• Transitioning beyond Real Estate – FY12/26 showed Aoyama Zaisan Networks' earnings base shifting further towards the consulting platform, with operating profit growing despite the slowdown in ADVANTAGE CLUB formation in Q1. Wealth Consulting continued to see strong growth, with sustained strength in Asset Succession services demonstrating that customer engagement and revenue growth are not reliant on ADVANTAGE CLUB. Consultant productivity is also trending higher in Q1 despite slower AD formation activities. ADVANTAGE CLUB sales activity has also resumed with AZN expecting formation cadence to accelerate from autumn onwards, when the details of the tax reform are expected to be announced. AZN is also considering introducing new real estate investment products from H2 FY12/26 onwards. Taken together, we believe these measures should drive a return to growth in Real Estate Solutions in FY12/27.
