Summary of Consolidated Business Results for the First Quarter of FY 2010
(January 1 to March 31, 2010)
Date: May 11, 2010
CompanyFunai Zaisan Consultants Co., Ltd.

Registered on the TSE Mothers

Stock code
Representative8929
Masazumi Hasumi President
Kasahara Koichiro
Contact
deputy general manager, Administrative DivisionTEL
03-6439-5800
Planned release date of quarterly financial report: May 11, 2010
Planned date of Dividend payout: none

URL http://www.funai-zc.co.jp/

1. Consolidated Business Results for the First Quarter of FY 2010 (January 1 to March 31, 2010)(1) Consolidated Results of operations(Note: Rounded down to million yen)
(The percentages shown for Revenue, Operating Income etc. represent changes from the same period in the previousfiscal year.)
Revenue
Operating income
Ordinary income
Net income％ ¥ Million％ ¥ Million％ ¥ Million％¥ Million
Q1 2010
1,11241.0
203―
188―
208―
Q1 2009788-83.4-385―
-544―
-300―
Net income Per share¥
1,976.69
2,845.49

Q1 2010
Q1 2009

Diluted net income per share¥――(2) Consolidated Financial Position
Total assets
Net assets
Equity capital ratio
Net assets per share％¥ Million¥ Million¥
Q1 2010
6,248
1,315
21.1
12,443.58
FY 2009
6,442
1,187
18.4
11,232.80(Reference) Shareholders' Equity
Q1 2010: ¥1,315 million
Full Year 2009: ¥1,187 million

2. Dividend Results
Date of issue

End of Q1¥Dividend per Share
End of Interim
End of Q3
End of FY 2009¥¥¥
750.00――FY ended Dec.2009―
FY ended Dec.2010―
FY ending Dec.2010――(projected)
Note: Revision of the dividend forecast in the first quarter of FY2010: None750.00

Annual¥750.00750.003. Forecast of Consolidated Financial Performance for FY Ending December 2010
(January 1 to December 31, 2010)(Percentage figures for the full fiscal year represent the change from the previous fiscal year, while percentage
figures for the six months period represent the change from the same period of the previous year.)
Net income
Revenue
Operating income
Ordinary income
Net income
per share％％％ ¥ Million％¥ Million¥ Million¥ Million¥―
Six months
3,561
57.5
376
373
378
3,575.99―――
Full year
6,553
21.2
696
693
645
6,101.89
Note: Revision of the consolidated results forecast in the third quarter of FY2009: None4. Other(1) Important changes to subsidiaries during the period (changes to specified subsidiaries accompanying changes tothe scope of consolidation): None
(2) Adoption of simplified accounting methods and application of special accounting methods for the preparation ofquarterly consolidated financial statements: None
(3) Changes in accounting disposal principles, procedures, and publication methods relating to the creation ofconsolidated financial statements (recorded as changes to significant items forming the basis for the creationof the consolidated financial statement)
i. Changes in accounting principles applied: None
ii. Other changes: None
(4) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
Q1 2010: 105,705
Full Year 2009: 110,584
ii. Treasury stock issued at end of period
Q1 2010: None
Full Year 2009: 4,879
iii. Average number of outstanding shares during the period
Q1 2010: 105,705
Q1 2009: 105,705*Appropriate use of these results forecasts and other items
The above forecasts are based on judgments made in accordance with information available at the time thesematerials were prepared, and contain numerous uncertainties. Changing conditions and other factors may cause
actual results to differ from the results in these forecasts.

5. Quarterly Consolidated financial statements(1) Quarterly Consolidated balance sheet（Thousands of yen）
Current 1st quarter ended
March 31, 2010

Previous consolidated
financial year Summary ofconsolidated balance sheet(December 31, 2009)

AssetsCurrent assets
Cash and deposits

1,025,436

951,396

Accounts receivable

414,935

403,186

Real estate for sale1,521,286

1,604,399

Bonds bought

253,046

275,282

Other current assets

178,776

195,523-3,843-8,8073,389,637

3,420,980

207,437

210,839

Goodwill

573,002

613,990

OthersTotal intangible fixed assets

47,92348,535620,926

662,526

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets

Investments and other assets
Investment Securities

1,828,886

1,931,392

Stocks of affiliated companies

52,78867,973

Other assets

148,526

149,2102,030,201

2,148,576

2,858,5663,021,941

6,248,203

6,442,921

Accounts payable

24,42562,274

Short-term debt

850,000

850,000

Bonds redeemable within one year

790,000

1,370,000

Accrued corporate tax, etc.

