Announcement Concerning the Payment of Dividends from Retained Earnings

Nomura Research Institute, Ltd. (NRI) has announced that its Board of Directors resolved on May 18, 2011 to pay dividends to shareholders of record as of March 31, 2011, as detailed below.

1. Details of payment of dividends

	Payment of dividends decided on May 18, 2011	Most recent dividend forecast announced on April 27, 2011	Payment of dividends for the fiscal year ended March 31, 2010
Record date	March 31, 2011	No change	March 31, 2010
Dividend per share	26 yen	No change	26 yen
Total amount of payment	5,062 million yen	NA	5,060 million yen
Effective date	June 3, 2011	NA	June 2, 2010
Source of payment	Retained earnings	NA	Retained earnings

Note:

The total cash dividends for the fiscal year ended March 31, 2011 does not include 161 million yen in dividends for the trust exclusive for NRI Group Employee Stock Ownership Association.

2. Basis for payment of dividends

NRI considers the ongoing growth of its corporate value to be the most important return to its shareholders. Its basic policy is to pay appropriate and stable dividends while giving full consideration to maintaining sufficient retained earnings necessary for its long-term development. NRI makes specific decisions regarding the payment of dividends based on the status of its operating revenues and cash flows, while aiming, in principle, for a consolidated dividend payout ratio of 30%.
Based on this policy, NRI decided to carry out the payment of dividends of 26 yen per share to shareholders of record as of March 31, 2011.

Reference: Details of payment of dividends by year

	Dividend per share
Fiscal year	Interim dividend	Year-end dividend	Full-year dividend
Fiscal year ended March 31, 2011	26 yen	26 yen	52 yen
Fiscal year ended March 31, 2010	26 yen	26 yen	52 yen