Business Summary for Fiscal Year 2012 (22nd period)
January 1 to December 31, 2012

On July 5, 2012, Funai Zaisan Consultants Co., Ltd. changed its
name to Aoyama Zaisan Networks Co., Ltd.

Management Principle~ We will remain your best partner over 100 years ~Core Values
1. We always put our customers' happiness first.
2. We work on all things with modesty, loyalty and in good faith.
3. We value the feelings of consideration and gratitude.

Management Objectives
1. We will contribute to our customer’s happiness through the investment,
administration, and succession of assets.
2. We aim for the physical and mental wellbeing of our coworkers.

President

Masazumi Hasumi

Message from management
At Aoyama Zaisan Networks Co., Ltd., based on our corporate goal of “contributing to the customer’s happiness through theinvestment, management, and succession of assets,” we focus on individuals and corporate owners and provide consulting
services in relation to preservation of assets, business succession, and improving the profitability, effective use, purchase, andsale of real estate that accounts for two-thirds of the wealth of people in Japan.
To survive these tough times, it is essential to formulate management plans for the investment and succession of assets andbusiness succession plans based on understanding the current state of assets and forecasts regarding the future economic
trends, and to steadily implement asset management based on these plans.
Based on our management philosophy of being “Your best partner for the next 100 years,” and in order to respond to the asset
management needs of various customers, we will strive to leverage our bountiful knowledge, improve our personal capabilities,
and foster the capabilities required to always live up to the expectations of our customers. As an independent integrated asset
consulting company, the entire company will work together in its efforts to be a company that can satisfy its customers.

Business Results for Fiscal Year 2012
Highlights of Consolidated Business Results (unit: million yen, rounded down to the nearest million yen)
10,000Operating revenue

8,000

6,000

200

Ordinary income
160

7,627

218

166
200

150
5,839

140

6,190
150

5,227
100

100
50

2,000

Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013
(20th period)(21st period)(22nd period)(23rd period)
Forecast

0130914,0000

Net income

250928250

Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013
(20th period)(21st period)(22nd period)(23rd period)
Forecast

0

Fiscal Year 2010 Fiscal Year 2011 Fiscal Year 2012 Fiscal Year 2013
(20th period)(21st period)(22nd period)(23rd period)
Forecast

The above forecasts are based on the information available as of the preparation of this document, involving some uncertainty. Actual business results might prove different from these forecasts, depending on the changes inbusiness conditions.

Revenue by Segments (unit: million yen, rounded down to the nearest million yen)

100%
90%

45
1,142

94
1,099

47
1,317

80%
70%
60%

Other revenue

1,659
4,616

50%

2,623

Revenue from real estate transactions

40%

Revenue from asset consulting

30%
20%

2,379
1,816

10%
0%

Revenue from sublease

Fiscal Year 2010
(20th period)

Fiscal Year 2011
(21st period)

1,850

Fiscal Year 2012
(22nd period)

Operating Results
During the consolidated fiscal year under review, while the excessive appreciation of the yen
has recently undergone some corrections, the economy overseas still remains highly uncertain
as typified by the European sovereign debt crisis, while domestic corporate enthusiasm has
been dampened by factors such as a slowdown in the growth of the domestic economy and areduction in youth employment, as well as a delay in reconstruction from the recent natural
disasters. With regards to the real estate industry, which has a profound influence upon theAoyama Zaisan Networks Group experienced high. Vacancy rates at offices within five wardsof central Tokyo with rent prices trended remained very weak, and overall operating conditions
remained difficult too.
Against this backdrop, our Group (including Aoyama Zaisan Networks and its fiveconsolidated subsidiaries) provides services designed to protect the assets and ensure thecontinuation of businesses of individuals and business owners. We also provide services
designed to raise the earnings generation potential of real estate, which accounts for two thirdsof assets within Japan, and various real estate solutions including purchase, sale and othermeans of leveraging real estate as part of its asset consulting business. At the same time wemaintain a philosophy that “assets act as the foundation of happy lifestyles.” Against thebackdrop of the current severe economic environment, it is important to accurately predict
future economic trends and assess the current status of individuals’ assets, and develop astrategy to deal with asset management, inheritance related issues, and continuation ofbusiness measures to get over the current “period of uncertainty regarding the future.”

