Investment Business
AirTrip CVC Report
Vol.2～Aiming to contribute to society～
AirTrip Corp.
TSE 1st Section：6191
December 17th, 2021

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

Contents

1. Investment Policy
2. Investment Performance
3. Return Record
4. IPO Record
5. Current Situation of Investees

・This document is mainly based on the content of interviews with investees conducted every six months.
Copyright © Air Trip Corp. All Rights Reserved.

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1. Investment Policy

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

Strengths and support system

Through investments in growing companies, we aim toearn returns by increasing the corporate value of ourportfolio companies, pursue synergies throughcollaboration with our portfolio companies, and expand
the AirTrip economic zone.
The investment business is one of the five main
businesses of the AirTrip Group, and in addition to daily
monitoring, the management team personally conducts
interviews with investment targets every six months.
We invest in companies with a high probability of IPO by
focusing on "business growth potential and probability ofreturn" "synergy with the AirTrip economic zone" and"management team and management system.
We are investing in a wide range of fields with the aim of
expanding the AirTrip economic zone in the future.

Mentoring〈Mentoring by management team with extensive listing
experience〉
・Mentoring by the management team that launched AirTrip, listed onMothers, and then listed on the first section of the TSE.
・Provide know-how on IPOs of subsidiaries, affiliates and investees.

Business
Support〈Extensive support for sales, marketing, development.〉
・Cooperation in providing services to AirTrip members.
・Collaboration in advertising and software development utilizing
the resources and knowledge of the AirTrip Group.

management
systemdevelopment
support〈Introductions needed to establish a management system〉
・Support for the establishment of management systems, including
the introduction of lead managing securities companies andauditing firms.

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

Copyright © Air Trip Corp. All Rights Reserved.

【TSE Mothers: 4260】
32. Investment performance

Total investment including subsidiaries and affiliate
aiming for IPO: 71 companies / 5.5 billion yen
Total collected and most recent appraisal value is 14.5 billion yen＜Total investment amount - Collection and valuation amount＞
Investment destination

Operating investment in 68 companies and 3 billion yen
since 2017

Subsidiaries and affiliates

We have invested in 68 companies and 3 billion yen in about 5 years
since 2017, mainly in blue-chip venture companies that are building
management systems with the aim of IPO.

TVPI

263%

Valuation of three subsidiaries and affiliate: 8.9 billion
yen
Investment in three subsidiaries and affiliate that have gone public or
is preparing to go public is 2.5 billion yen, and the latest valuation is
8.9 billion yen.

Total value of collections and the latest valuation is 14.5
billion yen, 263% TVPI
Total investment ('21/06)

Valuation and collection
amount ('21/06)

Total investment ('21/12)

Valuation and collection
amount ('21/12)※The total investment amount does not include investments in listed stocks and funds other than Magmag.
※Total amount of collections and the latest valuation is the sum of the value of shares sold and the value of shares held.
※For listed subsidiaries and affiliate to be listed, the figures are calculated based on the stock price andpublic offering price on the day before the report was released.

The total amount of exited investment collections and the latest
valuation of stock holdings is 14.5 billion yen. The ratio to theinvestment amount of 5.5 billion yen was 263%, securing a solid TVPI
(investment multiple).

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3. Return Record

1.8 billion yen recovered through IPO and EXIT
Collected 408% return on investment of 0.4 billion yen＜IPO and EXIT deal collections＞

Collected 1.8 billion yen through the listing of 8 portfolio
companies and stock transfer EXIT
Collected 1.8 billion yen and achieved 408% return through IPO
and stock transfer EXIT. Further progress in collection since theprevious announcement.

TVPI

408%

Only a few companies were deemed uncollectible (nochange)■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: Leo Liang)■Dormant Company：1 case
EXIT investment
amount(’21/06)

EXIT Collected
Amount (‘21/06)

EXIT investment
amount(’21/12)

EXIT Collected
Amount (‘21/12)

・Dazzle.inc(Head Office: Shibuya Ward, Tokyo; Representative
Director / CEO: Yasuo Yamada)

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※Recovery amount is the total of 10 IPOs and 1 EXIT through share transfer※For listed stocks continuously held by minority investors, the market value at the end of the previous quarter is used as the collection amount.

54. IPO Record

10 companies have achieved IPO by our investment（including one subsidiary and one affiliate）
IPO

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

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

Headwwaters

Magmag （Subsidiary Company listed）[TSE Mothers: 4011][TSE JASDAQ: 4059]

Listed in September 2020

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

Cyber Security Cloud

Listed in September 2020

[TSE Mothers: 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 First Section: 7044]

Wagokoro[TSE Mothers: 4476][TSE Mothers: 7067]

Listed in December 2018July 2020

[TSE Mothers: 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 © Air Trip Corp. All Rights Reserved.
※Market capitalization based on public offering and market capitalization based on Opening price are estimated by Us, AirTrip Corp.

65. Current situation of Investees ~Investees list~

Cumulative Investees 68 companies
Total investment amount is about 3.0 billion yen※As of December 2021･･･etcCopyright © Air Trip Corp. All Rights Reserved.

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5. Current situation of investees ~IPO schedule~

76% of investees are making progress to the N-3 period~Expect IPOs of multiple companies every term~
N Period
N-4 Period
First half of N-1 Period

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

Second half of N-1 Period

76%
N-3 Period

N-2 Period※Figures in the pie chart are the number of companies.
※Aggregation based on expected status as of January 1st, 2022

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5. Current situation of Investees~Selection of Lead Managing Underwriter and Audit Firm~

More than half of investees have selected leadmanaging underwriter and audit firm that are importantfor IPO preparation
Selection of lead managing underwriter

Selection of Audit Firm

Unconsidered
Unconsidered
Selected
Selected

Under selection

Under selection

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95. Status of investees - Assumed market capitalization at listing

Exceeding the average value of TSE Mothers IPOs
68% of investees aiming to exceed 10 billion yen in market
capitalization at IPO
100 billion yen~
50~100 billion yen
25~50 billion yen~10 billion yen

Over 10billion yen

68%

10~25 billion yen

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※Average market capitalization based on assumed IPO offering price in 2020. Approximately 10 billion yen (based on our calculations)※Companies with an undetermined offering price were excluded from the calculation.

10・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-lookingstatements 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 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