Securities Code: 8929

Full-year Business Summary for Fiscal Year 2018 (28th period)
January 1 to December 31, 2018

28th Period Performance

To Our Shareholders
I am pleased to announce that the Company was able to continue steadily
improving its performance from the first half of the year throughout the fullbusiness year.
On this occasion, we announced the Medium-term Management Plan on
February 5. The year 2019 marks the first year of the Company's rebirth andevolution over a three year period into the "Japan's top IoT and AI
technology-equipped property consulting firm."
In addition to property succession and business succession consulting, webelieve that it is necessary for us to provide consulting and create life plansfor our customers in era of people living until they are 100 years or older.
Going forward, we will respond to growing management needs by closely
and actively combining Japan-based management products with thegrowing overseas real estate-based management products.
Furthermore, we at the Aoyama Zaisan Networks Group will pursue theproduct of [Technology] x [Human Resources] to contribute to the happinessof our customers. While it is certainly important to incorporate technologies
which meet the needs of the times into our operations, we believe that
improving human resources is more important than anything else in ourwork. To become the type of company where a diverse pool of talent cansucceed, we are also emphasizing human resource development, and theentire company is focusing every effort while valuing the "altruism" whichforms the foundation of our management philosophy.
We aim to become the Japan's top property consulting firm supported bymany customers who believe that "Aoyama Zaisan Networks Provides theMost Comprehensive Asset Management Solutions" and further improveenterprise value through continuous profit growth and the enhancement ofshareholder returns by measures including the expansion of ties withfinancial institutions and Nihon M&A Center Inc.
We ask for our shareholders’ continuing support and cooperation.

Both operating revenue and profits rose significantly over the previous fiscal year. The needs of individual customers forproperty management and property succession have grown, leading to a steady rise in the number of customers andproposals and engagements to resolve issues.
We are also experiencing an increase in the number of proposals and engagements with corporate customers who haveproperty management needs. The lack of a successor in business succession and business closures are becoming asocial problem, and there has been an increase in the range of proposals and engagements, including capital policyrelated cases for succession within the family, succession by employees, and M&A.

17,227million yen( Up 18.3% year-on-year(unit: million yen)

14,420

Personal
property
consulting(unit: million yen)(unit: yen)

1,464

Fiscal Year 2016 Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019
(26th period)(27th period)(28th period)(29th period)

101.88(forecast)(forecast)

66.74
49.75

Fiscal Year 2016 Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019
(26th period)(27th period)(28th period)(29th period)

Fiscal Year 2016 Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019
(26th period)(27th period)(28th period)(29th period)

Dividends

Shareholder incentives

Our goal is to achieve a stable, ongoing dividend
payout ratio of 50% and increase dividends.

We will start providing year-end shareholder incentives. One of thefollowing shareholder incentives shall be presented to shareholders who
possess 30,000 shares or more that are recorded in the shareholder
register as of the end of December 2018.

Fiscal year ended in December 2018:39 yenTransition of dividends
First half of fiscal year

46.2%

We help resolve customer’s
property-related issues

End of fiscal year

45.0%

Dividend payout ratio (unit: yen)

38.3%
25.0

15.0
8.0

11.0

14.0

Shareholder
incentive item
numberShareholder
incentive item
numberA

A meal certificate
from UKAI CO., LTD.
30,000 yen

BUkai special selectSukiyaki beef
worth 30,000 yen(1,000 yen per ticket x 30)

41.1%(forecast)<Sample images><Sample images>

A meal certificate from UKAI CO., LTD. may be used at each shop listed on the UKAI web site (https://www.ukai.co.jp/).

28.0(forecast)

19.0

Consulting
products

109.52

1,600

17,227
1,094

Corporate
consulting

101.88yen)

751

17.0(forecast)Fiscal Year 2016 Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019

President Masazumi Hasumi
1( Up 33.9% year-on-year

20,00014,562

Net profit per share

1,464million yen)(forecast)

We are a one-of-a-kind comprehensive property consulting
firm providing services for property and business successions.
Based on our belief that “financial assets are thefoundation for leading a happy life,” we provide
comprehensive property consulting, including
services to support succession, management andadministration of personal properties, businesssuccession consulting for company owners, andsolutions for effective use of real estate, which
represents a large share of personal properties. As
an independent professional organization withspecialized expertise, we work to resolve ourcustomers’ property issues.

