on the earnings growth of
the AirTrip travel business anddiversification of the business portfolio
promoted by the second stage "Re-Start"from FY21.9 to FY23.9.

△9.0
Impairment(after impairment
losses)(after impairment
losses)31.5

Consolidated operating income(after impairment losses)

△7.9

△3.6
21.9

(after impairment
losses)Consolidated operating income(before deduction of
impairment loss)(before impairment
losses)△16.8
Impairment
loss
included

Impairment
loss
included

20.1(after impairment
losses)

5.8
Full year
results

Full year
results

Full year
results

Prior 1Q
Total
(FY23.9)△82.0
Impairment
loss
included△89.9(after impairment losses)

FY24.9(Full Year Result Forecast)

1.0 bn yen(before deduction of
impairment losses)

loss
included

Unit: (0.1 billion yen)

9.8

10.0

1Q Total

Full Year
Earnings
Forecast(FY24.9)(FY24.9)※1: The above 1Q results are preliminary figures at this time and may differ from actual results.
Copyright © AirTrip Corp. All Rights Reserved.

2

FY24.9 1Q "To the Next Stage"- Aim to expand operating income to 5 billion yen and 10 billion yen by launching one business each year -Aim to achieve the mid- to long-term growth strategy "AirTrip 5000" and expand operating income
to 5 billion yen and 10 billion yen, respectively, by launching one business each year
- Strategically strengthen the AirTrip Economic Zone by promoting diversified business development Hybrid Technologies Co., Ltd.
(Listed on December 23, 2021)

Evolable Asia Co., Ltd

AirTrip Corp.
(Listed on March 31, 2016)

In the domestic travel domain, we aim to significantly expand earnings throughstrategic marketing investments in response to the increase in domestic travel
demand triggered by nationwide travel support. In the overseas travel domain, we aim
to achieve the fastest business growth in the travel industry by enhancing products
and promoting optimal UI/UX improvement of the website through strengthened
cooperation with airlines and major global hotel suppliers in preparation for therecovery of overseas travel demand due to the relaxation of waterfront measures invarious countries around the world.

Hybrid Technologies (TSE Growth listing: 4260) provides hybrid
DX support combining upstream design capabilities withextensive offshore development capabilities.
Has three IT offshore development bases in Vietnam through thesubsidiary Evolable Asia.

Magmag Inc. (Listed on September 24, 2020)
Aim to become the No.1 creator-firstplatform through synergy-generating
business growth between the platformbusiness, including "Magmag! Live" byMagmag (TSE Standard Listing: 4059),
and advertising businesses in four web
media.

IT Offshore
Development
Business

Media Business

Regional
Revitalizing
Business

Inbound Platform Corp.
(Listed on August 29, 2023)

BestReserve Co., Ltd.

AirTrip Premium Club Corp.

Inbound Platform (TSE Growth Listing: 5587)
will play a central role in promoting thedevelopment of various services that make themost of Japan's attractive cultural and tourist
resources to meet the diverse needs of foreign
visitors and residents in Japan, aiming tocreate new value in the foreign visitor andresident market.

Inbound Travel Agency＆
Wi-Fi Rental Business

AirTrip
Travel BusinessEconomic Zone
Promote business portfolio building by leveraging the AirTrip Group's assets,
including its strengths in business growth, marketing, system development,
brand, financing, customer base, and management team

Investment
Business(AirTrip CVC)

Healthcare
Business※Investment targets focus on

Cloud Business

Human Resource
Solution Business

Creative Solution &DX Business

KANXASHI Corporation
N’s ENTERPRISE※Preparing for listing
KANXASHI Corporation ※Preparing for listing
KANXASHI and N's Enterprise will play acentral role in developing solutions basedon "tourism tech" and "HR tech" to solve
social issues such as the lack of populationin rural areas, aiming to increase thenumber of people interacting with eachother and revitalize the local economy.

As an investment business (AirTrip
CVC), aim to strategically expand andstrengthen the AirTrip economic zone
by actively investing in growth areas
with a high probability of IPO, utilizing
our investment knowledge andexperience that have realized the IPOs
of 16 companies so far.

KANXASHI will play a central role indeveloping cloud services to improve
operational efficiency in the lodging
industry, aiming for a more convenientworld by consolidating expanded
channels and scattered data.

AirTrip AGENT Corp.

AirTrip Agent will become the core of the company,
providing system engineering services, recruiting andemployment support services, and aiming to become arecruitment agency that connects Japan and the rest of
the world.

Copyright © AirTrip Corp. All Rights Reserved.

Northshore Inc. ※Preparing for listing
Northshore also play a core role, operating
the creator platform "Creshore" and otherservices, aiming to DX operations in theadvertising industry by solving customers'
issues through creativity.

PikaPaka Corp. ※Preparing for listing
Pikapaka, in which we have invested, willplay a core role, developing DX support
services for medical institutions, planningand operation services for PCR testing
centers, and cloud-based corporate travel
support services as a welfare services
business, aiming to become a content
platform that connects people and society inthe medical/healthcare/welfare domains.
3

FY24.9 1Q "To the Next Stage" - Executive Summary -●FY24.9 1Q consolidated business results: transaction volume 26.1 billion yen, net sales 6.39 billion yen, operating income 980 million yen
From this fiscal year, we positioned this as the start of the third stage after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the FY24.9 growth strategy "AirTrip 2024", we achieved a significant increase in revenue and profit from the previous
fiscal year by building up business earnings in each business portfolio, and the third stage got off to a good start. AirTrip is now
moving "To the Next Stage."●

The AirTrip Travel Business continues to capture domestic travel demand and drive the company’s overall business portfolio as a pillar of
earnings, continuing the strong performance of the previous fiscal year by gaining recognition during the "advertising investment phase" up to
FY19.9 and continuing strategic marketing investment in line with increases and decreases in travel demand, as well as by improving
convenience through UI/UX improvements and the results of various promotions.
Existing business areas other than travel business [IT offshore development business, travel to Japan and Wi-Fi rental business, media
business, investment business (AirTrip CVC), regional revitalizing business, and cloud business] are generally performing well, and we will
promote further business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●

In particular, in the investment business (AirTrip CVC), two of our portfolio companies, Japan M&A Solution Corporation (Securities
code: 9236) and Value Creation Corporation (Securities code: 9238), were listed on the TSE Growth Market during 1Q, making thisthe 16th IPO for our portfolio companies.
In November 2023, we published the "AirTrip CVC Report Vol. 6" and in January 2024, we held the "2nd AirTrip CVC Awards".

