We will remain your best partner over 100 years
We are a comprehensive asset consulting firm that protects your assets and future.

Explanatory Materials for

Financial Results for the Fiscal Year Ended December 31, 2023

Securities Code ：8929
Aoyama Zaisan Networks Co., Ltd.

February 9, 2024
© 2024 Aoyama Zaisan Networks GroupContents

1

Financial Results for the Fiscal Year ended December 31, 2023

２ Review of FY2023 and Initiatives From 2024 Onward3

Earnings Forecast

4

Shareholder Return Policy

5

Appendix© 2024 Aoyama Zaisan Networks Group1

Section 1

Financial Results for the Fiscal Year ended December 31, 2023
◼ Highlights of Consolidated Financial Results◼ Actual PL ー In Case of Adopting the Net Amount Method◼ Breakdown of Changes in Operating Profit◼ Changes in Gross profits of Asset Consulting and Real EstateTransactions◼ Changes in Net Sales of Asset Consulting◼ Net Sales by Segment◼ Changes in BS Highlights, ROE and ROICHighlights of Consolidated Financial Results

Net sales and profits at each stage reached record highs
・Asset consulting business achieved double-digit revenue growth, significantly
contributing to profit growth.
Unit：Million yen

Net sales

FY2022

FY2023

Percentage ofachievement against
revised results

Revised FullYear Forecasts

Change35,95236,0980.4%

37,400

96.5%

6,204

7,082

14.2%

7,000

101.2%

29,74729,015▲ 2.5%

30,40095.4%

Costs of sales

30,251

29,742▲ 1.7%--

Gross profit

5,700

6,356

11.5%

-

-

15.9%

17.6%

-

-

-

Selling, general andadministrative expenses

3,071

3,090

0.6%

-

-

Operating profit

2,629

3,265

24.2%

3,300

98.9%

7.3%

9.0%

-

-

-

Ordinary profit

2,499

3,359

34.4%

3,370

99.7%

Profit attributable toowners of parent

1,694

2,062

21.7%

2,040

101.1%

Asset consulting
Real estate transactions

Gross profit ratio

Operating profit ratio© 2024 Aoyama Zaisan Networks Group3

Five-Year Changes in Consolidated Financial Results

Unit: Million yen

Net sales

FY2019FY2020

FY2021

FY2022

FY202319,061

19,11824,21335,95236,098

5,564

5,806

5,545

6,204

7,082

Real estatetransactions

13,496

13,312

18,66729,74729,015

Costs of sales

15,162

15,491

19,88230,251

29,742Gross profit

3,898

3,626

4,330

5,700

6,356

20.5 ％

19.0 ％

17.9 ％

15.9％

17.6％

Selling, general andadministrative expenses

2,295

2,323

2,474

3,071

3,090

Operating profit

1,603

1,303

1,856

2,629

3,265

8.4 ％

6.8 ％

7.7 ％

7.3％

9.0%

Ordinary profit

1,503

1,195

1,796

2,499

3,359

Profit attributable toowners of parent

1,676

800

1,481

1,694

2,062

Asset consulting

Gross profit ratio

Operating profit ratio© 2024 Aoyama Zaisan Networks Group4

Actual PL — In Case of Adopting the Net Amount Method

Maintaining actual high level operating profit ratio
For accounting purposes, net sales of real estate transactions such as those of ADVANTAGE CLUB are
generally presented as a total amount.
However, our PL based on our actual situation is as shown in the table below, and we are profitable as aconsulting firm. We believe that this disclosure of actual conditions will provide useful information forinvestors.
Unit：Million yen

FY2019FY2020

FY2021

FY2022

FY2023

Net sales※

7,731

7,495

7,736

9,369

10,374

Costs of sales※

1,964

2,013

1,295

1,595

1,628

Gross profit

5,766

5,482

6,441

7,774

8,746

74.6%

73.1%

83.3%

83.0%

84.3%

1,603

1,303

1,856

2,629

3,265

20.7%

17.4%

24.0%

28.1%

31.5%

Gross profit ratio
Operating profit
Operating profit ratio* Net sales are calculated by netting the net sales related to real estate purchases and sales out of the net sales for accounting purposes (costs of sales related to real estate purchases are offset against net sales).
Costs of sales are calculated by deducting costs of sales related to real estate purchases and labor costs recorded in costs of sales from the accounting costs of sales.
© 2024 Aoyama Zaisan Networks Group5

