Regarding the Capital and Business Alliance Agreement with Space Transportation Systems, Inc.

Nippon Travel Agency Co., Ltd. (Headquarters: Chuo-ku, Tokyo; President: Keigo Yoshida; hereinafter "Nippon Travel Agency") has invested in space startup Space Transportation Systems, Inc. (Headquarters: Chuo-ku, Tokyo; President: Kojiro Hatada; hereinafter "Space Transportation Systems") and concluded a capital and business alliance agreement.

In its medium-term management plan starting in 2026, Nippon Travel Agency has outlined initiatives for launch support services related to the space industry, the commercialization of manned space transportation services, and business creation through collaboration with relevant startups.

As part of its capital alliance to develop new businesses into core operations, the company invested in Space Transportation Systems and signed a capital and business alliance agreement on March 26.

Following joint studies based on the "Business Alliance Aiming to Realize Space Travel Accessible to Everyone" signed in September 2024, Nippon Travel Agency and Space Transportation Systems concluded a new business alliance agreement in October 2025 for the commercialization phase of space travel services.

This capital and business alliance builds upon the existing partnership and signifies management participation in the manned space transportation service business, allowing the company to seriously consider space business as a passenger service from the perspective of a travel agency.

Under this agreement, Nippon Travel Agency has acquired the "exclusive and global general sales agency rights" for manned space transportation services (including point-to-point (P2P) high-speed transportation and orbital stay services) provided by Space Transportation Systems worldwide. By strengthening this partnership, the company will move forward with creating concrete mechanisms for the commercialization phase of the manned space transportation services using the rocket transport vehicles developed by Space Transportation Systems.

Nippon Travel Agency will continue to create a prosperous and vibrant future together with people, regions, and society.

Details of the capital and business alliance agreement are as follows:

■ Regarding the Investment

<Investment Amount>

500 million yen

<Investment Form>

Participation in a third-party allotment of shares (totaling approximately 3.2 billion yen) conducted by Space Transportation Systems.

■ Regarding the Business Alliance

<Agreement Date>

March 26, 2026

<Main Contents>

Based on this agreement, Nippon Travel Agency will establish a sales structure as the general agent for the commercialization of manned space transportation services (including P2P high-speed transportation and orbital stay services) using rocket transport vehicles developed by Space Transportation Systems, and both companies will work on the following:

● Acquisition of exclusive global sales rights
Nippon Travel Agency has acquired the "exclusive and global general sales agency rights" for manned space transportation services provided by Space Transportation Systems. Consequently, Nippon Travel Agency will serve as the sales point for these services and lead global market expansion.

● Product design and business scheme construction for passenger services
The companies will jointly advance the concrete commercialization process, leveraging the travel agency's expertise in defining service content and operational requirements, setting prices, and developing terms of service.

● Establishment of reservation/sales systems and customer management structures
The companies will jointly work on building the reservation and sales environment, sales operations, and customer support systems essential for the commercialization of manned space travel.