●

Under the FY24.9 growth strategy "AirTrip 2024", aggressively invest in order to achieve "AirTrip 5000" as early as possible
Strengthen the domestic hotel business by making Best Reserve, which operates the hotel reservation website "Best Reserve/Yado Plaza", asubsidiary.
Also, AirTrip Agent, a Group company, became a wholly owned subsidiary and started a new human resource solutions business.
In addition, we made North Shore a group company and started Creative Solution & DX Service business.

●Going forward, the AirTrip Group aims to achieve its mid- to long-term growth strategy, "AirTrip 5000," by launching at least one new businesseach year to build a strategic business portfolio and expand operating income to 5 billion yen and 10 billion yen, thereby achieving
never-ending growth.
Copyright © AirTrip Corp. All Rights Reserved.

4

FY24.1Q Financial Summary

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5

Transaction Volume Trends

Transaction volume: 26.1 billion yen,
143% compared to the previous quarter
Significant increase due to growth of AirTrip travel business
Consolidated
transaction volume(0.1 billion yen)

※Changed to "transaction volume before cancellations" from FY19.4Q.
Copyright © AirTrip Corp. All Rights Reserved.

6

Sales Revenue Trends

Sales Revenue: 127% compared to the previous quarter
Significant increase due to growth of AirTrip travel business
Consolidated sales revenue(million yen)

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7

Operating Income Trends

Operating income: 169% compared to the previous quarter
Trend in profit growth due to growth of AirTrip travel business
Consolidated operating
revenue (million yen)

Copyright © AirTrip Corp. All Rights Reserved.

8

Income Statement Overview

Revenues, gross profit and operating income
increased from the previous year
(Million yen)
FY23.1Q
Amount

FY24.1Q

Ratio to Net Sales

AmountRatio to Net Sales

Transaction amount

18,194ー

26,109ーSales revenues

5,031

100.0%

6,397

100.0%

Gross profit

2,471

49.1%

3,786

59.1%

Operating income

579

11.5%

980

15.3%

Current net income
attributable toparent company

370

7.3%

238

3.7%

Copyright © AirTrip Corp. All Rights Reserved.

9

Impairment Losses and Valuation Losses

Equity capital remains strong
due to the accumulation of profits
FY23.4Q

FY24.1Q(Million yen)

Change in AmountCurrent assets

24,615

19,543△5,072

Cash and deposits

12,4538,435△4,018Operating investment
securities, etc.

6,989

6,736

△253

Non-current assets

5,970

8,410

2,440

Total assets

30,586

27,953△2,633

Debts

17,298

14,527△2,771

Favorable debt

4,250

3,969

△281

Total capital

13,287

13,425138

Equity ratio

43.4%

48.0%

+4.6%

Copyright © AirTrip Corp. All Rights Reserved.

10

FY24.9 Earnings Forecast

Copyright © AirTrip Corp. All Rights Reserved.

11

FY24.9 Full-Year Earnings Forecast and Progress

FY24.9 results steady against the forecast- Strong business progress continues as we enter the third stage of "AirTrip: To the Next
Stage" after listing on the stock exchange - Operating income forecast is conservative due to planned investment in new businesses
for the full year (Million yen)

FY24.9Full Year Earnings
Forecast(Beginning of term
forecast )FY24.9※
Revised Full-year
Forecast(Latest forecast)

Transaction amount

120,000

120,000

26,10921.8%

Sales revenues

26,00026,000

6,397

24.6%

Operating income

-

1,000

980

98%

FY24.91Q Results(Actual results)

Progress rate
(vs. latest forecast)* The above revised full-year forecast is based on the full-year consolidated earnings forecast plan announced on February 14, 2024.

Copyright © AirTrip Corp. All Rights Reserved.

12

FY24.9 Growth Strategy "AirTrip 2024" - FY24.9 Earnings Forecast

FY24.9 business forecast is 120 billion yen in transaction volume,
26 billion yen in net sales, and 1 billion yen in operating income
Aiming for YoY revenue growth mainly in the AirTrip travel businessProfit forecast is conservative at this time due to expected investment
for growth in existing and new businesses(Million yen)
FY23.9Actual

FY24.9Beginning
Full-year
Forecast

FY24.9Latest Full-Year
Forecast

Transaction
amount104,547

120,000

120,000

Net sales

23,16226,00026,0003,732

Operatingincome(beforeimpairment
losses)-

1,000

Policies for Earnings Forecasts
Existing Business

Growth Investment

Focus on investment in newly focused
Aim to increase revenue YoY by expanding products, M&A, and new business launches
earnings in the AirTrip travel business and to achieve "AirTrip 5000" as early as
diversifying and restructuring the business possible, and to invest in businesses withportfolio
medium- to long-term earnings growthpotential.
Among SG&A expenses, fixed costs are
expected to increase by about 10% YoY,
Conservatively estimate the impact ofcentered on personnel expenses, etc.
investments for the future and new
Variable expenses are expected to remain
businesses on the profit side of theat the same level as the previous year as abusiness performance and reflect it in thepercentage of gross profit, with existing
forecast
businesses aiming to increase profit
year-on-year.

Copyright © AirTrip Corp. All Rights Reserved.

13

FY24.9 Growth Strategy "AirTrip 2024" - Supplement to FY24.9 Earnings Forecast

Aiming to increase both sales and profits in existing businesses,
mainly in the AirTrip travel business, as in the previous fiscal year
Invest a portion of existing business profit in future growth to achieve "AirTrip 5000" as early as possible- In light of proactive investments for the future, new business launches, and M&A considerations,we plan operating income conservatively and aim for further business growth -FY23.9Transaction
amount104.5 billion yen

FY24.9Take rate: 13%*

Transaction
amount120.0 billion yen / 115% YoY

Gross profit

Take rate is expected to be the sameas FY23.9△S.G.&A.
Expenses

Variable cost ratio is planned to be the samelevel as FY23.9v
Fixed costs are planned to be about 110% of
FY23.9 level(P.18 Gross Profit Trends)

Gross profit

13.5 billion yen△S.G.&A.
Expenses

10.5 billion yen

Operatingincome3.7 billion yen(before impairment losses)* Gross profit of the entire group /transaction volume

Variable cost to gross profit
ratio: 47.8% *Full year
Fixed costs: 320 million
yen/month(P.19-21 S.G.&A. Expenses)

Investment business:+1.02 bn yen(P.25 Investment Business Trends)

Existing
Business Profit

Continued growth of existing
businesses△Growthinvestment

Plan to invest for future growth in
new "AirTrip" products, newbusinesses, M&A, etc.

