Our Value Drivers
Reliable products and services
The role of comprehensive property consulting is tosmoothly facilitate inheritance and business succession
and to achieve the optimal property structure to perpetuate families and businesses.
Until now, AZN has focused on providing comprehensive property consulting services, but in order to expand
our points of contact with new clients, we have establisheda system of eight strategic individualized services that will

see wider use in our Third Medium-Term Management
Plan.
In collaboration with leading partners, we intend to increase the added value of each strategic individualized
service, and by undertaking DX, we are making improvements to make our services both easier to use and more
extensive.

Purchase consulting

Family office service

In our purchase consulting services, we not only support purchases of real estate—we also understand eachclient's unique purchasing objectives and provide consistent support from property selection, purchase, management of holding period, consideration of sales timing,
selection of buyers, to post-sale follow-up.

For a family business to endure, maintaining andstrengthening the supportive relationship between thecompany and the founding family is crucial. We provide
long-term support for creating and operating mechanisms
to maintain and strengthen the family unity that forms thebasis of this supportive relationship, through workshops,
preparation of family charters, and support for the operation of family councils.

ADVANTAGE CLUB❶●Businessparticipants

Carry out
administrative work
Managing Director
Aoyama Zaisan
Networks

Regional creative development
consulting

Tenants● Examples of land utilization methods● Features of AZN Group's

Reclassification

Aoyama Zaisan Networks

Real estate
information

Store location
information

Aoyama Zaisan Networks ｜ Integrated Report 2022

Contributing
to society

Individual growth& development

Non-property fields❸ Business●

Synergistic effectmanagement &management offamily assets

Property field

We develop and operate public real estate throughpublic–private partnerships, utilizing AZN’s expertisein specified joint real estate ventures and financing.
Specifically, we commercialize underutilized land owned
by local governments and other entities through more
effective utilization, with the aim of revitalizing regional
communities. AZN and its clients also contribute to thehealthy development of local economies through theseinvestments. The first project of AZN Group's regional development, Komatsu A×Z Square, a complex facility next
to JR Komatsu Station in Ishikawa Prefecture, opened in2017. The second is a land use project to the west of
Tsuruga Station in Fukui Prefecture. This project is part of
the TSURUGA POLT SQUARE otta complex, scheduled
to open in early September 2022.

Consulting on financial instrument
services by IFAs*3
Aoyama Financial Service, our consolidated subsidiary,
assists clients with optimal asset management to meettheir objectives from a comprehensive, long-term standpoint based on solid analysis of the current situation.

Comprehensive
property consulting

Clients

Business succession fund
We offer optimum plans for companies that are considering closure due to difficulties with business succession.
Always pursuing the possibility of business succession
through downsizing, we offer measures to preserve management assets by systematically providing employment
even in the event of business closure.
Operating profit surplus

Relatives
Board member [Management buyout (MBO)]

The question is
who will take over?

Third parties [M&A]Management profit deficit
Decision to
downsizing or
discontinue
prioritized oversuccessors

Downsized succession
Pursuing possibility of businesssuccession through downsizing

Business discontinued
Proposing measures to minimize burden
on management and employers

STO*4 business
The revision of the Financial Instruments and Exchange
Act in 2020 made it possible to issue digital securities, andwe plan to partner with Hash DasH Holdings, which possesses blockchain technology, to offer income-producing
real estate to clients 24 hours a day, 365 days a year, insmall amounts. AZN Group will source income-producing
real estate to back the digital securities sold by our partnering brokerage firms, thus providing a new product.

Financial instrument
consulting

Hash DasH

Smartphone
Investments

Matching
Use of ART system*1 Share of cumulative total assets of voluntary partnerships under the Act on Specified Joint Real Estate Ventures (as of December 31, 2021) *2 As of June 30, 2022

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Store location information

Fixed-term lease, exchangeof equal value

Tenant companies

Total coordinationof store openings

Residential(detached house rental)

Comprehensive property consulting(proposals for effective utilizationof real estate)

Residential (apartment, condo)

Landowners
Request for utilization of real estate

Warehouse❷●

FamilygovernanceState of management?

skewed by a bias toward their respective areas of expertise. On the other hand, since AZN assigns each job toproperty consulting teams with specialized skills, we areable to provide one-stop proposals featuring total optimization methods of utilization best suited to the land, after
first confirming the overall situation of the property, taking
into consideration various conditions such as verificationof cash flow and selection of construction providers, design companies, construction companies, and operatingcompanies.

