FY2022 Q1 Financial Results
Ending December 2022

May 13, 2022

Frontier Management Inc.

Contents

Section 1

FY2022 Q1 Financial Results

Section 2

Our Various Progress

Section 3

Corporate Profile1

Section 1

FY2022 Q1 Financial Results

FY2022 Q1 Financial Results

Summary: Fruit of recruitment strategy and recovery of M&A-related business- Large-scale orders from large corporations increased in the management consulting business- Steady conclusion of large-and medium-sized projects in the Financial Advisory Business- Increase orders for new products (SR/IR, DX-related, etc.)- Positive effect of capital and business alliance (60% ownership) with Celebrain, which provides human resource-related consulting- Positive recruitment resulted in an increase in the number of employees (Established a group of more than 300 employees)- Strengthen proposals to clients by strengthening the organizational sales system(JPY Mil.)FY2021
1Q results

YoY change(amount)

FY2022
1Q results

YoY change(percentage)

FY2022
Forecasts(Announced on Feb. 2021)

Achievementrate

Net sales

1,329

2,224895

+67%

7,000

32%

Operatingincome93408315+339%

80051%

Ordinaryincome99416

317+320%80052%Net Income68236

168

+247%

500

47%

3FY2022 Q1 Financial Results

Net Sales by Industry Segment- Management consulting business: Significant increase in sales due to an increase in large-scale orders from large companies- Revitalization support business: Needs for revitalization support continue to not materialize- Financial Advisory Business: Steady conclusion of both large-scale and medium-sized projects in the Financial Advisory Business(JPY Mil.)2,50041

Other Business(2% of total, YoY 273%)

2,0009581,500

Financial Advisory Business(43% of total, 203% YoY)

15472

1,00089212
1,137500

Revitalization Support Business(4% of total, 42% YoY)

Management Consulting Business(51% of total, 180% of previous year)

6310(FY)

2021 1Q

2022 1Q

4FY2022 Q1 Financial Results

Quarterly Sales Trends (1/2)
2,225

Other
Financial Advisory Business

1,849

Revitalization Support Business
Management Consulting Business

1,697

1,625

958

1,502

659
1,329

1,100

(JPY Mil.)

1,057
953

933
824554(FY)12673254
1213715364361

385

374

400

443

1Q2Q3Q

4Q

1Q

2015

752

612

392
347

299
102

822

811

52819
706

314
30

374
359
100

403
61

534

49

914

358

435

303

325

373

2Q

3Q

4Q

1Q

480

509

2Q

3Q

4Q

1Q

513

858

277
99

65

447

2017

629

40

574

1,114

1,035

98

41

349

2016

993

983

451

449

2Q

3Q

4Q

2018

1,092

859
403

416
226

298

335

543

214

203

1Q

440

2Q

529

504

485

3Q

4Q

1Q

2019

567

2Q

649

715

3Q

4Q

2020

153

89

131

315
230

138

472

302

1,311
259

212

167

104

65

470

1,190 757

1,214

1,160 1,174

1,126

1,253

631

1Q727

2Q

896

3Q

2021

1,026

4Q

1,137

1Q
2022
5

FY2022 Q1 Financial Results

Quarterly Sales Trends (2/2)- Continued strong growth in the management consulting business- Financial Advisory Business recovered, with record quarterly sales(JPY Mil.)

1,200
Management Consulting Business
Revitalization Support Business

1,000

Financial Advisory Business
800

600

400

200

0
1Q
(FY)

2Q

3Q

2015

4Q

1Q

2Q

3Q

2016

4Q

1Q

2Q

3Q

2017

4Q

1Q

2Q

3Q

2018

4Q

1Q

2Q

3Q

2019

4Q

1Q

2Q

3Q

2020

4Q

1Q

2Q

3Q

2021

4Q

1Q

2022
6

FY2022 Q1 Financial Results

PL Overview- Personnel expenses (amount) increased due to continued aggressive recruitment, but both net sales and operating income reachedrecord highs for the quarter.
(JPY Mil.)

2021FY
1Q results

2022FY
1Q results

YoY change(percentage)

Net sales(Include Celebrain 93 million Yen)

1,329

2,224+67%

Operating expenses

1,235

1,816+47%

Outsourcing costs, etc.

