FY2021 1H Financial Results
Ending December 2021

August 12, 2021

Frontier Management Inc.

Table of Contents

Section 1 FY2021 1H Financial Results

Section 2 Our Various Progress
Section 3 Corporate Profile

1Section 1

FY2021 1H Financial Results

FY2021 1H Financial Results

Summary- Sales increased 12% due to the successful Management Consulting Business, especially in the retail industry which is one of
our strength areas.
- Income decreased due to the accelerated recruitment that has been strategically ongoing since the last fiscal year.

(JPY1,000,000)

YoY change(amount)

Forecast(as of Feb 9, ’21)

Achievement
rate

+12%

6,500

40%

△45

△38%

1,000

7%

81

△45

△35%

1,007

8%

51

△31

△38%

693

7%

FY2020 1H results

FY2021 1H results

Net sales

2,305

2,582

+276

Operatingincome118

74

Ordinary
income126

Net income

81

YoY change(percentage)

3

FY2021 1H Financial Results

Net Sales by Industry Segment
Management Consulting Business:
Revitalization Support Business:
Financial Advisory Business:

Increased 29% due to expanding customers in the retail and logistics industries which are ourstrongest areas, and continued large-scale projects.
Decreased because the needs didn’t reach full scale.
Increased as a result that numerous medium-sized M&A deals closed.

(JPY1,000,000)

Other Business

3,000(1.5% of total, 116.3% of previous year)

2,500

2,000

33

500

378

Revitalization Support Business

1,357Management Consulting Business

500

1,500
1,000

39

1,052

(14.7% of total, 75.6% of previous year)(52.6% of total, 129.0% of previous year)

Financial Advisory Business

718

806

2020 2Q

2021 2Q(31.2% of total, 112.2% of previous year)

04FY2021 1H Financial Results

Quarterly Sales Trends (1/4)-Total(JPY1,000,000)

1,697

1,625
1,502

1,160

1,100

1,216

1,057

1,126

933
953

824

1Q

822

811

2Q

3Q

2015

4Q

1Q

752

2Q

1,329

1,174

3Q

2016

1,035

993

983

1,114

1,190

1,253

1,090

858

819
706

4Q

1Q

2Q

3Q

2017

4Q

1Q

2Q

3Q

2018

4Q

1Q

2Q

3Q

2019

4Q

1Q

2Q

3Q

2020

4Q

1Q

2Q

2021
5

FY2021 1H Financial Results

Quarterly Sales Trends (2/4)-Management Consulting Business(JPY1,000,000)

727

715
649
574

447

443
361

385

374

400

2Q

3Q

2015

4Q

1Q

2Q

470

451

449

3Q

4Q

529

504

487

440

373

349
303

1Q

480

565

543

509

631

3Q

2016

325

4Q

1Q

2Q

3Q

2017

4Q

1Q

2Q

2018

1Q

2Q

3Q

2019

4Q

1Q

2Q

3Q

2020

4Q

1Q

2Q

2021
6

FY2021 1H Financial Results

Quarterly Sales Trends (3/4)-Revitalization Support Business(JPY1,000,000)

298

230
214

226

212

203

126

121

102

100
73
53

64

2Q

3Q

2015

4Q

1Q

2Q

3Q

2016

98
61

52
30

1Q

167

4Q

41

1Q

2Q

3Q

2017

4Q

104

1Q

2Q

138

65

65
49

99

40

1Q

2Q

3Q

2018

4Q

3Q

2019

4Q

1Q

2Q

3Q

2020

4Q

1Q

2Q

2021
7

FY2021 1H Financial Results

Quarterly Sales Trends (4/4)-Financial Advisory Business(JPY1,000,000)

914
859
757
629

612
554

534

513

392
371

347

403

416

277

254

2Q

3Q

2015

4Q

1Q

2Q

3Q

2016

4Q

403

358

314

299

1Q

359

374

472

435

1Q

2Q

3Q

2017

4Q

1Q

2Q

3Q

2018

4Q

1Q

2Q

3Q

2019

4Q

1Q

315

302

2Q

3Q

2020

335

4Q

1Q

2Q

2021
8

FY2021 1H Financial Results

Received Orders Progress- Trending beyond previous fiscal year.
(JPY1,000,000)

5,500

FY20205,000

FY20214,500

FY2019

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

End

49 wk

45 wk

41 wk

37 wk

33 wk

29 wk

25 wk

21 wk

17 wk

13 wk

9 wk

5 wk

1 wk

9

FY2021 1H Financial Results

PL Overview- Personnel expenses increased due to accelerated recruitment.
(JPY1,000,000)

FY2020
1H results

FY2021
1H results

PercentagechangeNet sales

2,305

2,582

+12%

Operating expenses

2,187

2,508

+15%

Outsourcing costs, etc.