Breakdown of Changes in Operating Profit

・Gross profit (excluding personnel expenses) increased due to a significant
increase in sales of high-margin asset succession services (for individuals).
・Personnel expenses increased in accordance with increase in the number of
employees.
Uni: Million yen
Increase in personnel expenses

in selling, general and▲213 Decreaseadministrative expenses（excluding personnel expenses）

+972

▲123

Increase in gross profit(excluding personnel expenses)

2,629

FY2022

3,265

FY2023© 2024 Aoyama Zaisan Networks Group6

Changes in Gross profits of Asset Consulting and Real Estate Transactions■ Asset consulting
・Profitability improved due to a significant increase in property succession sales.
Unit: Million yen

FY2019FY2020

FY2021

FY2022

FY2023

Net sales

5,564

5,806

5,545

6,204

7,082

Costs of sales

2,439

3,176

2,799

3,326

3,573

Gross profit

3,125

2,629

2,745

2,878

3,509

Gross profit ratio

56.2%

45.3%

49.5%

46.4％

49.5％

■ Real estate transactions
・Profitability of real estate transactions is improving year by year
Unit: Million yen

FY2019FY2020

FY2021

FY2022

FY2023

Net sales

13,496

13,312

18,66729,74729,015

Costs of sales

12,722

12,31517,082

26,925

26,168

773

997

1,584

2,822

2,846

5.7%

7.5%

8.5%

9.5%

9.8%

Gross profit
Gross profit ratio© 2024 Aoyama Zaisan Networks Group7

Changes in Asset Consulting Sales
Sales of asset succession increased significantly, resulting in a significant increase over theprevious year.
7,082

Unit: Million yen
9,000

1,459

8,000
7,000
6,000

5,564

5,000

1,450

4,000
3,000

1,289

5,806
1,059
1,877

6,204
1,614

5,545
1,392
1,417

1,787

1,442
4,008

2,000
1,000

2,824

2,868

2,734

2,974

FY2019FY2020

FY2021

FY20220
FY2023
Asset succession
Business succession
Product composition© 2024 Aoyama Zaisan Networks Group8

Net Sales by Segment
Asset Consulting

Real Estate Transactions
As part of asset consulting, the Company purchases real estate anddevelops products related to real estate for the purpose of meeting theasset management needs of its clients, and includes the sales of suchproducts in real estate transactions. Rental income from real estateholdings is also recorded.

Sales from asset succession consulting for individual asset owners,
business succession consulting for business owners, and sales fromconsulting on the development of proprietary products to manageand operate clients' assets are recorded in asset consulting.

Unit: Million yen

FY2022

FY2023

Change

6,204

7,082

14.2 ％ R e f e r e n c e p a ge

Asset succession

2,974

4,008

34.8 ％

P.10

Business succession

1,442

1,614

11.9 ％

P.11

Product composition, etc.

1,787

1,459

▲ 18.3 ％P.12

Real estate transactions

29,74729,015▲ 2.5 ％P.15

ADVANTAGE CLUB27,54023,624▲ 14.2 ％

-

4,576

-

2,207

814

▲ 63.1 ％35,95236,0980.4 ％Asset consulting

STO
Other real estate transactions

Total© 2024 Aoyama Zaisan Networks Group9

Asset Succession (for Individual Asset Owners)
Unit: Million yen

4,008

4,000

3,500

3,000

2,824

2,868

2,974
2,734

2,500

⚫ The number of large projects was at the samelevel as the previous year, but the unit price per
project increased significantly.

2,000⚫ Purchase consulting and effective utilization ofeight individual services contributed to theincrease in sales.

1,500

1,000

500

0
FY2019FY2020

FY2021

FY2022

FY2023© 2024 Aoyama Zaisan Networks Group10

Business Succession (for Business Owners)

Unit: Million yen

Succession to the family line
1,877

1,800
1,614
1,500

1,417
1,289

177

1,144

1,200

153

344

436
392

900

1,442

600

M&A (Third-party succession)

328

345

1,116

653

300

⚫ The need for business succession funds was high,and we plan to continue to invest aggressively inthis area.

387

0
FY2020

Succesion to the family line

FY2021

M&A

Business succession fund (Discontinuation of business)⚫ One investment was recovered this fiscal year.

823

793

FY2019The increase was due to an increase in the numberof planning and advisory services and an increasein the unit contract price of large projects.

⚫ Closing of several projects was delayed to the next
quarter.

