FY2023 Q3 Financial Results

November 10, 2023

Frontier Management Inc.
フロンティア・マネジメント株式会社
TSE Prime Market: 7038

Table of Contents

Section 1

FY2023 Q3 Financial Results

Section 2

Progress of Measures Taken

Appendix

Corporate Profile

1Section 1

FY2023 Q3 Financial Results

FY2023 Q3 Financial Results

Summary: Consolidated Results for Frontier Management Group [Entire Group]

Entire Group- In the third quarter of FY2023, net sales and operating income were 123% and 126% of the levels a year earlier respectively, both reaching third quarter record highs.
- In the absence of the write-down of investment securities recorded in the previous year, net income attributable to owners of parent was 151% of the level a year earlier,with the rate of increase even higher than at the ordinary income stage.
- The management consulting business continued to perform strongly, posting record third quarter net sales.
- As in the second quarter, the revitalization support business maintained record high sales, buoyed by strong demand from the end of FY2022.
- The M&A advisory business performed solidly, with net sales reaching 97% of the level a year earlier.
- The number of employees at the end of September 2023 was 369, a net increase of 34 from the end of FY2022. This represents progress of 61% toward achievement of
the FY2023 personnel expansion plan of 56 employees.
- Frontier Capital Inc. (FCI) plans to conclude contracts with investment target companies in the fourth quarter, and is currently in the process of sourcing investees for next
fiscal year.
(JPY Mil.)

2022 / 3Q
Results2023 / 3Q
Results

YoY change(amount)

YoY change(ratio)FY2023
Forecasts(Feb. 10, 2023)

Rate ofachievementof Forecast

Net sales
Operating income(Operating income margin)
Ordinary income(Ordinary income margin)

5,889
679
(12%)
696
(12%)

7,267
854
(12%)
852
(12%)

+1,378
+175
(+0%)
+156
(-0%)

123%
126%
－
122%
－

10,000
1,200
(12%)
1,200
(12%)

73%
71%
－
71%
－

Net income attributable toowners of parent

351

529

+178

151%

700

76%

(Net income margin
attributable to owners ofparent)

(6%)

(7%)

(+1%)

－

(7%)

－
3

FY2023 Q3 Financial Results

Summary: Consolidated Results for Frontier Management Group [Excluding FCI]

Excluding FCI

Looking at consolidated financial results for the third quarter of FY2023 of Frontier Management Group excluding FCI, the operating income margin was 16%, up 2
percentage points from the same period a year earlier.

(JPY Mil.)

2022 / 3Q
Results
Net sales

2023 / 3Q
Results

YoY change(amount)

YoY change(ratio)FY2023
Forecasts(Feb. 10, 2023)

Rate ofachievementof Forecast

5,900

7,249

+1,348

123%

9,650

75%

785

1,142

+357

145%

1,500

76%

(13%)

(16%)

(+2%)

－

(16%)

－

800

1,154

+354

144%

1,500

77%

(Ordinary income margin)

(14%)

(16%)

(+2%)

－

(16%)

－

Net income attributable toowners of parent

477

831

+354

174%

1,000

83%

(Net income margin
attributable to owners ofparent)

(8%)

(11%)

(+3%)

－

(10%)

－

Operating income(Operating income margin)

Ordinary income

4

FY2023 Q3 Financial Results

Net Sales by Business [Entire Group]

Entire GroupManagement consulting business: The management consulting business maintained a strong performance. Net sales reached 112% of the level a year earlier.
Revitalization support business:
Net sales in the revitalization support business grew to 453% of the level a year earlier due to strong demand from the end of FY2022.
M&A advisory business:
The M&A advisory business maintained the high level of performance seen last year, with net sales reaching 97% of the level a year
earlier.
Investment business:
The investment business is still in the process of examining investment and therefore accounts for no more than 0.2% of total sales.
(JPY Mil.)