98

81

△17%

Personnel expenses

1,531

1,830

+20%

Recruitment costs

108

112

+3%

Other expenses

449

484

+8%

Operating income

118

74

△38%

Ordinary income

126

81

△35%

Net income before Tax

126

81

△35%

Net income

81

51

△38%

Depreciation and amortization

19

17

△ 7%

EBITDA

145

100

△31%

Number of employees (person)

203

249

+23%

JPY +298

10

FY2021 1H Financial Results

BS Overview- Current assets decreased due to a decrease in cash and deposits and accounts receivable.
- Current liabilities decreased due to a decrease in accrued bonuses and income taxes paid while short-term loans payable increased.
- Shareholders' equity decreased due to dividend payments, etc.
(JPY1,000,000)

End of December 2020

End of June 2021

ChangeCurrent assets

2,994

2,517

△478

Fixed assets

798

757

△42

Total assets

3,792

3,274

△519

Current liabilities

1,261

1,076

△185

Long-term liabilities

82

82

+0

Shareholders' equity

2,436

2,090

△346

11

24

+12

3,792

3,274

△519

1,899

1,671

△227

-

500

+500

△1,899△1,171+728

Other net assets
Total liabilities andnet assets
Cash and deposits
Interest-bearing debt
Net Debt

11Section 2

Our Various ProgressOur Various Progress

Recruitment- Continued accelerated recruitment to achieve 300-400 employees which is the critical mass of independent firms.
- Expected net increase of 31 employees and achieved 78% of targeted 40 net increase in FY2021.
Steady progress

Number of employees at EOFY
350
267

258

206

216

225

32

33

33

End of March

End of June 2021

As of August2021 actual

actual2021 actual +

238

227

(Employees)

153

249

159

172

153

165

177
194

122

(FY)

129

144

124

133

148

31

30

28

29

32

29

33

2014

2015

2016

2017

2018

2019

2020

2021

Planning

・・・

2023

offeredPlanning
13

Our Various Progress

Recruitment by Position- Recruited more high talented professionals (Managing Directors / Senior Directors) in FY2021 to strengthen theorganizational functions.

Recruitment by Position
FY2020Up to August FY2021 (including offered)Managing Director /Senior Director

Managing Director /10%

Senior Director
26%

Director / Associate Director /Director / Associate Director /Associate

Associate

90%

74%

14

Our Various Progress

Recruitment by Segment- Focus on recruitment of consulting departments where business is in growth trends.

Recruited
FY2020Business
Revitalization

Up to August FY2021 (including offered)

OthersBusiness

Others8%

Revitalization

9%

12%

16%

Financial
Advisory

Consulting

Financial

57%

Advisory

Consulting

11%

68%

19%

15

Our Various Progress

Industrial Coverage Expansion-Hidetoshi Shioda and Kazuhiro Harada as senior analysts in the Industrial Research Department to expand industrial coverage.
Technology■AV equipment■FPD■Car electronics■Home Appliances■Game machine

Hitoshi Kuriyama

Head of Industry Research Division■ Electricity■ City Gas■ LP Gas■ Petroleum■ Trading Company ■ Chemical

Tomohiro Murata

Taketo Yamate

Hidetoshi Shioda

Taketo Yamate joined Warburg Dillon Read LLC(now UBS Securities Japan Co., Ltd.) in 1999,
and was appointed as a senior analyst in
charge of the retail sector of the stock research
department in 2003. In 2010, he wastransferred to Credit Suisse Securities LLC,
working concurrently as an analyst in charge ofthe retail sector and as a research group leader
for consumer-related industries. He joined
Frontier Management Inc. in 2017.

Hidetoshi Shioda Joined Frontier Management afterworking at Nomura Research Institute, Ltd., Nomura
Securities Co., Ltd., Mizuho Securities Co., Ltd., SMBC
Nikko Securities Co., Ltd., Circle Cross Corporation, andso forth. He consistently engaged in analyst business
related to the energy sector for more than 20 years.
Surveys sub-sectors such as electricity, city gas, LP gas,oil and natural gas development, oil refining andprimary distribution, trading companies, and chemicals.
He won first place in the Starmine Analyst Awards in
2008, 2010 and 2013. Served as a member of theAdvisory Committee for Natural Resources and Energyof the Ministry of Economy, Trade and Industry.

