May 15, 2024
Yamato Holdings Co., Ltd.

Established the KURONEKO Innovation Fund IIwith 8 Billion Yen
Aiming to be a value-creating company that accelerates open innovationand contributes to the realization of a sustainable future
On May 15, 2024, Yamato Holdings Co., Ltd. (Headquarters: Chuo-ku, Tokyo; Representative Director
and President: Yutaka Nagao, hereinafter "Yamato Holdings"), in collaboration with leading
independent venture capital firm Global Brain Corporation (Headquarters: Minato-ku, Tokyo; CEO:Yasuhiko Yurimoto, hereinafter "Global Brain"), have established the KURONEKO Innovation Fund II("KIF II "), a corporate venture capital (CVC) fund.

Screenshot from the KURONEKO Innovation Fund website

1. Background and Objectives
In April 2020, Yamato Holdings, together with Global Brain, established the KURONEKO Innovation
Fund, a CVC fund, with the aim of creating growth models and accelerating open innovation inlogistics and related markets. The fund makes diversified investments in 14 startup companies inJapan and overseas that possess promising technologies and business models and have potential forcollaboration with Yamato Holdings and potential for growth in their business fields. In addition tobuilding our portfolio in a variety of areas, the fund helps us gain extensive knowledge of thetechnologies and business models of the companies in which we invest, which leads to mutual
business growth.
In February 2024, the Yamato Group formulated its Medium-Term Management Plan "Sustainability
Transformation 2030 ~1st Stage~ ("SX2030 1st Stage"), establishing the Group's vision to "be avalue-creating company that contributes to the realization of a sustainable future." In SC2030 1stStage, we aim to collaborate with a wide variety of partners to create new logistics and new value
founded in innovation, and to contribute to the realization of a sustainable future.
Now, we have established KIF II to further accelerate open innovation at Yamato Holdings towardachieving the goals of SX2030 1st Stage. With a fund size of 8 billion yen, KIF II will add newinvestment domains, such as climate tech, which will support the promotion of the environmental
strategy set forth in the aforementioned plan. Furthermore, we will expand our investment target
stage and build a portfolio of companies that offer solutions to social issues and have high affinity
with our business and can be expected to generate synergies.

Illustration of investment domains

2. Overview of KURONEKO Innovation Fund IIName (registered name)

YMT-GB2 Limited Liability Investment Partnership(English name: KURONEKO Innovation Fund II L.P.)

Fund Size

8 billion yen

Fund Term

10 years
・ Startup companies with innovative technologies and business

Investment target

models that can revolutionize logistics and supply chains
・Startup companies with potential for collaboration with the Yamato
Group

Target stage
Target region

All stages (seed, early, middle, and late)Investments mainly in Japan, as well as North America, Europe, Asia,and others

General Partner

Global Brain Corporation

Limited Partner

Yamato Holdings Co., Ltd.

3. Comment from Top Management
Yutaka Nagao, Representative Director and President, Yamato Holdings Co., Ltd.
The newly established KIF II is expected not only to broaden the investment domains but also toexpand business through collaboration and synergistic effects by adding the later stage to the stages
for investment. This new fund also marks the establishment of a system that allows us to utilize thelogistics expertise and management resources of the Yamato Group. With the continued support ofGlobal Brain, we aim for mutual corporate growth together with our partners. We will also create newvalue and contribute to the realization of a sustainable society.
Mr. Yasuhiko Yurimoto, CEO, Global Brain Corporation
It brings us great pleasure to have successfully evolved our efforts from the original KURONEKO
Innovation Fund to create KIF II, a more advanced fund. This new fund boasts greater scale andexpanded investment domains, focusing on the keywords of sustainability and transformation. Goingforward, we will continue to work with the Yamato Group to create sustainable growth models in newlogistics and related markets.

Contact
For corporate stakeholders（For inquiries startup companies）:
Innovation Strategy, Yamato Holdings Co., Ltd.
E-mail: openinnovation@kuronekoyamato.co.jp

Press inquiries:
Corporate Communications Strategy, Yamato Holdings Co., Ltd.
TEL: +81-3-3541-4141
Reference
1. About the KURONEKO Innovation Fund
The KURONEKO Innovation Fund, founded in its basic policy to grow alongside startups with aconstant long-term view by providing them with value, is designed to achieve the following objectives.
(1) Creation of new growth models
We combine our management resources with startup companies' advanced technologies andbusiness models to create new growth models in the logistics and related markets.
(2) Realization of a business model that integrates corporate activities with handling social issues
By leveraging the innovative business models and technologies of startup companies, new businessmodels will be created and profits improved.
(3) Promotion of open innovation through ongoing fund management
We achieve sustainable open innovation while investing with a long-term mindset, ensuring aminimum level of investment returns.
2. KURONEKO Innovation Fund Initiatives to Date
The fund has invested in 14 startups in Japan and overseas, including those in the U.S. and China,that have promising technologies or services, potential for collaboration, and growth potential in theirbusiness areas. From a medium- to long-term perspective, we are working to create growth models
in logistics and related markets.
[List of 14 investee companies] URL：https://www.kuroneko-v.com/

3. Global Brain Corporation Company Profile
CEO: Yasuhiko Yurimoto
Established: January 14, 1998
Location: 10-11 Sakuragaoka, Shibuya-ku, Tokyo
Business line: Venture capital business
URL：https://globalbrains.com/