52105

Personnel expenses

876

1,337

Recruitment costs

6890

Other expenses

238284

Operating income(Include Celebrain 17 million Yen)

93408+339%

Ordinary income

99416+320%

Profit before Tax

99416+320%

Profit attributable to the parent company

68236+247%

In both net sales andoperating income

Record high for the quarter

7

FY2022 Q1 Financial Results

BS Overview- Total assets increased mainly due to an increase in goodwill (JPY 297 million) following the acquisition of cash and deposits andCelebrain shares.
- Total liabilities increased mainly due to an increase in borrowings.
- Despite the payment of dividends, total net assets increased due to an increase in quarterly net income attributable to owners of theparent.
(JPY Mil.)End of Dec. 2021

End of March 2022

YoY change (amount)

Current assets

2,998

3,861+863

Fixed assets

821

1,014+193

Total assets

3,819

4,876+1,057

Current liabilities

1,282

1,781+499

Fixed liabilities

82401+319

2,397

2,533+136

54

159+105

3,819

4,876+1,057

1,784

2,466+682-

857+857△1,784△1,609△175

Shareholders' equity
Other net assets
Total liabilities and net assets
Cash and deposits
Interest-bearing debt
Net Debt

8Section 2

Our Various ProgressOur Various Progress

Aggressive hiring strategy- Continue measures to strengthen recruitment of outstanding human resources to strengthen the organizational foundation- Aiming for 377 employees in our group by the end of FY 2023
354

Number of employees at EOFY

+33%

321

Celebrain
Celebrain-267

Frontier
Management
Group
Frontier
management(beforecelebrine connection)
before consolidation of Celebrain

159(Number)(YoY change)

153

+4%

172+8%

153
-11%

165
+8%

227

177+10%(2022/5Contrast)

24+6%

Frontier
Management
Group27

Celebrain

350

Frontier
ManagementGroup before
consolidation ofCelebrain

377

21+18%+28%+7%

330
300*

+24%+6%+10%(2022/5Contrast)

(FY)

2014

2015

2016

2017

2018

2019

2020

2021

2022 As

2022

2023

of May 1PlanPlan*The number of employees as of May 1, 2022 includes the number of informally designated employees.

10Our Various Progress

D&I Initiatives- Reinforcing recruitment of women and promotion to managerial positions- Strengthen recruitment of foreign employees and promote diversification of the number of languages responding
40%

Ratio of Female Employees / Female managers

Ratio Trends of foreign employees & number of5%

Ratio of female employees

1.5%

1.5%
4%

30%
1.1%
22%
20%

19%

19%

20%

20%

1.0%

4.2%

4.2%

65employees

3%
30.8%

4.2%

Ratio of foreign
3.1%

21%

4.8%

languages covered

Supported languages

1.5%

Percentage of female managers(Number oflanguages)

2.9%

365

443

32%
0.5%

10%

72
1%
1

0.0%

0.0%

0%
(FY)

0.0%
2017

2018

2019

2020

2021

2022/30%
(FY)

02017

2018

2019

2020

2021

2022/3
11Our Various Progress

Management Consulting Business growth(Number)

Number of Management Consulting Business Projects Acquired

1009078807078948270636257606450403020100(FY)

2020 1Q

2021 1Q
2Q

3Q

4Q

2022 1Q
2Q

3Q

4Q
12Our Various Progress

Strong start of new businesses- Personnel reinforcement and new business strategies were successful.

Sales of New Businesses(JPY Mil.)250
Cross-border Management Executive Support Division
Manufacturing Re-engineering Division

200

Digital Strategy Division
Enterprise-Value Creation Division
Governance, Risk, and Compliance (GRC) Section

150100500(FY)

2020 1Q

2Q3Q

4Q

2021 1Q

2Q

3Q

4Q

2022 1Q
13

Our Various Progress

Number of large-and medium-sized projects in the Financial Advisory BusinessMedium-sized PJ (between JPY 50 mil. and 100 mil.)Large-sized PJ (JPY 100 mil. or more)

11
10
6

3

10

5

4

7(Number)

(FY)

32015

32016

45322017

2018* Net sales exclude subcontracting costs and project introduction fees from net sales.

20191120202021

2022 1Q
14

Our Various Progress

Backlog of Financial Advisory Business- New orders are strong, and the order backlog is at a record high level since the company's establishment.
(JPY Mil.)

3,000
2,500
2,000
1,500
1,0005000(FY)2019 1Q

2020 1Q
2Q

3Q

4Q

2021 1Q
2Q

3Q

4Q※"Order backlog" is calculated for projects with a high degree of certainty, but there are cases where contracts do not result.

