March 11, 2022
To AllCompany Name
Representative

Contact

Frontier Management Inc.
Shoichiro Onishi,
Co-President & Executive Officer(TSE First Section Code No. 7038)
Hiroaki Hamada,
Executive Officer, Head of Company
Planning and Administration Department(TEL．+81-3-6862-8335)(Progress of Disclosure Items) Notice of Establishment of Subsidiaries and Starting of New Businesses
At a meeting of the Board of Directors held on March 11, 2022, Frontier Management Inc. (hereafter the “FMI”)
announced that the Company's name, representative, capital stock, date of establishment, fiscal year-end, major shareholder
and shareholding ratio related to the establishment of a subsidiary, which was announced on February 10, 2022, were resolved
as follows.
1.Overview of newly established subsidiaries※Underlines are drawn on the changes.
Before change (disclosed on February 10, 2022)
(1)

Name

Frontier Capital Co., Ltd. (tentative name)(2)

Address

3-2-1, Roppongi, Minato-ku, Tokyo(3)

Job Title/Name ofRepresentative

Shoichiro Onishi Representative Director
Masahiro Matsuoka Representative Director(4)

Description ofBusinesses

Investment business involving the dispatch of management personnel(5)

Paid-in Capital

Undecided(Note 1) Although FMI plan to invest a total of approximately JPY 1 billion, the amountto be included in capital has not been determined.
(Note 2) FMI plan to raise funds totaling 20 billion yen from financial institutions,operating companies, etc. that have agreed with the purpose of establishing a new
subsidiary, but the amount to be included in capital has not been determined.

(6)

Date of Incorporation

April 1, 2022 (planned)(7)

Fiscal year end

December 31 (planned)(8)Major shareholders
and percentage ofshares

FMI (percentage of voting rights is undecided, but FMI hold a majority).
(NOTE)FMI plan to issue common stock or class shares to financial institutions andoperating companies that have agreed with the purpose of establishing a newsubsidiary.

(9)

Listed companies andthe companies
concerned
Relationship with

Capital relationship

Subsidiary of FMI

Personnel
relationshipShoichiro Onishi and Masahiro Matsuoka, Representative
Directors of FMI, will also serve as Representative Directors of
the relevant companies.

BusinessrelationshipThere is no business relationship with FMI because newly
established subsidiaries have not commenced operations.

After the change (disclosed on March 11, 2022)(1)

NameFrontier Capital Inc.

(2)

Address

3-2-1, Roppongi, Minato-ku, Tokyo(3)

Job Title/Name ofRepresentative

Shoichiro Onishi Representative Director & Co-President
Mohiro Matsuoka Representative Director & Co-President
Yasuo Horikoshi Representative Director and Senior Managing Director(4)

Description ofBusinesses

Investment business involving the dispatch of management personnel(5)

Paid-in Capital

500 million yen(Note 1) FMI will invest a total of 1 billion yen, with 500 million yen as common stockand 500 million yen as additional paid-in capital.
(Note 2) FMI plan to raise funds totaling 20 billion yen from financial institutions,operating companies, etc. that have agreed with the purpose of establishing a new
subsidiary, but the amount to be included in capital has not been determined.

(6)

Date of Incorporation

April 1, 2022

(7)

Fiscal year end

December 31(8)

Major shareholders
and percentage ofshares

FMI 100% (at the time of establishment)(NOTE) FMI plan to issue common stock or class shares to financial institutions andoperating companies that have agreed with the purpose of establishing a new
subsidiary, but FMI hold a majority of the voting rights.

(9)

Listed companies andthe companies
concerned
Relationship with

Capital relationship

Subsidiary of FMI

Personnel
relationshipShoichiro Onishi and Masahiro Matsuoka, Representative
Directors of FMI, will also serve as Representative Directors of
the relevant companies.

Businessrelationship

There is no business relationship with FMI because newly
established subsidiaries have not commenced operations.