8,000
166 18

7,000
6,000
5,000
4,000
3,000
2,000

0

Investment Business(Component ratio 0.2%, YoY change (ratio) -%)Other businesses(Component ratio 2.3%, YoY change (ratio) 138%)

2,041

M&A advisory business(Component ratio 28.1%, YoY change (ratio) 97%)

1,279

Revitalization support business(Component ratio 17.6%, YoY change (ratio) 435%)

3,361

3,761

Management consulting business(Component ratio 51.8%, YoY change (ratio) 112%)2022 / 3Q

2023 / 3Q

120

2,113

294

1,000
0
(FY)

* "Revitalization support business" means the business of assisting corporations in financial difficulties to develop a revitalization plan for the purpose of stabilizing theirbusiness and coordinating their interests with financial institutions, in order to request financial support from financial institutions such as repayment deferment or debt
forgiveness. It also involves assisting in the execution of the revitalization plan.

5

FY2023 Q3 Financial Results

Excluding FCI

Quarterly Net Sales Trends by Business [Excluding FCI] (1/2)
Consolidated net sales reached a third quarter record high.

2,651(JPY Mil.)

2,500

M&A advisory business

2,000

1,849

Revitalization support business
Management consulting business

1,500

1,000

500

2,323
2,276

2,225

Other businesses

1,697

1,625

1,502

2,027
1,916
1,747

903 663476

379 370 530
1,329 1,311
576 680
1,253
1,214 1,190
659 958
1,1601,174 1,114
579 129
1,126
1,100
1,092
89
1,057
1,035
259
307
993
153
76
953 983
933
757
335
302
858
472
131
824
822
819
811
403
315
752 706
859
214
167
416
513
230
358
212
374 403 534
203
277
914 435 629
392 254
1,137 1,173 1,293 1,216
138 226 298
4099
299 554 347
1,252
359 100 61 49
612
1,026 1,051
65 98 65994
104
371 314
53
121
126
896
102
73
41
64
52 30
649 715 631 727
574
567
543
529
509
504
485
480
470 451 449
440
361 385 374 400 443 349 303 325 373 447

0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
(FY)

2015

2016

2017

2018

2019

2020

2021

2022

2023
6

FY2023 Q3 Financial Results

Excluding FCI

Quarterly Net Sales Trends by Business [Excluding FCI] (2/2)

The management consulting business maintained a strong performance and achieved third quarter record high sales.
The M&A advisory business performed solidly, with net sales in the third quarter at 83% of the level a year earlier.
As in the second quarter, the revitalization support business maintained record high sales, with net sales growing to 411% of the level a year earlier due to strong
demand from the end of FY2022.
(JPY Mil.)

1,400

Management consulting business
1,200
1,000

Revitalization support business
M&A advisory business

800
600
400
200
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
(FY)

2015

2016

2017

2018

2019

2020

2021

2022

2023
7

FY2023 Q3 Financial Results

Entire Group

Overview of Consolidated Statements of Income [Entire Group]
Net sales, operating income, EBITDA, ordinary income, and net income attributable to owners of parent all reached record third quarter highs.
(JPY Mil.)

2022 / 3Q
Results2023 / 3Q
Results

YoY change(amount)

YoY change(ratio)Net sales

5,889

7,267

+1,378123%

Operating expenses

5,210

6,413

+1,203123%

Outsourcing

254

773

+520

305%

Personnel

3,551

4,123

+573

116%

Recruiting

391

293

(97)

75%

Others

1,014

1,222

+208

121%

Operating income

679

854

+175

126%

Ordinary income

696

852

+156

122%

Net income before tax

643

852

+209

133%

Net income attributable toowners of parent

351

529

+178

151%

Depreciation and amortization

31

50

+18

157%

EBITDA

711

904

+193

127%
8

FY2023 Q3 Financial Results

Excluding FCI

Overview of Consolidated Statements of Income [Excluding FCI](JPY Mil.)