Childcare, education❻●

The one-family
philosophy

Succession ofbusiness and assets

We assist our clients in planning and implementing effective utilization of land in the Tokyo metropolitan area.
AZN's team of experts in effective land utilization works
to gather information and consider problems related toyour land or buildings, such as underutilized land, unprofitable land, vacancy issues, or deteriorating buildings, andproposes the best utilization of real estate to solve yourproblems.
In general, proposals from companies involved in theeffective use of land tend to be partially optimized,

WelfareSale❺●

Effective real estate use consulting

Medical

Ownership

Eligible real estate

Depending on the voluntary partnership, the type of real estate lease may vary.

Retail stores

Purchase fromproposal

❹
●

Rent

Distributionof profit

Voluntary
partners

Specified joint realestate ventures

Acquisition

Voluntary partnership

Financialinvestment

Based on the Act on Specified Joint Real Estate Ventures, this is a real estate leasing system that jointly purchases high-value real estate in central Tokyo and receives
income from real estate leasing. Clients can invest fromunits of 10 million yen, stable income can be expected,
and the real estate management system is unparalleled.
As of June 30, 2022, AZN had 60 partnerships with cumulative total assets of more than 100 billion yen and No.
1 market share.*1 Our target for 2022 is 30 billion yen of
new investment. In order to make our services available to
new clients, we have been working with financial institutions since 2021, and have formed partnerships with 35
institutions*2 to date. As the market leader, we will continue to play a role in driving the market.

Analysis of
Current Situation

Collaboration*3 IFA: Independent Financial Advisors*We will only share
information subject tothe client’s consent.

Dividends
RealestateShift Provided throughto ST securities markets

Broad base ofindividual investors*4 STO: Security Token Offering

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Our Value Drivers
A reliable organization
which tax accountants and accountants provide tax support; the Legal Division, in which legal experts and otherprofessionals provide legal support; and the Business Development Division, in which tax accountants and a wide
range of other professionals consider projects, constructproduct schemes, and provide management.
With more than 150 nationally certified professionals on
staff, AZN is able to provide a one-stop solution to all ourclients' issues by combining the unparalleled capabilities
and wealth of experience of this group of experts with education programs to further enhance their capabilities.

Aoyama Zaisan Networks is a property consulting company that not only provides consulting services, but is also
capable of delivering proposals for solutions.
This is made possible by two specialized in-house divisions—the Consulting Division, which provides consulting
services, and the Real Estate Division, which is responsible for the creation, operation, and management of realestate products that meet the needs of our clients. Eachdivision employs many specialized personnel.
Beyond these, AZN has several specialized units that
support consulting—the Consulting Advisory Division, in● Aoyama Zaisan Networks Group Structure

AZN Group has consolidated subsidiaries, affiliated corporations, and joint ventures to provide one-stop solutions
to a broad range of client issues. Our consolidated subsidiaries’ fields of expertise include region-specific property consulting, real estate management, global comprehensive property advice, international real estate productdevelopment, financial instrument brokering, and assistance with non-property succession.
Affiliated corporations include law firms, tax accountant
firms, and social and labor insurance firms, as well as joint
ventures with partners who have strengths in property

and business succession. This affords our clients a broad
choice of the best options.
Our Group has also established the AZN National
Network, which connects accounting and tax accountant firms located throughout Japan. As of June 2022,
the number of member firms had reached 96, enablinghigh-quality AZN comprehensive property consulting andeight strategic individualized services to be available
nationwide in Japan.
We intend to continue strengthening our organizationand our network to improve the quality of our services.

● Member locations of AZN National Network

96 locations nationwide
As of June 2022

Comprehensive property consulting for property succession, operations, and management
Education

Consulting Department

Utilizing the ART system
Consultant Training Program● Consulting Education Center●●

The AZN National Network is a system that connects
Japan’s leading accounting and tax accounting firms toprovide AZN Group's high-quality comprehensive
property consulting and eight strategic individualized
services throughout the entirety of Japan.

