Company ProﬁleI Message from the CEO I Who we are I What we do I Company Profile I

Message from the CEO

At Aoyama Sogo Accounting Firm,

we handle a high volume of client information in the finance and real estate industries.
We know that such information are invaluable assets to our clients and manage

it with very high security. At the same time, with our accumulated knowledge,
we are able to analyze trends and deliver value-added solutions.

This includes implementing best practices for tax and accounting andproviding trends and projections for the finance and real estate markets.

Additionally, our clients may benefit from our knowledge in optimizing workflows
with limited staff and implementing DX.

Our employees at Aoyama Sogo Accounting Firm are professionals in not just tax

and accounting but also in finance, real estate, relevant laws, loan administration,and financial due diligence.

We also have a dedicated team that supports all underlying IT infrastructure,
security methodology and data transmission.

With our professionals, we’re able to deliver high quality services across the board.

Each one of us is truly grateful for the opportunity to contribute to your success andto hopefully become an indispensable partner for you.

For both our clients and employees, Aoyama Sogo Accounting Firm will continue
to rapidly evolve to become a greater organization.

Representative Director and CEO
Masaki AguniI Message from the CEO I Who we are I What we do I Company Profile I

Who we areI n trodu ct i on t o A o yam a S o go A cco un ti ng

Our professionals at our Japan and Singapore offices collaborate to provide a seamlessservice from initial advisory and closing to interim reporting and dissolution. In a
constantly changing and borderless global economy, we will support you every stepof the way.

ASA Group is one of the largest fund administrators

Our mission is to provide flexible and timely fundknowledge in finance and real estate enables us toFunds and Corporations.

for international clients in Japan. Our wealth ofprovide a comprehensive range of services. Our
professionals include licensed practitioners inaccounting, tax and real estate securitization.

We have English-speaking employees on many ofour teams which ensures all initial and ongoingmatters are communicated and resolved effectively.

Our advantage is rooted in our practicalunderstanding of both the tangible and intangible
aspects of finance, real estate, and back-office
functions necessary for your success in Japan.

administration, tax, and accounting services to both

We also understand your concerns regarding

information security. To protect your information
assets, our strict internal controls and organized

workflows prevent fraud and minimize error. To

ensure personal and client data is protected and wellmanaged, in February 2006, we were one of the first

fund administrators to obtain the global certification
for information security management system[ISO/IEC27001：2005].

I Message from the CEO I Who we are I What we do I Company Profile I

Who we are
Aoy a m a Sog o A cco un ti n g Fi r mContinuing to be an attractive company
At ASA Group,
we will continue to be a vital partner
for our clients, empower our employees
to develop as professionals,
and consistentlyprovide essential
services into the future. We believe thisfoundation will continue to make us an attractivecompany to work with and work for.

MissionOur mission is to provide necessary information to our clients with accuracy, speed, andcontinuity in the fields of finance and real estate. Where information gathers, people

gather, and ultimately businesses gather. Traditionally, accounting firms organize past data
to be delivered to clients. Moving forward however, our firm will expand our services toprovide information that will be directly beneficial in management decision-making. By
doing so, we will expand beyond the confines of an accounting firm and shift into an

information-based company. Leveraging our vast knowledge in finance and real estate, weensure that essential information is provided to our clients when they need it most.

I Message from the CEO I Who we are I What we do I Company Profile I

Who we are
Aoy a m a Sog o A cco un ti n g Fi r m

Corporate Philosophy
For everyone to be a professional
ASA Group members are all professionals thatﬁnd their work to be rewarding. We believethat our focus on professionalism and growth
as an organization will ultimately lead toclient satisfaction.
Our idea of Professional is one that,① Works with a strong sense of purpose② Has a business mind beyond tax and accounting③ Is capable of teaching someone else

Becoming the intellectual
infrastructure for your businessWe will be your essential partner, in otherwords your infrastructure for investing andbusiness.
By managing peripheral work, our clientscan focus on running and growing their mainbusiness.