2022 / 3Q
Results2023 / 3Q
Results

YoY change(amount)

YoY change(ratio)Net sales

5,900

7,249

+1,348123%

Operating expenses

5,115

6,106

+991

119%

Outsourcing

254

794

+541

313%

Personnel

3,477

3,918

+441

113%

Recruiting

391

287

(103)

74%

Others

993

1,105

+112

111%

Operating income

785

1,142

+357

145%

Ordinary income

800

1,154

+354

144%

Net income before tax

762

900

+138

118%

Net income attributable toowners of parent

477

831

+354

174%

Depreciation and amortization

31

50

+18

157%

EBITDA

817

1,192

+375

146%
9

FY2023 Q3 Financial Results

Entire Group

Overview of Consolidated Balance Sheets [Entire Group]

Current assets and other net assets increased, mainly due to an increase in cash and deposits as a result of capital increase through third-party allotment at FCI.
Fixed assets increased, mainly reflecting an increase in investments in affiliates due to the acquisition of Athema shares.
(JPY Mil.)

Current assets
Non-current assets
Deferred assets
Total assets
Current liabilities
Non-current liabilities
Shareholders’ equity
Other net assets
Total liabilities and net assets
Cash and deposits
Interest-bearing debt
Net Debt

End ofDecember
2022
4,276
1,375
7
5,658
1,868
774
2,918
97

End of
YoY change
YoY change
September(amount)(ratio)2023
7,882+3,606
184%
2,655+1,281
193%
6
(1)
82%
10,544+4,886
186%
2,335
+467
125%
1,642
+868
212%
3,461
+543
119%
3,104
+3,0083,200%

5,658

10,544+4,886

186%

3,199
777
(2,421)

6,577
2,148
(4,428)+3,378+1,371(2,007)

206%
276%
183%
10

FY2023 Q3 Financial Results

Trend in Number of Large-scale Projects in M&A Advisory Business
The M&A advisory business won 5 large-scale projects worth JPY 100 Mil. or more during the first nine months ended September 30, 2023 and the average value oflarge-scale projects trended up.

Trend of projects worth JPY Mil. or more(based on number of projects)(Projects)

12

1,800

11

1,400

8

1,200

6

5

5
3

1,067

1,000

870

800

4

600

3
2

788

610
420

400

2

1

1

208

200

0
(FY)

1,635

1,600

10

4

Trend of projects worth JPY Mil. or more(based on value)(JPY Mil.)

150

0
2015

2016

2017

2018

2019

2020

2021

2022

2023
3Q

(FY)

2015

2016

2017

2018

2019

* The number and value of large-scale projects are based on period from January to December of each fiscal year. Data for the consulting business will be
disclosed in the full-year financial results announcement, as the majority of projects in the consulting business are long-term projects.
There were no large-scale projects worth JPY Mil. or more closed in the period from July to September 2023, and the number and value of large-scale
projects are the same as for the first six months.

2020

103
2021

2022

2023
3Q

11

Section 2

Progress of Measures Taken

Progress of Measures Taken

Weekly Trend in Total Value of Orders Received which will be Recognized as Revenue
during Current Fiscal Year [Excluding FCI]

Excluding FCI

In the third quarter as in the second quarter, the total value of orders received was higher than in the previous fiscal year.

(JPY Mil.)

Weekly Trend in Total Value of Orders Received which will be Recognized as Revenue (Net Sales*) during Current Fiscal Year

8,000

2022

7,000

2023

6,000

2021
2020
2019

5,000
4,000
3,000
2,000
1,000
0

Finalized

Week 49

Week 45

Week 41

Week 37

Week 33

Week 29

Week 25

Week 21

Week 17

Week 13

Week 9Week 5

Week 1* Net sales exclude outsourcing costs and project referral fees.

