Full-year Business Summary for Fiscal Year 2015 (25th period)
January 1 to December 31, 2015

Aoyama Zaisan Networks Provides
the Most Comprehensive Asset Management Solutions
Here at Aoyama Zaisan Networks Group, we run a comprehensive asset consulting businessfocused on the individual asset holders and business owners in line with the management
objective of “contributing to the happiness of our customers through the succession,
management and administration of asset”.
However, the Abe government is in the midst of structural reforms and deregulation aimed
at creating a positive economic cycle, and in 2015, the maximum rates for income,inheritance and gift taxes were raised. In addition, we expect the introduction of the “MyNumber” personal identification number system this year to add momentum to reinforced
tax collection efforts targeting wealthy people.
Given these significant changes in the social environment, we believe that many people areincreasingly anxious about inheritances, whether land will cease to function as an asset, andthe declining value of yen-denominated assets. This has heightened interest in inheritancestrategies and protection of asset. As a comprehensive asset consulting company, we work
together to stand by our customers as we provide helpful guidance. We believe that this,coupled with our efforts to achieve sustainable profit growth and strengthen shareholder
returns, will further enhance corporate value.
We ask for our shareholders’ continuing support and cooperation.

President

Masazumi Hasumi

Business Results for Fiscal Year 2015
Highlights of Consolidated Business Results (unit: million yen, rounded down to the nearest million)

Revenue

15,00014,27514,80012,50010,000600600Net income5405009,305

Ordinary income

467

471

450
400

400

7,500

300

300

5,000

200

200

2,500

100

100

100%
90%

518

500

Revenue by Segments (unit: million yen, rounded down to the nearest million)
53
1,295

110
1,277

127
1,245

80%
70%

362

60%
50%

3,252

5,467

1,768

2,450

10,537

40%
30%
20%
10%
0

Fiscal Year 2014 Fiscal Year 2015 Forecast for(24th period)(25th period) Fiscal Year 2016
(26th period)

0

Fiscal Year 2014 Fiscal Year 2015 Forecast for(24th period)(25th period) Fiscal Year 2016
(26th period)

0

Fiscal Year 2014 Fiscal Year 2015 Forecast for(24th period)(25th period) Fiscal Year 2016
(26th period)

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 in business conditions.

0%Fiscal Year 2013
(23rd period)

Fiscal Year 2014
(24th period)

2,366
Fiscal Year 2015
(25th period)

Other revenue
Revenue from sublease
Revenue from real estate transactions
Revenue from asset consulting01-02

Operating Report
In the fiscal year under review, expectations that the Japanese economy
would recover heightened as the Bank of Japan and the government
simultaneously introduced bold monetary policies, flexible fiscal policies
and growth strategies aimed at stimulating private sector investment. In thereal estate industry, which has a substantial effect on the Group, the officebuilding rental market in Tokyo’s 5 central wards continues to experience animprovement in occupancy rates and a modest rise in average rents, whilepurchasing demand is also rising in the income property market. The Group
believes that people must have “financial, physical and emotional wellbeing,” as well as a balance between these three, to be happy. The Groupfocuses on the “financial” part of this equation by augmenting its
customers’ economic foundation, bringing happiness through consultation
services on succession, management and administration of personalproperties, as well as consulting on corporate business succession and realestate solutions, such as the effective use, purchase and sale of real estate,
which accounts for two-thirds of individuals’ properties. In this rapidlychanging economic environment, it is essential that we predict the futureeconomic environment, ascertain the current status of properties, identify
problems, and develop and implement solid administration plans for
management and succession of the property and optimal business successionin order to compensate for a “period of uncertainty regarding the future.”
Based on its management principle of “we will remain your best partner
over one hundred years,” the Group brings together its expert knowledge,
human capabilities and a dynamism that enables it to meet customer
expectations at all times, thus satisfying its customers as an independent

