Investment Business
AirTrip CVC Report
Vol.6～Aiming to contribute to society～
AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
Public announcement: November. 24,2024
Revised: December. 28, 2024

Contents

1. The 2nd AirTrip CVC Award
2. Investment Policy
3. Investment Results
4. Recovery Results
5. IPO Results
6. Status of Investees
7. New Investments
・This document is prepared based on the contents of interviews with investees conducted every six months.
Copyright © AirTrip Corp. All Rights Reserved.

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1. The 2nd AirTrip CVC Award ～The "2nd AirTrip CVC Award" will be held on Tuesday, January 30, 2024！～

The "2nd AirTrip CVC Award" will be held on Tuesday, January 30, 2024!

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15
16*For more information, please clickhere.

32. Investment Policy

Investing in growing companies with a high probability of IPO
The management team provides mentoring for investments in various areas and going public.
They also offer support for IPOs, including mentoring from experienced management teams, real-world insights, business support, andassistance in establishing management systems.

Investment Policy●●●

Strengths and support system

Our goal is to increase the corporate value of our portfolio
companies through strategic investments, collaboration, andexpansion of the AirTrip economic zone, in order togenerate returns.
The investment business is one of the six main businessesof the AirTrip Group. The management team personallyconducts interviews with investment targets every six
months, in addition to daily monitoring.
We invest in companies with a high probability of IPO by
focusing on their business growth potential, probability of
return, synergy with the AirTrip economic zone, andmanagement team and system.

●

Our investments span across various fields to expand the
AirTrip economic zone in the future.

●

The Company collaborates with other VC firms and financial
institutions, in addition to utilising the management team's
network, to identify promising new investment targets
through various channels.

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

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

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

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

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

We donate to Japan Future Sports for every IPO of investees.
Since December 2021, we have been donating toJapan Future Sports as part of our SDGs and community service activities.
Our goal is to consistently contribute to society through our investment business.

*Japan Future Sports Promotional Association, a General Incorporated Foundation https://jf-sports.or.jp/
We supply sports equipment to children who face difficulties playing sports due to family or economic reasons, enabling them toenjoy sports more easily.
Our aim is to increase the number of people playing sports in Japan and to help everyone grow and develop a unique personality.
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2. Investment Policy~As part of our support for investee companies, we license the use of the 'AirTrip
CVC' logo and hold 'AirTrip Dining' every other month.~

As part of our support for investee companies, we license the use of
the 'AirTrip CVC' logo and hold 'AirTrip Dining' every other month.
The logo of 'AirTrip CVC' will be licensed for use on business cards, corporate websites, company profiles, andother media of Airtrip CVC investee companies to help expand transactions and increase corporate value.
Additionally, as part of our support to investee companies, we will hold the 'Airtrip Dining' event every othermonth, bringing together investee companies and venture companies with high growth potential.
The 2nd 'AirtTrip Bizfest' is scheduled to be held with 1,000 participants!
＜AirTrip CVC logo＞※For licensing, an application must be made using the application
form prescribed by the Company.

＜AirTrip Dining＞

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3. Investment Results

The total investment, including subsidiaries and affiliates seeking
IPO, is 130 companies for ¥8.4 billion.
The total collected and recent appraisal value remains steady at ¥17.2 billion.
＜Total Investment,Actual Assessment and Recovery＞
Unit: Billion yen

Unit: Number of cases

Since 2017, we have invested 5 billion yen in operating expenses.

Since 2017, we have invested 5 billion yen in 126 companies,
mainly in blue-chip ventures with the goal of going public. The
investee companies' fundraising efforts and other factors have led
to a recent valuation of 7.7 billion yen.

Invested 3.4 billion yen in four subsidiaries and affiliates.

investment
rate

206%

Investments in four subsidiaries preparing for listing totalled 3.4
billion yen, resulting in successful subsidiary and affiliate listings.
Despite fluctuations in the share prices of listed stocks, the mostrecent valuation remained steady at 9.5 billion yen.

The total recovery and recent appraisal value is 17.2
billion yen, which represents a 206% increase.
The sum of the exited investment recovery and the latest
valuation of equity holdings was 17.2 billion yen, resulting in asolid TVPI (investment multiple) of 206% based on theinvestment amount of 8.4 billion yen.

※The total investment amount does not include investments in listed stocks and funds other than Magmag Hybrid Inbound Platform.
※Total Recovery and Recent Valuation is the sum of the sale of shares sold and the valuation of shares held.
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※Listed subsidiaries and listed affiliates are calculated based on share prices at the end of October.

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4. Recovery Results

The funds recovered through IPO and EXIT amount to 2.4 billion yen,resulting in a return of 303% on the total investment of 800 million yen.
＜IPO and EXIT deal recovery results＞

Recovered 2.4 billion yen from 16 investee
IPOs and stock transfer exits.
The recovery of 2.4 billion yen and a return of 303% resulted from exits
made from IPOs and stock transfers. Four additional exits from investee
IPOs have been recorded since the previous announcement.