13

Progress of Measures Taken

Order Backlog in M&A Advisory Business
Efforts to manage the probability of projects in a more refined manner have been made since the second half of 2022. The order backlog, which reflects orders received
and high probability projects, as of the end of October was unchanged from the first quarter.
Trends in Order Backlog at End of Period and Net Sales in M&A Advisory Business(JPY Mil.)

3,500

Order backlog at end of term (Japan)
期末受注残高（国内）

Order backlog at end of term (Cross-border)
期末受注残高（クロスボーダー）

Net sales
売上高
3,054

3,000

2,776 2,792
2,356

2,500
2,125
2,000

Cross-border deals
share 60.8％

1,922

1,881

1,742

1,600 1,581
1,500

1,711

1,674

1,413

1,356 1,352

2019

2020

2,152

2,141

2,126 2,106

1,981 1,990

1,353

1,133
1,000
500
0
(FY)

2018
1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2021
2Q

3Q

4Q

1Q

2022
2Q

3Q

4Q

1Q

* Order backlog figures are based on net sales excluding outsourcing expenses and project referral fees.
In some cases, contracts are not concluded for high probability projects.
Starting from FY2023 Q3, the share of cross-border transactions within the M&A order backlog is shown. (*Cross-border transaction: transaction where
either the customer or the counterparty in the negotiation is a foreign company.)

2023
2Q

3Q

4Q

1Q

2Q

3Q

14

Progress of Measures Taken

Entire Group

Aggressive Personnel Expansion Strategy
Continuing measures to hire more talented human resources to strengthen the organizational foundation

Trends in the Number of Personnel at the End of period

TSE
Prime
Frontier Capital Inc.

335

Celebrain
Corporation

11
19

369

391

12
24

1st Sectionof the TSE
TSE
Mothers(Persons)(YoY rate of change)

(FY)

153

2014

153

165

177

+8%

-11%

+8%

+7%

2016

2017

2018

2019

159

172

+4%

2015

227
+28%

2020

255

305

333

+20%

+12%

2021

* The number of personnel at the end of the 2023 plan period under the Medium-Term Management Plan announced in February 2021 is 350.

2022

2023

2023

3Q

Plan
15

Progress of Measures Taken

Expanding and Strengthening Solutions: Hands-on Support- Trend in Actual Dispatch of Managerial Personnel
At the end of the third quarter of FY2023, the number of personnel dispatched in manager (management team) dispatch services surpassed the levels seen throughout
FY2022 to reach the heights seen at the end of FY2021.

25

Unit: person

President and Directors
CxO and Executive Officers
Departmental and Office Managers

8

17
14

5

4
6

(FY)

2017

11

7

2

3

12

11

2022

2023
As of the end of Q3

6
5

10
7

4

5

21
7

16
14

25

2
2018

1
2019

10
6
2020

2021

16

Progress of Measures Taken

Expanding and Strengthening Solutions: New Solutions - Trend in Net Sales of New Solutions
New solutions grew steadily. Sales almost doubled year on year.

Progress of Solutions Launched in 2020 - 2022
(JPY Mil.)

600
500
400

D&I support
Cross-border management executive support
Innovative manufacturing support
DX consulting
SR/IR and ESG support

GRC (Governance, Risk management, Compliance)

300
200
100
0
(FY)

2021
1Q

2022
2Q

3Q

4Q

1Q

2023
2Q

3Q

４Q

1Q

2Q

3Q
17

Progress of Measures Taken

Expanding and Strengthening Solutions: External Environment of Revitalization Support
Business - Growing Needs for Revitalization Support
With the end of COVID-19 subsidies, the number of bankruptcies is trending up.

(Projects)

1,300
1,200
1,100
1,000
900
800
700
600
500
400
300
200
100
0
(FY)

(Projects)

Trend in Number of Bankruptcies

Recession-induced bankruptcies

800
600

544

674

613

505

377

400

783
694

634

800 782
742
648
442

0
(FY) 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9
2019

587
428

(Projects)

493

60
50

288

459
366
339

632
575

227

200

847

625

40

2020

2021

2022

2023

Bankruptcies due to lack of successor

52

54

28

52

49

36

56
50 49

44
34

30
20
1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9
2019

2020

2021

2022

Source: Prepared by Frontier Management based on data from TEIKOKU DATABANK, LTD.