comprehensive asset consulting company.
As part of our property consulting services, we continue to operate ourbusiness developing and offering investors a product that enables individuals
to invest in real estate on a small scale (ADVANTAGE CLUB®) based on
the Real Estate Specified Joint Enterprise Act. This product, launched in
2002, is intended to meet customers’ needs for property investments andwas authorized by the governor of Tokyo.
As a new offshoot of our real estate specified joint enterprise, we planned toimplement a real estate specified joint enterprise utilizing a special purposecompany (SPC), permitted under the revised Real Estate Specified Joint
Enterprise Act, which went into effect in December 2013. We filed forauthorization from the Commissioner of the Financial Services Agency andthe Minister of Land, Infrastructure, Transport and Tourism, which wasgranted on June 23, 2015. This means that we can use the new scheme forreal estate specified joint enterprises to rebuild and remodel dilapidated realestate and buildings with poor earthquake resistance. This will help torestore outlying regions.
As a result, revenue totaled ¥14,275 million (up 53.4% over the previous
fiscal year), operating income was ¥485 million (up 9.1%), and ordinary
income amounted to ¥471 million (up 0.8%).
In light of our earnings forecasts and a careful review of the recoverabilityof deferred tax assets, we posted the amount deemed recoverable in thefuture as deferred tax assets. As a result, we posted ¥124 million in income
taxes - deferred, bringing net income to ¥518 million (up 42.9% over theprevious consolidated fiscal year).

Consolidated Financial Data
Million yen, rounded down to the nearest million

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

Fiscal Year 2014

Fiscal Year 2015

Dec. 31, 2014

Dec. 31, 2015

4,180
3,069
20077211−158(32)
1,750
77
355
1,317
5,930

5,299
4,093
231
765
11
120
102
(26)
1,921
137
322
1,460
7,220

Term
Item
Liabilities
Current liabilities
Fix liabilities
Total liabilities
Net assetsShareholders’ equity
Common stock
Capital surplus
Retained earnings
Valuation difference on available-for-sale securities
Unrealized gain on securities
Foreign currency translation adjustment
Subscription rights to shares
Total net assets
Total liabilities and net assets

Fiscal Year 2014

Fiscal Year 2015

Dec. 31, 2014

Dec. 31, 2015

1,804
1,679
3,483

2,453
1,856
4,310

2,326
1,030
736
559
99
103(3)
20
2,447
5,930

2,694
1,044
750
898
194
194(0)
20
2,909
7,22003-04

Consolidated Financial Data
Million yen, rounded down to the nearest million

Consolidated Income Statements
TermItem
Revenue
Operating cost
Gross operating income
SG & A
Operating income
Non-operating revenue
Non-operating expenses
Ordinary income
Extraordinary income
Extraordinary loss
Net income before income taxes and minority interests
before loss distribution to anonymous association
Loss distribution to anonymous association
Net income before income taxes and minority interests
Income taxes - current
Income taxes - deferred
Income before minority interests
Net income

Fiscal Year 2014
from Jan. 1, 2014
to Dec. 31, 2014

Consolidated Cash FlowsTerm

Fiscal Year 2014

Fiscal Year 2015Cash flow from operating activities

197801

Cash flow from investing activities

43(162)

Cash flow from financing activities

253370Effect of exchange rate change
on cash and cash equivalents(2)

1

Change in cash and cash equivalents

492

1,010

Cash and cash equivalents at start of year

2,577

3,069

Increase (decrease) in cash and cash equivalents
resulting from change of scope of consolidation−13

Cash and cash equivalents at end of the year

3,069

4,093

Fiscal Year 2015
from Jan. 1, 2015
to Dec. 31, 2015

9,305
7,376
1,929
1,483
445
80
57467
172514,275
12,135
2,140
1,654
485
3449471
2−

459

473

28
430
68−
362362−473
79(124)
518
518

Item

from Jan. 1, 2014
to Dec. 31, 2014

from Jan. 1, 2015
to Dec. 31, 2015

TOPICSTOPIC1Four ADVANTAGE CLUB® Locations were Formed
In the fiscal year ended inDecember 2015, the Company
opened four new locations of thereal estate joint ownership scheme
called ADVANTAGE CLUB ® inaccordance with Real EstateSpecified Joint Enterprise Act.

