AirTrip CVC
Investment Business～Aiming to contribute to society～
AirTrip Corp.
TSE 1st Section：6191
June 21th, 2021

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

Contents

1. Investment Policy
2. Investment Record

3. Return Record
4. IPO Record
5. Current Situation of Investees

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1. Investment Policy

Investing in growing companies with a high probability of IPO
Investing in a wide range of business fields and supporting for IPO through mentoring,business support, and management system development support
Investment Policy

Our strengths and support system● Through investing in growing companies, we aim to
obtain returns by increasing the corporate value ofinvestee companies, pursue synergies throughcollaboration with investee companies, and expand theAirTrip economic zone.
● The investment business is one of the six major
businesses of the AirTrip Group. In addition to daily
monitoring ,we conduct interviews with investee
companies by our management once every six months.
● Placing importance on "business growth potential andreturn accuracy," "synergy with the AirTrip economiczone," and "management team and management
system, we are investing in companies with a highprobability of IPO.

Mentoring〈Mentoring by management with a wealth of listing experience〉
・Mentoring by management who founded AirTrip Corp. and achieved
listing on the Mothers Section and First Section of the TSE.
・Providing IPO know-how from the cases of our listed subsidiary Magmag
and listed investee companies.

Businesssupport〈Wide range of support such as sales, marketing and IT
development〉
・Providing support that contributes to sales expansion such as customer
introduction.
・Collaboration in advertising and software development by utilizing theresources and knowledge of AirTrip Group companies.

Managementsystemdevelopment
support〈Necessary introduction for constructing management system〉
・Support for constructing management system such as introduction oflead managing securities companies, audit firms, CFOs, and management
personnels.

＜Realized listing of a subsidiary / Subsidiaries preparing for listing＞● We are investing in a wide range of business fields with
the intention of future expansion of the AirTrip
economic zone.
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【TSE JASDAQ：4059】
32. Investment Record

While the total investment amount 2.8 billion yen in 66 unlistedcompanies, the total amount of collection and the most recent valuationis 4.9 billion yen. TVPI is 174% and we have achieved gradual increase.
＜Total investment amount - Collection and valuation amount＞

Invested 2.8 billion yen in 66 companies since 2017

TVPI
174%

Approximately four years since 2017, we have invested 2.8billion yen in 66 companies, mainly excellent startup
companies that are establishing a management system andaiming for IPO.

Total amount of collection and most recentvaluation is 4.9 billion yen, TVPI is 174%

Total investment amountCollection and valuation amountThe total amount of collection by EXIT from investment andthe most recent valuation of the holding shares is 4.9 billion
yen. Securing a steady TVPI (Total Value to Paid-in Capital)
174% to the total investment amount 2.8 billion yen.

※The total amount of collection and valuation is the sum of the sale amount of the sold shares and the valuation amount of the holding shares.
※The total investment amount does not include investment in listed stocks, funds, or subsidiaries.

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3. Return Record

The total amount of collection by IPO and EXIT is 1.3 billion yen,
434% return, while investment amount is just 300 million yen＜Record of collection from IPO and EXIT＞

1.3 billion yen through 7 IPOs
Achieved 1.3 billion yen collection and 434% return
through IPO and EXIT through share transfer.

TVPI
Only a few companies have been considered
uncollectible

434%■Companies in liquidation etc.：2 cases
・TECHNIQUE CONSULTING Inc. (Head Office: Chuo Ward,Tokyo; Representative Director / CEO: Yoshihiro Sato)
・LS Corp.(Head Office: Chuo Ward, Tokyo; Representative

Director: 梁 穎希)■Dormant Company：1 case・Dazzle.inc(Head Office: Shibuya Ward, Tokyo; Representative
Director / CEO: Yasuo Yamada)※The collection amount is the total of 7 IPO companies and 1 EXIT company through share transfer.
※IPO stocks that are still held by minority investment are aggregated with the latest market value as the collection amount

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4. IPO Record

７Companies have achieved IPO after our investment（including one subsidiary）
Realized multiple IPOs with initial market capitalization of over 20 billion yen
IPO

Wagokoro Co.,Ltd.

PIALA Inc.

Branding Technology Inc.

AI CROSS Inc.

【TSE Mothers：9271】Listed on Mar 2018 【TSE 1st Section：7044】Listed on Dec 2018 【TSE Mothers：7067】Listed on Jun 2019 【TSE Mothers：4476】Listed on Oct 2019
Public offering : 4.4 billion yen
Market change on TSE 1st Section on Jul, 2020
Public offering : 3.8 billion yen
Public offering : 2.4 billion yen
Opening price : 12.5 billion yen
Public offering : 7.6 billion yen
Opening price: 6.9 billion yen
Opening price: 7.7 billion yen
Opening price: 17.5 billion yen

Cyber Security Cloud, Inc.

Magmag, Inc. (Listed as a subsidiary)

Headwaters Co., Ltd.

【TSE Mothers：4493】Listed on Mar 2020
Public offering : 9.2 billion yen
Opening price : 21.2 billion yen【TSE JASDAQ：4059】Listed on Sep 2020
Public offering : 2.2 billion yen
Opening price : 9.2 billion yen【TSE Mothers：4011】Listed on Sep 2020
Public offering : 2.0 billion yen
Opening price : 26.3 billion yen*Market capitalization based on public offering and market capitalization based on Opening price are estimated by Us, AirTrip Corp.

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65. Current Situation of Investees ~Investees list~

Cumulative Investees 66 companies
Total investment amount is about 2.8 billion yen※As of june 2021･･･etcCopyright © AirTrip Corp. All Rights Reserved.

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5. Current situation of investees ~IPO schedule~

81% of investees are making progress to the N-3 period~Expect IPOs of multiple companies every term~

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

81%Copyright © AirTrip Corp. All Rights Reserved.

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5. Current situation of investees ~Status of selection of managing underwriters and audit firms~

Approximately 60% of investees have Selected
the lead managing underwriter and the audit firm
Selection status of lead managing underwriter

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Selection status of audit firm

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5. Current situation of investees ~Estimated market capitalization at the time of listing~

75% of investees aiming to exceed 10 billion yen
in market capitalization at IPO, which is above theaverage for Mothers IPOs

Over 10billion yen

75%※Average market capitalization based on the estimated public offering price for the IPO in 2020. Approximately 10 billion yen (our aggregation)※Aggregated excluding companies whose estimated public offering price is undecided

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・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.

AirTrip Corp.
(Tokyo Stock Exchange 1st 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