441

103⚫ The number of successions to the family line was muchhigher than that in the previous year, as the closing ofdeals remained strong through the second half of the year.

FY2022

FY2023Business succession fund

⚫ Note that in FY2020, costs of 844 million yen wereincurred on sales of $1,144 million yen (actual salesof 300 million yen).
© 2024 Aoyama Zaisan Networks Group11

Product Composition, etc.

Unit: Million yen
1,787

1,800

AD Composition (commission fees at the time of AD composition)
1,500

1,450

1,392

581

1,459

⚫ It was lower than the previous period due to a decrease in
the composition amount of ADVANTAGE CLUB.

AD Dissolution (commission fees at the time of dissolution)

1,200
801

1,059

609

356

726

⚫ There were no dissolutions.

900
454

295

600
478

327

Other
849

300

733

487
170

278

⚫ In this period, approximately ¥100 million in compensation
was recorded for the structuring of STO's products.

0
FY2019AD Composition⚫ Management fees during the period for ADVANTAGE CLUBin operation, AM fees for regional development projects, andintermediary fees for operating leases are recorded.

FY2020

FY2021

AD Dissolution

FY2022

FY2023

Other© 2024 Aoyama Zaisan Networks Group12Changes in Number of Consultants and Clients• Although the number of clients per existing consultant increased due to the utilization of the
ART system, etc., the number of clients per consultant as a whole remained slightly higher
due to an increase in the number of new hires.

Unit: No. of persons

2,780

No. of consultants
No. of clients

2,377

1,752

1,823

1,905

2,076

1,398

735

847

967

97

102

120

134

148

167

FY2014FY2015FY2016FY2017FY2018FY2019170

183

FY2020

FY2021203

FY2022211

FY2023© 2024 Aoyama Zaisan Networks Group13

Sales of Asset Consulting per Consultant (Productivity)
Sales per consultant is improving, increasing 10% over the previous year.

＋10％
33,16933,31734,15330,301

29,31325,257

Sales perconsultant

23,19630,56233,56426,025
7,082(Unit: Thousand yen)

6,204
5,564

5,806

5,545

4,909
3,928
3,123

Sales of asset
consulting

2,450

211

2,366

(Unit: Million yen)

120

102

97

148

134

203

183

170

167

No. ofconsultants
2014年度末(Unit: person)

2015年度末

2016年度末

2017年度末

2018年度末

2019年度末

2020年度末

2021年度末

2022年度末

2023年度末End of FY2018 2019年度末
End of FY2019 2020年度末
End of FY2022 2023年度末
End of FY2016 2017年度末
End of FY2020 2021年度末
End of FY2015 2016年度末
End of FY2017 2018年度末
End of FY2021 2022年度末
End of FY2023
End of FY2014 2015年度末
2014年度末© 2024 Aoyama Zaisan Networks Group14

Real Estate Transactions
Unit: Million yen
35,00029,74730,0002,207

25,00029,015814⚫ Seven compositions were made in this period.

4,576⚫ As the memberships of ADVANTAGE CLUB
were sold out shortly after the club started offering,
we will accelerate the composition of
ADVANTAGE CLUB in the future.
STO

18,66720,0002,867

15,00010,00013,496

13,312

27,54023,624

4,213

ADVANTAGE CLUB (Real estate transactions)⚫ The sales of the first case of STO were alreadyrecorded.

8,310

Other real estate transactions

15,800

5,000

9,098
5,186

0
FY2019FY2020ADVANTAGE CLUBFY2021STO

FY2022

FY2023⚫ Provision of real estate other than ADVANTAGE
CLUB and rental income when real estate is held
is recorded.

Other real estate transactions© 2024 Aoyama Zaisan Networks Group15

BS Highlights（Financial Strategies)[Basic Policy] We have constantly secured cash and deposits of 10 billion yen to cover personnel expenses and expenses for the next
two years. In addition, a 5-year commitment line of credit with a term equivalent to that of the equity has been established in case of any
economic risk. We maintain negative net debt.
[Real estate for sale inventory policy] We will continue to expand the formation of ADVANTAGE CLUB, but we will continue ourpolicy of completing the offering in advance and establishing funds for ADVANTAGE CLUB on the same day as the purchase andsettlement of real estate, and we will not continuously carry any inventory (Properties under renovation will be held).
There is no impact from the interest rate hike due to our policy of not holding real estate inventory.