With these ideals in mind, we strive to be anorganization where employees feel a sense of
pride and reward in assisting our clients.

Our Guiding Principles
ASA Group members follow the <ISQ> principles below in providing services.

Innovation(I)To challenge current frameworks in pursuit of new ways

Speed(S)To respond promptly to our clients’ needs

Quality(Q)To deliver high quality services that go beyond expectation

Our breadth of expertise includes our specialty of finance and real estate andknowledge of the tangible and intangible gained through overcoming various

challenges. By sharing this knowledge firm-wide, we are able to offer versatilesolutions for our clients. Ultimately, our greatest hope is that information

provided proves useful in your decision-making to accelerate the growth of yourbusiness.

I Message from the CEO I Who we are I What we do I Company Profile I

What we do
ASA Se rvi ce s

We help accelerate our clients’ businesses by delivering information
with accuracy, speed, and consistency.
This is the value that Aoyama Sogo Accounting Firm brings.
Since the company’s founding in 1999, we have supported projects related to financial assets
and real estate and have expanded our services into renewable energy and private equity.

We will continue to amass our cutting-edge expertise and broad experience in becoming ourclients’ infrastructure for domestic and cross-border transactions.

Fund Services
Our one-stop services for various funds include advisory during initial fund setup,
SPC incorporation, ongoing management, and exit support.

01 SPC Administration

Setup of fund vehicle (SPC)

・ Legal support for incorporation ofcorporations, limited liability
partnerships, and branches of foreigncompanies, Bank account opening,
Contribution payment administration,
Notiﬁcation of incorporation to tax
authority

・Provision of registered address
・Nominee directorship service

Ongoing management support of SPC

・ Bookkeeping and accounting (includes

entry into Yardi, MRI, and otheraccounting software), Tax return ﬁling,Investor report preparation

・Cash management

・Loan covenant administration
・Electronic public notice

SPC dissolution support・ (Legal support for liquidation anddissolution, Provision of liquidator andtax agent)

02 Advisory Services

Advisory for tax and accounting matters(corporate tax, consumption tax,withholding tax, transfer tax,
international tax, consolidation,oﬀ-balance sheet determination,leasehold accounting)

Advisory related to applicable laws
(Companies Act, Financial Instruments
Exchange Act, Act on Speciﬁed Joint RealEstate Ventures, Trust Act, Act on
Securitization of Assets)
Preparation of tax and accounting
opinion letter and enterprise value
calculation report

03 Inbound investment support

Support for foreign funds and investment
vehicles (with no oﬃce in Japan) that areinvesting in Japan real estate andcompanies.

I Message from the CEO I Who we are I What we do I Company Profile I

What we do
ASA Se rvi c e s

04 Renewable energy

One-stop SPC administration andmanagement support
Financial and tax due diligence

Agreed-upon procedures to be submittedto lender for loan approval
Review of cash ﬂow projection

IFRS and US-GAAP conversion for investor
reporting

05 PE fund investment support (includes
LPS management support)

Bookkeeping and ﬁnancial statement
preparation
GP and LP notice preparation
Cash management
Seal management

Tax return preparation (for GP) and otherrelated tax
Financial statement audit support
Capital call support

Valuation of company shares

06 REITTax advisory at initial setup, depreciation
simulation, cash ﬂow preparation support
Ongoing management and administration

07 Security Token Offering

Structure planning support that complies
with tax regulation and law
Ongoing management that includes taxand accounting

08 AM and GP support services

Financial and tax due diligence during
closing process, business plan
preparation support
Investor report preparation support
Cash ﬂow projection, budget
management and variance analysis

Capital call amount and success fee
calculation, Investor notice preparation

I Message from the CEO I Who we are I What we do I Company Profile I

What we do
ASA Se rvi c e s

Corporate services
For domestic and foreign companies operating in Japan, we provide tax and accounting

advisory and a wide range of outsourced finance and accounting services. Additionally,in conjunction with our Singapore office, we are capable of supporting your Asianmarket expansion.

