Revision of Financial Results Forecast for the Fiscal Year Ended March 31,2005

Revision of Financial Results Forecast
for the Fiscal Year Ended March 31,2005

January 28, 2005
Nomura Research Institute, Ltd.

Nomura Research Institute,Ltd.(NRI) announced today, it revised the financial results forecast for the fiscal year ended March 31, 2005 (we announced on October 28, 2004).

1. Consolidated Financial Results Forecast for the fiscal year ended March 31, 2005

(Unit: million Yen)

	Sales	Operating Profit	Net Income
Previous Forecast (A)	250,000	30,000	17,600
Current Forecast (B)	250,000	30,000	15,500
Increase/Decrease (B - A)	–	–	2,100
Changes (%)	–	–	11.9
(cf.) Results for the Year ended March 31, 2004	238,067	28,022	18,269

2. Reasons for Revision

(1)	Gain from sales of investment securities, etc.
(2)	In consideration of the renewal of present systems to meet the needs of customers and the rapid changes in the customers' business environment, we are on the revaluation of software assets to ensure the better financial condition. Some systems are expected to make loss on the revaluation.

(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 contains risk and uncertainty. Readers should be aware that actual sales and profits may differ from this forecast.

[For inquiries, please contact:]
Shin Ueoka, Investor Relations
Tel: +81-3-5533-3910
E-mail: ir@nri.co.jp

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