News Release: Funai Zaisan Consultants Company Limited (8929 Mothers)
November 13, 2009

Notice of Revision of Financial Results Forecast for the Third Quarter
Funai Zaisan Consultants Co., Ltd. (“the Company”) notifies that it has revised its forecast offinancial results for the fiscal year ending December 2009 (FY2009), from the forecast
announced on August 7, 2009 as follows, in the light of recent business performance.

Description
Revision of Consolidated Business Results for FY 2009 (January 1 to December 31, 2009)（Millions of yen）

Forecast previously announced (A)Revised forecast (B)Change (B-A)
Rate of change (%)

6,929
7,480551
8.0

Operatingincome△606△3,078△2,472―(Ref.) Results of FY 2008

15,269

1,785

Revenue

Ordinary
income△1,117△3,621△2,504―

Net
income△1,583△4,188△2,605―

Net income
per share△14,978.01△39,627.36

94747454.33

Revision of Non-consolidated Business Results for FY 2009
(January 1 to December 31, 2009)（Millions of yen）

Forecast previously announced (A)Revised forecast (B)Change (B-A)
Rate of change (%)

5,936
6,112176
3.0

Operatingincome△747△2,834△2,087―(Ref.) Results of FY 2008

14,4391,737

Revenue

Ordinary
income△798△2,890△2,092―Netincome△1,729△3,643△1,914―

Net income
per share△15,639.43△34,467.26

1,56760578.90

Reasons for revision(Revision of accumulated consolidated business forecast for the end of the second quarter)
Triggered by drastically deteriorating conditions in the real estate market, the Company has been
facing tough business climate such as the tightening lending policy by banks and the falling realestate price.
In consideration of these changes in operating climate, the Company revised the sales price ofinventories and posted a loss on valuation of inventories by “Financial Accounting Standard forInventory Valuation” of approx. 1,596 million yen in cost of sales for the 3rd quarter of FY2009.
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In addition, the Company decided to recognize impairment loss on investments inapproximately 330 million of preferred stock, held by a business reconstruction fund operated by
the Company’s subsidiary, in the 4th quarter of FY2009. Therefore, it also decided to include theimpairment loss in operating cost for the FY2009 business forecast.
A major reason for the revision of the forecast is to reflect above mentioned results of its
financial restructuring including early disposition and reassessment of its assets, as well as theimprovement of financial strength by cutting interest-bearing debt and corporate reorganization
including downsizing. With the thorough reassessment of its assets, the Company does notexpect to post losses regarding disposal or impairment of assets after next fiscal year.
During FY2009, the Company excluded two companies, Ukai Co., Ltd. and Nippon Investors
Securities Co., Ltd., from application of equity method. The former has already been excluded
after stock sell-offs on September 11, 2009, and the latter will be excluded within 4th quarter ofFY2009 based on dissolution resolution dated September 30,2009.
These changes in the scope of consolidation and affiliates will have a positive impact as theexpected decrease in loss on equity method affiliate, approximately ¥415 million as
amortization of goodwill on annual basis for Ukai Co., Ltd., and approximately ¥165 million*for Nippon Investors Securities Co., Ltd. These impact have already been budgeted in theconsolidated and non-consolidated business results forecast for FY2009 announced on August 7,2009.
*Total loss minus collections from liquidation by 2nd quarter of FY2009. It does not include ¥67 million actual loss occurred in
FY2008.

(Revision of accumulated non-consolidated business forecast by the end of the secondquarter)
Same reasons of revision as given in accumulated consolidated business forecast．

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