Frontier Management : (Progress of Disclosure Items) Notice of Establishment of Subsidiaries and Starting of New Businesses

	March 11, 2022
To All
Company 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．[phone])

(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 of	Shoichiro Onishi Representative Director
Representative	Masahiro Matsuoka Representative Director
(4)	Description of	Investment business involving the dispatch of management personnel
Businesses
		Undecided
		(Note 1) Although FMI plan to invest a total of approximately JPY 1 billion, the amount
(5)	Paid-in Capital	to 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)
	Major shareholders	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 and
(8)	and percentage of
operating companies	that have agreed with the purpose of establishing a new
	shares
	subsidiary.
	Listed companies and	Capital relationship		Subsidiary of FMI
(9)	the companies	Personnel		Shoichiro Onishi and Masahiro Matsuoka, Representative
concerned		Directors of FMI, will also serve as Representative Directors of
	relationship
	Relationship with		the relevant companies.

		Business		There is no business relationship with FMI because newly
		relationship		established subsidiaries have not commenced operations.
After the change (disclosed on March 11, 2022)
(1)	Name	Frontier Capital Inc.
(2)	Address	3-2-1, Roppongi, Minato-ku, Tokyo
	Job Title/Name of	Shoichiro Onishi Representative Director & Co-President
(3)	Mohiro Matsuoka Representative Director & Co-President
Representative
	Yasuo Horikoshi Representative Director and Senior Managing Director
(4)	Description of	Investment business involving the dispatch of management personnel
Businesses
		500 million yen
		(Note 1) FMI will invest a total of 1 billion yen, with 500 million yen as common stock
(5)	Paid-in Capital	and 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
	Major shareholders	FMI 100% (at the time of establishment)
	(NOTE) FMI plan to issue common stock or class shares to financial institutions and
(8)	and percentage of
operating companies	that have agreed with the purpose of establishing a new
	shares
	subsidiary, but FMI hold a majority of the voting rights.
		Capital relationship		Subsidiary of FMI
	Listed companies and	Personnel		Shoichiro Onishi and Masahiro Matsuoka, Representative
	the companies		Directors of FMI, will also serve as Representative Directors of
(9)	relationship
concerned		the relevant companies.
	Relationship with	Business		There is no business relationship with FMI because newly
		relationship		established subsidiaries have not commenced operations.