Our Profile

Overview of Aoyama Zaisan Networks

Growth trajectory

Our business model and 100-year property consulting
from property consulting to real estate transactions, withproperty consulting revenue being our main source ofprofits.
Through comprehensive property consulting for theperpetuation of families and businesses, Aoyama Zaisan
Networks contributes to the happiness of its clients. We
will continue to grow sustainably to become Japan's No.
1 comprehensive property consulting firm, supported byclients who know, "When it comes to property, it's Aoyama
Zaisan Networks."

Aoyama Zaisan Networks (AZN) is a property consulting
group serving both individual asset owners and businessowners. After commencing business in 1991 as a groupcompany of Funai Consulting Incorporated, the firm
focused initially on the real estate business. With the global
financial crisis of 2008 as a turning point, we expanded
our business from a short-term profit taking structure
centered on resale of real estate to a long-term, total
optimization standpoint on property consulting for ourclients as our main focus. Our revenue classifies broadly■ Revenue from property consulting■ Revenue from real estate transactions■ Revenue from resale of real estate■ Revenue from subleasing and other income⚫ Ordinary profit(Sales: million yen)

32,00028,000(Ordinary profit: million yen)

7,000
6,000

24,0005,000

20,0004,000
16,0003,000

12,000
8,000

2,000

4,000

1,000

00
First Medium-Term Management Plan

Second Medium-Term
Management Plan

-1,000-2,000-3,000-4,0002006

2007

Period of growth in property
consulting services forindividual asset owners

2008

2009

2010

2011

2012

Expansion of the fieldof business succession
consulting for corporate
owners as a result of mergers

Comprehensive property consulting Property succession/operations/management and business succession
Consulting & Analysis of Current Situation

Planning & Proposals

Action & review

Analyzing issues, presenting options for countermeasures, and accumulating data through the ART system
Interview anddocument
collection

Analysisof Current
Situation

Identifyingissues

Proposals⚫ Consulting on property succession, operations,management, and business succession⚫ Consulting products and services
Short-term plan

ActionInvestigation &review

Mid- to long-term plan

2013201420152016

20172018

Period of growth as acomprehensive property consulting
firm

2019

2020

2021

2022

2023

(year)On to the new stage by
expanding collaborations
and getting fortified withtechnologies

The Aoyama Zaisan Networks business model involves
building relationships of trust by contributing to thehappiness of its clients and earning ongoing property
consulting revenue from these long-term relationships.
Our consulting process is firmly based on interviews withour clients and collection of documentation. We provide
long-term support to our clients by repeating this cycle:
analysis of the current situation, identification of issues,planning and proposals, implementation, verification, andreview by our own analysis tools and experts. By utilizing
AZN Group's proprietary ART system, we provide highquality consulting services ranging from analysis of current
situations to planning and proposals.
In the fields of property and business consulting, AZN
is committed to 100-year property consulting to look after
property not only for the current generation, but also forthe next generation and the following generations. Working
from a total optimization standpoint, we are always striving
to solve issues related to the succession, operations, andmanagement of property as well as business succession

by building long-term relationships with our clients andproposing methods to smoothly facilitate succession andoperations. By doing this, we maintain and expand the sizeof our clients' assets and perpetuate their families and theirbusinesses, providing the foundation for AZN Group toearn stable revenue.
⚫ 100-year property consulting
A business model in which long-term relationships are builtwith clients, which generates long-term revenues throughconsulting from the current generation to the next generation
and beyond.

Scale of Asset ValueBusiness

Third Medium-Term
Management Plan2005

100-year property consulting offering long-term support for the current generation, next generations, and third generation*From 2019 onward, revenue from subleases is included in revenue from real estatetransactions and other revenue is included in revenue from property consulting.

⚫Transitions in business portfolio and net sales
36,000⚫ Business model

Third-generation manager
Third-generation owner
Next-generation manager
Next-generation ownerCurrent manager
Current owner
Property succession/operations/management and business succession
TimeThe market environment & our strengths
Business line
Comprehensive property consulting, which lies at thecore of our business, is a consulting service designed
to achieve the optimal property structure to perpetuate
our clients' families and businesses. We offer a one-stop
consulting service for the succession, operation, andmanagement of property and business succession for
individual asset holders (landowners and financial assetholders) and corporate owners.
Our group supports total optimization planning andimplementation for our clients through expert perspectives,with more than 150 national certificates holders employed
by AZN, and through our unique analytical methods built
up over many years.

4Aoyama Zaisan Networks ｜ Integrated Report 2024

⚫ Business and service overview
BusinesslineClients

Comprehensive property consulting(property succession/operations/management and business succession)

Individual assetowners

Company owners⚫ Inheritance strategy⚫ Effective utilization of real estate⚫ Utilization of large expanses of land
⚫ Buying and selling of realestate, and more⚫ Business succession (supporting successors)⚫ Mergers and acquisitions⚫ Support for business transitions
and closures⚫ Financial improvement, growthstrategies, and more

(average assets: 1 billion yen)

List ofServices⚫ Advantage Club, regional development projects,
overseas operations, IFA

In January 2015, Japan’s Inheritance Tax Act wasamended, reducing the basic inheritance tax exemption
and raising the maximum tax rate to 55%. This has resulted
in a sharp increase in the number of persons now subject totaxation, as well as a significant increase in the percentage
subject to taxation. As a result, we have received anincreasing number of inquiries from individual asset owners,
and some of them have become our clients.
In terms of business succession, Japan’s declining
birthrate and aging population have caused a chronic
shortage of suitable successors for businesses. By 2020,
the average age of company presidents in Japan was inexcess of 60 years, and the percentage of companies
without designated successors hovered around 55%.
We anticipate that our clients' needs for the succession,

operation and management of their property as wellas succession of business will continue to expand. Byleveraging AZN’s strengths as a group and consistently
working to resolve these issues, we will continue toaccompany our clients into the future.
⚫ Strengths of Aoyama Zaisan Networks

1

Expert insights and application of technology

2

Ability to propose and implement total optimization
based on 5 standpoints

3

Comprehensive property consulting services for assets
and business

4

Reliability that comes from being listed on the stock
exchange, and neutrality that comes from being independent

Aoyama Zaisan Networks ｜ Integrated Report 20245