Investment Business
AirTrip CVC Report
Vol.4～Aiming to contribute to society～
AirTrip Corp.
Tokyo Stock Exchange Prime: 6191
Public announcement: December. 23,2022
Revised:February. 14, 2023

Contents

1. 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. AirTrip CVC Award

The AirTrip CVC Awards are scheduled for Thursday 2 March 2023.
We are currently seeking pitch speakers.
Investors and potential investors are invited to an event that will provide value.

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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 systemOur 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 sixmonths, in addition to daily monitoring.
We invest in companies with a high probability of IPO byfocusing on their business growth potential, probability ofreturn, synergy with the AirTrip economic zone, andmanagement team and system.

●

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

●The Company collaborates with other VC firms and financial
institutions, in addition to utilising the management team'snetwork, 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 aMothers 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3. Investment Results

The total investment, including subsidiaries and affiliates seeking IPO,amounts to 89 companies/JPY7.1 billion.
The total collected and recent valuations remain steady at JPY 19.4 billion.
＜Total Investment,Actual Assessment and Recovery＞
Unit: Billion yen

Since 2017, we have made operating investments in 85
companies, totalling 3.7 billion yen.

Unit: Number of cases

Focus on investing in blue-chip venture companies with the aim of going public.
Over a five-year period from 2017, we invested JPY 3.7 billion in 85 companies.
Recent valuations have remained steady at JPY 6.7 billion, primarily due tofundraising by the investee companies.

investment
rate274%

Invested in four subsidiaries and associated companies,
totalling JPY 3.4 billion.
Investment in four subsidiaries preparing for listing was JPY 3.4 billion. The recentvaluation of Hybrid Technologies [TSE Growth: 4260] remains steady at JPY 12.7
billion, mainly due to the rise in share price of Hybrid Technologies.

The total value of recoveries and recent valuations is19.4 billion, with a multiplier of 274%.
The EXITed investment recovery and recent valuation of shareholdings amount toJPY 19.4 billion, achieving a solid TVPI (investment multiple) of 274% for the JPY
7.1 billion invested.
*The total investment amount excludes investments in listed shares and funds other than Magmag Hybrid.
*The total recovery and recent valuation is calculated by adding the sale value of shares already sold to the valuation ofshares held.
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For listed subsidiaries and affiliated companies, figures are based on share prices at the end of the month prior to the report's
publication date.

54. Recovery Results

The amount of funds recovered through IPOs and EXITs was 1.9 billion yen,resulting in a 385% return on the recovered project investment of JPY 500 million.
＜IPO及びEXIT案件回収額実績＞

1.9 billion was recovered from 11 investee IPOs andshare transfer exits.
The previous announcement reported that 1.9 billion was recovered and a 385%
return was realised through exits from IPOs and share transfers. Another exit wasachieved through a share transfer since then.

A few cases were considered uncollectable.
investment
rate385%■Company liquidation, etc.：2 companies
・Technique Consulting Inc.(Head office: Chuo-ku, Tokyo; Representative
Director and CEO: Yoshihiro Sato)・LS Inc.(Head office: Chuo-ku, Tokyo; Representative Director and CEO:Yingqi Liang).
■Dormant Company：2 companies
・Dazzle Inc.(Head Office: Shibuya Ward, Tokyo; Representative Director / CEO:Yasuo Yamada)・CMN Inc.(Head Office: Hakata Ward, Fukuoka City, Fukuoka Prefecture /Representative Director: Keisuke Yamashita)*The total amount of funds recovered from 11 IPOs and 2 EXITs through share transfers is reported.
*Minority-funded IPOs with ongoing holdings are counted as recoveries based on the market value at the end of theimmediately preceding quarter.
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65. IPO Results

There were 11 investee IPOs,including 1 listed subsidiary and 1 listed associated company.
Our IPO track record is continuously improving every term.
Listed companies

Mental Health Technologies Inc.
TSE Growth: 9218] Listed in March 2022
Public offering 6 billion yen

LAST ONE MILE Inc.

Hybrid Technologies Inc.Subsidiary Listed

TSE Growth: 9252] Listed in November 2021

TSE Growth: 4260] Listed in December 2021

Public offering 4.6 billion yen

Public offering: 4.9 billion yen,

Initial price 8.4 billion yen

Initial price 6.8 billion yenInitial price: 7.8 billion yen

TSE Growth: 4011] Listed in September 2020
Public offering 2 billion yen,
Initial price 26.3 billion yen

Headwaters Inc.

Listing of subsidiary Magmag Inc.

Cyber Security Cloud, Inc.