2022 1Q
2Q

3Q

4Q
15

Our Various Progress

Strengthening the M&A advisory system in the financial advisory business- Continuous Organizational and Human Resources Strategies for Strengthening the Business Structure
Tadaaki Komori Director, Executive Vice President

Establishment of a business promotion system that leverages our strengths as the head of the M&A advisory division[History]

Tad joined The Sumitomo Bank, Limited (current Sumitomo Mitsui Banking Corporation) in 1985. Joined SMBC Nikko Securities, Inc. in 2017. Became Senior Managing
Director and Managing Executive Officer in 2018. Concurrently served as Managing Executive Officer of Sumitomo Mitsui Financial Group, Inc. in 2020. Joined FrontierManagement Inc. as Deputy President Executive Officer in 2021.
Tad has extensive experience and depth knowledge in both commercial banking and investment banking in Japan and abroad. He has been involved in banking businesswith domestic and overseas corporate clients throughout his carrier.

Yoshinao Kawashima Managing Director
Invited to strengthen M&A organization structure[History]
Yoshinao Kawashima joined KPMG AZUSA LLC(formally known as Asahi & Co) in 1997, followed by M&A department of Daiwa Securities
Group in 2006 providing M&A advisory service of both domestic and cross-border throughout its career. He joined FrontierManagement Inc. in 2022.

Mijinao Ikarashi Managing Director
Assigned to Paris to strengthen global structure, First European assignee[History]Mikinao Ikarashi joined GE Capital in 2001 and subsequently worked at KPMG AZSA LLC. He undertook domestic and international
M&A advisory-related duties from 2007 at Daiwa Securities SMBC Co. Ltd. (now Daiwa Securities Co. Ltd.) and from 2012 at EYTransaction Advisory Services Inc. (EY TAS)before joining Frontier Management Inc. in 201416

Our Various Progress

Establishment of Frontier Capital Co., Ltd.
- Company established on April 1- Currently procuring funds from external sources and developing investment targets
Corporate ProfileCompanyNameIncorporation

Frontier Capital Inc. Abbreviation "FCI"BusinessContents

Shoichiro Onishi

April 1, 2022

Address

2-1, Roppongi 3-chome, Minato-ku, Tokyo, JAPAN

Paid-in
CapitalJPY 500 million (additional paid-in capital JPY500 million)

Investment business involving the dispatch ofmanagement personnel
Representative Director, Co-PresidentManagement
Members

Masahiro Matsuoka
Representative Director, Co-President
Yasuo Horikoshi
Representative Director and Senior Managing Director
Hiroaki Hamada
Corporate Auditor

History of Yasuo Horikoshi Representative Director and Senior Managing Director
Joined Japan Associated Finance Co., Ltd. (currently JAFCO Group Co., Ltd.) in 1990, joined IRCJ in 2004, and became amanaging director. In 2007, he participated in the establishment of Industrial Growth Platform, Inc.(“IGPI”) and became afounding partner and executive officer and managing director. In 2009, he was involved in the establishment of Intellectual
Property Strategy Network Co., Ltd. and was appointed a director. Joined FCD Partners Co., Ltd. in 2017. He was appointed as a
Representative Director and Senior Managing Director of Frontier Capital Inc. in 2022.

※As of May, 2022

17

Section 3

Corporate Profile

Corporate Profile

Background of EstablishmentRepresentative Director

Representative Director

Shoichiro Onishi

Masahiro Matsuoka•After registering as an attorney with the Tokyo Bar
Association in 1992 (44th term), joined the law firm ofOkuno & Partners and was appointed as a partner in1997.
•Engaged in the corporate reorganization proceedingsof Japan Lease, Life Co., Ltd., and The Taisei Fire &Marine Insurance Co., Ltd. as an acting trustee orother capacity.

•After working at Nomura Research Institute, Ltd. andBarclays Bank PLC, joined UBS Securities Japan Ltd,and was subsequently appointed concurrently as
Head of Equity Research and Managing Director in1999.
•Engaged as an equity analyst with the retail industry
for a total of 10 years.

JoinedJoinedIndustrial Revitalization Corporation Japan
OnishiEngaged in turnaround projects as an auditor in Mitsui Mining
Co., and a director in Kanebo, Ltd. and The Daiei, Inc.

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

Jointly established in 200719

Corporate Profile

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

1%

1%

Certified Public

Accountant / Tax
Business Companies

Accountant

19%

12%

Financials Institutions

Consultant / Analyst

22%

45%
As of the end of December 2021
20

Corporate Profile

BusinessProviding a wide range of services in response to corporate issues at all stages

Business analysis and strategy formulation

M&A deal advisory (including cross-border)

Business due diligence

Post M&A consulting

Medium-Term Management Plan, Management,Finance, and Business Strategy

ManagementConsulting

DX Strategy Support/Corporate Value EnhancementSupport/GRC Support

Business succession consulting

M&AAdvisory

Support for rehabilitation proceedings
PMO management support
Management execution support,
including CXO dispatch
Domestic and overseas PMI support
based on hands-on
Support for management reforms at thetime of business revitalization

Management
Executive Support

Support for business and financial restructuring
Stakeholder Interest Adjustment Support

Business
Revitalization

21

Corporate Profile

Customer Segments
Providing services to diverse industries.