The Aoyama Zaisan Networks Group seeks to maintain its position as the “best partner forover 100 years into the future” by accurately responding to customers’ various needs. As partof our response, we seek to raise the quality of our services by leveraging our bountiful
knowledge and experiences of the financial, real estate and other markets.
We changed our name to Aoyama Zaisan Networks Co. Ltd. on July 5, 2012 as part of ourefforts to fortify our ability to respond to the constantly changing needs of our customers andto maintain growth of our company. At the same time we maintain the view that “inability tochange will lead to loss of future opportunities.”In addition, we published the “Property White Paper 2012” on July 9, 2012. This year’s“Property White Paper 2012” included updated data regarding various aspects of property andassets, in addition to information on Japan’s fiscal conditions, and trends in the Japanese realestate market. Furthermore our White Paper includes surveys and analysis of new asset
management issues including dementia in the aging Japanese society and survey results of ourcustomers regarding their concerns over their assets.
As a result of our activities, during the consolidated fiscal year ended December 2012,
operating revenue decreased by 23.4% year-over-year to ¥5,839 million, operating income
decreased by 47.2% year-over-year to ¥98 million, ordinary income decreased by 44.8% yearover-year to ¥91 million, and net income decreased by 57.8% year-over-year to ¥92 million.

Consolidated Balance Sheet (Summary)(unit: million yen, rounded down to the nearest million yen)

Consolidated Balance Sheet
Term
Item
AssetsCurrent assets
Cash and deposits
Accounts receivable
Real estate held for sale
Other inventories
Purchased receivables
OthersAllowance for doubtful accounts
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments and other assets
Total assets

Fiscal Year 2011

Fiscal Year 2012

Dec. 31, 2011

Dec. 31, 2012

1,790
1,474
215
0
115288(51)
1,907
63
322
1,520
3,698

1,154
746
247
90
16
1660(22)
3,614
1,922
155
1,535
4,769

Term
Item
Liabilities
Current liabilities
Fix liabilities
Total liabilities
Net assets
Shareholder's equity
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Minority interests
Total net assets
Total liabilities and net assets

Fiscal Year 2011

Fiscal Year 2012

Dec. 31, 2011

Dec. 31, 2012

1,486
986
2,473

1,148
1,678
2,827

1,600
1,030
334
235
(375)
(375)
–
1,224
3,698

1,623
1,030
334
258
(360)
(360)
678
1,941
4,769

Consolidated Balance Sheet (Summary)(unit: million yen, rounded down to the nearest million yen)

Consolidated Income Statements
Term
Item
Operating revenue
Operating cost
Operating gross profit
SG & A
Operating income
Non-operating income
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Income before dividends
distribution from silent partnership
Dividends distribution from silent partnership
Income before income taxes and minority interests
Total income taxes
Net income

Fiscal Year 2011
from Jan. 1, 2011
to Dec. 31, 2011

Consolidated Cash Flows
from Jan. 1, 2012
to Dec. 31, 2012

7,627
6,219
1,407
1,221186
1131
166
118
75

5,839
4,601
1,237
1,139
98
1724
91
1
0

208

92

(12)
221
3
218

(3)
95
(2)
92

TOPICSTOPICTerm

Fiscal Year 2011

Fiscal Year 2012

Cash flow from operating activities

579227

Cash flow from investing activities

122(1,203)

Cash flow from financing activities

(602)

247

Net increase (decrease) in cash and cash equivalents

100(728)

Cash and cash equivalents at beginning of period

1,374

1,474

Cash and cash equivalents at end of period

1,474

746

Fiscal Year 2012

1Holding seminars
During the fiscal year under review, we held a total of 63
seminars for individual asset holders and corporate owners,
mainly on the themes of inheritance planning, effective use ofreal estate, and business succession. All of the seminars weresuccessful, indicating a high level of interest in the issues
discussed by the participants.
Seminars on inheritance planning and effective use of real estate for individual customers: 33 seminars
Seminars on business succession for corporate owners: 16 seminars
Others*: 14 seminars*Seminars held for our nationwide network group and partners.