Minato-ku Mita (February) Kanda Chuo-dori (March) Minami Aoyama (June) Ginza 2-chome (November)
Total investment of ¥600 million Total investment of ¥1,350 million Total investment of ¥720 million Total investment of ¥2,600 million
05-06

TO

PIC

2Dividends
We believe that redistribution of profits to shareholders is an important management issue. Accordingly, our basic policy is tomaintain stable dividend payments to shareholders while retaining the internal reserves needed for future business development andreinforcement of the management basis. In line with this basic policy, we increased our annual dividend per share for the fiscal year
ended in December 2015 to 18 yen, three yen over our initial forecast of 15 yen.

Fiscal year ended in December 2015 Fiscal year ended in December 2015
(previous forecasts)(actual)First half of fiscal year
End of fiscal year
Total (annual)

TO

PIC

5 yen
10 yen15 yen

5 yen
13 yen18 yen3

Shareholder Incentive Plan
The Company provides benefits under the following conditions to shareholders recorded in the shareholder register as of June 30.
Shareholders who hold 1,000 sharesor moreShareholders who hold 10,000 sharesor more continuously for over 1 year

Select 1 from 10 products worth 3,000 yen

A meal certificate from UKAI CO., LTD. (20,000 yen)or Ukai special select beef (worth 20,000 yen)

07-08

Stock Information / Corporate Data
Stock Overview(as of December 31, 2015)

Number of shares in issue

11,771,200

Number of shareholders

Incorporated
Capital stockBusiness line
Number of employees(Group)Consolidated
subsidiaries(as of December 31, 2015)

7 companies including Aoyama Estate Co., Ltd.,
Nihon Shisan Soken Co., Ltd. and Proggest Co., Ltd.

President
Director, Managing Executive Officer
Director, Managing Executive Officer
Director, Managing Executive Officer
Director, Executive Officer
Director, Executive Officer
Director, Executive Officer
Director, Executive Officer
Outside Director
Outside Director
Outside Director
Standing Auditor
AuditorOutside Auditor
Outside Auditor

Overseas companies and others/20 (0.41%)
Securities firms/21 (0.43%)

Aoyama Zaisan Networks Company, Limited
3F Aoyama Tower Place, 8-4-14 Akasaka, Minato-ku, Tokyo 107-0052
Tel. +81-3-6439-5800
September 17, 1991
1,044.80 million yen
Property consulting, business succession
consulting and real estate solutions consulting
148 (as of December 31, 2015)

Executives

Other companies/65 (1.34%)

Total
4,846

Name
Masazumi Hasumi
MID Investment Co., Ltd.
Yasuo Takano
Mutsumi Shimada
Hiroko Iwase
Tomio Sugimura
Eiichiro Iwase
Nihon M&A Center Inc.
Matsui Securities Co., Ltd.
Trust & Custody Services Bank, Ltd. (trust account)

Name of Company
Head Office

Individuals and others/4,734 (97.69%)

4,846

Major Shareholders (Top 10)

Corporate Data

Number of Shareholders by Category(from March 30, 2016)

Masazumi Hasumi
Masayuki Yagi
Takeshi Matsuura
Yasuo Takano
Yoshikazu Mizushima
Seido Nakatani
Shinji Shimane
Takaomi Ogawa
Haruo Shimada
Keiji WatanabeMichihiro Nagasaka
Yoichiro Shimada
Hisao Nakatsuka
Keizo Sugita
Hiroaki Rokugawa

Shares held
1,202,100
670,000
631,300
364,100
269,200
233,300
153,600
150,000
137,900
133,000

Shareholding ratio
10.21
5.69
5.36
3.09
2.29
1.98
1.30
1.27
1.17
1.13

Financial institutions/6 (0.12%)

Number of shares held by Category
Individuals and others/9,547,277 (81.11%)
Other companies/1,165,900 (9.90%)

Total
11,771,200

Overseas companies and others/243,800 (2.07%)
Securities firms/459,423 (3.90%)
Financial institutions/354,800 (3.01%)

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 management institution
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 Second Section
To be announced on the Company’s 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.

09-10

List of Nationwide Network
Aoyama Zaisan Networks’ Nationwide Network(as of March 1, 2016)

NSSTPS Business Model Association* NSSTPS is the abbreviation for Nippon Shisan Soken Total Planning System.

