August 10, 2023
To AllCompany Name Frontier Management Inc.
Representative

Shoichiro Onishi
Co-President & Executive Officer(TSE First Section Code No. 7038）

Contact

Hiroaki Hamada
Executive Officer, Head of Company
Planning and Administration Department（TEL．+81-3-6862-8335）

Notice of Business Alliance with Helbling Business Advisors AG and Helbling Business Advisors GmbH

Frontier Management Inc. (hereinafter "FMI") resolved at the Board of Directors meeting held on August 10, 2023 toform a business alliance with Helbling Business Advisors AG and Helbling Business Advisors GmbH which are part of theHelbling Group under the umbrella of Helbling Holding AG (hereinafter "Helbling"), a Swiss consulting and engineering
firm, for management support in Europe and Japan as follows.

Notes

1.

Background and aim for the business alliance
FMI provides a diverse range of solutions to domestic and overseas companies, including management consulting,
M&A advisory, management executive support and business revitalization support, and have worked to expand ouroverseas business by establishing offices in China, Singapore, and the United States in order to strengthen a cross-borderconsulting, which is a part of vision of medium-term management plan.
Helbling is a European business and technological innovation consulting firm founded in 1963. It focuses on its mainmarkets of Switzerland and Germany, and also provides services to customers worldwide with 621 employees (FTE).
By collaborating with Helbling based on this alliance for the following purposes, FMI further drives cross-borderconsulting.
1.

FMI will strengthen our network to provide consulting services and hands-on management support including
PMI (Post-merger Integration) services in Europe.

2.

Through collaborative marketing, providing services and secondment under this alliance, FMI will further
strengthen our cross-border capabilities.

12.

Details of the business alliance
Through this business alliance, FMI and Helbling have agreed to cooperate with each other in providing services ofmanagement consulting, management executive support, and business revitalization support in Europe and Japan. In
addition, FMI will consider the secondment of employees to each other for further collaboration.

3.

Overview of business alliance partners
Helbling GroupThe Helbling Group, which Helbling Business Advisors are part of, was founded in 1963. In addition to businessconsulting experts in areas such as strategy, M&A, transformation and turnaround management, value chain
management and digitalization, as well as product lifecycle management, the group is characterized by providing
engineering services for product development and infrastructure projects. As such, Helbling has earned the trust of awide range of European and US companies, mainly in the manufacturing and construction industries.
In addition, Mr. Stefan Huber, a Partner of Helbling, is on the Board of CFI (Corporate Finance International), a global
M&A membership, together with our President and Representative Director, Masahiro Matsuoka, which has strengths
in cross-border M&A transactions with operations in 17 countries, mainly in Europe.
Helbling Business Advisors AG(1) Name

Helbling Business Advisors AG(2) Address

Hohlstrasse 614, 8048 Zurich, Switzerland(3) Name of representative

Member of the Executive Board, Partner, Malte Jantz(4) Business description

Management consulting, management executive support, value
chain management, digital process transformation, turnaroundmanagement, and M&A advisory in Switzerland(5) Date of incorporation

May 21, 1993

Helbling Business Advisors GmbH
(1) Name

Helbling Business Advisors GmbH

(2) Address

Neuer Zollhof 3, 40221 Duesseldorf, Germany(3) Name of representative

Managing Director, Partner, Jan-Erik Gürtner
Managing Director, Partner, Daniel Jürgenschellert(4) Business description

Management consulting, management executive support, value
chain management, digital process transformation, turnaroundmanagement, and M&A advisory in Germany(5) Date of incorporation
4.

July 5, 2001

Future outlook
The effect of the business alliance on our FMI group's performance in the fiscal year ending December 31, 2023 is likely
to be minimal, but we believe it will contribute to improving the FMI group's performance over the coming years.

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