Total assets 21,757 million yen

Total assets 23,491 million yen
Interest-bearing liabilities
1,990Interest-bearing liabilities
2,152

Residual borrowing period 12
years

Residual borrowing period 13
years

Cash and deposits
12,804

Other than the above
Interest-bearing
liabilities
5,981

Cash and deposits
14,696

Other liabilities
5,734

Other liabilities
5,303
Real estate for sale 1,751

Other than the above
Interest-bearing
liabilities
6,181

Real estate for sale 1,677

Real estate for rent
2,271

Net assets 8,320

Real estate for rent
2,171

（Equity ratio: 38.0%)

Other assets 4,931

End of FY2022

Net assets 9,584（Equity ratio 40.4%)

Other assets 4,945

End of FY2023© 2024 Aoyama Zaisan Networks Group16

Changes in ROE and ROIC
ROE

Target: 20% level or higher

ROIC

Target: 10% level or higher
ROE

35.0%

ROIC

31.1%

30.0%
22.0%

25.0%

22.0%

23.2%

20.0%
15.0%

13.0%

12.7%

12.2%

12.9%

2022年度FY2022

2023年度FY2023

10.0%
8.0%

10.0%
5.0%
0.0%
2019年度FY20192020年度FY20202021年度FY202１© 2024 Aoyama Zaisan Networks Group17

Section ２

Review of FY2023 andInitiatives From 2024 Onward

Sales of Asset Consulting per Consultant (Productivity)
Overall, productivity per consultant has increased by only 10%.
＋10％
33,16933,31734,15330,301

29,31325,257

Sales perconsultant

23,19630,56233,56426,02534,7828,000（Forecast）＋14％(Unit: Thousand yen)

7,082

6,204
5,564

5,806

5,545

4,909
3,928
3,123
2,450

Sales of asset
consulting

203

183

170

167

148

134

120

102

（Plan）＋4％ 2112,366(Unit: Million yen)

97

230

No. ofconsultants
2014年度末(Unit: person)

2015年度末

2016年度末

2017年度末

2018年度末

2019年度末

2020年度末

2021年度末

2022年度末

2023年度末

2024年度末End of FY2019 End
End of FY2017 2018年度末
End of FY2018 2019年度末
of FY2020 2021年度末
of FY2016 2017年度末
of FY2015 End
End of FY2021 2022年度末
End of FY2022 2023年度末
End of FY2023 2024年度末
End of FY2014 End
End of FY2024
2014年度末
2015年度末
2016年度末
2020年度末© 2024 Aoyama Zaisan Networks Group19

Current Issues
Current Issues① There is no increase in the number of consultants who can respond todiversified needs or take on complex projects② We value the relationship that our clients talk us at Aoyama to discuss any
asset matters with us, but there is still room for improvement.
Anyway, our mid- to long-term goal for the company is to become “the pioneer inthe wealthy business” and to be specific,

we aspire to build long-term, trusting relationships with landowners,
financiers, and business owners and to be a partner to our clients,
consulting more than anyone else in Japan and helping them solve more
problems than anyone else, as a wealth advisor who provides advice
from a holistic view of various assets, including real estate and financial
assets.
© 2024 Aoyama Zaisan Networks Group

20

Review of FY2023 and Initiatives From 2024 Onward⚫ Fostering consultants with strong human and professional skills⚫ Development of databases and other environments to support consultants
Current
issues⚫ Horizontal development of the knowledge and experience gained by the
consultant to the entire consultancy⚫ Improved productivity of support staff supporting consultants⚫ Responding to diversifying customer needs
１ Thoroughly educating employees to accumulate virtues centered on altruism

Initiatives
from 2024
onwardin order to enhance their human abilities.
2 Improvement of environment to support consultants through the use of DX, AI, etc.
3Creating a pleasant, rewarding workplace

4

Providing new services following eight individual services to meet diversifying
customer needs© 2024 Aoyama Zaisan Networks Group21

Initiatives From 2024 Onward
１ Thoroughly educating employees to accumulate virtues centered on altruism in order to enhance their human abilities.

The most important thing for a consultant is power of humanity, and the most important
thing for people to live happily is also power of humanity.
∎ The formula for success and happiness is instilled in employees.
power ofhumanity

wisdom ＋ability
to actpassiontenacity

Success / happinessvirtuesabilities※Virtues ……………… Benefits conferred by performing good deeds※Virtuous act ………… Actions performed with honesty, integrity, kindness, benevolence, altruism, consideration, loyalty,
humility, gratitude, etc.