Operatingincome1.0 billion yen / Conservative plan, taking into
account the impact of growth investments aswell as profit growth in existing businesses

Copyright © AirTrip Corp. All Rights Reserved.

Due to growthinvestment
Aiming
Early achievement of“AirTrip 5000” andexpand operating
income to 5 billion yen
and 10 billion yen

14

FY24.9 1Q "AirTrip Economic Zone" - Overview of Business Portfolio

Expand the AirTrip economic zone by launching new Human Resources Solution Business
and Creative Solution & DX Business from FY24.9
Business Portfolio Transition

Group Core Companies

AirTrip Travel BusinessCore business since its establishment
M&A of AirTrip International in 2018

AirTrip (TSE Prime: 6191)
AirTrip International

IT Offshore Development BusinessStarted business in 2012
M&A of Hybrid Technologies in 2017

Hybrid Technologies (TSE Growth: 4260)
Evolable Asia Co., Ltd

Inbound Travel Agency
Wi-Fi Rental BusinessStarted business in 2017
Inbound platform established in 2018

Inbound Platform (TSE Growth: 5587)

Media Business

M&A of Magmag in 2017, started business

Magmag (TSE Standard: 4059)

Investment Business (AirTrip CVC)

Started business in 2016

AirTrip CVC (operated by AirTrip)

Regional Revitalizing
Business

Started business in 2022
After M&A of N's Enterprise in 2017,
M&A of HR Tech Business in 2022

Kanxashi *Preparing for listing
N's Enterprise (Kanxashi subsidiary)

Cloud Business

M&A of Kanxashi in 2023, started business

Kanxashi *Preparing for listing

Human Resource Solutions Business

Made AirTrip Agent a wholly owned subsidiary in 2023,
started business

AirTrip Agent

Creative Solution & DX BusinessNorth Shore became a group company in 2024,
started businessNorth Shore *Preparing for listing

Healthcare Business※Investment targets focus on© AirTrip
Corp. All
Rights Reserved.
Focus atCopyright
Pikapaka,
a portfolio
company

Pika Paka *Preparing for listing15

FY24.9 1Q "AirTrip Economic Zone" - FY24.9 Business Portfolio Overview

Existing products are performing well in the AirTrip travel business,and investments in new products are being madeAim to increase non-travel business ratio by investing in other and new business areas.
FY24.9FY24.9
Profit Contribution

AirTrip
Travel Business

IT Offshore
Development
Business

Earnings Contribution

Existing Products
FutureHybrid Technologies- (equity method)

Future-P. 18 -

Continue growth of existing products as the core business of the AirTrip economic zone

p. 24

Investment in new commercial products of AirTrip

p. 35
ー

OthersInbound Travel Agency Wi-Fi Rental BusinessBusiness Portfolio Strategy

Growth Potential-

New products

Related Page

-

-

-

Media Business

p. 36
p. 37

Investment Business (AirTrip CVC)

-

-

p. 25

Regional Revitalizing Business

-

p. 69

Cloud Business

-

p. 70

Human Resource Solutions Business

FutureFuture-p. 30

Creative Solution & DX Business- (equity method)

Future-p. 31

Healthcare Business- (Investee)- (Investee)-ーStrategically build the AirTrip economic zone bylaunching one business each year
Aiming to expand the ratio of non-travel businessareas following the AirTrip travel business※Investment targets focus on

Copyright © AirTrip Corp. All Rights Reserved.

16

FY24.1Q Key KPIs Trends

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17

Key KPIs Trends - FY24.9 1Q Gross Profit Trends:
The domestic travel domain led the overall business portfolio, achieving the highest level of gross profit ever!

Domestic travel area outperformed the same period of the previous year,
driving the overall business portfolio
Other business areas continued to make strong business progress
and gross profit increased steadily!
- Overseas travel area also increased significantly from the previous year and is expected to recover further Other Business Areas(0.1 billionsof yen)Overseas Travel Areas
Domestic Travel Areas

Due to continued support fornationwide travel
the domestic travel businessincreased significantly from theprevious year, and overseas travelbusiness is also on a recovery trend.

Domestic travel area significantly
increased YoY due to the shift to Class
5.
Recovery trend in the overseas travel
area.

Past record-high gross profit level
maintained due to significant growthin domestic travel after nationwide
travel support

Domestic travel remains at a solidly
high level, and recovery and growth
are expected in the overseas traveland other businesses

Domestic travel is expected to exceed
1Q levels, and overseas travel andother businesses are also expected toincrease

The start of nationwide travel support
has been a tailwind,the domestic travel area steadily
progressed
at a high level,
driving the overall portfolio.

(preliminary
figures)

FY23.9Copyright © AirTrip Corp. All Rights Reserved.

* The above gross profit figures are preliminary figures for the Group's business management.

(expected
value)

FY24.9(expected
value)

18

Key KPIs Trends FY24.9 1Q SG&A: Fixed costs remain lower than pre-Corona levels due to continued reduction of SG&A expenses

Fixed cost continue to be lower than before COVID-19
due to ongoing review and reduction of S.G.&A. in the COVID-19 disaster- 1Q SG&A expenses were controlled at approximately ¥0.83-1.00 bn per month (0.1 billions ofyen)

Variable costs

12.0

Optimization of variable costs andadvertising expenses

Fixed costs
Variable
costs

10.0

Increase in outsourcing expenses to meet travel demand
Quality improvement of CS system by increasing outsourcing
costs by each department

4.0
8.0

Advertising expenses

Continue to optimize advertising expense to gross profit ratio

7.1

6.4

5.7

6.0

3.6
4.0

6.4

Continue to control labor costs andreduce other fixed costs
Personnel costs

Optimization of personnel structure linked to travel demand
Reduce commuting costs by combining some remote works

2.0

2.0

3.2

2.6

2.9

Feb. 20

Sep. 21

Sep. 22

Sep. 23

FY20.9FY21.9FY22.9FY23.90.0*These are planned figures and may differ from actual results.

