August 15, 2024
To AllCompany Name
Representative

Contact

Frontier Management Inc.
Shoichiro Onishi,President & Executive Officer(TSE Prime Market Code No. 7038)
Hiroaki Hamada,
Executive Officer, Head of Company
Planning and Administration Department(TEL．+81-3-6862-8335)

Announcement of secondary distribution of shares and changes in major shareholders
On August 15, 2024, we recognized the transfer (the "Transfer") of a portion of our common stock held by our former
director, Mr. Masahiro Matsuoka, to M&A Capital Partners Co., Ltd. through privately negotiated transactions outside themarket.
We hereby announce that this transfer corresponds to a secondary offering of our common shares and that there will be achange in major shareholders as a result of this transfer.
Notation
I. Secondary offering of shares
1. Outline of the secondary offering
Class and number of shares to be offered
for sale
Offering priceTotal sales price
Owner of shares to be offered andnumber of shares to be offered
Method of offering
Application Period
Delivery Date
Application money for case
Minimum subscription unit
Other

1,935,000 shares of our common stock
1,097.38 yen per share (rounded to the nearest third decimal place)
The offering price is determined through consultation between theparties to the transfer.
2,123,432,143 yen
Masahiro Matsuoka 1,935,000 shares
Transfer of our common stock to M&A Capital Partners Co., Ltd.
through privately negotiated transactions outside the market
August 15, 2024
August 15, 2024
Not applicable.
One share
With respect to the above, the Company has filed a securities noticeunder the Fi financial Instruments and Exchange Law.

2. Purpose of the secondary offering of shares
Mr. Masahiro Matsuoka, a former director of the Company, and M&A Capital Partners Co., Ltd. have entered into anagreement to implement the transfer of a portion of the Company's common stock held by Mr. Masahiro Matsuoka
through an off-market exchange transaction. The purpose of the transfer is to sell the shares through a secondary offeringin accordance with the procedures stipulated in the relevant laws and regulations.
There are no capital, personal or business relationships between us and M&A Capital Partners Co., Ltd. as of today.

1II. Changes in Major Shareholders
1. Background of the change
There will be a change in major stockholders due to the sale of our common Stocks as described in the " I. Sale ofShares" above.
2. Overview of shareholders to be transferred①Outline of Shareholders to be Newly Major Shareholders(1)Name: M&A Capital Partners Co., Ltd.
(2)Head office: 2-2-1 Yaesu, Chuo-ku, Tokyo(3)Representative: President Satoru Nakamura,(4)Main business: M&A intermediary services(5)Common stock: ¥384 million (As of June 30, 2024)②Overview of Shareholders who cease to be Major Shareholders(1)Name: Masahiro Matsuoka(2)Address: Minato-ku, Tokyo
3. The number of voting rights (number of shares held) held by such shareholders and the ratio to the number of voting
rights of all shareholders①Shareholders who will be newly major shareholders
Number of Votes
Total number of shares
Major Shareholder(Number of shares
held by shareholders
Rankingheld)
Ratio to
Before change (as of June 30, 2024)
19,350pcs
After transfer
16.49%
2nd place(1,935,000 shares)②Shareholders who cease to be major shareholders
Number of Votes
Total number of shares
Major Shareholder(Number of shares
held by shareholders
Rankingheld)
Ratio to21,826pcs
Before change (as of June 30, 2024)
18.60%
2nd place(2,182,691 shares)
2476pcs
After transfer
2.11%
8th(247,691 shares)※The percentage of voting rights held by total shareholders is calculated based on the most recent available number of voting
rights held by total shareholders of 117,345, which is 11,755,843 shares of the company's outstanding shares as of june 30,
2024, less 21,343 shares of the company that do not have voting rights, and is rounded to the nearest third decimal place.
※The number of voting rights, number of shares held, and ranking of major shareholders are based on our assumption of theshareholder register as of June 30, 2024.
4. Date of transfer: august 15, 2024
5. Future Outlook
This transfer will not have any impact on our business results.
In the future, we will promptly notify you if it becomes clear that there will be a significant impact on our businessperformance, or if there is anything that needs to be announced.

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