∎ Every week, the president sends out a word of the day and the organization makes a habit ofdiscussing it.
∎ We encourage employees to actively participate in CSR activities (children's cafeteria, petfriendly society, community cleanups)∎ All employees are encouraged to meditate.

∎ We initiated the establishment of a foundation as AZN Group to take a more proactive role in22© 2024 Aoyama Zaisan Networks GroupCSR activities.

Initiatives From 2024 Onward
２ Improvement of environment to support consultants through the use of DX, AI, etc.
∎ Plans to establish a DX Promotion Office∎ Data Conversion of Accumulated Consulting Know-How∎ Further promoting standardization of consulting through data conversion, and building a HR development system.

∎ Establishment of marketing organization∎ Utilizing marketing automation tools to understand customer needs and providing appropriate service solutions andinformation

３ Creating a pleasant, rewarding workplace∎ Improving productivity and reduce job turnover by creating a work environment where the various circumstances ofeach individual are accepted and where people can work with peace of mind (career planning, work environment,
promotion of women's activities, etc.)∎ Continuing to make efforts to realize "role-based pay" and "performance-based bonuses.”∎ Continued from the previous fiscal year to achieve wage increases (5% or more) that exceed the government's
demand for higher prices

４ Providing new services following eight individual services to meet diversifying customer needs∎ Creation of services to meet various needs, not only succession© 2024 Aoyama Zaisan Networks Group23

In Terms of Strategic Individual Services, Review of FY2023 andInitiatives From 2024 Onward

ADVANTAGE CLUBPurchase
consulting

Effective land use
consulting

Family office services

Review

Initiatives

7 cases of 24.4 billion yen in composition in 2011.
Selling out in a matter of days due to the highquality of the product.

Although demand for our products is extremely
high, we will continue to carefully select our
products and plan to have 28.8 billion units in
2024.

Sales doubled due to the establishment of a
specialized department to accurately
understand the needs of existing customers.

In 2024, we aim to further increase revenue by
expanding services to regional bank customers
in addition to existing customers.

A specialized department was set up andsales increased, especially to existingcustomers.

Partnership with megabanks is in full operationfrom 2023, aiming to expand deals throughfinancial institution channels.

Focusing on family offices operating independently.

Aiming for synergistic effects by proposing afamily office as a set of conventional businesssuccession consulting services.

© 2024 Aoyama Zaisan Networks Group24

In Terms of Strategic Individual Services, Review of FY2023 andInitiatives From 2024 Onward

Regional development
consulting

Business succession fundFinancial productmanagement services by
IFA

Review

Initiatives

Inquiries from local governments increased dueto the closing of the second project (Tsuruga) in
2022.
In 2023, activities were undertaken to win large
project contracts.

Continuously work on large projects andactively engage in environmentally friendly
regional development

Only 1 new investment in 23 years.
Sales routes and sales methods were reviewed.
(From M&A Boutique-Centered to Financial
Institution-Centered).

Assets under custody reached 6.7 billion about
two and a half years after commencing
operations in June 2009.

First project originated in 2023.

STO Business• Providing a wide range of businesssuccession consulting services, not limited
to business succession funds, to companies
with deteriorating P/L or excessive debt.
• Review sales channels and aim to be
entrusted with the business succession
consulting mentioned above.
Aggressively addressing the asset management
needs of existing clients and the new NISA,
aiming for assets under custody of 12 billion at
the end of 2024.

Strengthening collaboration with partners,
aiming to formulate 3 projects of 10 billion yen
or more in scale.

© 2024 Aoyama Zaisan Networks Group25

Strategic Individual Services <ADVANTAGE CLUB>
Review

Initiatives

This year's compositions progressed smoothly,with many projects selling out within just a few
days of the start of sales.

While still meeting high needs, we will continue
to offer only carefully selected, high-quality
products.