3.3

3.2

Jan to Mar 24 ※(Average)
FY24.9Dec. 23

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Other fixed costs

Optimization of system maintenance costs for infrastructure
management
Reduction of land rent, etc. through combined use of remote
works
Review and reduction of other fixed costs by each department
19

Key KPI Trends: Ratio of advertising expenses to gross profit of FY24.9 1Q:
Execute strategic advertising investment for "Profit Recovery Phase" by leveraging the recognition gained in the "Advertising Investment Phase"

AirTrip Travel
Business

By leveraging the recognition gained in the "Advertising Investment Phase” by FY19.9,
strategically invest in advertising to meet the current increase in travel demand
Advertising expenses as a percentage of gross profit decreased compared to FY19.9Q
due to an increase in the organic ratio- Gross profit increased, while advertising expenses decreased compared to FY19.1Q Gross profit

Strategically invest in advertising
to meet the current increase in travel
demandPromoting awareness raising
as an advertising investment phase
until FY19.9

Advertising Costs
Advertising costs as a % ofgross profit

50.5%

Raise awareness throughstrategic marketing investment

36.2%

37.1%

33.8%

31.6%

(Actualresults)

28.5%

Gross profit increased compared to FY19.1Q
Advertising expense to gross profit ratio:
△16.7

12.6%

(3 months)(3 months)(3 months)

Organic ratio improvement(3 months)(3 months)(3 months)

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(3 months)
20

Key KPIs Trends Variable cost to gross profit ratio of FY24.9 1Q: Continue to optimize variable cost to gross profit ratio

Variable costs continue to optimize variable cost to gross profit ratio despite
increased marketing investment and operational costs due to rising travel demand- Strategic control of variable costs in response to fluctuations in travel demand Continued to optimize variable costs
as a percentage of gross profit
Gross profit
Variable costs
Variable costs as % of gross profit

58.5%
48.9%
43.6%

48.5%
(Actualresults)

42.5%
31.7%
25.4%

(3 months)(3 months)(3 months)(3 months)

Copyright © AirTrip Corp. All Rights Reserved.

(3 months)(3 months)(3 months)
21

Key KPIs Trends CVR maintained improvement due to UI/UX improvement measures, and cross-sell rate grew significantly with the increase in the number of inflows!

AirTrip Travel
Business

CVR remained at the high level of the previous quarterdue to continuous UI/UX improvements!
- Aggressive marketing investments resulted in a 173% increasein the number of customers attracted
compared to FY20.1Q, and the cross-sales rate also grew significantly※2

CVR ※1

Cross-sell Rate

(1Q actual results)(1Q actual results)

100％

115％

* Compared to
FY23.4Q

KEEP* Compared toFY20.1QUP※1 Calculated as a weighted average of domestic and overseas airfare, hotel, and DP.
※2 Calculated as a weighted average of domestic and overseas hotels (including DP), car rentals, and insurance

Copyright © AirTrip Corp. All Rights Reserved.

22

Key KPIs Trends Trend of organic gross profit: Significant growth with further record highs!

Organic gross profit, the most important KPI
further broke records and grew significantly
from the pre-COVID-19 period!

AirTrip Travel
Business- Significant increase of 197% compared to FY20.1Q before COVID-19, and 138% compared to FY23.1Q last year -Organic Gross Profit

FY20.1Q

Organic Gross Profit increased significantly, further
improving on the previous quarter's record high level!

FY21.1Q

FY22.1Q

FY23.1Q

FY24.1Q※Aim at gross profit from sales to customers not via advertising or metasearch(from natural searches for AirTrip keywords and inflows via apps, etc.)
Copyright © AirTrip Corp. All Rights Reserved.

23

Growth in airline tickets and other focused products Demand for airline tickets grew, and the number of reservations for other focused products remained at the same level as when we were supported by nationwide travel!

AirTrip Travel
Business

Airline tickets grew significantly, and other focused travel products
also maintained the same number of bookings as in the case ofnationwide travel support, growing significantly from FY22.1Q!
- Airline tickets and other focused travel products grew 124% in total compared to FY23.1Q! Maintain the same level as when
demand was stimulated by national
travel support!

Number of airline ticket bookings
Number of reservations for otherfocused products *Nationwide travel support discountstimulated demand for otherfocused products

Significant growth in airline tickets
led to overall growth in travel
products

FY22.1Q

FY23.1Q

FY24.1Q(During nationwide travel support)※ The figures are the sum of domestic and international car rental, insurance, hotel, and airfare + hotel.
Copyright © AirTrip Corp. All Rights Reserved.

24Investment Business (AirTrip CVC)
Number of investee IPO companies and profit/loss transition: Profits accumulated by producing IPO deals and increasing the value of investee IPOs ineach fiscal year, etc.

Investment Business(AirTrip CVC)

FY24.9 1Q: 2 IPOs invested in,+0.05 bn yen in profit/loss from investment business- Increased profit by producing IPOs and increasing the value of portfolio companies in each fiscal year - Total number of companies invested: 126, Continued to invest in growth companies with high IPO probability FY20.9 Full Year
Total profit +410 million yen

FY21.9 Full Year
Total profit +430 million yen

FY22.9 Full Year
Total profit +420 million yen

FY23.9 Full Year
Total profit +170 million yen

FY24.9.1Q
Total profit +50 million yen

83 companies /3.6 billion yen

123 companies /5 billion yen

126 companies /5 billion yen(0.1 billions of yen)
Gain/loss from investee IPOs
Gain/loss from portfolio company value-up, etc.
Impairment loss on investment securities
Number of IPOs

Total number of companies invested/ Total amount invested

64 companies /2.3 billion yen

66 companies /2.8 billion yen* The number of companies invested and the number of IPOs do not include subsidiaries and group companies.
Copyright © AirTrip Corp. All Rights Reserved.

25

Most Recent Actions and Results

Copyright © AirTrip Corp. All Rights Reserved.

26

Marketing - Branding measures and overseas appeal promotion AirTrip Travel
Business

Launched "AirTrip Super New Year Sale 2024" on December 20!
Various promotions including TV commercials were launched on January 1!
AirTrip Super New Year Sale 2024

TV-CMs "Motion Super New Year Sale" and"Woman who doesn't sell at a discount - Super New Year Sale" Version

Copyright © AirTrip Corp. All Rights Reserved.