Real Estate / Construction

Steel / Non-ferrous metal

Media / Entertainment

Cosmetics and Toiletries / Healthcare

Soichiro Fukuda

Senior Analyst, Industry Research Division
For the past 18 years, Soichito Fukuda has
consistently been involved in theentertainment industry both as an analyst
and as a member of a business corporation.
Additionally, he has done research on the
media industry, the Internet industry andthe IT services industry.

New■Department store ■GMS/SM■Convenience store ■Apparel■Retail specialty stores ■E-commerce

Hitoshi Kuriyama has consistently served as atechnology analyst for the past 22 years. He has
nearly covered all domestic technology-related
entities including those of the consumerelectronics, general electrical, electronic parts,
precision equipment and game industries. He has
also researched upstream technology industries
such as lifestyle-related industries and electronicmaterials. Since 1994, he has continued tomaintain the top 3 spot in analyst rankings both inJapan and overseas.

■Broadcast■Movie■Internet

Energy / Utility■Electronic parts■Auto parts■Electronic materials ■EMS■High-tech trading company■Electric storage/ Natural energy

Managing Director, Industry Research
Division
Tomohiro Murata has been an industrial
analyst for the past 17 years. He has
researched telecommunications equipment,
semiconductors, semiconductormanufacturing equipment, the software
industry and electronic parts. He has always
been at the top of various rankings
including first place in the 2001 Nikkei
Analyst Ranking.

■Advertising■Game■Animation

RetailElectronic Devices / Material

Managing Director, Industry Research
Division■Cosmetics■Toiletries■Medical Devices■Medical and Healthcare Services■Real estate■Construction

Atsumi Miura

Toshihiko Okino

Atsumi Miura was engaged in thecosmetics/toiletries sector and the healthcare
sector for 19 years until 2009. She then joined
Deloitte Touche Tohmatsu LLC and gave
advice on cross-border offerings, consultations
based on financial analysis and IR consultation
services. She joined Frontier Management Inc.
in 2019. She was ranked first in the cosmetics /toiletries sector in the 2005 and 2006 analyst
rankings of The Economist.

For 26 years, Toshihiko Okino consistently
researched companies in the real estate,
housing and construction sectors. For 12
consecutive years, from 2004 to 2015, a survey
by Institutional Investor ranked him No.1
among analysts in the housing and real estate
sectors. A survey by Nikkei Veritas also ranked
him No.1 among analysts in the housing andreal estate sectors for 14 consecutive years,
from 2003 to 2016, as well as in 2018.

Senior Analyst, Industry Research Division■Housing

Senior Analyst, Industry Research Division

Senior Analyst, Industry Research Division■ Iron and steel (blast furnace, electric furnace,special steel)■ Iron and steel trading company■ Non-ferrous smelting ■ Electric wire

Senior analyst
Industrial Research Dept.

HIDETOSHI SHIODA

New

Kazuhiro Harada

Senior Analyst, Industry Research Division

Joined Frontier Management Inc. after working at Credit
Suisse Trust Bank, Deutsche Securities Co., Ltd.,
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., and
SMBC Nikko Securities Co., Ltd. For 34 years, he has
consistently engaged in analyst businesses on the sellside and the buy side. In the Nikkei Veritas analyst
ranking, continued to rank top 3 for 12 years from 2005
to 2016 in charge of the steel, non-ferrous metal, andwire industries. Since 2017, in charge of small-and
medium-sized stocks and engaged in surveys of theservice industries.

Senior analyst
Industrial Research Dept.

KAZUHIRO HARADA

16

Our Various Progress

New Business Progress
Digital Strategy Businesses

SR/IR Business- Expansion of the Digital Strategy Office• Built a team of 10 members with fruitful experience inDX.
- Projects acquired in FY2021• Support for system development at major department
stores.
• Support for the implementation of DX programs at
major retailers.
• Dispatch of CDOs (Chief Digital Officer) to healthcarerelated service companies.

- Projects acquired in FY2021• Support for SDGs/ESG promotion at restaurant
companies.
• Support for IR measures and medium-term plan
formulation for apparel companies.
- Projects with inquiries in FY2021• Support for ESG disclosure at hair care companies.
• Support for ESG strategy formulation and SR
consulting at manufacturers.

17Our Various Progress

Increase in Management Personnel Dispatch- Increasing the results of management personnel dispatch.
- Temporary decreased in FY2020 (due to a decrease in face-to-face opportunities by the impact of COVID-19).

