Securities Code: 8929

Aoyama Zaisan Networks Company Limited

Full-Year Business Summaryfor Fiscal Year 2022
(32nd period)

AoyamaZaisanNetw

orksJanuary 1 to December 31, 2022

To Our Shareholders
The Group has been implementing
measures to improve the quality ofcustomer services and generate volume
growth through eight strategic individual
services and comprehensive property
consulting services upon having
formulated its Third Medium-Term
Management Plan designating the threeyears from 2022 as a period of growth.
During the fiscal year under review, thenumber of customers increased greatly
due to the introduction of customers withcomprehensive property consulting needs
that has been carried out thus far inaddition to the introduction of a numberof customers who need the eight strategic
individual services.
The progress of the eight strategic
individual services is as follows.

ADVANTAGE CLUB
There was development of ¥28.49 billion
in the fiscal year under review, which
substantially exceeded the previous fiscal
year, and the number of partner financial
institutions increased to 40. By deepening
our collaboration with regional financial
institutions, etc. throughout Japan, it has
become possible to approach asset
owners not just in Tokyo metropolitanarea, but throughout Japan, regarding
comprehensive property consulting
services. We proactively work on proposals
that lead to comprehensive property
consulting service contracts withcustomers who purchase ADVANTAGE
CLUB. Moreover, we carried out thedevelopment of the ADVANTAGE CLUB app
as a part of DX strategy (refer to page 4).

Purchase consulting businessWe collaborated with ADVANTAGE CLUBpartner financial institutions and begansales to asset owners who have real estatepurchasing needs in the Tokyo
metropolitan area by differentiating

2ourselves with the visualization of realestate after purchasing through theutilization of DX.

Consulting business for
effective land utilization
We formed the effective utilization
specialist team, and began collaboration
with a regional bank and two mega banks
for proposals regarding unutilized realestate in the metropolitan area.

Family office service business
Collaborating with mega banks, we carriedout consulting in the non-property field forowners in the same family of megacorporations. As we achieved suitable
results, we began activities to provide thisto leading business partners of regionalbanks.

Aoyama Zaisan Networks
succession nationwide.

STO (Security Token Offering)business
The sale of the investee company’s firstproduct was postponed, but we will
provide support so that sales can begin assoon as possible.
In addition to focusing on these eightstrategic individual services going forward,
we aim for further growth expansion
based on the Third Medium-Term
Management Plan. I hope for yourcontinued support in the future.

Highlights of Consolidated Business Results

In fiscal year 2022, net sales increased significantly to ¥35,952 million (¥24,213 million in the previous fiscalyear) due to stable sales from property consulting and real estate transactions. Because of this increase in netsales, we recorded ¥2,629 million in operating profit (¥1,856 million in the previous fiscal year) and net profit
per share of ¥69.82 (¥61.22 in the previous fiscal year), resulting in both exceeding the actual results in theprevious fiscal year.

Net sales

35,952(Up48.5% year-on-year)

million yen(Up41.6% year-on-year)(unit: million yen)(unit: million yen)

39,5003,300(forecast)Net
profit pershare

69.82 yen

Dividends
per share(unit: yen)Interim24,213

69.82
26.5

28.0

1,856

19,118

1,303

Fiscal Year 2020 Fiscal Year 2021 Fiscal Year 2022 Fiscal Year 2023
(30th period) (31st period) (32nd period) (33rd period)

33.01

Fiscal Year 2020 Fiscal Year 2021 Fiscal Year 2022 Fiscal Year 2023
(30th period) (31st period) (32nd period) (33rd period)

Fiscal Year 2020 Fiscal Year 2021 Fiscal Year 2022 Fiscal Year 2023
(30th period) (31st period) (32nd period) (33rd period)

Year-end

35.0(forecast)

61.22

35.0 yen(unit: yen)

38.0

81.48

(forecast)

2,629

Regional revitalization
consulting business

16.5

17.0

10.0

11.0

(forecast)

23.0

22.0

(forecast)

13.0(forecast)

15.0

Fiscal Year 2020 Fiscal Year 2021 Fiscal Year 2022 Fiscal Year 2023
(30th period) (31st period) (32nd period) (33rd period)*The Company conducted a 2-for-1 stock split of common shares on September 1, 2021.
The bar chart above reflects the assumption that the stock-split was conducted at thebeginning of the fiscal year ended December 2020.