■ New
composition amount■新規組成額Composition targets for 2024

Existing Cumulative Composition■既存累計組成額(Unit: 100 million yen)
(単位：億円)

28.8 billion yen
1412.11167.7
882.8

509.3

42.5

2017年末End of FY2017

2020年末End of FY2021

2019年末End of FY2020

53.0

2018年末End of FY2019

End of FY2018

162.5

92.8

574.5

65.2

720.3

627.5

2021年末

244.4

284.9

2022年末End of FY2022

2023年末End of FY2023

End of FY2024 (Plan)
2024年末(予想)© 2024 Aoyama Zaisan Networks Group26

Section ３
Earnings Forecast

Earnings Forecast for FY2024[Regarding sales]
We anticipate a further increase in the number of clients, as the needs for asset succession, business succession, and asset management among ourwealthy clients (landowners, financial asset holders, and corporate owners) continue to grow, and the number of partner financial institutions isincreasing, and Asset Consulting revenues are expected to be significantly higher than the previous year. However, our main product, ADVANTAGE
CLUB, has been sold out within a few days of its launch due to its well-known past track record and differentiation from other companies. However,in order to continue to contribute to the succession of assets and asset management of our clients, it is necessary to strictly meet our product standards,
and our plan to form ADVANTAGE CLUB in FY2024 is 28.8 billion yen on an accumulated basis that meets our product standards.
[Regarding costs]
We will aggressively expand human resource investment to address the retention, recruitment, and advancement of consulting personnel, including
labor costs, which are recorded in cost of sales. In addition, we plan to invest in DX to improve the quality and productivity of consulting andaggressively advertise as a branding measure, and expect an increase of about 800 million yen in personnel and expenses. We consider theseinvestments as strategic investments for growth in the next fiscal year and beyond.
Unit:：Million yen

Net sales

FY2023

FY2024

ChangeRate of change

36,09838,000

1,901

5.3%

Asset consulting

7,082

8,000

917

13.0%

Real estate transaction

29,01530,000984

3.4%

Cost of sales

29,74231,000

1,257

4.2%

Gross profit

6,356

7,000

643

10.1%

Selling, general andadministrative expenses

3,090

3,500

409

13.2%

Operating profit

3,265

3,500

234

7.2%

Ordinary profit

3,359

3,400

40

1.2%

Profit attributable to owners ofparent

2,062

2,240

177

8.6%

© 2024 Aoyama Zaisan Networks Group28

Section ４
Shareholder Return Policy

Shareholder Return Policy
１２
３

Dividend payout ratio at 50% level
Continuous dividend increases
Maintaining DOE level above cost of equity*We assume a cost of equity of approximately 8%.

FY2021

FY2022

FY20233-year average

TargetDividend payout ratio

45.7%

50.1%

48.3%

48.0%

50% level

DOE

10.1%

11.0%

11.2%

10.8%

10% level© 2024 Aoyama Zaisan Networks Group30

Changes in Dividends（Unit：yen）

We have already increased dividends for 13 consecutive terms, and we are planning to increase
3.0

dividends for 14 consecutive terms this fiscal year.

46.0
41.0

35.0

28.0
25.0

26.5

26.0
22.0

2.5
19.5

16.5
15.0

Year-end dividendInterim dividend
7.5

5.0
2.5
2010
Dividend
payout ratio 64.1%

3.25

3.75

2011

2012

31.5%

86.1%

5.0

17.0

14.0
12.5

11.5

Commemorative dividend

9.5

9.0

7.5
6.5
4.0

28.0

5.5

7.0

8.5

10.0

11.0

13.0

2.5

2.5

2013

2014

2015

2016

2017

2018

2019

2020

2021

54.0%

48.4%

40.7%

46.2%

45.0%

38.3%

35.7%

80.3%

45.7% 50.1%

2022

15.0

18.0

2023

2024

48.3%

50.0%

※On September 1, 2021, a stock split (two-for-one stock split) was implemented, and the dividend amount was replaced by a dividend amount that takes the split into account.
© 2024 Aoyama Zaisan Networks Group31

Section ５
AppendixCompany Overview
Company Profile
Trade name

Aoyama Zaisan Networks Co., Ltd.

Listed market

Tokyo Stock Exchange Market Standard（Securities Code ：8929）

Head Office

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

Incorporated

September 17, 1991

Capital1,210,990,000 yen ※as of December 31, 2023

No. ofemployees

298(Group) ※as of December 31, 2023

Business line

Comprehensive individual asset consulting
Business succession consulting
Real estate solutions consulting∎ Listed company specializing in asset consulting and business succession consulting

Majorcharacteristics∎ A group of more than 150 professionals from the real estate industry and financial institutions,
including tax accountants, certified public accountants, and lawyers∎ It has strengths in equity and shareholder solutions and real estate solutions© 2024 Aoyama Zaisan Networks Group33

Corporate History
History of the Company
1990s

2000s

1999

Sep. Funai Zaisan Dock Inc was established as a group company of Funai Research Institute Co., Ltd.
Apr. It changed its name to Funai Zaisan Consultants Co., Ltd.

