Summary of Business Results for the Fiscal Year Ended December
2007 (Consolidated)

Date: February 13, 2008
Funai Zaisan Consultants Co., Ltd.
Registered on the TSE Mothers
8929
Head office location: Tokyo
http://www.funai-zc.co.jp
Yoshihito Hirabayashi
Title of Executive Executive Director, Executive Officer and Administration
ManagerName
Hisao Nakatsuka
TEL
03-5321-7020
Planned date of annual meeting of shareholders: March 23, 2008
Planned date of release of financial report: March 24, 2008

CompanyStock code
URL
RepresentativeContact

1. Business Results as of FY December 2007 (January 1, 2007 to December 31, 2007)(1) Results of operations
Operating revenue¥ Million%
December 2007
17,88730.0
December 2006
13,75622.4

December 2007
December 2006

Net
incomePer share¥
14,726.36
17,229.43

Operating income¥ Million%
3,031 56.6
1,935 50.7

Diluted net
income pershare

Ratio of recurringincome to total
assets
%13.0
10.1

Return onequity¥

13,697.82
16,296.33(Note: Rounded down to million yen)
Ordinary income
Net Income¥ Million% ¥ Million%
1,543 70.9
2,586 58.8
903 40.9
1,628 46.0%
28.1
21.2Ratio of recurringincome to net sales
%
16.9
14.1

(Reference) Earnings/loss on investments in equity-method affiliates
Fiscal year ended December 2007: - ¥274 million
Fiscal year ended December 2006: - ¥87 million(Note)

As of October 1, 2007, ordinary shares were split on a two-to-one basis.

(2) Consolidated Financial Position
Total assets

Net assets

Equity capital ratio¥ Million¥ Million
December 2007
22,2106,259
December 2006
17,684
4,829(Reference) Shareholders' Equity
Fiscal year ended December 2007: ¥6,204 million
Fiscal year ended December 2006: ¥4,774 million(Note)Net assets per share%

¥27.9
27.0

59,189.53
91,096.96

As of October 1, 2007, ordinary shares were split on a two-to-one basis.

(3) Results of Cash FlowsNet cash flows by
Operatingactivities¥ Million

Net cash flows by
investment
activities¥ Million

Net cash flows by
financialactivities¥ Million

Balance of cash andcash equivalents at theend of the year
¥ Million

December 2007

-626-553

2,611

5,895

December 2006

2,918-4,296

1,884

4,463

2. Dividend Results
Dividend per ShareDate ofissue

Endof
Q1

End ofInterim

Endof
Q3

End of FY
2007

AnnualTotalannualdividends

Dividend
payout ratio(consolidated)

FY ended¥¥million¥¥¥¥
Dec. 2006
1,500.00
2,750.00
111- 1,250.00
FY ended
2,250.00
157- 1,500.00
750.00
Dec.2007
FY ending
1,500.00
157
750.00750.00
Dec.2008(projected)(Note)
As of October 1, 2007, ordinary shares were split on a two-to-one basis.

Ratio ofdividends tonet assets(consolidated)¥million
12.3¥million
2.6

10.2

2.9

8.6

-

3. Forecast of Consolidated Financial Performance for FY Ending December 2008
(January 1 to December 31, 2008)(percentage figures show year-on-year change)
OperatingOperating
OrdinaryNet income perNet income
revenueincomeincomeshare％ ¥ Million¥ Million% ¥ Million% ¥ Million%¥Interim
9,963
22.1
1,936
19.7
1,753
-18.0
1,076
-17.3
10,267.14
Full year
19,033
6.4
3, 380
11.5
2,946
13.9
1,835
18.9
17,507.21