Itemfrom Jan. 1, 2011
to Dec. 31, 2011

from Jan. 1, 2012
to Dec. 31, 2012

TOPICSTOPIC2ADVANTAGE CLUBAs part of our asset consulting business, we launched theADVANTAGE CLUB, which is a joint ownership system of real estate
in response to the asset management needs of our customers. In thisfiscal year under review, we formed one system “ADVANTAGE CLUBKyobashi Chuo.” This system is based on the Real Estate Specified
Joint Enterprise Act in which real estate that would be difficult forindividuals to purchase is jointly purchased through investments inunits of 10 million yen. Real estate rental income is then received
through the conclusion of a voluntary partnership contract. TheADVANTAGE CLUB represents a new form of asset management andinheritance planning through real estate in line with our current times.

TOPIC3

Numerous coverage in the mass media
September3rd issue of Shinnihon Hoken Shimbun
September 26th issue of Japan Metal Bulletin
October 1st issue of Nikkei Top Leader
October 15th issue of Shukan Zenkoku Chintai Jutaku Shimbun
October 15th issue of Shukan Biru Keiei
October 16th issue of Keizaikai
October 20th issue of Shukan Diamond
December 26th issue of Shukan Bunshun

Corporate Data
Corporate Data

as of December 31, 2012

Executives(as of March 28, 2013)

Name of CompanyAoyama Zaisan Networks Company, Limited

President

Masazumi Hasumi

Head Office

3F Aoyama Tower Place, 8-4-14 Akasaka, Minato-ku, Tokyo 107-0052

Managing Director

Hisao Nakatsuka

Tel. +81-6439-5800

Director

Masayuki Yagi

Incorporated

September 17, 1991

Outside Director

Haruo Shimada

Capital stock

1,030.81 million yen

Outside Director

Keiji WatanabeBusiness line

Comprehensive individual asset consulting, business succession consulting and real estate solutions consulting

Standing Auditor

Muneo Harada

Number of employees

93 (Group)

Outside Auditor

Takao Kitamura

Consolidated subsidiaries

6 companies including Aoyama Estate Co., Ltd. and Project Holdings Co., Ltd.

Outside Auditor

Hiroaki Rokugawa

Nationwide Network (35 bases as of December 31, 2012)
Chugoku, Shikoku

Kinki

Hokkaido, Tohoku

Midori Zaisan Consultants Co., Ltd.

Zaisan Networks Kyoto Co., Ltd.

Zaisan Networks Sendai Co., Ltd.

Zaisan Consultants Tokushima Co., Ltd.

Zaisan Networks Osaka Co., Ltd.

Zaisan Networks Fukushima Co., Ltd.

Aoyama Zaisan Networks Tottori Support

Zaisan Networks Hyogo Co., Ltd.

Aoyama Zaisan Networks Hokkaido Support

Aoyama Zaisan Networks Shimane Support

Seki Soken Zaisan Partners Co., Ltd

Aoyama Zaisan Networks Aomori Support

Aoyama Zaisan Networks Kyoto Nijo Support

Aoyama Zaisan Networks Yamagata Support

Aoyama Zaisan Networks Mie Support
Aoyama Zaisan Networks Wakayama Support

Kyushu, Okinawa
Zaisan Networks Fukuoka Co., Ltd.
Zaisan Networks Nagasaki Co., Ltd.

Kanto, Koshinetsu
Aoyama Zaisan Networks
Company, Limited

Zaisan Networks Okinawa Co., Ltd.

Zaisan Networks Tochigi Co., Ltd.
Zaisan Networks Motegi Co., Ltd.
Zaisan Networks Saitama Co., Ltd.

Aoyama Zaisan Networks Saga Support

Nihon Shisan Soken Works Co., Ltd.