Operating income

Operating revenue

Shareholder
incentive itemnumberC

Facility use tickets fromthe Kato Pleasure Group
30,000 yen(1,000 yen per ticket x 30)<Sample images>

Facility use tickets from the Kato Pleasure Group may be used at all facilities listed on the management facility page of theKato Pleasure Group web site (https://www.kpg.gr.jp/store/).
(Limited to management facilities within Japan except for the online shop)2

SpecialFeature

Vision of the Company's "Ideal Form" and"Second Medium-term Management Plan"in anticipation of expanding growth from 2022
"Venture period as a property consulting firm""Growth period as a property consulting firm and also a periodof human resource improvement and technology fortificationin anticipation of a future period of expanding growth""Expanding growth period as aproperty consulting firm"

Vision of theCompany's Ideal Form

Improve services by providing customer property management tools
Improve productivity and quality through the standardization of consulting know-how
Expansion of management products
Network expansion

Establish property consulting services based on the Aoyama methodExpand the lineup of consulting products
Establish partnerships

Medium-termManagement Planthe "Second Medium-term Management Plan"

Japan's top property consulting firm
supported by many customers whobelieve that "Aoyama Zaisan

Next period
SecondMedium-termManagement Plan

Networks Provides the Most
Comprehensive AssetManagement Solutions"(2022 and beyond)(2019 to 2021)(2014 to 2018)

Essential points of the "Second Medium-term Management Plan"
Basic policy

Technology fortification initiative
Tie-up expansion
Support the expanding and diversifying
needs of property and business successions

Essential points of the Second Medium-term Management Plan
Improve services by providing customer property management tools
Improve productivity and quality through the standardization of consulting know-how
Tie-ups with financial institutions (banks, credit unions, and securities firms) and leading accounting firms
Strengthen the partnership with Nihon M&A Center Inc.
Expand the decision-making support services, post decision-making execution services,and post business succession property succession and management services

Support expanding management needs

Provide profitable Japanese and overseas real estate and develop new products

Initiative to improve humanresources and employee satisfaction

Initiative to spread the management philosophy
Create a working environment which is easy to work in

Operating income targets and shareholder return policies
Second Medium-term Management Plan period 2,000

Dividends (yen)Dividend payout ratio
38.3%

Operating income (million yen)

Dividend payout ratio
45.0%

Dividend payout ratio
48.4%

Dividend payout ratio
40.7%

445

485

1518

Dividend payout ratio
46.2%

1,600

1,800

1,464

1,094
45751
392330Fiscal Year 2014 Fiscal Year 2015 Fiscal Year 2016 Fiscal Year 2017 Fiscal Year 2018 Fiscal Year 2019 Fiscal Year 2020 Fiscal Year 2021

3

*Operating income target: The Second Medium-term Management Plan period is a growth period that is positioned as a period of human resource improvement and technology fortification in preparation for the next
period of expanding growth. Therefore, we should engage in system investment and the active securing of talent as well as personnel training and forecasts an increase in growth investment.
*Shareholder return policy: We will continue the return policy of a Dividend payout ratio of 50% and endeavor to reevaluate the details of the shareholder incentives as needed to the satisfaction of all shareholders.

4Our growing global network

Information

We have established a nationwide network in Japan that includes leading tax accounting firms and accounting offices. Through this network, we provide
consulting services to customers across Japan. As part of our efforts to expand internationally, we have established overseas subsidiaries in the UnitedStates, Singapore, and Indonesia. Going forward, we will continue working with top overseas partners and enhance our network both at home and abroad.

Holding an "IR Seminar for Individual Investors"

List of AZN nationwide network members (as of February 28, 2019)

The Company participated in the "IR Seminar for Individual Investors" held by the Securities Analysts Association of Japan in
Osaka on August 8 (Wednesday) and in Tokyo on August 9 (Thursday), 2018. This was the first time that we appeared on thepodium before individual investors, and President Hasumi lectured about the business overview and future prospects. Based on
the valuable opinions received from the participants, we will hold an "IR Seminar for Individual Investors" once again in 2019.
Participant opinions  I previously took notice of the company. I hope that the company
will hold such information sessions for individual investors again in thefuture to share information about the latest company developments.
  After hearing the business details, I felt that it is a company that isneeded by society.

Briefing also held forinstitutional investors
On February 22 (Friday), 2019, the Company
hosted a "Financial Results Briefing for
Institutional Investors" (small meeting).