A few cases were considered uncollectable.
■Liquidation, etc.: 4 companies

investment
rate

・TECHNIQUE CONSULTING Inc. (Head Office: ChuoWard,Tokyo; Representative Director /CEO: Yoshihiro Sato)

303%

・LS Corp.(Head Office: Chuo Ward, Tokyo; Representative Director: Leo Liang)
・Switch Smile Co.(Head office: Koriyama City, Fukushima Prefecture; Representative Director:
Daizo Nagahashi)
・AK inc.（Head office: Naha City, Okinawa, Representative Director: Kenji Uemura)■Dormant Company：2 case・Dazzle.inc(Head Office: Shibuya Ward, Tokyo; Representative Director / CEO: Yasuo Yamada)・CMN Co., Ltd.(Head Office: Hakata Ward, Fukuoka City, Fukuoka Prefecture / Representative
Director: Keisuke Yamashita)※The amount recovered is the total of funds recovered from 16 IPOs and 2 EXITs throughstock transfers.
※Minority-owned IPOs are counted as recoveries based on the market value at the end of theimmediately preceding quarter.

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5. IPO Results

We have invested in 16 IPOs (including 2 listed subsidiaries and 1 listed
affiliate), and have continuously accumulated IPO results every fiscal year.
Listed companies

Value Creation Inc.

Japan M&A Solutions Inc.

AVILEN Inc.

Inbound Platform Inc.Subsidiary Listed

TSE Growth: 9238] Listed in November 2023

TSE Growth: 9236] Listed in October 2023

TSE Growth: 5591] Listed in September 2023

TSE Growth: 5587] Listed in August 2023

Public offering 2 billion yen

Public offering: 1.8 billion yen

Public offering 12.8 billion yen

Public offering: 6.2 billion yen,

Initial price 3.4 billion yen

initial price: 3.1 billion yen

Initial price 15 billion yen

Initial price: 8.6 billion yen

Prime Strategy Inc.

Mental Health Technologies Inc.

Hybrid Technologies Inc.Subsidiary Listed

LAST ONE MILE Inc.

ROBOT PAYMENT Inc.

Headwaters Inc.

TSE Standard: 9250] Listed in February 2023

TSE Growth: 9218] Listed in March 2022

TSE Growth: 4260] Listed in December 2021

TSE Growth: 9252] Listed in November 2021

TSE Growth: 4374] Listed in September 2021

TSE Growth: 4011] Listed in September 2020

Public offering 4.6 billion yen

Public offering 6 billion yen

Public offering: 4.9 billion yen,

Public offering 4.6 billion yen

Public offering 6.9 billion yen,

Public offering 2 billion yen,

Initial price 10.3 billion yen

Initial price 8.4 billion yen

Initial price: 7.8 billion yen

Initial price 6.8 billion yen

Initial price 13.9 billion yen

Initial price 26.3 billion yen

Listing of subsidiary Magmag Inc.

Cyber Security Cloud, Inc.

AI CROSS Inc.

Branding Technology, Inc.

PIALA Inc.

Wagokoro Inc.

TSE Standard: 4059] Listing in September 2020

TSE Growth: 4493] Listing in March 2020

TSE Growth: 4476] Listed in October 2019

TSE Growth: 7067] Listed in June 2019

TSE Prime: 7044] Listed in December 2018

TSE Growth: 9271] Listed in March 2018

Public offering 2.2 billion yen,

Public offering 9.2 billion yen,

Public offering 3.8 billion yen,

Public offering 2.4 billion yen,

Public offering 7.6 billion yen,

Public offering 4.4 billion yen,

Iinitial price 9.2 billion yen

Initial price 21.2 billion yen

Initial price 6.9 billion yen

Initial price 7.7 billion yen

Initial price 17.5 billion yen

Initial price 12.5 billion yen*The company calculates the offering price-based market capitalisation and initial
price-based market capitalisation.

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6. Status of investees ~IPO schedule~

72% of portfolio companies have progressed to the N-3period.
Multiple IPOs are expected in each fiscal year going forward.

N,N-1
N-2,N-3 Period
Investment
Ratio

72%

*Numbers in the pie chart indicate the number of companies.
*Totals are based on the status of prospects as of November 2023.
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6. Status of Investees ~ selection of lead managers and audit firms~

More than half of investees have selected a leadmanaging underwriter and audit firm, which isimportant for IPO preparation
Selection of Lead Managing Underwriter

Selection of Audit Firms

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6. Status of Investees ~Assumed market capitalization at listing~More than median IPOs in the growth market 61% ofinvestments aim for a market capitalisation of morethan 10 billion yen at IPO

Over JPY
10 billion

61%*The median market capitalisation based on the assumed offering price of IPOs in the Mothers market (≈Current
Growth market) in 2021 is approximately JPY 10 billion (our tally).
*Aggregated after excluding companies whose assumed offering price has not yet been taken into account.
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6. Status of investees ~List of investees~

We have made continued active investments in growthareas, with cumulative operating investments in 126 companies
totalling approximately JPY 5 billion.
*At end-October 2023.