(number of
persons)

20

16

General Manager
CxO

12President / BoD

8

4

0
(FY)

2015

2016

2017

2018

2019

2020

2021 (1H)

18

Our Various Progress

Launch of Consulting Business with Capital- Established the Investment Business Promotion Office to invest in client companies where that are provided management execution support.
- Increase opportunities to acquire long term projects and commit to increase corporate value of investees.

Establish the Investment Business Promotion Office

Management Execution Support Division
Head: Akitoku Nishida, Managing Executive Officer

CxO dispatch and financial support

Frontier Management
Consulting
CxO dispatch
Financial support

Clients
Investment Business Promotion Office

Headquarters••

Subsidiaries

Newly established as of August 12, 2021.
Implement the consulting business withcapital.

Initiate new businessRealize growth and revitalization

19

Our Various Progress

M&A Deals in FY2021 2Q- Increase in advisory services related to third-party allotment of new shares due to severe environment and projects
supported by funds and financial institutions.
No.

Month

Buyer

①

April

Advantage Partners Co., Ltd.

The Longreach Group Inc. / Via
Mechanics, Ltd

FA services related to Advantage Partners'
acquisition of Via Mechanics owned by theLongrach Group

②

April

Hitachi, Ltd.

Kyoto Robotics Corporation

FA services related to the acquisition of Kyoto
Robotics by Hitachi

③

April

AFC-HD AMS Life Science
Co., Ltd.

Saikaya Co., Ltd.

FA-services related to third-party allotment by
Saikoya to AFC-HD AMS Life Science

COVID-19, retail

Kintetsu Group Holdings,
Inc./(same) Akari/ (same)
Matsukazu

KNT-CT Holdings Co., Ltd.

FA services related to third-party allotment ofclass shares by KNT-CT Holdings to KintetsuGroup Holdings and to each LLC funded by
Mitsubishi UFJ Bank and Sumitomo Mitsui
Banking Corporation

COVID-19, retailMay

Shin-Etsu Polymer Co., Ltd.

FA services related to the acquisition of a
newly established company taking over theShowa Denko Materials Co.,
Ltd./Kitchenista Co., Ltd. (planned) food wrapping film business of Showa Denko
Materials by Shin-Etsu Polymer

June

RKD Encollege Fund
Investment Limited Liability
Partnership, and other 7parties

④

⑤

⑥

May

Red: Companies where we advised

Selleramana inc.

Summary

Characteristics

FA services related to third-party allotment ofclass shares by amana to the funds invested by
the Resona Bank and the Development Bank of
Japan
20

Our Various Progress

M&A Results Posted at Website- Achieved at the record level in FY2021 1H as a result that numerous medium-sized M&A deals closed.

(number ofprojects)

20

15

10

5

0
(FY)

1H

2H
2015

Source: Our website

1H

2H
2016

1H

2H
2017

1H

2H
2018

1H

2H
2019

1H

2H
2020

1H
2021
21

Our Various Progress

Financial Advisory Business Backlog- Record-high backlog in FY2021 2Q.
- Cross-border ratio is on uptrend, so lead time is prolonged.
(JPY1,000,000)

2,500

Record-high backlog on
par with the 2020 2Q

Backlog at end of period (left scale)

50%

Cross-border ratio of backlog (right scale)

2,000

40%

1,500

30%

1,000

20%

500

10%

0

0%
2019
1Q

2020
2Q

3Q

4Q

1Q

2021
2Q

3Q

4Q

1Q

2Q
22

Our Various Progress

Revitalization Projects Status- Credit guarantees by government-affiliated financial institutions surged, and bank lending surged. Resulted ample cash flow
for companies.
- Business revitalization projects have been unlikely to occur, and lead times lengthened.
- The sharp increase in revitalization projects expected at the beginning of this fiscal year for financial institution referrals has
not yet occurred.

(Trillions of yen)

Trends in Credit Guarantees by Government-

Affiliated Financial Institutions(Trillions of yen)

Trends in Loans Outstanding by Banks andCompanies’ Cash Position (as of March, 2021)

Shinkin Banks

650

Not sure,40

Difficult,

600

2.7

13.6

30
550

20
10

500

0

450

Comfortable,
43.2

Source: National Federation ofCredit Guarantee Corporations

Source: Bank of Japan

CY2021

CY2020CY2019CY2018CY2017

CY2016

CY2015

CY2014

CY2013

CY2012

CY2011CY2010

CY2009

CY2008

Neutral, 40.6

Source: Teikoku Databank, April 14, 2021
"Company Awareness Survey on Business Forecasts for FY2021"

23

Our Various Progress

Invite Deputy President and Strengthen Corporations Sales Capabilities- Form a new sales team to further strengthen corporate sales (including funds) that have driven our growth in recent years.
- Invite Mr. Komori, who is familiar with corporate sales. as deputy president and executive officer in August 2021.