Aoyama Zaisan Networks actively promotes CSR through projects
The Company is actively engaged in a regional revitalization enterprise through a "RealEstate Specified Joint Enterprise utilizing a Special Purpose Corporation (SPC)" scheme
cultivated by the Company based on the Real Estate Specified Joint Enterprise Act withthe goal of contributing to the revitalization of regional cities through the effective
utilization of idle land possessed by local governments.
For the first regional revitalization project, the Company implemented the "Komatsu A×Z
Square" multi-use facility at the JR Komatsu Station in Komatsu City, Ishikawa Prefecture
and is also currently engaged in the "Tsuruga Station Western District Land UsageEnterprise" in Fukui Prefecture as the second regional revitalization project.
(As of March 2019)"Unoccupied Houses andVacant Land Project"
Affiliated with the incorporated non-profit organization"Unoccupied Houses and Vacant Land Administration Center"as a subcontractor since December 2017. We provide land
usage consultations and vacant land management services toprevent neighborhood problems and accidents in advance

5Proposal and construction oflicensed kindergartens andsenior citizen group homes

Establishment and operation ofa foundation to support youths"Komatsu A×Z Square" multi-use facility
Ongoing hosting of seminars
to help people live happily in
era of people living until they
are 100 years or older
Seminars on Mind and body healthSeminars on coping with dementia

Chubu
Zaisan Consultants Kanazawa Co., Ltd. (HATAKE Management Group)
Kimura Business Succession Brain Co., Ltd. (KIMURA KEIEI BRAIN CO., LTD.)
Aoyama Zaisan Networks Fukui Support (Uesaka Consulting Firm)
Zaisan Networks Nagano Co., Ltd. (Nozomi Tax Corporation)
MMPC Consultants Corporation (MMPC Tax Corporation)
Zaisan Networks Shizuoka Co., Ltd. (Iwasaki Tax Corporation)
Aim Nakano Accounting Co., Ltd. (ARIASU ZEIRISIHOUJIN)
Zaisan Networks Nagoya Support (Meinan Consulting Network)
Aoyama Zaisan Networks Mie Support (Midland Management Group Mie)

Hokkaido
Aoyama Zaisan Networks Hokkaido Support (IKEWAKI TAX, ACCOUNTING & CONSULTANTS GROUP)
Nihon Shisan Soken Co., Ltd. Sapporo (Mitsunari Accountant Office)TohokuAoyama Zaisan Networks Aomori Support (Konda Accounting Office)Aoyama Zaisan Networks Sendai Support (Asahi Accounting Office)Aoyama Zaisan Networks Yamagata Support (Yutaka Licensed Tax Accountant’s Corp)
Zaisan Networks Fukushima Co., Ltd. (Aozora Tax Corporation)

Kinki
Zaisan Networks Kyoto Co., Ltd. (SHINKEIEI SERVICE SHIMIZU Tax Co.)
Aoyama Zaisan Networks Kyoto Nijo Support (HIROSE LICENSED TAX ACCOUNTANT)SMO Corporation (Teruyoshi Sakon Tax Accountant Office)Zaisan Networks Osaka Co., Ltd. (Nihonkeiei Will Tax Accountant Corporation)
Seki Soken Zaisan Partners Co., Ltd (AZ TAX Tax Corporation)
Ueda Certified Public Accountant Licensed Tax Accountant Office. (CREAS Corporate Advisers Co., Ltd.)
Shibata Business Consulting Co., Ltd. (SBC Partners Tax Corporation)
Zaisan Networks Hyogo Co., Ltd. (Nihonkeiei Will Tax Accountant Corporation)
Aoyama Zaisan Networks Wakayama Support (Nishioka Accounting Office)Kanto
Aoyama Zaisan Networks Ibaraki Support (Masuyama Accounting Office)Kujirai Tax Corporation
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)
Aoyama Zaisan Networks Kanto Chuo Support (MMG Tax Corporation)
Kei Yo Research Institute (Kojima Accounting Office)Nihon Shisan Souken Co., Ltd.
Aoyama Zaisan Networks Denenchofu Support (Saito Tax Corporation)
CREAS Corporate Advisers Co., Ltd.
Nihon Mirai Accounting & Tax Co.
Zeimu Sogo Tax Corporation
eclat Consulting
Nakamura Certified Public Tax Accountants Office
Kagayaki Zaisan Networks Co., Ltd. (Kagayaki Tax Corporation)
Aoyama Zaisan Networks Yokohama Support (YAMADA SYNTHETIC OFFICE)Ai Partners Tax Corporation
Masatoshi Yoshikawa Certified Tax Accountant Office
Oyama accounting Co., Ltd (Rita Tax Corporation)
Top Accounting Firm & co
Koyama Certified Public Tax Accountants OfficeHong Kong investment
consulting partner

Aoyama Wealth Management Pte. Ltd.
(Singapore)