･･･etc*The total investment of JPY 3.4 billion in four subsidiary and associated companies of the Company is excluded from the above figures.
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7. New Investments ~List of investment targets~Around 20 new investment destinations have been identified since the last report.
We continue to identify and invest in promising new locations.

Gojo & Company ,Inc. (invested in July 2023)
Representative Executive Officer Yasutoshi Shin
[URL: https://gojo.co/landing-page-jp]
Developing microfinance in developing countries

New Commerce Explosion Investment Limited
Partnership(Investment in August 2023)
Representative: Kouta Matsuyama and Kohei Okubo
URL: https://newcommerce.ventures
VC fund specialising in the commerce area

STANDAGE Inc. (invested in July 2023)
Representative Director and CEO Akinori Adachi[URL: https://standage.co.jp]
Development and provision of digital trade
platform

Drikos Inc. (invested in July 2023)
Representative Director Yasuhiro Take
[URL: https://dricos.jp]
Healthcare Automation Business Drikos Inc.
(invested in July 2023)
Representative Director Yasuhiro Take
[URL: https://dricos.jp]
Healthcare Automation BusinessAsian Bridge Inc. (invested in July 2023)
Representative Director: Yoshinae Sakane[URL: https://www.asian-bridge.com]
Cross-border EC support business for Asia

GOLDEN EGG 1 Investment Limited Partnershipxenodata lab Inc.(invested in August 2023)
FUNDINNO Inc. (funded in September 2023)(Invested in August 2023)
President and Representative Director Yojiro Seki Representative directors Yuki Shibahara / Manabu
President and Representative Director Satoshi[URL: https://www.xenodata-lab.com]
Oura
Tokutani
Development of the economic forecasting platform[URL: https://corp.fundinno.com]
株式会社ネットオン（2022年4月出資）
URL: https://eggforward.co.jp
xenoBrain
Equity investment-type crowdfunding service
VC fund under Egg Forward Inc.
【URL：https://neton.co.jp/】

Cyber Command Inc. (invested in October 2023)
Representative Director and CEO, K. Uranaka[URL: https://cybercom.co.jp]
Cyber security business

2022年4月時点で国内累計46,000超の事業所が利用する採用業務クラウド「採用係長」を提供
HORIJUKU Inc. (Announced 10 October 2023)
President and Representative Director Teppei Hori
[URL: https://corp.horijuku.co.jp]
Operation of resort hotel UMITO

Cellcloud Inc. (published in November 2023)
Representative Director Kenichiro Nakajima[URL: https://cellcloud.co.jp]
Provides micro CTC inspection services.

Bankers Holding Inc. (invested in October 2023)
Representative Director: Tsuyoshi Shibuya
W Frontier Inc. (invested in September 2023)[URL: https://holding.bankers.co.jp]
Representative Director Yutaka Yagihashi
The company operates the loan-type crowdfunding[URL: https://www.wfrontier.jp/company.html]
platform "Bankers".
Planning, development and operation of "twidy", aOperation of a loan-type crowdfunding platform "Bankers",
shopping agency platform.
loans to companies and commercial discounting.
Planning, development and operation of "twidy

TouchSpot Inc. (invested in September 2023)
Representative Director: Yasukazu Mizushima[URL: https://touchspot.jp]
Operation of the business negotiation platform'CEOclone'.

iYell Inc. (invested in September 2023)
President and CEO Mitsuhiro Kubota[URL: https://iyell.co.jp]
Provision of the mortgage business support system"IYell Dandori".

Odd Number Inc. (invested in October 2023)
Representative Director Yudai Marumo[URL: https://odd-no.com]
Development of original IP and content

HOGUGU Technologies Inc. (invested in October 2023)
JAPAN Inc. (invested in October 2023)
Representative Director Kenichi Hanaoka
Representative director Masahuri Nakayama[URL: https://hogugu.com][URL: https://you-japan.co.jp]
Planning and operation of the relaxation application
Planning and operation of the travel planning"HOGUGU".
application "nicody".

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*Information on the main investees in which investments were made between July and October 2023.

Galapagos Inc. (invested in September 2023)
Representative Director Kenta Nakahira[URL: https://glpgs.com]
AI-based advertising support service

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This document also contains forward-looking statements based on our current plans, estimates, or projections regarding industry trends and our business.
These statements involve risks and uncertainties. Forward-looking statements may be impacted by various risks, uncertainties, and other factors, which could cause actual business operations andperformance of the Company to differ from what is stated in this document.
The Company has made any forward-looking statements in this document based on the available information and does not intend to update or alter them to reflect future events or circumstances.

AirTrip Corporation (TSE Prime: 6191)
Atago Green Hills MORI Tower 19F, 2-5-1 Atago, Minato-ku, Tokyo 105-6219, Japan
tel: 03-3431-6191
https://www.airtrip.co.jp