Announcement Concerning the Payment of Dividends from Retained Earnings

Nomura Research Institute, Ltd. (NRI) has announced that its Board of Directors resolved on May 17, 2012 to pay dividends to shareholders of record as of March 31, 2012, as detailed below.

NRI’s Articles of Incorporation stipulate that the company shall pay dividends from retained earnings based on a resolution of the Board of Directors in accordance with Article 459 of Japan’s Companies Act.

1. Details of payment of dividends

	Payment of dividends decided on May 17, 2012	Most recent dividend forecast announced on April 25, 2012	Payment of dividends for the fiscal year ended March 31, 2011
Record date	March 31, 2012	No change	March 31, 2011
Dividend per share	26 yen	No change	26 yen
Total amount of payment	5,100 million yen	NA	5,062 million yen
Effective date	June 4, 2012	NA	June 3, 2011
Source of payment	Retained earnings	NA	Retained earnings

Note:

The total amount of payment does not include dividend payments of 126 million yen for the fiscal year ended in March 31, 2012 and 161 million yen for the fiscal year ended March 31, 2011 for the trust exclusive for the NRI Group Employee Stock Ownership Association.

2. Basis for payment of dividends

NRI considers the continued growth of its corporate value to be the most important return to its shareholders. Its basic policy is to maintain stable dividends while retaining sufficient internal reserves for medium and long-term business expansion. NRI makes specific decisions regarding the payment of dividends from retained earnings based on operating revenues and cash flows, while aiming, in principle, for a consolidated dividend payout ratio of 30%.

Based on this policy, and in consideration of financial results for the fiscal year ended March 31, 2012, NRI decided to make a year-end dividend payment of 26 yen per share, which is in line with initial forecasts. Added to the interim dividend that NRI paid at the end of the second quarter of the fiscal year, the full-year dividend for the fiscal year ended March 31, 2012 is 52 yen per share, which yields a consolidated payout ratio of 30.9%.

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, 2012	26 yen	26 yen	52 yen
Fiscal year ended March 31, 2011	26 yen	26 yen	52 yen