Hokkaido& Tohoku

10Specialized departments to support consultants
Real EstateBusiness Department

Business
Development Division

Consulting Advisory
Department

Formulation, operation, andmanagement of real estate
products tailored to client needs

Support from tax accountants
and others in structuring andmanagement of various products

Tax-related support fromtax accountants,
accountants, and others

Consolidated subsidiaries

locations19

locations

Legal support from legal
experts and others

Chugoku& Shikoku

Affiliated firms
Law firms, certified public tax accountancy
firms, social and labor insurance firms

Nihon Shisan Souken Co., Ltd.

Aoyama Zaisan Networks Kyushu Co., Ltd.

Comprehensive property consulting services
for individual and corporate assets

Comprehensive consulting services related
to business succession and asset utilization

Aoyama Financial Service Co., Ltd.

Aoyama Family Office Service Co., Ltd

Proggest Certified Social Insurance
and Consultant OfficeFinancial instruments intermediary business

Consulting in non-property fields forfamilies owning family businesses

Major tax accountancy firms,
major law firms, etc.

Aoyama Estate Co., Ltd.

Aoyama Zaisan Investments Co., Ltd.

General property management (PM)operations, including real estate solution operations

Financial and accounting consulting services
led by certified public accountants
and licensed tax accountants

Aoyama Wealth Management
Pte.Ltd.

PT Aoyama Zaisan Networks
INDONESIA

Comprehensive overseas property advice

International real estate product development

3 other companies

CentralJapan

Legal Department

16

locations
Eastern
Japan (Kanto)

Aoyamagodo Tax Corporation31

Zeimu Sogo Tax Corporation(Certified Public Tax Accountants)

locationsWestern
Japan (Kinki)

9locations

Joint venture companies
Shinsei Aoyama Partners Co., Ltd.
Management of business succession funds
Investment by Shinsei Bank Groupand our Group (50% each)

Kyushu& Okinawa

Next Navilocations11

Comprehensive consulting for business succession
and post-succession
Investment by Nihon M&A Center Holdings Inc.
and our Group (50% each)
As of August 1, 2022

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Aoyama Zaisan Networks ｜ Integrated Report 2022

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Our Value Drivers
Consultants
Our strengths lie in expert insights and interpersonal skills
Our consultants, who are professionals in tax, finance,
real estate, and other fields, serve as the face of Aoyama
Zaisan Networks and provide consulting services directly
to our clients. We employ 183 consultants (as of the endof FY2021), which is approximately 1.8 times the number
at the end of FY2014.
The comprehensive property consulting services that
our consultants provide have two distinguishing characteristics.

Consultant
profileWith abundant expertise and experience, we
accompany your family throughout life’s journey

These days, there is a lot of mixed, confusing information about property succession for wealthy families andbusiness succession for family businesses. As a result,
we’ve seen an increasing number of incidents in which
well-meaning actions taken by individuals have resulted
in problems for them, and they have come to us for advice. For precisely this reason, Aoyama Zaisan Networks
consultants are required to possess a broader range ofknowledge, balance, presentation skills, and the ability tothink from the client's standpoint than ever before.
We recently consulted with a client who, together withhis wife and two children, owns real estate in the city center and shares in his own company. At first glance, theconsultation seemed to be about inheritance strategy,
including utilization of real estate. A major bank had suggested a loan to finance the construction of a building.
However, when we asked him about his actual concerns,
we discovered something different. What would happen
to his assets and his company when they were passed
on to the next generation and the third generation? Thiswas what he was worried about. We proposed a plan tosplit the company between the elder son’s family and thesecond son’s family in the future, based on our 5 standpoints, and the client was satisfied.
In this client's case, constructing the building might
have been better purely in terms of short-term profit.
However, at AZN, we believe it is crucial to give our clientsa clearer view of the future. Our goal is to set our clients
upon a path that will ensure their families’ wellbeing for the
next 100 years. We firmly believe that our responsibility as
consultants is fulfilled only when our clients are satisfied
with our solutions.
We are proud to say that no other property consulting
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The first is achieving total optimization by combining theinsights of teams of experts. Succession, operation, andmanagement of property and business span very diverse
fields, including tax, legal, insurance, real estate, and management. If each specialist provides advice only in his or her
own respective field, inconsistencies can arise. However,AZN is able to propose and support the total optimizationof succession, operation, and management planning and implementation that takes into consideration all of these fields.