2023

10
0
(FY)

1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9
2019

2020

2021

2022

2023
18

Progress of Measures Taken

Expanding and Strengthening Solutions: Revitalization Support Business- Building a System that can Respond to Market Needs
We are working to strengthen our system to meet the expanding needs for revitalization support.

Main measures to strengthen
the revitalization support business+2（Persons）

1

Increase in the number ofrevitalization support business personnel

Number of personnel in therevitalization support related business

Number of salespeople incharge of financial institutions

7

7
6

6
5

6

2

5

19

30

26

25
20

3

15

2

10

1

5

0

0

2020

2021

2022

40

40
35

4

Close collaboration b/w
revitalization support business and its
related functions (Mid-small M&A, GRC)

+27

（Persons）

End ofOct. 2023

16

25
11

13
21

9
10

14

In charge ofMid-small M&A
and GRC

4
2020

2021

2022

End ofOct. 2023*The counted number of personnel declined in 2022 due
to internal organizational changes where junioremployees are assigned to multiple department projects.

Reinforcing the structure for growth in the revitalization market
where demand is strong19

Progress of Measures Taken

Expanding and Strengthening Solutions: Revitalization Support Business - Major Projects
Below are some examples of our revitalization support projects. The scale of projects is increasing.

Revitalization-type M&A/Financial Advisory❖ Real Estate BusinessNet sales: 100 billion yen or more Employees: 1,000 or more
- Support for handover to sponsor, support for dealing with financial
institutions, etc.

❖ Service BusinessNet sales: 15 billion yen or more Employees: 800 or more
- Support for sponsor selection, support for formulation of revitalization
plan, support for dealing with financial institutions, etc.

❖ Electronic Components Manufacturer

Net sales: 100 billion yen or more Employees: Not disclosed- Support for sponsor selection, support for dealing with financial
institutions, etc.

Revitalization-type Consulting❖ Electric Appliance Manufacturer

Net sales: Not disclosed
Employees: 2,000 or more
- Support for formulation of revitalization plan, support for
implementation of key measures❖ Construction BusinessNet sales: 400 billion yen or more
Employees: Not disclosed- Verification of revitalization plan, support for dealing with financial
institutions, etc.

❖ Shipbuilding BusinessNet sales: Not disclosed
Employees: Not disclosed- Support for formulation of revitalization plan, support for plan execution,
support for dealing with financial institutions, etc.

20

Progress of Measures Taken

Expanding and Strengthening Solutions: Cross-border- Strengthening Collaboration with Europe, North America, etc.
Have held monthly joint meetings by sector with Athema, following formation of capital and business alliance in August. Also planning to open a branch in Paris.

2023
July
Milestones

AugustSeptember

OctoberNovember

December

Capital and Business Alliance with AthemaBusiness Alliance with Helbling

Opening of Paris Branch (Plan)

Search for alliance partners
in France/Italy
Search for alliancepartners in North America

Main
activities

Start of monthly joint
meetings with Athema

Visit to Japanby Athema representatives

2024 onward

Expansion of locally hired/stationed staff
Start of sales activities

•
•
•
•

Main Sectors
Business Service• Food & Beverage
Energy Transition• Healthcare
Software & IT Services• Automotive
Industry Service

Expansion of staff stationed
in Singapore
21Appendix

Corporate Profile

Corporate Profile

Background to Establishment of Frontier Management
Shoichiro Onishi

Masahiro Matsuoka

Representative Director, CoPresident and Executive Officer

Representative Director, CoPresident and Executive Officer• Registered as attorney and joined law offices of Okuno &Partners
Appointed as a partner in 1997

