Our Value Drivers
The role of comprehensive property consulting is tosmoothly facilitate inheritance and business succession
and to achieve the optimal property structure to perpetuatefamilies and businesses.
Until now, AZN has focused on providing comprehensive
property consulting services, but in order to expand ourpoints of contact with new clients, we have established a

Reliable products and services

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 toincrease the added value of each strategic individualizedservice, 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 each client's
unique purchasing objectives and provide consistent
support from property selection, purchase, management ofholding period, consideration of sales timing, selection ofbuyers, 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 operationof family councils.

STEP

1

Analysis ofCurrent Situation
Interview to identify
problems and provide
adviceADVANTAGE CLUB®

BusinessparticipantsSpecified joint
real estate
ventures

Acquisition

Voluntary partnership
Financialinvestment

Eligible real estate

Rent

Voluntarypartners

Carry out
administrativework
Managing
Director Aoyama
Zaisan Networks

Tenants

Depending on the voluntary partnership, the type of real estate lease may vary.
"ADVANTAGE CLUB" is a trademark of Aoyama Zaisan Networks⚫ Examples of land utilization methods⚫ Features of AZN Group'sLandowners

Retail stores

Reclassification

Aoyama Zaisan Networks
Real estate Store location
information information

Store location information

Fixed-term lease, exchange of equal value

Tenant companies
Total coordination ofstore openings

Residential (detached house rental)

Comprehensive property
consulting (proposals foreffective utilization of real estate)

Residential (apartment, condo)

Request for utilization of real estate

Warehouse

Aoyama Zaisan Networks ｜ Integrated Report 2024

Review whether property
suits intention ofpurchase, whether price isappropriate, etc.

STEP

5STEP

6Purchase

Ownership &Operation

Sale

Total support as Aoyama
Zaisan Networks

Post-purchase
operational support

Support during andafter sale1

The one-family
philosophy

62

FamilygovernanceIndividual growth& development5

Non-property
fieldsSynergistic effect3

Businessmanagement &management offamily assets

Contributing tosociety

We develop and operate public real estate through public–
private partnerships, utilizing AZN’s expertise in specified
joint real estate ventures and financing. Specifically, we
commercialize underutilized land owned by local governments
and other entities through more effective utilization, with theaim of revitalizing regional communities. AZN and its clients
also contribute to the healthy development of local economies
through these investments. The first project of AZN Group's
regional development, Komatsu A×Z Square, a complex facility
next to JR Komatsu Station in Ishikawa Prefecture, openedin 2017. The second is a land use project in the TSURUGAPOLT SQUARE otta complex to the west of Tsuruga Station inFukui Prefecture, which opened in 2022. This project received
an award from the Minister of Land, Infrastructure, Transportand Tourism in the 2023 Land Utilization Model Awards.

Property field

Financial asset management consulting service
Aoyama Financial Service, our consolidated subsidiary,
plays a central role in this, and through group collaboration
with Aoyama Zaisan Networks as an IFA*3, assists clientswith optimal asset management to meet their objectives
from a comprehensive, long-term standpoint based onsolid analysis of the current situation.
*We will only share information
subject to the client’s consent.

Comprehensive
property consulting

Clients

Financial
instrument
consulting

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

Relatives

The question is who willtake over?

Managementprofit deficit

Board member [Management buyout (MBO)]
Third parties [M&A]
Downsized succession

Decision to
downsizing or
discontinue prioritizedover successors

Pursuing possibility of businesssuccession through downsizing

Business discontinued
Proposing measures to minimize burden
on management and employers

Aoyama Zaisan Networks has acquired trademark rights to the term "downsized succession."

STO business*4
The revision of the Financial Instruments and Exchange
Act in 2020 made it possible to issue digital securities,
and we plan to partner with Hash DasH Holdings, which
possesses blockchain technology, to keep developing ourreal estate expertise with the aim of creating a world where
investment is possible 24 hours a day, 365 days a year.
In 2023, real estate provided through our first fund, "RealEstate Digital Securities, Shibuya Jingumae Innovation
Office" was made available as digital securities.
Hash DasH
Investments

Smartphone

Dividends

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 December 31, 2023

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Selecting property
information
Visit to proposed property

State of management?

a bias toward their respective areas of expertise. On the otherhand, since AZN assigns each job to property consulting
teams with specialized skills, we are able to provide one-stop
proposals featuring total optimization methods of utilization
best suited to the land, after first confirming the overallsituation of the property, taking into consideration various
conditions such as verification of cash flow and selectionof construction providers, design companies, construction
companies, and operating companies.

Childcare, education

34We assist our clients in planning and implementing effective
utilization of land in the Tokyo metropolitan area. AZN'steam of experts in effective land utilization works to gather
information and consider problems related to your land orbuildings, such as underutilized land, unprofitable land,vacancy issues, or deteriorating buildings, and proposes thebest utilization of real estate to solve your problems.
In general, proposals from companies involved in theeffective use of land tend to be partially optimized, skewed byWelfare

STEP

Review

Succession ofbusiness and assets

Effective real estate use consulting

Medical42

Regional creative development consulting
Distributionof profit

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 from unitsof 10 million yen, stable income can be expected, andthe real estate management system is unparalleled. Asof December 31, 2023, AZN had 71 partnerships withcumulative total assets of more than 140 billion yen andNo. 1 market share.*1 Our target for 2024 will be 28.8
billion yen worth of new investment. In order to make ourservices available to new clients, we have been working
with financial institutions since 2021, and have formed
partnerships with 43 institutions*2 to date. As the market
leader, we will continue to play a role in driving the market.

STEPSTEP

Proposal & Visit

Collaboration

Real estate

Shift to ST

Provided throughsecurities markets

Broad base ofindividual investors*3 IFA: Independent Financial Advisors *4 In our STO (Security Token Offering) business, we plan to supply and manage real estate.
Aoyama Zaisan Networks ｜ Integrated Report 2024

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