Business succession fundbusiness

Consolidated
Balance Sheet(Summary)In the fiscal year under review, werecovered one investment, and completed
two new investments.

(unit: million yen)

Total assets 17,426

1 Total assets 21,757
2 Interest-bearing liabilities 2,152

Interest-bearing liabilities 2,315(Remaining loan period: 13 years)(Remaining loan period: 14 years)

IFA (Independent FinancialAdvisor) financial instrument
investment service
Demands are very high partly due toincreased appetite for foreign diversified
portfolio based on yen depreciation alongwith solution provider of alternate
investment structured notes problems.
Also taken are as part of comprehensive
consulting service increased demand forsecond opinion in regards managementof oversupplied fund created by corporate

2,629

Operatingincomemillion yen

35,952In the fiscal year under review, we wereable to celebrate the opening of“TSURUGA POLT SQUARE‘otta’”throughthe“Tsuruga Station Western District Land
Usage Enterprise”in Tsuruga City (refer topage 6).

Aoyama Zaisan Networks

Cash anddeposits
10,865Interest-bearing liabilities
other than the above
4,273(Average loan period: 5 years)

Other liabilities
3,709
Real estate for sale
118
Real estate for rent
Net assets
2,371
7,128
President

Masazumi Hasumi

Other assets
4,071

Equity ratio
40.8%

End of fiscal year 2021

2 Interest-bearing liabilities

Cash anddeposits
12,804
Real estate for sale
1,751Real estate for rent
2,271
Other assets
4,931

other than the above
5,981(Average loan period: 5 years)

Other liabilities
5,303

3 Net assets

8,320

Equity ratio
38.0%

End of fiscal year 2022

1 Total assets
Total assets amounted to ¥21,757
million, up ¥4,330 million from the endof the previous period, mainly due toincreases in cash and deposits and realestate for sale.

2 Interest-bearing liabilities

Interest-bearing liabilities amounted to¥8,134 million, up ¥1,544 million fromthe end of the previous period due to anincrease in long-term loans payable, etc.

3 Net assets

Net assets grew by ¥1,192 million fromthe end of the previous period to reach¥8,320 million mainly due to an increase
in retained earnings.

3

Feature

DX strategies

For partnership members

Commencement of introduction of theapp
Formed partnerships for six new properties during the fiscal year 2022

As part of our DX strategy, which is one of the four perspectives stated in the Third MediumTerm Management Plan, we have commenced introduction of “WealthPark,” the app for“ADVANTAGE CLUB” partnership members, from December 2022.
The status of held equity interests and distributions can be confirmed at any time with
“WealthPark.” Furthermore, we are making preparations so that applications and contract
procedures for ADVANTAGE CLUB can be carried out via the app.
Being able to complete applications and contract procedures via the app will significantly reduce
administrative processing, such as the mailing of paper documents, including distributions
notices, which will lead to the improvement of efficiency and productivity. Furthermore, we will
be able to send the latest information in a speedy manner, and you will be able to freely inquire or
consult with the Company’s consultants through the use of the chat function.

In fiscal year 2022, we formed voluntary partnerships with a total of six properties in Kudanshita, Ginza
6-chome Nishi Ginza-dori, Omotesando, Nishi Azabu, Kanda Iwamoto-cho and Tsukiji.

*Image shown is for illustration purpose only.

ADVANTAGE CLUBADVANTAGE CLUBADVANTAGE CLUB

Kudanshita

Nishiginza-dori
6-chome, Ginza

Omotesando

Units 77

Units 1,040

Units 472

Developed in March 2022

Developed in March 2022

Developed in June 2022

Total amount of funding:¥0.77 billion

Four Perspectives of the Third Medium-Term Management Plan (2022-2024)

Aim

01
Aim

03

Improving the quality ofcustomer services andgenerating volume
growth throughstrategic individual
services andcomprehensive property
consulting services
Growing into a group ofconsultants with a highlevel of humanity

Aim02
Aim04

Making property
consulting services
through smartphones
and online
communication tools
the standard service

Actively contributing tosociety

BeforeAfter

Increase incustomers

Chat & workflow functions

Confirm various types of notices
and reports

4

Contact withnew customers

Application

Continuous
follow-up services

Consultants respond tointroductions fromfinancial institutions, etc.