• Joined UBS Securities Japan Ltd. after working at Nomura
Research Institute, Ltd. and Barclays Bank PLC
Appointed concurrently as Head of Equity Research andManaging Director in 1999

• Acted as trustee representative, etc. in corporate
reorganization of Nippon Lease Co., Ltd., LIFE Corporation
and Taisei Fire and Marine Insurance Company, Limited• Worked as securities analyst focusing on distribution
industry for more than 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 200723

Corporate Profile

Business Activities of Frontier Management
Provides a wide range of services to address the challenges faced by companies at various stages

M&A deal advisory (including
cross-border M&As)

Business analysis and strategy formulation

Business due diligence
Medium-term business plans and management,
finance, and business strategies

Management
Consulting

DX strategy support/Support for corporate
value improvement/GRC support

Post-M&A consulting
Business succession consulting

M&A Advisory
Support for rehabilitation procedures
PMO management support

Support for business and financial
restructuring
Management execution support
including dispatch of CxOSupport for domestic and overseas PMI
based on hands-on services
Support for management reforms forbusiness revitalization

Management
Execution Support

Support for the adjustment of interests
among stakeholders

Business
Revitalization24

Corporate Profile

History
2007
2011
2012
2014
2017

2018
2019
2020

2022

2023

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

Opened the Singapore Branch to strengthen cross-border M&A
Opened the Nagano Branch and the Osaka Branch to realize community-based management
support services
Opened the New York Branch to strengthen cross-border M&A
Launched the fund business to provide financial support services to customers
Made investments in first fund projects
Listed on TSE Mothers Section
Opened the Nagoya Branch to expand the service area

Listing switched to the TSE First Section
Formed a capital and business alliance with Celebrain Corporation
Established Frontier Capital Inc.
Shifted to the TSE Prime Market

Formed a capital and business alliance with Athema, a French firm
providing M&A advisory services

25

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

Marketing Division

Representative Director, Co-President
and Executive Officer

Representative Director, Co-President
and Executive Officer

Industry Research Department

SHOICHIRO ONISHIMASAHIRO MATSUOKA

Business Development Department

Company Planning and Administration
Department

Branches

Director of the Board, Deputy
President and Executive Officer

Director

MASAO NISHIHARA

Outside Director

KAZUHITO OSUGIOutside Director

KEIKO UNOTORO

Subsidiaries and Affiliates

Osaka Branch

Nagoya Branch

Frontier Management(Shanghai) Inc.

Singapore
BranchNew York Branch

Celebrain Corporation

Paris Branch(plan)(100% subsidiary)

Frontier Capital Inc.
FCD Partners Inc.

(Joint venture company with theDevelopment Bank of Japan)

AthemaTADAAKI KOMORI

26

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

Corporate Mission

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 other stakeholders.

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

27

Corporate Profile

Strengthening Recruitment, Human Resource Development,
and Development of Internal Work Environment• By bringing together the intelligence and wisdom of a diverse team of professionals to assist clients in solving their management issues, the Group will contribute to a
thriving global environment and a sustainable society while achieving sustainable growth and development for the Group itself.
• Our key themes for sustainability are establishing diversity and expertise of human resources, contributing to a shift in the shape of society and business, andstrengthening corporate growth potential and resilience.
• Strengthening recruitment, human resource development, and development of internal work environment

Strengthening
recruitment

We will actively recruit human resources
through our groupwide Recruitment Promotion Committee.

Policy for humanresource development

We will support the growth of diverse human resources,
enabling them to hone their skills and conduct themselves as professionals,
to earn the trust of clients, stakeholders and society.

Policy for developmentof internal work
environment

We will develop a healthy work environment where diverse human resources
can play an active part and fully demonstrate their capabilities.