Aoyama Zaisan Networks Miyazaki Support

Tokai, Hokuriku

Zaisan Networks Kawasaki Co., Ltd.
Zaisan Networks Nagano Co., Ltd.

Zaisan Networks Shizuoka Co., Ltd.

Aoyama Zaisan Networks Ibaraki Support

Zaisan Consultants Kanazawa Co., Ltd.

Aoyama Zaisan Networks Kanto Chuo Support

Meinan Zaisan Advisers Co., Ltd.

Aoyama Zaisan Networks Denenchofu Support

Aoyama Zaisan Networks Fukui Support

Aoyama Zaisan Networks Yokohama Support

Stock Information
Stock Overview(as of December 31, 2012)

Number of shares in issue

105,705

Number of shareholders

5,714

Number of Shareholders by Category
Individuals and others/5,608 (98.14%)

Total
5,714

Major Shareholders (Top 10)
Name

Other Japanese companies/72 (1.26%)
Securities firms/14 (0.25%)
Overseas companies and others/15 (0.26%)

Shares held

Shareholding ratio

MID Investment Co., Ltd.

11,003

10.41

Funai Consulting Inc.

9,132

8.64

Masazumi Hasumi

6,057

5.73

Mutsumi Shimada

4,370

4.13

Hideo Murakami

1,977

1.87

Tomio Sugimura

1,941

1.84

Mitsuyoshi Watanabe

1,451

1.37

Takaaki Odaka

950

0.90

HSBC Bank Plc. Clients UK Tax Treaty

947

0.90

Securities firms/1,421 (1.34%)

Sayumi Aoyagi

9080.86

Financial institutions/812 (0.77%)

Financial institutions/5 (0.09%)

Number of shares held by Category
Individuals and others/78,280 (74.06%)

Total
105,705

Other Japanese companies/23,119 (21.87%)
Overseas companies and others/2,073 (1.96%)

Notes for Shareholder
Fiscal year
Base date for the determination of shareholders
with year-end dividend entitlements
Base date for the determination of shareholders
with interim dividend entitlements
General meeting of shareholders
Administrator of the shareholder registry
Contact

Account administrator for special accounts
Contact

Stock exchange listings
Public announcements

January 1 to December 31
December 31
June 30in March
Mitsubishi UFJ Trust and Banking Corporation
Mitsubishi UFJ Trust and Banking Corporation, Stock Transfer Agency Department
7-10-11, Higashisuna, Koto-ku, Tokyo, 137-8081
Tel. 0120-232-711(toll-free, Japan only)
Sumitomo Mitsui Trust Bank, Limited
Sumitomo Mitsui Trust Bank, Limited, Stock Transfer Agency Department
2-8-4, Izumi, Suginami-ku, Tokyo 168-8507
Tel. 0120-782-031(toll free, Japan only)
TSE Mothers
Please refer to the Aoyama Zaisan Networks website(For reference)
1. Due to the dematerialization share certificates, shareholders' address changes, repurchase requests, and such other procedures, as arule, are filled with the account-administrating institutions where shareholders have their accounts (securities companies, etc).
Shareholders are requested to contact their account holding securities companies, etc., for information. Shareholders are remindedthat application filings cannot be made with the administrator of shareholder registry (Mitsubishi UFJ Trust and Banking Corporation).
2. For information on procedures concerning shares recorded in special accounts, shareholders are requested to contact The Sumitomo
Mitsui Trust Bank, Limited, the account administration institution for special accounts. Shareholders are reminded that procedures
cannot be processed by Mitsubishi UFJ Trust and Banking Corporation, which serves as the administrator of the shareholder registry.
3. Dividends hitherto uncollected by shareholders are paid by Mitsubishi UFJ Trust and Banking Corporation, Head Office Branch.

Notice About Our Shareholder Special Benefit Plan
Based on our shareholder special benefit plan, a gift
equivalent to 3,000 yen will be presented to shareholders
holding over 10 shares of the company and listed on theshareholder registry as of June 30, 2013.