27

Gross profit in the domestic travel domain - Achieved a level significantly higher than the same period of theprevious year by capturing the recent increase in travel demand
AirTrip Travel
Business

Gross profit in the domestic travel area and strategic marketing investment
in response to the current rising demand for travel
achieved a significantly higher level than in the same period of the previous year
- Achieved 142% YoY growth in October, and continued to achieve YoY growth in gross profit 2023 Gross Profit
2022 Gross Profit

22.10

Oct Gross
ProfitYoY 142%

23.10

Nov Gross
ProfitYoY 126%

22.11

23.11

Dec Gross
ProfitYoY 128%

22.12

23.12

※ The above figures are gross profit (preliminary figures) for domestic airline tickets, domestic airline tickets + hotels,
domestic hotels, and domestic tours combined.
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28

Evolable Asia Agent, our group company, became a wholly owned subsidiary
AirTrip Travel
Business

Best Reserve, operator of the hotel reservation website"Best Reserve/Yado Plaza", became a subsidiary- Strengthening the domestic hotel business, one of our key business fields About Best Reserve
Best Reserve has operated the Internet hotel reservation site "BestReserve/Yado Plaza" since April 2000.
- Number of facilities with sales contracts with hotels and inns nationwide:
approximately 7,200 facilities(including joint contracts with Nippon Travel Agency, Ltd.)- Total number of members: approximately 1.8 million

Background of Subsidiarization
The company aims to expand the AirTrip travel business by strengthening
the domestic hotel business, which is one of the focus areas of the "AirTrip
2024" growth strategy for FY2012/9, and by creating synergy between its
hotel marketing tool "Price Concierge" and car rental reservation system andthe knowledge and development capabilities of the AirTrip Group.

Copyright © AirTrip Corp. All Rights Reserved.

29

Human Resource Solutions Business
Human Resource
Solutions Business

Notice of Making Our Group Company Evolable Asia Agent a Wholly
Owned Subsidiary and Changing Its Name to AirTrip Agent- The Human Resource Solution Business has been newly launched -We provide staffing and recruiting support services and SES services. Going forward,
we will further expand the business by leveraging the knowledge of the AirTrip Groupand the development capabilities of the IT Offshore Development Division.

Copyright © AirTrip Corp. All Rights Reserved.

30

Creative Solution & DX Business - Invested in North Shore Corporation
Creative Solution & DX BusinessNorth Shore Inc. becomes a group company and launched
a new Creative Solutions & DX Services business- The company has its sights set on going public in the future, and we are making the most of our experience andexpertise in going public to help the company efficiently prepare for such a move -New investment andgroup company※Preparing for listing

Started Creative Solution &DX business

Copyright © AirTrip Corp. All Rights Reserved.

31

Investment business (AirTrip CVC) - Japan M&A Solutions listed on the Tokyo Stock Exchange Growth Investment Business(AirTrip CVC)

Investee Japan M&A Solution Inc. listedon the Tokyo Stock Exchange Growth Market- AirTrip's 15th IPO Deal - AirTrip has donated to Japan Association for Future Sports Promotion for every IPO or M&A
as a social contribution to support children who are unable to participate in sports
due to financial hardship or other reasons -Copyright © AirTrip Corp. All Rights Reserved.

32

Investment Business (AirTrip CVC) - Value Creation listed on the Tokyo Stock Exchange Growth Investment Business(AirTrip CVC)

Our Investee, Value Creation listedon the Tokyo Stock Exchange Growth Market- The 16th IPO of our portfolio company - AirTrip has donated to Japan Association for Future Sports Promotion for every IPO or M&A
as a social contribution to support children who are unable to participate in sports
due to financial hardship or other reasons -Copyright © AirTrip Corp. All Rights Reserved.

33

Actions and Resultsfor Strengthening Business Portfolio- Business Progress of Group Companies -Copyright © AirTrip Corp. All Rights Reserved.

34

Affiliated company: Hybrid Technologies (Securities code: 4260)
IT Offshore
Development BusinessContinued high growth in both sales and operating income
compared to the same period of the previous year

Reorganization of business structure to strengthen orders and quality for the full year
■Net Sales ■Operating Income

Net
Sales

119%
*YoY change

Operatingincome135%*YoY change(Million yen)

Both net sales and operating income grew YoY
In the first quarter, sales grew 119% YoY, mainly due to anincrease in the number of orders received. Operating income also
recorded 130% growth due to top-line growth.

Aiming for full-year growth by improving andstrengthening internal structure
Efficient collaboration and functional reinforcement will beachieved for the full year through the absorption of Ixias
Corporation, which became a subsidiary in the previous fiscal
year, and a new business division structure that divides client
management, proposals, and project management by function.

Copyright © AirTrip Corp. All Rights Reserved.

35

Group companies (subsidiaries): Inbound Platform (Securities code: 5587) 5587）

Net sales 157% YoY! Operating income: 196% YoY!

Inbound Travel Agency
Wi-Fi Rental Business

Steady increase in inbound travel to Japan continuing from the previous term.
Growth due to strong new services in Wi-Fi rental and Life Media Tech business■Net Sales ■Operating Income(Millions of yen)

Significant growth in Wi-Fi business due torecovery of travelers

Net
Sales

Sales grew 164% y-o-y due to strong growth in Wi-Fi rentals for inboundtravelers as travel to Japan continued to increase steadily from theprevious fiscal year.

157%*YoY change

Operatingincome196%

Business Growth of Life Media Tech Business
Strong growth in media services and telecommunication environment
agency business. New services grew steadily, driving business.

*YoY change

Copyright © AirTrip Corp. All Rights Reserved.

36

Group company (subsidiary): Magmag (Securities code: 4059)- Large-scale fixed cost reductions led to an increase in profit compared to 1Q of the previous year MediaBusiness

Profit increased due to large-scale fixed cost reductions.
Aiming to increase sales by entering the market of very big-namecreators and strengthening the sales structure.
- Sales grew by 91.9% compared to the 1Q of the previous year <Transition of sales and operating profit of Magmag>(Million yen)
Net Sales
Operating income

124

114

120

Strengthen competitiveness to realize the industry's No. 1
creator prioritizing platform, including welcomingworld-renowned celebrities.

Net Sales(1Q cumulative
results)80

91.9%*Compared to
FY23.1Q cumulative
total

Operating income(1Q cumulative
results)

Increase of 12
million yen

40
△12

△0

0
FY23.1Q
cumulative
total

Strengthening Platform CompetitivenessFY24.1Q
cumulative
total*Compared to
FY23.1Q cumulative
total

Concluded an agreement to transfer "Play
Life," an excursion media
After the acquisition of new media, a gradual recovery is
expected due to synergy effects with existing media andthe strengthening of the sales structure that hascontinued from the previous year.