Overseas partners
Overseas subsidiaries

Chugoku
Aoyama Zaisan Networks Shimane Support (Chikashige Tax Office)

ShikokuZaisan Consultants Tokushima Co., Ltd. (M.A.S. AGENT GROUP)
Midori Zaisan Consultants Co., Ltd. (Midori Tax Corporation)
Nonaka Keiei Corporation (Nonaka Accounting Office)

KyushuZaisan Networks Fukuoka Co., Ltd. (SHINOHARA CPA OFFICE)
Sasaki Soken Co., Ltd. (Nishi Nihon Tax Corporation)
Aoyama Zaisan Networks Saga Support (MOROI Accounting Firm)
Aoyama Zaisan Networks Nagasaki Support (Chuo Sogo Accounting Office)
IDEA Research Institute Consulting Co., Ltd. (IDEA Tax Corporation)
Zaisan Networks Okinawa Co., Ltd. (PS Accounting Office)Aoyama Zaisan Networks USA, Inc.
(United States)

Japan
Major Indonesianindustrial conglomerate

Property
management partner

PT. Aoyama Zaisan Networks
Indonesia (Indonesia)

Real estate partner

55bases

Expanding
network to Asiaand NorthAmerica

6Corporate Data (as of December 31, 2018)

Executives (from March 28, 2019)

Name of Company

Aoyama Zaisan Networks Company, Limited

Head Office

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

Incorporated

September 17, 1991

Capital stock

1,088.93 million yen

Business line

Individual property consulting,business succession consulting andreal estate solutions consulting

Number of employees(Group)212

Consolidated
subsidiaries

5 companies including Aoyama
Estate Co., Ltd., Nihon Shisan Soken
Co., Ltd. and Aoyama Zaisan
Investments Co., Ltd.

President
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
Outside Auditor (standing)
AuditorOutside Auditor

Stock Overview (as of December 31, 2018)
Number of shares in issue
Number of shareholders
Major Shareholders (Top 10)
Name

Masazumi Hasumi

Masazumi Hasumi
Masayuki Yagi
Takeshi Matsuura
Seido Nakatani
Shinji Shimane
Takaomi Ogawa
Hideo Matsuda
Haruo Shimada
Keiji WatanabeMichihiro Nagasaka
Hiroyuki Fujita
Hisao Nakatsuka
Hiroaki Rokugawa

Notes for Shareholder
11,963,500
5,720

Shares held Shareholding ratio

1,216,600

10.66

Yasuo Takano

665,800

5.83

Trust & Custody Services Bank, Ltd. (pension trust account)

326,900

2.86

Mutsumi Shimada

216,000

1.89

Japan Trustee Services Bank, Ltd. (trust account)

205,600

1.80

MSIP CLIENT SECURITIES

161,989

1.41

Nihon M&A Center Inc.

150,000

1.31

Taisei Co., Ltd.

110,0000.96

NORTHERN TRUST CO. (AVFC) RENORTHERN TRUST (GUERNSEY) LIMITEDRE GGDP RE: AIF CLIENTS 15.315
PERCENT NON TREATY ACCOUNT

110,0000.96

Tomio Sugimura

108,2000.94(For reference)
Shareholding ratio is calculated by deducting treasury stock (550,078 shares), and treasury
stock is excluded from the above list of principal shareholders.

Fiscal year
Base date for the determinationof shareholders with year-end
dividend entitlements
Base date for the determinationof shareholders with interim
dividend entitlements

January 1 to December 31
December 31
June 30

General meeting of shareholders

in March

Administrator of the shareholder
registry/Account management
institution for special account

Mitsubishi UFJ Trust and Banking Corporation

Contact

Mitsubishi UFJ Trust and Banking Corporation,
Stock Transfer Agency Department
1-1, Nikko-cho, Fuchu-shi, Tokyo
Tel. 0120-232-711(toll-free, Japan only)
Mailing address: P.O. Box 29, Shin-Tokyo
Post Office 137-8081
Mitsubishi UFJ Trust and Banking Corporation,
Stock Transfer Agency Department

Stock exchange listings

TSE Second Section

Public announcements

To be announced on the Company’s website(For reference)
1. ‌Shareholders’ address changes, repurchase requests, and such other procedures, as a rule, arefilled 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 reminded that application filings
cannot be made with the administrator of shareholder registry (Mitsubishi UFJ Trust and Banking
Corporation).
2. ‌Dividends hitherto uncollected by shareholders are paid by Mitsubishi UFJ Trust and Banking
Corporation, Head Office Branch.