Revisions to Forecasts of Financial Results for the Fiscal Year Ending March 31, 2009

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 released on October 24, 2008.

(1)

Reasons for revisions

The economy has deteriorated rapidly amidst heightened concerns that the global financial crisis will become increasingly severe and the global economy will slide into a full-blown recession. This has diminished interest in investing in information systems in the financial sector, and particularly the securities sector.
In this harsh environment, the NRI Group has endeavored to increase sales by shifting its human resources to projects for the insurance sector and other sector, but the decline in demand from the securities sector in particular has been steeper than anticipated. These conditions will make it difficult to achieve the previous sales forecast, and the Group has accordingly revised its previous forecast downward by 10 billion yen. The Group will continue its efforts to meet its previous forecast for operating profit by continuing to reform its cost structure with more efficient system operations in its System Management & Operation Services and cuts to other management costs.

(2)

Revised forecasts of consolidated financial results for the fiscal year ended March 31, 2009 (April 1, 2008 to March 31, 2009)

	Sales	Operating profit	Ordinary profit	Net income	Net income per share
Previous forecasts (A)	Million yen 350,000	Million yen 48,000	Million yen 50,000	Million yen 28,500	Yen 145.40
Current forecasts (B)	340,000	48,000	50,000	28,500	145.77
Decrease (B-A)	-10,000	-	-	-	0.37
Change (%)	-2.9	-	-	-	0.3
Reference: Results for the fiscal year ended March 31, 2008	342,289	52,664	55,517	28,157	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)

	Sales	Operating profit	Ordinary profit	Net income	Net income per share
Previous forecasts (A)	Million yen 333,000	Million yen 43,500	Million yen 45,000	Million yen 26,000	Yen 132.65
Current forecasts (B)	323,000	43,500	45,500	25,500	130.43
Decrease (B-A)	-10,000	-	500	-500	-2.22
Change (%)	-3.0	-	1.1	-1.9	-1.7
Reference: Results for the fiscal year ended March 31, 2008	327,933	48,161	50,346	25,202	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.