Corporations Sales Trend

Invite Deputy President

Net Sales(JPY1,000,000)

Deputy President and Executive Officers

Tadaaki Komori

4,000
3,500

Financial Institutions Referals
Business Corporations

3,000
2,500
2,000
1,500
1,000
500
0
2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Sumitomo Bank, Ltd.
1985
Entered in 1985
1989-1996 Transferred to London, U.K.
Sumitomo Mitsui Banking Corporation
2003-2004 Transferred to London, U.K.
2006-2013 Head of Financial Sponsor Dept, Corporate Advisory Div.
2013-2016 Head of Corporate Sales Dept at Yokohama(Appointed as Vice President in 2015)2016-2017 Vice President, Deputy Head of Corporate Advisory Div.
SMBC Nikko Securities Co., Ltd.
2017-2018 Executive Officer, Head of Corporate Business Div.
2018-2019 Managing Executive Officer, Head of Investment Banking Div.
2019-2020 Managing Executive Officer, Head of M&A Advisory Div.
2020-2021 Managing Executive Officer, Deputy Head of Wholesale Business
Head of M&A Advisory Div.
Sumitomo Mitsui Financial Group, Inc.
2020-2021 Managing Executive Officer, Deputy Head of Wholesale Business24

Our Various ProgressCompliance with New Market Segment (Prime Market)- Received a notification from the Tokyo Stock Exchange and confirmed the compliance with the listing maintenancestandards for the new market segment.
- In the future, proceed with the application in accordance with the schedule provided by the Tokyo Stock Exchange after aresolution of the Board of Directors regarding the selection of new market segment.

25Section 3

Corporate Profile

Corporate Profile

Background of Establishment
Representative Director

Representative Director

Shoichiro Onishi

Masahiro Matsuoka•After registering as an attorney, joined the law firmof Okuno & Partners Law Office and appointed as apartner in 1997.
•Engaged in the corporate reorganization
proceedings of Japan Lease, Life Co., Ltd., and The
Taisei Fire & Marine Insurance Co., Ltd. as an
acting trustee or other capacity.

•After working at Nomura Research Institute, Ltd.
and Barclays Bank PLC, joined UBS Securities
Japan Ltd, and was subsequently appointed
concurrently as Head of Equity Research andManaging Director in 1999.
•Activities as a securities analyst with a focus on theretail industry more than 10 years.

JoinedJoinedIndustrial Revitalization Corporation JapanEngaged in Mitsui Mining Co.’s business turnaroundproject as an auditor and Kanebo, Ltd. and The Daiei,
Inc.’s turnaround project as a director.

Engaged in the turnaround projects of Kanebo, Ltd.
and The Daiei, Inc. as a director.

Jointly established in 200727

Corporate Profile

Vision• Contribute to enhancing corporate value and building a sustainable society by gathering
wisdom from around the world and solving complex corporate issues as a group of experts
with diverse backgrounds.
Background of our professionals
OthersLegal Counsel

2%

2%

Certified Public
Accountant / Tax

Business Companies

Accountant

19%

12%

Financials Institutions
22%

Consultant / Analyst
43%

As of the end of June 2021

28

Corporate Profile

Business• Providing a wide range of services in response to corporate issues at all stages.

• Business analysis and strategy
formulation• Business due diligence• Medium-Term Management Plan,
Management, Finance, andBusiness Strategy• M&A deal advisory

Management
Consulting• Post M&A consulting• Business succession consulting

M&A
Advisory• PMO management support• Execution support, including
CXO dispatch• Support for collaboration withequity holders• Management reforms under
turnaround situations• Support for business and financial
restructuring

Management
Execution Support• Stakeholder Interest Adjustment Support

Business
Revitalization

29

Corporate Profile

Customer Segments• Provide services to diverse industries.

IT

Others1%
Finance

Retail and10%

wholesale16%

6%
Infrastructure
9%

Restaurant andservices

Industrial goods

23%

manufacturers
24%

Consumer-productproducers11%
Results for the year ended December 31, 202030

Corporate Profile

History
FY2007

Establishment

FY2011

Established a Chinese subsidiary (Frontier Management (Shanghai) Inc.)