TSE Growth: 4011] Listed in September 2020

TSE Standard: 4059] Listing in September 2020

TSE Growth: 4493] Listing in March 2020

Public offering 2 billion yen,

Public offering 2.2 billion yen,

Public offering 9.2 billion yen,

Initial price 26.3 billion yen

Iinitial price 9.2 billion yen

Initial price 21.2 billion yen

AI CROSS Inc.

Branding Technology, Inc.

PIALA Inc.

Wagokoro Inc.

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 3.8 billion yen,

Public offering 2.4 billion yen,

Public offering 7.6 billion yen,

Public offering 4.4 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 ~List of investees~

Continued investment in areas of growth.
Operating investment in 85 companies has cumulatively
reached approximately 3.7 billion yen. *At end-December 2022.

･･･etc*The total investment of JPY 2.5 billion in three subsidiaries and associated companies of the Company is
excluded from the above figures.
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6. Status of investees ~IPO schedule~

78% of investees have progressed to the N-3 period.
Several IPOs are expected in future terms.
N-1
N-2,N-3
periodInvestment
Ratio

78%

*Numbers in the pie chart are the number of companies.
*Totals based on expected status as of 1 January 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 67% of investees aim to achieve a market capitalisationof over 10 billion at the time of their IPO, which is above the medianvalue for IPOs in growth markets.

Over JPY
10 billion

67%*Based on our tally, the median market capitalisation of IPOs on the Mothers market (equivalent to the current Growth
Copyright © AirTrip Corp. All Rights Reserved.
market) in 2021 is approximately JPY 10 billion.
*This figure is aggregated after excluding companies whose offering price has not yet been considered.

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7. New Investments ~List of investment targets~

9 additional investment destinations have been identified since the last report.
We will continue to identify and invest in promising new locations.

Uniforce Inc. (invested in June 2022)
Representative Director Kazuya Sunada
URL: https://uniforce.co.jp/
Provides SaaS services related to IPO preparation andfinancial disclosures, and consulting services by certified
public accountants and others.

Xyan Inc. (invested in June 2022)
Representative Director Takashi Yumoto
URL: https://xian.inc/
Marketing DX business and operates 'mediable', a fixed-pricevideo distribution platform.
Operates the marketing DX business and the video subscription
platform 'mediable'.

SmartShare Inc. (invested in July 2022)
Representative Director: Tō Nishiyama
URL: https://www.smartshare.jp/
Operation of the SNS marketing platform OWNLY
and support for advertising operations from planningmeasures.

Coconala Skill Partners Inc.(Investment in CSP No.1
株式会社ネットオン（2022年4月出資）
Acial Design Inc. (funded in August 2022)
Investment
Limited Liability Partnership in September
Estyle Inc. (invested in September 2022)【URL：https://neton.co.jp/】Representative Director Shota Koen2022)
Representative Director Tomomasa Miyahara
URL: https://www.a-cial.com/ 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
Representative
Director:Akiyuki Minami
URL: https://estyle.co.jp/
Develops a unique sports contents business in its core
URL:
https://skillpartners.coconala.co.jp/
Contributing to the DX-isation of Japan by solving clients'
business of athlete agents and athlete agent tech using
A VC that matches seed/early stage entrepreneurs
problems and creating value using AI and data science.
athlete human resources.
with skills partners who want to support theiraspirations.

Alliance Cloud Inc.(funded in October 2022)
Representative Director Shota Miyazaki
URL: https://alliancecloud.co.jp/
Operates the management and decision-makers'
appointment-getting service 'Aporeru' and the web media'Professional Online', which is exclusively for managers
and decision-makers.

DATAFLUCT Inc. (invested in December 2022)
Representative Director Hayato Kumeimura
URL: https://datafluct.com/
A data business partner that creates new value fromburied data and solves social issues, with the vision of"turning data into commerce".

*Uniforce Inc.(formerly start-up studio Inc, included in the number of investments in theCopyright © AirTrip Corp. All Rights Reserved.
previous report, but has been restated.

Ryukyu Astida Corporation (invested in December 2022)
Representative director Shusaku Hayakawa
URL: https://ryukyuasteeda.jp/
As a comprehensive regional sports club, we provide marketing support for various
companies under the theme of 'Okinawa x sports x ○○'. Our services include managing aprofessional team that participates in the 'T-League', a professional table tennis league.

12・This document also contains forward-looking statements based on our current plans, estimates, projections or predictions about industry trends and our business.
・These forward-looking statements are subject to a number of risks and uncertainties. Known and unknown risks, uncertainties and other factors could cause actual results to differ
materially from those contained in any forward-looking statement.
・The Company's actual future operations and performance may differ from the forward-looking statements contained in this document.
・Any forward-looking statements in this document are made by the Company on the basis of the information available to it and it does not intend to update or alter any
forward-looking statements 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