4. Other(1) Important changes to subsidiaries during the period (changes to specified subsidiaries accompanying
changes to the scope of consolidation): None
New:
None
Excluded:
None
Note: For details, see page 21 of “Changes to Important Items Forming the Basis for the Creation ofthe Consolidated Financial Statement.”(2) Changes in accounting disposal principles, procedures, and publication methods relating to thecreation of consolidated financial statements (recorded as changes to significant items forming thebasis for the creation of the consolidated financial statement).
i. Changes in accounting principles applied: Yes
ii. Other changes: None
Note: For details, see page 26 of “Changes to Important Items Forming the Basis for the Creation ofthe Consolidated Financial Statement.”(3) Ordinary shares issued
i. Ordinary shares issued at end of period (including treasury stock)
FY ended December 2007: 104,824
FY ended December 2006: 52,412
ii. Treasury stock issued at end of period
FY ended December 2007: NoneFY ended December 2006: None
Note: 1. See page 39 of “Per-share Data” for details of share numbers forming the basis for calculating
per-share net income (consolidated) for the current interim.
2. As of October 1, 2007, ordinary shares were split on a two-to-one basis.
*Appropriate use of these results forecasts and other items
The above forecasts are based on judgments made in accordance with information available at the timethese materials were prepared, and contain numerous uncertainties. Changing conditions and otherfactors may cause actual results to differ from the results in these forecasts.
Please see page 4 of "Business Forecasts of the Fiscal year ending December 2008" documents for detailsof the above forecasts.

4. Consolidated financial statements(1) Consolidated balance sheetCategory

Note
NumberPrevious consolidated Full Yearending December 31, 2006
Percent
Amount (thousand)age (%)

Current consolidated Full Yearending December 31, 2007
Percent
Amount (thousand)age (%)

AssetsI Current assets
1. Cash anddeposits
2. Accounts
receivable
3. Real estate
for sale
4. Bonds bought
5.Deferred tax*1

assets6.Other current
assets7. Allowance for
doubtfulaccounts
Total current
assetsII Fixed assets
1.Tangible fixed
assets(1)Property,Plant andEquipment

Accumulated
depreciation2)Transportationequipment
Accumulateddepreciation

6,704,445

408,000

592,6315,944,546

8,578,178

544,553

955,857

43,58985,910343,734

116,739-229-3,645

12,528,076

70.8

51,701

112,353

65,605

19,6238,400

17,030,118

48,525

Accumulated
depreciation

23,450100,929

14,621
11,222

9,237

76,055(4) Others

76.7

166,535

164,055(3)Land

Total Tangible
fixed assets
2. Intangible fixedassets(1) Software(2)Goodwill(3) Others
Total Intangible
fixed assets

5,213,882

5,384
70,132

62,16825,074
224,705

34,1001.3

40,282
2,0722,417
44,772

28,068204,5140.9

28,57027,362
2,309
0.3

58,241

0.3

3. Investments
and other assets(1) Investment
securities(2) Stocks ofaffiliatedcompanies(3) Other assets
Total Investment
and other assets
Total fixed assets
Total assets

1,053,265

1,253,786

3,675,686

3,503,913

157,957

160,331

4,886,909

27.6

4,918,030

22.1

5,156,387
17,684,464

29.2
100.0

5,180,787
22,210,905

23.3
100.0

Previous consolidated Full Yearending December 31, 2006
Category

Note
NumberAmount (thousand)

Percentage(%)

Current consolidated FullYear ending December 31,
2007
PercenAmount (thousand)
tage
(%)

Liabilities
I Current liabilities
1. Accounts payable
2. Short-term debt

*1

3. Bonds redeemablewithin one year
4.Accrued corporatetax, etc.
5.Other current
liabilities
Total current
liabilities
Ⅱ Fixed liabilities
1. Bonds
2. Long-term debt
3. Anonymous
association
investment
deposits payable
4.Accumulated

88,86770,0203,258,000

2,720,668

940,000

1,020,000

522,721819,642710,820

725,404

5,520,409*131.2

5,355,736

3,145,000

3,025,000

94,0003,500,000

3,098,434

3,037,244

64,92328,60925,26331,497

133,583

172,373

772,447

800,685

743

-24.1

depreciation
5. Allowance for
employeeretirement
benefits
6. Addition toreserve forcompensation toretired directors
7. Deposits payable
8. Other fixedliabilities
Total fixed liabilities