19,659Allowance for bonus payable

54,52025,559－Other reserves
Other current liabilities

84,199110,525

1,030,775

528,397

Total current liabilities

2,853,581

2,946,756

Bonds

945,000

1,195,000

Long-term deposits payable
Allowance for employee retirement benefits

249,879

264,479

Total Investment and other assets
Total fixed assets
Total assets
Liabilities
Current liabilities

Fixed liabilities

36,497

34,772

Addition to reserve for compensation toretired directors

112,613

107,052

Long-term security deposits payable

735,282

707,496

2,079,272

2,308,801

4,932,854

5,255,558

Total fixed liabilities
Total liabilities

（Thousands of yen）
Current 1st quarter ended
March 31, 2010

Previous consolidated
financial year Summary ofconsolidated balance sheet(December 31, 2009)

Net Assets
Shareholders’ equity
Common stock

1,030,817

1,030,817

Capital surplus

605,035

1,104,154

Retained earnings-74,485－-283,431-499,119

1,561,367

1,352,420-246,017-165,057-246,017-165,057

1,315,349

1,187,363

6,248,203

6,442,921

Treasury stock
Total shareholders’ equity
Evaluation and conversion difference
Unrealized gains on securities
Totalevaluation
andconversion
difference
Total net assets
Total liabilities and net assets

(2) Quarterly Consolidated income statements (1st Quarter YTD)
（Thousands of yen）
Previous 1st quarter ended
March 31, 2010

Current 1st quarter ended
March 31, 2010

720,306

954,444

Revenue
Consulting Revenue
Sales of real estate

68,389157,866

Revenue

788,696

1,112,311

Operating cost

389,724

441,199

Cost of sales of real estate

27,600118,623

Operating cost

417,324

559,823

Gross operating profit

371,371552,487

SG&A

756,412348,513

Operating income(loss)-385,041

203,973

2,793

227

904

Operating cost

Non-operating income
Interest received
Dividends received
Investment profit on equity method

12,983849－

Other non-operating income
Non-operating income

3,421
20,101640
1,716Interest paid

24,7199,114

Investment loss on equity method

147,872

4,480

Non-operating expenses

Other non-operating expenses

6,790

4,023

179,382

17,617-544,322

188,072

Gain on sale of affiliated companies’ securities

177,426－

38,151

Extraordinary profit

177,426

38,151

158

－

5,499

－

Non-operating expenses
Ordinary income(loss)
Extraordinary profit
Gain on sale of investment securities－Extraordinary loss
Loss on retirement of fixed assets
Loss on sales of investment securities
Loss on valuation of investment securities

781

2,380

6,439

2,380

Current net income before profit(loss) distribution toanonymous association (pre-tax)-373,335

223,843

Dividends distribution from anonymous association-2,298-1,116-371,037

224,960

Current income taxes

26,52019,703

Deferred income(loss) taxes
Current income(loss) taxes-96,775-70,254-3,68816,014

Net income(loss)-300,782

208,946

Extraordinary loss

Current net income(loss) before taxes

(3) Consolidated quarterly cash flow
（Thousand of yen）
Previous 1st quarter ended
March 31, 2010

Current 1st quarter ended
March 31, 2010

-371,037

224,960

Cash flow from operating activities
Income(loss) before income taxes and minority
interests
Depreciation

14,564

10,122

Amortization of goodwill

41,02040,987

1,302-4,963-9,8001,724-109,620

5,561－-26,326

Income from interest and dividends-3,697-1,076

Interest paid

24,719

9,114

147,872

4,480

781

2,380

-171,927－－-38,151

158－-55,324-11,749

2,217

83,11318,14622,235-59,860-37,848-33,154

27,785-19,999-1,764

108,337-475,300

589,295
899,882

Change in provisions for doubtful accounts(negative indicates decrease)
Decrease in reserve for retirement benefits(negative indicates decrease)
Decrease in reserve for directors' retirement
benefits(negative indicates decrease)
Increase in other reserves

Equity in losses of affiliates (negative indicateincrease)
Loss on revaluation of investments in securities(negative indicate increase)
Gain on sales of investment securities (negativeindicate increase)
Gain on sales of stocks of affiliates (negativeindicate increase)
Loss on retirement of fixed assets
Increase in accounts receivable (negative indicateincrease)
Decrease in real estate for sale (negative indicatesincrease)
Decrease in other current assets (negativeindicate increase)
Decrease in accounts payable (negative indicatesdecrease)
Decrease in lease and guarantee deposits received(negative indicates decrease)
Decrease in long-term deposits received (negativeindicates decrease)
OthersSubtotalInterest and dividends received

3,697

1,076

Interest paid

-34,954-15,446

Corporate tax paid
Cash flow from operating activities-126,851-633,409-25,830
859,680

（Thousand of yen）
Previous 1st quarter ended
March 31, 2010

Current 1st quarter ended
March 31, 2010Payments for putting of time deposits-104,000－

Proceeds from repayment of time deposits
Payment for purchase of intangible fixed assets

1,070,920

4,000-5,800-3,095

Payment for purchase of tangible fixed assets-314

Proceeds from sale of tangible fixed assets
Proceeds from sale of investment securities

11,448-3,015－

Cash flow from investing activities

Proceeds from sales of stocks of affiliates

252,500－

Collection of loans receivable

100,000

43,000－39,1991,363,955

676
60,151

1,872,001－-3,500,000－

Payment for redemption of corporate bonds-380,000

Dividends paid
Others-79,278－-830,073－Others
Cash flow from investing activities
Cash flow from financing activities
Decrease in short-term loans payable (negativeindicates decrease)
Repayment of long-term debt

Cash flow from financing activities

18,584-11,718-2,087,277-841,792-1,356,731

78,039Cash and cash equivalents at beginning of term

3,424,778

947,396

Cash and cash equivalents at end of term

2,068,047

1,025,436

Decrease in cash and cash equivalents (negativeindicates decrease)