2002

May

ADVANTAGE CLUB started

2004

Jul.

Listed on the Mothers market of the Tokyo Stock Exchange

2008

Oct. Management integration of Progest Holdings Co., Ltd.

2011

Jan. Established Aoyama Wealth Management Pte. Ltd.

2012

Jul. Funai Zaisan Consultants, Co., Ltd. changed its name to Aoyama Zaisan Networks Co., Ltd.

2013

Oct. Management integration of Japan Asset Research Institute Co., Ltd.
May Market was changed to the Second Section of the Tokyo Stock Exchange.

1991

2015
2016

2010s

Jan. Shinsei Aoyama Partners (joint venture with Shinsei Bank, Ltd.) was established.
Aug. Established Business Succession Navigator Inc. as a joint venture with Japan M&A Center Inc.
(currently Next Navi Co., Ltd.)2017

May PT Aoyama Zaisan Networks INDONESIA was established in the Republic of Indonesia
Oct. Completed construction of "Komatsu A×Z Square," the first project for regional development

2019

Feb. Formed capital and business alliance with Capital Asset Planning Co., Ltd.
Dec. Aoyama Zaisan Networks Kyushu Co., Ltd. established as a joint venture with HAC Group and Shinohara

CPA Office Group.

2020s

2020

Sep. Appointed Chairman of the Council of Real Estate Specified Joint Enterprises
Oct. Established Aoyama Financial Service Co., Ltd.

2021

Jan.

2021
2022

Established Aoyama Family Office Service Co., Ltd.

Sep. The 30th anniversary of establishment
Completed construction of TSURUGA POLT SQUARE otta, the second project for regionalAug.
development© 2024 Aoyama Zaisan Networks Group34

Management Objectives and Business Description
Management
objectives

Business
description

Client types

Contributing to the happiness of our clients through the succession,
operation, and management of their assets
Consultation on achieving optimal asset composition and maximizing cash flow

〈 Comprehensive Asset consulting 〉

Individual asset owners(Landowners and financiers)

Business owners(Managers)

Average assets: 1 billion yen

Solutions∎ Inheritance measures∎ Effective use of real estate∎ Extensive land utilization∎ Real estate purchase and selling,etc.

∎ Business succession (Successor support）∎ M&A∎ Support for changing or closing a business∎ Financial improvement and growthstrategies, etc.

∎ ADVANTAGE CLUB, regional development projects and overseas asset management,
Financial product consulting by IFA*
*Provided by Aoyama Financial Service Co., Ltd. (Kinchu) No. 939, a group company© 2024 Aoyama Zaisan Networks Group35

Business for Individual Asset Owners
Problem Solving
Solutions

1st yearWishing to makeeffective use ofland

Compensation forproblem solving

3rd yearWishing torecombine myassetsOptimal asset structure
for each stage of life

Consulting by building
ongoing connections

Individual asset
owner
1Xth year

Having trouble
with inheritancedivision

No. of individual asset clients
Ongoing support
through advisory
contracts

Approx. 2,300

Monthly advisory
contract fee© 2023 Aoyama Zaisan Networks Group36

Business for Business Owners
Problem Solving
Solutions

1st year
Having trouble withstock consolidationor businesssuccession policy

Compensation forproblem solving

3rd yearby resolving issues such as
business succession and asset
management at the mostappropriate time for our clients

Having trouble
with growthstrategy
Businessowner

Long-term ongoing
consulting

1Xth year
Having trouble withmanaging financial
assets obtained
through M&A.

No. of business owner clients
Ongoing support
through advisory
contracts

approx. 500 persons

Monthly advisory
contract fee© 2024 Aoyama Zaisan Networks Group37

Features of the Business Model

Solving clients’ problems and building long-term relationships

Current generation

Individual
asset owners

Succession, operation andBusiness management of assets,
Business succession

ownersNest generation

The generation after next

Succession, operation andmanagement of assets,,
Business succession

The business model that generates profit
over the long termby consulting from the current generation to the next and beyond© 2024 Aoyama Zaisan Networks Group38

Net Sales and Operating Profit after Listing（Operating profit: Million yen）

（Net sales: Million yen）

35,000Sublease, other

Resale of real estate

Asset consulting
Since listing, revenues andprofits have increased due
to aggressive real estate
sales

Operating profit

30,000〈Advantage Club〉
3,500

Significant losses wererecorded on real estate
inventories due todeteriorating real estatemarket conditions