FY2012Opened a branch in Singapore to strengthen cross-border M&A

FY2014Opened the Nagano and Osaka Branches to realize
community-based management support services

FY2017FY2018FY2019FY2020

New York Branch opened to strengthen cross-border M&A
Launched fund business to provide funding support services to customers
Listed on TSE Mothers section
Investment made in the first project of the fund

Opened the Nagoya Branch to expand the service territory
Relocated to current location (Roppongi, Minato-ku, Tokyo)
Changed to TSE First Section
31

Corporate Profile

Board of Directors and Organizational Chart
Corporate Strategy Department

Management Consulting Department

Management Execution Support Department

Representative
Director

Financial Advisory Department

Industrial Research Department

Business Development Department

Company Strategy Department

32

Contributions to the benefit of clients- We work for the benefit of our clients by enhancing corporate value.

Management
Philosophy

Contributions to the benefit of stakeholders- By offering well balanced solutions, we work for the benefit of business owners
and managers, employees, business partners, customers, creditors, and otherstakeholders.

Contributions to society- We contribute to society by raising the value (goods & services) provided by ourclient companies.

33

Corporate Profile

Corporate Information
Company Overview

Business Activities

Company Name
Established
ListedFrontier Management Inc.
January 4, 2007

1. Management Consulting

First Section of the Tokyo Stock Exchange (Code Number : 7038)

2. M&A Advisory

Location

Sumitomo Fudosan Roppongi Grand Tower 41F, 3-2-1 Roppongi,
Minato-ku, Tokyo

3. Management Executive Support

TEL/FAX<TEL>+81-3-6862-5180 (general) <FAX>+81-3-6862-8611

4. Business Revitalization Support

Websitehttps://www.frontier-mgmt.com

Officers, etc

Co-president
Co-president

Shoichiro Onishi
Masahiro Matsuoka

Professional Composition Ratio

Director of the Board
Outside Director of the Board
Outside Director of the Board

Yoshiaki Takahashi
Kazuhito Osugi
Keiko Unotoro

OthersAudit & Supervisory (full-time)
Audit & Supervisory (part-time)
Audit & Supervisory (parttime)

Takeshi Umemoto
Kazuhiko Shimokobe
Nobumichi Hattori

Senior Managing Executive Officer
Managing Executive Officer
Managing Executive Officer
Executive Officer
Executive Officer
Executive Officer
Executive Officer
Executive Officer

Toshi Mitsuzawa
Sumio Nishizawa
Akinori Nishida
Masaya Yajima
Shinji Hikoe
Hitoshi Kuriyama
Tomohiro Murata
Junko Koshino

249(consolidated)

as of end of June 2021

No. of employees
BranchGroup Companies
Associatedcompany

Osaka, Nagoya, Nagano, Singapore, New York
Frontier Management (Shanghai) Inc. (Wholly owned)
FCD Partners Inc.

2%
Business
Companies
19%

Financials
Institutions
22%

Legal
✓ The Company has experts infields associated with business2%
management: business, finance,accounting, tax practice, andCertified Publiclaw. (1) attorneys at law,
Accountant / Tax
accountants, and tax attorneys,(2) consultants and industry
Accountant
analysts, and (3) persons
12%
involved in investment banking
and business management, andothers.
Consultant /✓ We form the best team ofexperts in accordance with
Analysteach company’s business43%
challenges and propose
solutions from a comprehensive
perspective.

CounselAs of end of June 31

34

Handling of this material- This document contains forward-looking statements, plans for the future, and management objectives
related to us. These forward-looking statements are based on current assumptions about future eventsand trends, and there can be no assurance that such assumptions will always be accurate. A number offactors could cause actual results to differ materially from those described in this document. Forwardlooking statements such as earnings forecasts and other projections contained in this release arebased on information available at this time and assumptions that management believes to me
reasonable, and do not constitute guarantees of future performance. Actual results may differ
materially from those expectations due to various factors.
- Unless otherwise indicated, the financial data presented herein is presented in accordance withaccounting principles generally accepted in Japan.
- Regardless of the occurrence of future events, we will not necessarily revise the forward-looking
statements that have already been made, except as required by disclosure rules.
- Information about companies other than ours relies generally on publicly available information.

©2021 Frontier Management Inc. All rights reserved. The copyright of this material belongs to Frontier Management Corporation.
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© 2021 Frontier Management Inc.