Copyright © AirTrip Corp. All Rights Reserved.

37

Appendix
Medium- and long-term growth strategy 'Airtrie 5000'
FY24.9 Growth strategy 'Airtrie 2024'

Copyright © AirTrip Corp. All Rights Reserved.

38

Mid- to Long-term Growth Strategy "AirTrip 5000"- Growth Strategy Aiming for Consolidated Group
Transaction Value of 500 Billion Yen -Copyright © AirTrip Corp. All Rights Reserved.

39

What the Med- to Long-term Growth Strategy "AirTrip 5000" Aims for Aiming for endless growth to achieve 500 billion yen in consolidated group transaction volume

Med- to long-term growth strategy "AirTrip 5000"(updated November 2023)

5000
Aiming for endless growth to achieve 500 billion yen inconsolidated group transaction volume
Copyright © AirTrip Corp. All Rights Reserved.

40

Roadmap for Med- to Long-Term Growth Strategy "AirTrip 5000” Aiming for 500 billion yen in consolidated group transaction volume through sustained, discontinuous growth

Aiming for 500 billion yen in consolidated group transaction
volume through sustained, discontinuous growth
FY2024
Performance Targets

FY2025-27
Performance Targets

FuturePerformance Targets

Transaction amountTransaction amountTransaction amount

120 bn yen

150 bn yen

500 bn yen

Net Sales

Operating income

Operating income

26 bn yen

5 bn yen

not yet fixed

Strategy
3

Through aggressive investment in growth areas
creation of new business platform and IPOs

Strategy
2Continued growth of existing non-travelbusinesses

Strategy
1

Through strategic marketing investment
thoroughly strengthen the AirTrip Travel
Business

Changes in the Group's consolidated
transaction volume

New business including M&A
Existing businesses other than travel business

AirTrip Travel Business

Consolidate
Transaction
amount

FY2016FY2017FY2018FY201927.7 bn

40.3 bn

83.1 bn

146.0 bn

yen

yen

yen

yen

FY2020

FY2021

FY2022

FY202372.7

33.6 bn

53.5 bn

104.5 bnbn yenyen

yenMothers Listing

TSE First Section
Listing

DeNA Travel
M&A

DeNA Travel
PMI

FY2025-26

FY2026-28

Future
Image

120.0

150.0

300.0 bn

5,00.0 bn

Operating income
10 bn yen plan

AirTrip 5000
Achievedbn yenbn yenyenyen

2nd stage (from FY21.9 to "Re-start")

1st stage (from listing to FY20.9)
Business
Stage

yen

FY2024

Subsidiary Magmag
Listing

Affiliated company
Hybrid Technologies
listing
Record operating income
4.05 billion yen achieved

Subsidiary Inbound
Platform Listing

Net Sales
26 billion yen

Operating income
2.5 bn yen achieved(before deduction of
impairment loss)

Copyright © AirTrip Corp. All Rights Reserved.

Operating income
3.7 bn yen achieved(before deduction of
impairment loss)

Operating income
5 bn yen plan

※Expected to be achieved
ahead of schedule41

Action Plan for Medium- and Long-term Growth Strategy "AirTrip 5000"

Action Plan to achieve "AirTrip 5000" in the fastest possible time
- By continuing growth of 5 existing businesses + new businesses with the AirTrip travel business as a pillar,
strategically achieve discontinuous growth of the entire AirTrip Group-

Aiming to achieve 500 billion yen
in consolidated group transaction
volumeTarget achievementyear

FY2025 - 2027

Future Goals

Performance
Targets

Transaction volume: 150 billion yen /Operating income: 5 billion yen

Transaction volume 500 billion yen

AirTrip
Travel Business<Achieve dramatic growth through strategic marketing investment>- Target 150 billion yen in transaction volume and 5 billion yen in operating income<Create innovative innovations that will lead the travel industry>- Target 450 billion yen in transaction volume and 9 billion yen in operating income

IT Offshore
Development
Business<Achieve large-scale growth by capturing development needs in all directions>- Focus on acquiring high-unit-price projects such as consulting and agile
development<Transformation into an industry-leading offshore development company>- Capture the offshore development industry with low cost, wide range, and highquality<Strengthening the service base to capture inbound demand>- Promote development and diversification of services for inbound demand<Capture the inbound industry through the development of diversified
services>- Capture significant inbound demand by diversifying services<Strategic investment to expand platform business earnings>- Build platform business foundation through strategic investment<Realization of the No. 1 creator 1st platform in the industry>- Significantly expand market share by leveraging creator base

<Produce more "IPOs" through aggressive investment in growth areas>- Target to invest in over 200 companies and IPO 30 companies in total.

<Continue to produce "large-scale IPOs" through strategic investments>- Target to invest in over 300 companies and IPO 50 companies in total.

<Taking on the challenge of local issues through tourism tech and HR tech>- Challenging social issues in rural areas with two tech solutions<Transform into an industry-leading corporate entity that can provide solutions
to local issues>- Leading the industry in Regional Revitalizing by leveraging our expertise in solving
regional issues<Deployment of cloud services to improve operational efficiency in the lodging
industry>- Deployment to more than 5,000 lodging facilities nationwide<Achieving the industry's top market share in this category>- Maximize synergies with AirTrip's travel business and Regional Revitalizing
business

Inbound Travel Agency
Wi-Fi Business
Strategy
3With aggressive investment in growth areas
creation of new business platform and IPOs

Media Business

Strategy2Strategy
1Continued growth in existing businesses

Thoroughly strengthen the AirTrip travel businessthrough strategic marketing investment

Investment Business(AirTrip CVC)
Regional
Revitalizing
Business

Cloud Business

Copyright © AirTrip Corp. All Rights Reserved.

42

Medium- to Long-Term Growth Strategy "AirTrip 5000" - Policy for SDGs Initiatives

Through various initiatives to achieve the SDGs,
continue endless growth and contribute to the sustainable development of Asia
- Aiming to further enhance corporate value to improve satisfaction of all stakeholders -Workplace
Reforms
Initiatives
Contributing
to
Local
Communities

PromotingInnovation

PublicHealthInitiatives

Contribution toSports SDGs

Globalization andDiversity

Copyright © AirTrip Corp. All Rights Reserved.