Application inwriting

Individualistic
follow-ups byconsultants

Utilization of Application via Utilization ofdigital platform smartphone digital platform(ADVANTAGE CLUB, etc.)Total amount of funding:¥4.72 billion

CSS Building III

Mille Roches

Productivity

Increase of contact
points with newcustomers through theexpansion ofconsultation desk aswell as direct marketing

Increase opportunities
for communication withcustomers by expanding
the continuous
provision of information
in a timely manner

Communication
by digitalizing
the point ofcontact• Communication andmanpower saving bydigitalizing the pointof contact andinformation provision• Able to confirm thestatus of assets
without using a
consultant as anintermediary

Respond toconcurrent
introductions
from laborsaving financial
institutions• Reduce traveltime• Reduce
workloadthrough data
management

ADVANTAGE CLUBADVANTAGE CLUBADVANTAGE CLUBNishiazabu

Iwamoto-cho,Kanda

Tsukiji

Units 615

Units 155

Units 490

Developed in September 2022

Developed in December 2022

Developed in December 2022

Total amount of funding:¥6.15 billion(From 2022onward)

Confirm balance reports, etc.
Confirm status of equity
interests and distributions¥10.4 billion

Enhancement of customer service through DX utilization

Characteristics of“WealthPark”
View new ADVANTAGE CLUB partnership property
application information

Total amount of funding:
Kudanshita ASN Building

Total amount of funding:
KASUMICHO TERRACE¥1.55 billion

Results of ADVANTAGE CLUB (as of December 31, 2022)

Total amount of funding:
Tsukiji KY Building

Trends of cumulative amounts of ADVANTAGE CLUB
(unit: billions of yen)

Cumulative number ofpartnerships

63

Existing

Cumulative amounts

116.77 billion

627.5

Total partnership
members¥4.9 billion

TURM KANDA¥4,284

Amount of newly developed partnerships

1,167.7
882.8

720.3
53.0

End of 2019

325

284.9

162.5

92.8

End of 2020

End of 2021

End of 2022

End of 2023
(forecast)

5Sustainability Topics

Aoyama Zaisan Networks

Support for TCFD

Contribution to regional
revitalization

In September 2022, the Group announced its support for
the final recommendations from the“Task Force on
Climate-related Financial Disclosures (TCFD).”The Group
recognizes that the response to climate change is an
important management issue that will have a significant
impact on business continuation. Furthermore, initiatives
that take the environment into consideration have been
positioned as initiatives that can contribute to theimprovement of asset value and solving of social issues,and the Group will work on them to respond to the needsof customers and tenants.

“TSURUGA POLT SQUARE‘otta’”in front of Tsuruga
Station in Fukui Prefecture held its grand opening inSeptember 2022. This business is the second project for
the regional revitalization business, which is handled bythe Company. The Company utilizes the scheme of Real
Estate Specified Joint Enterprise, which has over 20 yearsof results, and believes that this is an initiative that isvaluable for contributing
to regional revitalizationfrom the point of view of“sustainability.”

Shareholder incentives
Shareholder
incentive item numberShareholder incentive item number

Shareholder
incentive item number

Japan 95 bases(as of January 1, 2023)

The“AZN nationwide network”refers to astructure that connects leading accounting
offices and tax accounting firms, and provides
the Group’s high quality comprehensive
property consulting services andthe eight strategic individual
services throughout Japan.
Chubu

C

10 bases

Chugoku/Shikoku

15 basesKanto

32bases

Image

B

TsuruTonTan UDON NOODLE

Nakamuratei GLAMDAY VILLA OKINAWA

Kinki

9 bases

FUFU HAKONE

Ukai special selectbeef (for sukiyaki)

worth 30,000 yenImagePlaiga TOKYO● The UKAI Group common meal certificate may be used at each shop

listed on the UKAI web site (https://www.ukai.co.jp) (excluding Atelier
UKAI Takashimaya Kyoto store, Atelier UKAI Takashimaya Osaka store).