28

Corporate Profile

Response to the TCFD Recommendations• The Frontier Management Group will contribute to the fight against climate change by promoting the reduction of its greenhouse gas emissions and environmental
footprint, and by actively supporting our corporate clients as they shift to new business models to build a sustainable global environment and society.
• While natural disasters and the like caused by the climate change were found to have a negative impact on the consulting and advisory business, the demand for these
services may increase as companies go through the transition to a decarbonized society and adapt to climate change.
• By the term ending in December 2030, we will reduce greenhouse gas emissions by 50% as compared to the term ending in December 2021, and by the term endingin December 2050, we will reduce greenhouse gas emissions to net-zero.

CO2 Emissions of Our Domestic Bases (t)(CO2t)

100.0

96.5
0.5

(CO2t)

105.9

0.6
77.4

50.0

0.3

0.0

(FY)

Osaka Branch (left)

0.4

0.4

0.2
0.0

2020

2021

2022

Nagano Branch (left)

Roppongi Head Office (left)

Per employee (right)* Operations at Nagano Branch werediscontinued in April 2022.
* Power consumption at our Nagoya Branch
is not disclosed because the electricity billis included in the rent29Corporate Profile

Basic Corporate Data
Corporate Profile
Company name

Frontier Management Inc.
Frontier Management Inc.

Established

January 4, 2007

Securities code

7038 (TSE Prime Market)

Location

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

Tel/Fax

Tel: +81-3-6862-5180 (general), Fax: +81-3-6862-8611

Websitehttps://www.frontier-mgmt.com

Key members

Shoichiro Onishi, Representative Director, Co-President and Executive
Officer
Masahiro Matsuoka, Representative Director, Co-President andExecutive Officer
Tad Komori, Director of the Board, Deputy President and Executive
Officer
Masao Nishihara, Director of the Board
Kazuhito Osugi, Outside Director
Keiko Unotoro, Outside Director
Takeshi Umemoto, Audit & Supervisory Board Member (full-time)
Kazuhiko Shimokabe, Audit & Supervisory Board Member (part-time)
Nobumichi Hattori, Audit & Supervisory Board Member (part-time)
Sumio Nishizawa, Managing Executive Officer
Akinori Nishida, Managing Executive Officer
Shinji Hikoe, Executive Officer
Tomohiro Murata, Executive Officer
Hiroaki Hamada, Executive Officer

Corporate Mission◼ Contributions to the benefit of clients

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

◼ 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 other stakeholders.

◼ Contributions to society

We contribute to society by raising the value (goods & services) provided by our client companies.

Business
1. Management consulting business2. M&A advisory business
3. Management execution support business
4. Business revitalization businessHistory

Number of employees

363 (consolidated basis) as of June 30, 2023

Branches

Osaka Branch, Nagoya Branch, Fukuoka Branch
Singapore Branch, New York Branch, Paris Branch (plan)

Group companies

Frontier Management (Shanghai) Inc.
Frontier Capital Inc.
Celebrain Corporation2007 Established Frontier Management Inc.
2011 Established a Chinese subsidiary (Frontier Management (Shanghai) Inc.)
2012 Opened the Singapore Branch to strengthen cross-border M&A
2014 Opened the Nagano Branch and the Osaka Branch to realize community-based
management support services2017 Opened the New York Branch to strengthen cross-border M&A
Launched the fund business to provide financial support services to customers
2018 Made investments in first fund projects
Listed on TSE Mothers Section2019 Opened the Nagoya Branch to expand the service area
Relocated to current location (Roppongi, Minato-ku, Tokyo)
2020 Listing switched to the TSE First Section
2022 Formed a capital and business alliance with Celebrain Corporation (Our ownership
ratio is 60%)
Established Frontier Capital Inc.
Shifted to the TSE Prime Market

Affiliates

FCD Partners Inc. (joint venture with Development Bank of Japan)
Athema2023 Formed a capital and business alliance with Athema, a French firm providing M&A
advisory services30

© 2023 Frontier Management Inc.