Nomura Research Institute, Ltd., (NRI) has announced revisions to its financial results forecasts for the fiscal year ending March 31, 2009 (April 1, 2008 to March 31, 2009), which were originally released on April 24, 2008.

(1)

Reasons for revisions

Although NRI was able to meet its previous forecasts (released April 24, 2008) for sales, operating profit and ordinary profit in the second quarter on a cumulative basis (April 1, 2008 to September 30, 2008), originally released full-year results forecasts have garnered a second look. This comes as a result of the turmoil in global financial markets incited by the US subprime loan problem that has increased the risk of an underperforming economy going forward and illuminated a continued lack of improvement in the securities industries’ motivation to invest in information systems.   While the Group endeavored to increase sales by shifting human resources to projects for the Insurance Sector and the Other Sector, the drop in projects in the Securities Sector was steeper than expected. As a result, NRI has revised its full-year earnings estimates as shown below.   NRI will strive to attract new clients, develop new business and cut costs to reinforce its earnings.

(2)	Revised forecasts of consolidated financial results for the fiscal year ended March 31, 2009 (April 1, 2008 to March 31, 2009)
	(Unit: million yen)
Sales Operating profit Ordinary profit Net income Net income per share Previous forecasts (A) 360,000 53,000 55,500 32,500 JPY 163.27 Current forecasts (B) 350,000 48,000 50,000 28,500 JPY 145.40 Decrease (B-A) -10,000 -5,000 -5,500 -4,000 JPY -17.87 Change (%) -2.8 -9.4 -9.9 -12.3   -10.9 Reference: Results for the fiscal year ended March 31, 2008 342,289 52,664 55,517 28,157 JPY 138.52

(3)	Revised forecasts of non-consolidated financial results for the fiscal year ended March 31, 2009 (April 1, 2008 to March 31, 2009)
	(Unit: million yen)
Sales Operating profit Ordinary profit Net income Net income per share Previous forecasts (A) 343,000 48,500 50,500 30,000 JPY 150.71 Current forecasts (B) 333,000 43,500 45,000 26,000 JPY 132.65 Decrease (B-A) -10,000 -5,000 -5,500 -4,000 JPY -18.07 Change (%) -2.9 -10.3 -10.9 -13.3   -12.0 Reference: Results for the fiscal year ended March 31, 2008 327,933 48,161 50,346 25,202 JPY 123.98
Note: Sales and profit figures forecast in this release are based on information available to management at the present time. 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 Department
Tel: +81-3-5533-3910
E-mail:

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