Hokkaido, Tohoku

Kinki

Hokkaido, Tohoku

Kinki

Zaisan Networks Sendai Co., Ltd. (MISAWA BUSINESS MANAGEMENT INC.)
Zaisan Networks Fukushima Co., Ltd. (Aoki Accounting Corporation)
Aoyama Zaisan Networks Hokkaido Support (IKEWAKI TAX, ACCOUNTING & CONSULTANTS GROUP)
Aoyama Zaisan Networks Yamagata Support (Yutaka Licensed Tax Accountant's Corp)
Aoyama Zaisan Networks Aomori Support (Konda Accounting Office)Zaisan Networks Kyoto Co., Ltd. (SHINKEIEI SERVICE SHIMIZU Tax Co.)
Zaisan Networks Osaka Co., Ltd. (Nihon Keiei Tax Corporation)
Zaisan Networks Hyogo Co., Ltd. (Nihon Keiei Tax Corporation)
Seki Soken Zaisan Partners Co., Ltd (AZ TAX Tax Corporation)
Aoyama Zaisan Networks Wakayama Support (Nishioka Accounting Office)Aoyama Zaisan Networks Kyoto Nijo Support (HIROSE LICENSED TAX ACCOUNTANT)
Aoyama Zaisan Networks Mie Support (Midland Management Group Mie)

Chiso Tax Corporation
MISAWA BUSINESS MANAGEMENT INC
Aoki Accounting Corporation Inc.

HIROSE LICENCED TAX ACCOUNTANTSeki Research InstituteUeda Certified Public Accountant Licensed Tax Accountant Office

Kanto, Koshinetsu

ShikokuKujirai Tax Corporation
Kei Yo Research InstituteZeimu Sogo Tax Corporation
Nihon Mirai Accounting & Tax Co.
Nakamura Certified Public Tax Accountants Office
CORPORATE ADVISERS ACCOUNTING CO., LTDeclat Consulting
Top Accounting Firm & co
Ai Partners Tax Corporation
Oyama accounting Co., Ltd
Koyama Sadao tax accounting office

Nonaka Keiei Corporation

Kanto, Koshinetsu
Zaisan Networks Tochigi Co., Ltd. (Tajima Accounting Office)Zaisan Networks Motegi Co., Ltd. (MOTEGI tax consultant office)Aoyama Zaisan Networks Saitama Co., Ltd. (CWM Research Institute)
Zaisan Networks Kawasaki Co., Ltd. (Tokyo Japan Certified Tax Accountants’ Corporation)
Zaisan Networks Nagano Co., Ltd. (Mochizuki Tax Corporation)
Aoyama Zaisan Networks Ibaraki Support (Masuyama Accounting Office)Aoyama Zaisan Networks Kanto Chuo Support (MMG Tax Corporation)
Aoyama Zaisan Networks Denenchofu Support (Saito Tax Corporation)
Aoyama Zaisan Networks Yokohama Support (YAMADA SYNTHETIC OFFICE)Tokai, Hokuriku
Zaisan Consultants Kanazawa Co., Ltd. (Hatake & Starship Tax Corporation)
Zaisan Networks Shizuoka Co., Ltd. (Iwasaki Tax Corporation)
Zaisan Networks Meinan Co., Ltd. (Meinan Consulting Network)
Aoyama Zaisan Networks Fukui Support (Uesaka Consulting Firm)

Chugoku, Shikoku
Zaisan Consultants Tokushima Co., Ltd. (M.A.S. AGENT GROUP)
Midori Zaisan Consultants Co., Ltd. (Midori Tax Corporation)
Aoyama Zaisan Networks Shimane Support (Chikashige Tax Office)
Kyushu, Okinawa
Zaisan Networks Fukuoka Co., Ltd. (SHINOHARA CPA OFFICE)
Zaisan Networks Okinawa Co., Ltd. (PS Accounting Office)Aoyama Zaisan Networks Nagasaki Support (Chuo Sogo Accounting Office)Aoyama Zaisan Networks Saga Support (MOROI Accounting Firm)
Aoyama Zaisan Networks Miyazaki Support (Hasegawa Tax Corporation)

Tokai, Hokuriku
ARIASU ZEIRISIHOUJIN.
Takemoto Accounting Office
MMPC Consultants Corporation
KIMURA KEIEI BRAIN CO., LTD.