IT
2%

Others8%

Retail andFinancewholesale24%

9%
Infrastructure
10%

Restaurant andIndustrial goods

services18%
manufacturers21% Consumer-productproducers8%
Result of FY2021

22Corporate ProfileHistory
FY2007FY2011FY2012

Establishment
Established a Chinese subsidiary (Frontier Management (Shanghai) Inc.)
Opened a branch in Singapore to strengthen cross-border M&A

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

FY2017

New York Branch opened to strengthen cross-border M&A
Launched fund business to provide funding support services to customers

FY2018FY2019Listed 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)

FY2020Changed to TSE First Section

FY2022

Capital and business alliance with Celebrain Corporation (Our ownership ratio is 60%)
Established Frontier Capital Inc.
Transitioned to the TSE Prime Market23

Corporate Profile

Organizational Chart for Directors
Frontier Management Inc.
Corporate Strategy Department
Management Consulting Department
Management Executive Support Department
M&A advisory Department

Representative
Director

Corporate Sales Department
Industry Research Department

Business Development Department
Company Planning and Administration Department

BranchGroup Companies / Associated Companies

Osaka
BranchNagoyaBranchFrontier Management(Shanghai) Inc. (100%subsidiary)Singapore
BranchNew York
BranchCelebrain Corporation

Frontier CapitalInc.
FCD Partners Inc.

(Joint Venture Company with theDevelopment Bank of Japan)

24

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 andmanagers, employees, business partners, customers, creditors, and otherstakeholders.

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

25

Corporate Profile

Corporate Information
Company Overview
Trade NameEnglish
Incorporation
Security
Address
TEL / FAX
WebsiteKey members

Number ofemployees
BranchGroup Companies

Affiliatedcompanies

Frontier Management Inc.
Frontier Management Inc.
January 4, 2007
7038 (Tokyo Stock Exchange Prime Market)
3-2-1 Roppongi, Minato-ku, Tokyo
Sumitomo Realty & Development Roppongi Grand Tower 41st Floor<TEL>03-6862-5180 (Representative)<Fax>03-6862-8611
https://www.frontier-mgmt.com
Representative Director, Co-President andShoichiro OnishiExecutive Officer
Mohiro Matsuoka
Representative Director, Co-President andExecutive Officer
Member of the Board, Corporate Executive
Tadaaki Komori
Deputy President
Kazuhito Yasugi
Outside Directors
Eiko Udoro
Outside Directors
Standing Corporate Auditor
Takeshi Umemoto
Auditor (part-time)
Kazuhiko Shimokawabe
Auditor (part-time)
Tomotsu Hattori
Senior Managing Director and Executive
Toshiyuki Glossawa
Officer
Sumio Nishizawa
Managing Director and Executive Officer
Akinori Nishida
Managing Director and Executive Officer
Masaya Yajima
Executive Officers
Hikoe Shinji
Executive Officers
Hitoshi Kuriyama
Executive Officers
Tomohiro Murata
Executive Officers
Hiroaki Hamada
Executive Officers
285 (Consolidated)
As of March 31, 2022
The Osaka branch and Nagoya branch
Singapore branch ・ New York branch
Frontier Management (Shanghai) Inc.
Frontier Capital Corporation
Celebrain Corporation
FCD Partners Co., Ltd. (joint venture with Development Bank of Japan)

Business Descriptions

1. Management Consulting
2. M&A Advisory
3. Management Executive Support
4. Business Revitalization Support
Professional Composition Ratio

BusinessCompanies
19%

Financials
Institutions
22%

OthersLegal

1%Counsel1%✓ Composed of experts tomanagement such as legal
counsel, CPA, tax accountant,consultants, industry analysts,
Certified Public
and persons involved in banking,Accountant / Tax
enterprises and others.
✓ Form the best team of experts toAccountant
each customer’s challenge and12%
propose comprehensivesolutions.

Consultant /Analyst
45%

As of end of December 2021

26

Handling of this material◆ This material 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 events and trends, and there can be no assurance that such assumptions will always
be accurate. A number of factors could cause actual results to differ materially from those described in this document.
◆ Unless otherwise indicated, the financial data presented herein is presented in accordance with accounting principles generally accepted inJapan.
◆ 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.

©2022 Frontier Management Inc. All rights reserved. The copyright of this material belongs to Frontier Management Corporation.

27

© 2022 Frontier Management Inc.