Nomura Research Institute, Ltd. (NRI) announced today, it revised the financial results forecast for the six months ended September 30, 2003 we initially announced on April 28, 2003.

1. Consolidated Financial Results Forecast

	Sales	Operating Profit	Net Income
Previous Forecast  (A)	112,000	11,000	6,200
Current Forecast  (B)	113,300	12,100	7,800
Increase/Decrease  (B-A)	1,300	1,100	1,600
Changes  (%)	1.2	10.0	25.8
(cf)  Results for the six months ended September 30, 2002	113,774	13,178	7,897

2. Reasons for revision
Company has decided to revise its forecast (for the six months ended September 30,2003) because its sales, operating profit and net income might be upper than its original announcement, in addition to sum up other income, such as gain on sales of investments in affiliates. We will announce the details of our business results and forecasts (for the year ended March 31,2004) on October 31,2003.

(Note) Sales and profit forecast in this report are based on information available to management at the time this report was prepared. As such, this forecast contain risk and uncertainty. Readers should be aware that actual sales and profits may differ from this forecast.