Aoyama Zaisan Networks ｜ Integrated Report 2022

Consulting Business Division I
General Manager of Business Division I

Takehiro Aramaki
After graduating from university, he worked for a bank and a real estate
sales company before joining AZN in 2004. With qualifications as both afinancial planner and real estate transaction specialist, he is well versed
in finance and real estate matters. He has worked on many inheritancestrategies utilizing real estate, ranging from owners of farmland to ownersof metropolitan buildings. He specializes in planning solutions to complex
problems such as business succession and asset management.

firm is so well versed in tax, legal, and real estate matters,
and none is as able to accompany clients throughout theirlives. In fact, we often hear clients say that only Aoyama iscapable of providing such complex consultation services.
To win such praise from our clients, we put a great dealof effort into training our younger personnel. We are confident that when they mature, they will initiate a leap forward to AZN earning even greater trust.

Our consultants' outstanding expertise, coordination
skills, and wealth of experience enable us to provide suchconsulting services. Moreover, our Consulting Advisory,
Legal, and Business Development Divisions, which include certified public accountants and tax accountants,
provide strong backup with advanced expertise.
The second distinguishing characteristic is our interpersonal skills. There is no single correct way to pass
on your property or business. Perhaps you want yourchildren to take over your business, or you want to liquidate it in your own time. Some people want to focus
their wealth-giving on those who will succeed them, while

Consultant
profileothers want to leave their wealth equally to all their children. What’s important is seeking the best for each client,rather than any single logical correct solution. To achievethis, it is essential to have the interpersonal skills to put
ourselves in each client's position and to work together
with the client. AZN focuses on instilling interpersonal
skills, and our consultants possess not only specialized
expertise but also strong interpersonal skills.
This system is what enables us to provide 100-year
property consulting to deliver satisfaction not only to ourclients personally, but also to the next generation and on
to the third generation.

Experienced teams standing by to solve complex
problems

Aoyama Zaisan Networks also provides consulting services on business and property succession for large corporate owners and other clients with large-scale assets.
The issues faced by these clients are extremely complex. Not only do they have large assets and need to takecareful steps to prepare for succession of these assets,
but in many cases, they have built up a variety of disparate partial optimization measures, making it difficult tosee a path forward to total optimization. Furthermore,
the taxation systems involved are both extremely difficult
to comprehend and frequently subject to revision, so it isno simple matter to find the best solution for each client
based on the most up-to-date information. In fact, manyof our clients come to us saying, "I just can't find a solution
anywhere else."
Our mission is to propose solutions to the problems
faced by these clients. To solve a complex problem, weneed to be able to identify where the problem lies. Thisskill can only be cultivated by maintaining a close connection to the client and accumulating experience. Not
only do we have teams of experienced personnel, but wealso have mechanisms for sharing those experiences anddeepening our knowledge. Above all, we have the mindset of wanting to solve problems.
Property and business succession always involves
extremely personal aspects of our clients' lives. For thisreason, emotion, rather than rationality, is often the key
to the solution. No matter how advanced artificial intelligence (AI) technology becomes and how much economic
rationality it can offer, AI remains incapable of addressing
the emotional aspect. In such cases, actual people needto exercise their capabilities as human beings. Ultimately,
what is required is the mindset that says, "I want to solve

Consulting Division II
Second Group Manager, Business Division I

Junya Hiraoka
Joined AZN in 2018. He previously worked for a leading firm, where he wasinvolved in various tax filing services, tax investigations, prior confirmation
work, and M&A and business succession consulting with a focus on
restructuring. A licensed tax accountant, he specializes in structuring
matters and advising owners of listed and large unlisted companies inresolving complex issues related to business and property succession.

this client's troubles."All of our consultants possess this mindset. We aresometimes called upon to solve difficult problems, but themore difficult the problem is, the happier we feel because
we make our clients happy when we solve it.
In the future too, Aoyama Zaisan Networks will continue
to grow by serving clients who are facing difficult, complex
concerns.

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