6Hokkaido/Tohoku

18 bases

30,000 yen (1,000 yen x 30 tickets)

30,000 yen(1,000 yen x 30 certificates)● Number of bases of AZN nationwide network member

Facility use tickets from the Kato Pleasure GroupThe UKAI Group
common meal certificate

Aoyama Zaisan Networks

Providing premium-quality services
from domestic and overseas networks

Shareholders recorded in the shareholder register and holding at least 30,000 shares as ofDecember 31, 2022, are presented with one of the following items.

AAZN network

AQUASENSE Hotel & Resort (Okinawa)● Facility use tickets from the Kato Pleasure Group may be used at all

facilities listed on the management facility page of the Kato Pleasure
Group web site (https://www.kpg.gr.jp/store/). (Limited tomanagement facilities within Japan except for the online shop)

Kyushu/Okinawa

11 bases7

Corporate Data (as of December 31, 2022)

Executives (as of March 30, 2023)

Name ofCompanyAoyama Zaisan Networks Company, Limited

President

Masazumi Hasumi

Director, Managing Executive Officer

Masayuki Yagi

Director, Managing Executive Officer

Takeshi Matsuura

Head Office

3F Aoyama Tower Place, 8-4-14 Akasaka,
Minato-ku, Tokyo 107-0052
Tel. +81-3-6439-5800

Director, Managing Executive Officer

Takaomi Ogawa

Director, Managing Executive Officer

Shintaro Hashiba

Incorporated

September 17, 1991

Director, Executive Officer

Shinji Shimane

Capital stock

1,210.99 million yen

Director

Michihiro Nagasaka

Outside Director

Haruo Shimada

Business line

Individual property consulting
Business succession consulting
Real estate solutions consulting

Outside Director

Keiji Watanabe

Outside Auditor (standing)

Hiroyuki Fujita

AuditorHisao Nakatsuka

Outside Auditor

Hiroaki Rokugawa

Number ofemployees(Group)290

Consolidated
subsidiaries

Aoyama Estate Co., Ltd., Nihon Shisan Soken
Co., Ltd., Aoyama Zaisan Investments Co.,
Ltd., Aoyama Zaisan Networks Kyushu Co.,
Ltd., Aoyama Financial Service Co., Ltd. andAoyama Family Office Service Co., Ltd. and 5
other companies

Notes for Shareholder

Stock Overview (as of December 31, 2022)
Number of shares in issue … ………… 24,520,859
Number of shareholders ……………………… 6,208
Major Shareholders (Top 10)
NameShares held Shareholding ratio

Masazumi Hasumi

2,500,718

10.29

Nihon M&A Center Inc.

Fiscal year

January 1 to December 31

Base date for the determinationof shareholders with year-end
dividend entitlements

December 31

Base date for the determinationof shareholders with interim
dividend entitlements

June 30

General meeting ofshareholders

in March

Administrator of theshareholder registry/
Account management
institution for special account

Mitsubishi UFJ Trust and Banking
CorporationContact

Mitsubishi UFJ Trust and Banking
Corporation, Stock Transfer
Agency Department
1-1, Nikko-cho, Fuchu-shi, Tokyo
Tel. 0120-232-711 (toll-free,Japan only)
Mailing address: P.O. Box 29,
Shin-Tokyo Post Office 137-8081
Mitsubishi UFJ Trust and Banking
Corporation, Stock Transfer
Agency Department

1,000,000

4.11

NOMURA PB NOMINEES LIMITEDOMNIBUS – MARGIN (CASH BP)

797,600

3.28

The Master Trust Bank of Japan, Ltd.
(trust account)

737,100

3.03

Custody Bank of Japan, Ltd. (trustaccount)

731,900

3.01

Stock exchange listings

TSE Standard Market

Public announcements

To be announced on theCompany’s website

GOLDMAN SACHS INTERNATIONAL

703,6002.89

Yasuo Takano

643,600

2.64

Custody Bank of Japan, Ltd. (pensiontrust account)

490,300

2.01

HIBIKI PATH AOBA FUND

438,180

1.80

MSIP CLIENT SECURITIES

404,200

1.66(For reference)
1. Shareholders’address changes, repurchase requests, and such otherprocedures, as a rule, 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 reminded that application
filings cannot be made with the administrator of shareholder registry (Mitsubishi
UFJ Trust and Banking Corporation).
2. Dividends hitherto uncollected by shareholders are paid by Mitsubishi UFJ Trustand Banking Corporation, Head Office Branch.