25,000Consulting real estate transactions

3,000

Policy of not acquiring
real estate for resale.
Shift to financially soundmanagement

2,500

20,0002,000

15,0001,500

10,000

1,000

5,000

500

0

0

06年

07年

08年

09年

10年

11年

12年

13年

14年

15年

16年

17年

18年

19年

20年

21年

22年

23年

-4,000© 2024 Aoyama Zaisan Networks Group39

Changes in number of clients, asset consulting sales, and sales per client
Sales per client

2.50 - 3.30 million yen

Average
Sales perclient

3,333

3,230
2,810

2,793

(Unit: thousand yen)

2,802

3,052

3,048
2,671

2,610

2,547

7,082

5,564

5,806

6,204

5,545

4,909

Sales ofasset
consulting(Unit: Million yen)

3,928
3,123
2,450

2,780

2,366
1,752

2,377

2,076

1,905

1,823

1,398

No. ofclients

967

847

735

(Unit: persons)
End of FY2014

End of FY2015

End of FY2016

End of FY2017

End of FY2018

End of FY2019

End of FY2020

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of FY2014 End of 2015 End of FY2016 End of FY2017 End of FY2018 End of FY2019End of FY2020 End of FY2021 End of FY2022 End of FY2023 End of FY2024(Planned)© 2024 Aoyama Zaisan Networks Group40

ADVANTAGE CLUB’s Reimbursement Results (Dissolution of association through sale of property)• Since 2010, we have comprehensively assessed real estate market trends, property
conditions and occupancy levels, etc. 31 properties are sold by resolution of theassociation members and the proceeds are distributed to the association members.
Part of the properties sold (Generally, the company considers selling after 6 to 8 years of partnershipformation. The prospect of sale is approximately 10 years after the formation of the cooperative.)

GotandaRoppongi
3 chomeNIhonbashi

Nihonbashi
odenmacho

Shibuya

Kyobashi
Bldg.

Shinjuku
A-ONE
Bldg.

Ginza 8
chome

Tokyo
Yaesu Exit

Kyobashi
Chuo

Performance of property sales （Average of 31 associations dissolved due to property sales ）Per property（1000 yen）※Rounded to the nearest thousand yen

Average
operation
period9 years and3 months

Amount ofcomposition A

10,000average sales
priceprofit and loss on
sales

11,137

1,137

B

C（B-A）

Accumulated
average
distributions
D

4,529

Averagedifferentialbalance
（C+D）

5,666

Simplyaveragedannualized
yield（roughestimate）

6.12 ％© 2024 Aoyama Zaisan Networks Group41

Publication of 3 books
・Published 3 books on inheritance and business succession.
・We will further strengthen our efforts to attract new clients through the book and publication
seminars,Released on October 30, 2021

Released on November 11, 2021

Released on February 1, 2022

Publisher: NIKKAN KOGYO SHIMBUN,LTD.
Price: 1,500 yen（tax excluded）

Publisher: Nikkei Business Publications, Inc.
Price：1,600 yen（tax excluded）

Publisher: Nikkei Business Publications, Inc.
Price: 1,500 yen（tax excluded）

The concept, measures, and case studies are
introduced in an easy-to-understand manner tohelp managers of small and medium-sizedenterprises find the best exit for their business,such as when they have concerns about businesssuccession.

When land-owning asset holders andfamily business owners are concerned
about inheritance and succession, we
introduce how to find the "bestinheritance strategy" to solve theirproblems from "five perspectives" in linewith the concept of "holistic
optimization".

When family business owners are worried
about inheritance and succession.... Through 19
examples of failures caused by measures
without "thought," "understanding," and"appreciation," this book introduces tips on
how to successfully promote businesssuccession.
© 2024 Aoyama Zaisan Networks Group42

Conducting seminars
・Seminars on asset and business succession are regularly held.
・We will continue to further strengthen our contacts with new clients through seminars.

© 2024 Aoyama Zaisan Networks Group43

Please refer to the following URL for our IR information.
https://www.azn.co.jp/ir

Aoyama Zaisan Networks Co., Ltd.
Corporate Finance Division
TEL 03-6439-5824 FAX 03-6439-5851
The statements in this document regarding earnings forecasts and other forward-looking statements are forecasts based on
judgments made in accordance with information available at the time this document was prepared, and involve potential risks
and uncertainties. Accordingly, please be aware that actual results may differ from these forecasts due to various factors.
© 2024 Aoyama Zaisan Networks Group