43

FY24.9 1Q "To the Next Stage" - Executive Summary (reiterated)●

FY24.9 1Q consolidated business results: transaction volume 26.1 billion yen, net sales 6.39 billion yen, operating income 980 million yen
From this fiscal year, we positioned this as the start of the third stage after listing, and under the medium- to long-term growth strategy"AirTrip 5000" and the FY24.9 growth strategy "AirTrip 2024", we achieved a significant increase in revenue and profit from the previous
fiscal year by building up business earnings in each business portfolio, and the third stage got off to a good start. AirTrip is now
moving "To the Next Stage."●

The AirTrip Travel Business continues to capture domestic travel demand and drive the company’s overall business portfolio as a pillar of
earnings, continuing the strong performance of the previous fiscal year by gaining recognition during the "advertising investment phase" up to
FY19.9 and continuing strategic marketing investment in line with increases and decreases in travel demand, as well as by improving
convenience through UI/UX improvements and the results of various promotions.
Existing business areas other than travel business [IT offshore development business, travel to Japan and Wi-Fi rental business, media
business, investment business (AirTrip CVC), regional revitalizing business, and cloud business] are generally performing well, and we will
promote further business portfolio building to strategically build and strengthen the "AirTrip Economic Zone".

●

In particular, in the investment business (AirTrip CVC), two of our portfolio companies, Japan M&A Solution Corporation (Securities
code: 9236) and Value Creation Corporation (Securities code: 9238), were listed on the TSE Growth Market during 1Q, making thisthe 16th IPO for our portfolio companies.
In November 2023, we published the "AirTrip CVC Report Vol. 6" and in January 2024, we held the "2nd AirTrip CVC Awards".

●

Under the FY24.9 growth strategy "AirTrip 2024", aggressively invest in order to achieve "AirTrip 5000" as early as possible
Strengthen the domestic hotel business by making Best Reserve, which operates the hotel reservation website "Best Reserve/Yado Plaza", asubsidiary.
Also, AirTrip Agent, a Group company, became a wholly owned subsidiary and started a new human resource solutions business.
In addition, we made North Shore a group company and started Creative Solution & DX Service business.

●Going forward, the AirTrip Group aims to achieve its mid- to long-term growth strategy, "AirTrip 5000," by launching at least one new businesseach year to build a strategic business portfolio and expand operating income to 5 billion yen and 10 billion yen, thereby achieving
never-ending growth.
Copyright © AirTrip Corp. All Rights Reserved.

44

FY24.9 Growth Strategy "AirTrip "Re-Start""- Growth strategy to achieve the Med- to Long-term Growth Strategy"AirTrip 5000" in the fastest time possible -Copyright © AirTrip Corp. All Rights Reserved.

45

FY24.9 Growth Strategy "AirTrip "Re-Start"" - Growth strategy to achieve "AirTrip 5000" at the fastest pace

Growth Strategy to Achieve "Re-Start" "AirTrip 5000" in the Fastest Time Possible- By continuing growth of 7 existing businesses + new businesses, with the AirTrip travel business as the main pillar,
strategically achieve discontinuous growth of the entire AirTrip Group(Revenue)

3
2

New businessdevelopment

With aggressive investment in growth areas
creation of new business platform and IPOs

Cloud
Business

Venturedevelopment
Regional
Revitalizing
Business

Capital andBusiness
Alliance

Existing businesses outside the travel domain+ Continued growth of new businesses

Investment
Business

M&A
Media
Business1

Thoroughly strengthen the AirTrip travel businessthrough strategic marketing investment

Inbound Travel Agency
Wi-Fi Business

IT Offshore
Development
Business

AirTrip Travel
Business

1st Stage

2nd Stage(From listing to FY20.9)(From FY21.9 to “Re-Start")(time)
Copyright © AirTrip Corp. All Rights Reserved.

46

FY24.9 Growth strategy "AirTrip "Re-Start"" Expand the AirTrip Group's business portfolio by launching a new business, the "Cloud Business"

Launched "Cloud Business" as a new business,aiming to further expand the business portfolio of the AirTrip Group!

ITオフショア開発事業

Investment Business

IT Offshore Development

Investment※Focus at theportfolio company

エアトリ旅行事業
AirTrip Travel

ヘルスケア事業

訪日旅行事業／Wi-Fi事業

Health Care

Inbound Travel／Wi-Fi

New

メディア事業Media

クラウド事業Cloud
Copyright © AirTrip Corp. All Rights Reserved.

地方創生事業
Regional Revitalization
47

FY24.9 Growth Strategy "AirTrip "Re-Start"" - AirTrip Travel Business
AirTrip Travel Business

Expanding earnings at the fastest pace in the industry through strategic marketing investmentsthat accurately capture the diverse travel demand that will serve as a growth engine- Aiming for dramatic growth as a pillar of the entire group's business portfolio Growth Strategy for the AirTrip Travel Business●●

Action Plan for AirTrip Travel BusinessIn the domestic travel area, high growth is achieved by steadily capturing rising
travel demand through nationwide travel support and by expanding rental car,bullet train, and bus products, which are the new focus products of the company,
aiming for the fastest earnings growth in the industry through strategic marketinginvestments made throughout the year.

<Expansion of new focused products and implementation ofpoint measures>

In the overseas travel area, steady recovery trend in FY23.9 is expected tocontinue in FY24.9, but it will take a certain amount of time until overseas travel
is in full swing and is expected to remain sluggish. Further recovery in demand
expected in 3Q transition, the company aims to achieve an early recovery inearnings by expanding its product lineup to meet new overseas travel demandand optimizing UI/UX improvements.

<Thorough UI/UX improvements to improve CVR>

(Revenue)- Expansion of car rental, Shinkansen, and bus products- Retain repeat customers by offering large point reduction programs

Domestic
Travel<Strengthen brand power through strategic marketinginvestment><FY24.9 Estimated revenue transition of
AirTrip's travel business>- Continuation of AirTrip branding in various fields- Strategic marketing investment in response to increased or decreased demand- Increase awareness through SNS marketing such as Twitter, etc.
- Implementation of tie-up projects with airlines and accommodation facilities

Domestic Travel Areas
Overseas Travel Areas

Overseas
Travel
1Q

2Q

3Q

4Q

- Improve UI/UX to accurately capture diverse travel demands- Designing a user-friendly user interface and enhancing new functions to improvecustomer convenience<Execution of measures for early profit recovery to capture
steady demand recovery>- Strategic marketing investment for overseas travel demand- Expand product lineup to meet new overseas travel demand- Thorough UI/UX improvement to increase CVR(Time)
Copyright © AirTrip Corp. All Rights Reserved.