7,334,394

41.5

10,595,409

47.7

Total liabilities

12,854,803

72.7

15,951,145

71.8

Net assets

ⅠShareholders’equity1.Common stock

805,8174.6

805,817

3.6

2.Capital surplus

875,266

4.9

875,266

3.9

3.Retained earnings

2,869,314

16.2

4,255,754

19.2

Total shareholders’equityⅡEvaluation andconversion
difference
1. Unrealized gains
on securities
Total evaluation andconversion
difference
Ⅲ Minority interests

4,550,398

25.7

5,936,838

26.7

224,175

1.3

267,6451.2

224,175

1.3

267,645

1.2

55,0870.3

55,275

0.3

Total net assets

4,829,661

27.3

6,259,759

28.2

Total liabilities andnet assets

17,684,464

100.0

22,210,905

100.0

Funai Zaisan Consultants Company, Limited (8929 Mothers) Interim Business Results
for the Fiscal Year Ending December 2008
(2) Consolidated income statements
Previous consolidated Full Yearending December 31, 2006
Category
ⅠOperating income
1.Operatingrevenue
2. Sales of realestate
ⅡOperating cost
1. Operating cost
2. Cost of sales ofreal estateGrossoperatingprofit
ⅢSG&A
Operating profit
Ⅳ Non-operating
income1. Interest
received
2. Dividends
received
3.Investment
profit on equity
method
4.Other
non-operating
incomeⅤNon-operating
expenses
1. Interest paid
2. Bond issue costs
3.Comitment line
fee4. Investment loss
on equity method
5.Other
non-operating
expenses
Ordinary income
Ⅵ Extraordinary
profit1.Gain fromreversal of
allowance for
doubtful debts
2. Gain from sales
ofstocks
ofaffiliatedcompanies
3. Gain on sales ofinvestment
insecurities

Note
NumberAmount(thousand)

Percentage(%)

4,247,696
9,508,682
1,913,076
7,977,325*1

Current consolidated Full Yearending December 31, 2007
Amount (thousand)

4,359,139
13,756,379

100.0

13,528,535

12,589,778

70.4

71.9

10,850,364

3,865,977

28.1

5,297,895

29.6

1,930,621
1,935,355

14.0
14.1

2,266,512
3,031,382

12.7
16.9

30,613

0.2

4,981

4,808

-

5,205
9,245

0.0

12,241

116,380
33,079142,551
26,52950,000-87,046274,492
315,8122.3

475,292

2.6

1,628,788

11.8

2,586,703

14.5

1,150

0.0

1,063

-

448

1,150

3,750

100.0

9,890,402

8,357

29,306

17,887,674

1,739,414

917

3,346

Percen
tage
(%)

5,261

0.0

-

Ⅶ
Extraordinaryloss
1.Loss on sale offixed assets
2. Loss on disposalof fixed assets
3. Loss from sales
ofstocksofaffiliatedcompanies
4. Appraisal loss
oninvestment
and securities
5. Appraisal loss
oninvestment
and securities
Current
net
incomebeforeprofit/loss
distribution
toanonymous
association(pre-tax)
Loss distribution
toanonymous
association
Current
net
incomebeforetaxes
Current
incometaxes
Deferredincometaxes
Minority interests
Net income

*2

-

3,389

*3

10,743-35,021-

118,645

16,786-

164,4101.1

1,469,639

54,2290.3

10.7

2,533,624

14.2-168,126-1.2-196,332-1.1

1,637,766

11.9

2,729,957

15.3

1,186,187

6.7

93
1,543,675

0.0
8.6

1,294,645

751,710-24,154

34,053

727,555

5.3

7,182
903,028

0.0
6.6-108,457