01 Accounting support and tax preparation
Year-end closing and tax ﬁling, tax returnpreparer, tax audit support
Tax planning, Consolidated ﬁnancial
statement support

Cash ﬂow preparation support, cash ﬂow
analysis and advisory

Outsourced accounting, Accounting
software implementation and entry support

02 Corporate valuation and Due diligence
Corporate (share price) valuation andasset valuation
Financial due diligence

Reorganization and restructuring support,
M&A advisory

03 International taxBack oﬃce support for Japanese listed andprivate companies

PE determination, thin capitalization rule,earnings stripping rule, foreign taxdeduction, foreign dividend exemption rule

Second opinion on tax position, provisionof tax reform updates

Determination of tax residency forindividuals (particularly for corporateowners)

Budget and business plan preparation
supportz

Other services for foreign companies
Corporate Secretarial

Comprehensive services for foreigncompanies that include Japanese company
incorporation with the assistance of ourpartnering law ﬁrm, judicial scrivener ﬁrm,
and certiﬁed social insurance laborconsultant ﬁrm, tax and accounting,payment and seal management, andemployee payroll calculation.

Tax treaty application

Transfer pricing study

04 Asian market support

Along with our group company, Aoyama
Sogo Accounting Oﬃce Singapore Pte. Ltd.,we advise structures to optimize growthand eﬃciently provide returns to theJapanese entity.

I Message from the CEO I Who we are I What we do I Company Profile I

Company Profile

Company Name

Aoyama Sogo Accounting Firm Co., Ltd.

Established

August 25, 1999

Founding Partner& Chairman

Kazuhiro Matsuzawa (Certified Public Accountant/Licensed Tax Accountant)

Founding Partner& CEO

Masaki Aguni (Certified Public Accountant/Licensed Tax Accountant)

Number ofEmployees

352 (as of June 2024)

・ 2 judicial scriveners (including qualified judicial scriveners)
・ 6 certified public accountants
・ 14 certified public tax accountants ・ 17 ARES certified masters(including qualified tax accountants)
・ 3 US Certified Public Accountant

Major Clients

Financial institutions (banks, securities companies, insurance companies),
Funds (sovereign wealth funds, pension funds, private placement funds),
Asset management companies, Property management companies,
Construction companies, Real estate developers, Communication andentertainment services, Infrastructure, Software developers, Retail andrestaurants, Hotel operators, and Subsidiaries of multinational corporationsGroup

ASA GLOBAL Inc.

Aoyama Sogo Tax Corporation

ASA Reporting Professional K.K.

ASA Advisory K.K.

ASA REIT Partners K.K.

ASA FACTOR K.K.

ASA Platform K.K.

ASA Total Solution Inc.

Companies

Aoyama Sogo Accounting Office
Singapore Pte. Ltd.
Partnership
Office Address

Member of following
network/associations

KINKA Asset Management Co., Ltd.
Tokyo Office

10th Floor, The Okura Prestige Tower, 2-10-4 Toranomon,Minato-ku, Tokyo 105-0001
Tel +81-3-3560-5005

Fukuoka Office

12th Floor, Tenjin 121 Building, 1-3-38 Tenjin,Chuo-ku, Fukuoka 810-0001

Osaka Office

15F Osaka Umeda Twintowers, South, 1-13-1 Umeda
Kita-ku, Osaka-shi, Osaka 530-0001

Kobe Office

22F KobeKokusaikaikan, 8-1-6 Goko Dori,Chuo-ku,
Kobe,Hyogo 651-0087

Wakayama Office

2th Floor, 30 Junibancho,Wakayama,
Wakayama 640-8158

Prime Global

ULI Japan (Urban Land Institute Japan)

Japan Private Equity Association (JPEA)

Japan Security Token Offering Association (JSTOA)
E-Invoice Promotion Association（EIPA）