48

FY24.9 Growth strategy "AirTrip "Re-Start"" IT Offshore Development / Inbound Travel / Wi-Fi / Media / Regional Revitalizing
IT Offshore Development
Inbound Travel Agency
Wi-Fi Rental BusinessMedia Business

By continuing to grow existing businesses + new businesses,
further diversify and restructure business portfolio- Aim for sustainable growth by strengthening competitive advantage based on market trends -Regional Revitalizing
Business
Cloud Business

Existing Businesses + New Businesses Growth Strategy
●

●

●

●

●

In the IT offshore development business, we aim to achieve further business growth by providing agile
development that meets client needs through a hybrid, all-in-one system that combines the upstream
design capabilities of Hybrid Technologies (TSE Growth Listing: 4260) with the development capabilities ofour extensive offshore development network.
In Inbound Travel Agency/Wi-Fi Business, the company aims to create new value through the developmentof borderless services that accurately capture the diversifying inbound demand that accompanies changes
in the market environment, centered on the Wi-Fi business for domestic and overseas customers
developed by the Inbound Platform (TSE Growth Listing: 5587).
In the media business, at Magmag (TSE Standard Listing: 4059), we improved the monetization function of
the platform and promoted user usage. In addition, through new media projects and M&A, expand the Web
media economic zone, increase opportunities for creators' activities, and provide optimal services, aiming tobecome the No. 1 creator-first service.
In the regional development business, Kanxashi and N's Enterprise will play a central role, aiming to
expand the number of people interacting with each other and revitalize regional economies by developing
solutions based on N's Enterprise's "tourism tech" and "HR tech" to solve social issues such as population
shortage in rural areas.
In the cloud business, Kanxashi will play a central role in developing cloud services to improve operational
efficiency in the lodging industry, aiming to become the company most needed by inns, hotels, local
businesses, and local governments.

Existing Businesses + New Businesses Action PlanIT Offshore
Development
Business
Travel to Japan
Business / Wi-Fi
Business
Media Business
Regional
Revitalizing
Business
Cloud Business<Execute measures to expand the scale of projects by acquiring high-skilledhuman resources>- Expand the scale of projects and improve development quality by appointing high-skilled personnel- Recruitment of high-skilled human resources and strategic marketing investment<Strengthen Wi-Fi rental and services for foreign residents in Japan>- Strengthen sales promotion of Wi-Fi rentals for domestic/international customers- Build service infrastructure for foreign residents in Japan & strengthen
competitiveness<Promote monetization of creators and expansion of the Web
media economic sphere>- Promote the use of monetization functions such as ticket sales- Expansion through new media projects and M&A<Launch of regional development projects under a new
business execution structure>- Strengthen promotion through collaboration with local governments, etc.
- Build a pipeline with local companies suffering from shortage of human resources<New business through management integration with AirTrip
CVC investee>- Combine sales, marketing, and development capabilities through integration- Expand solutions through synergies with existing businesses※Focus at portfolio
companies

Copyright © AirTrip Corp. All Rights Reserved.

49

FY24.9 Growth strategy "AirTrip 2024” - Investment Business (AirTrip CVC)
Investment Business(AirTrip CVC)

By aggressively investing in growth areas with emphasis on high probability of IPO,
aim to strategically expand the AirTrip economic zone
- Create a new business foundation and produce IPOs through active investment in growth areas Investment Business (AirTrip CVC) Growth Strategy
●

●

●

●

●

As the investment business (AirTrip CVC), we aim to strategically expand andstrengthen the AirTrip economic zone (create a new business foundation andproduce IPOs) by actively investing in growth areas with a high probability of
IPOs, utilizing the investment knowledge and experience of a cumulative totalof 15 companies that have been listed on the stock exchange.
Invest in growth companies with a high probability of IPO, focusing on"market/business growth potential," "high probability of future returns," and"qualitative evaluation of the competence and growth potential of the
management team and management control system" as the decision axis forinvestment.
As post-investment mentoring support, we provide highly feasible value-up
support toward IPO through interviews with portfolio companies by ourmanagement team, which has achieved listings on Mothers, TSE First Section,
subsidiaries, and affiliated companies since AirTrip's founding.
To support the establishment of a management control system, we provide
insight and practical support necessary for IPO preparation, including"introductions to audit firms and lead managing underwriters," "advisory
services for responding to short reviews," and "advisory services forestablishing a management control system.
As part of our commitment to the SDGs and social contribution, for every IPO
of a portfolio company, we will make a donation to the Japan Future Sports
Promotion Association, which provides an environment and services forchildren who have difficulty playing sports due to economic and environmental
reasons.

Investment Business (AirTrip CVC) Action Plan
Selection of
investment
targets

Mentoring

ProvidingInsight
on IPOs
Support for
Establishmentof Business
Management
SystemCopyright © AirTrip Corp. All Rights Reserved.

<Selection of portfolio companies with the potential andprobability of an IPO>
- Evaluate the market and business growth potential of the portfolio company.
- Evaluate the return on investment quantitatively.
- Evaluate the growth potential of the management team and management
structure.

<Mentoring support by a management team with extensive
listing experience>- Providing value-up support through interviews with AirTrip's management team,which has achieved a Mothers listing, TSE First Section listing, subsidiary listing,and affiliate listing since AirTrip's founding<Providing insight based on real-life IPO preparation
experience>- Provide IPO-related insights based on real-life IPO preparation experience, suchas how to overcome challenges faced by AirTrip and other group companies andportfolio companies in the process of preparing for IPOs.

<Advisory related to the establishment of management
control systems>- Introduction of audit firms and lead managing underwriters- Advisory services for short review- Advisory on practical aspects of establishing a management control system

50

- This document also contains forward-looking statements regarding the Company's industry trends and business activities based on the Company's current plans, estimates, forecasts, and projections.
- These forward-looking statements involve various risks and uncertainties. Known or unknown risks, uncertainties, and other factors may cause our actual results to differ materially from those contained inforward-looking statements.
- Actual future business operations and results may differ materially from those discussed in the forward-looking statements.
- Any forward-looking statements in this document are made by us based on available information and we do not intend to update or alter any forward-looking statements to reflect future events or circumstances.

AirTrip Corp. (TSE Prime: 6191)
Atago green Hills MORI tower 19F, 2-5-1, Atago, Minato-ku, Tokyo 105-6219, JapanTEL 03-3431-6191
https://www.airtrip.co.jp