Dividend

Record Date for Determining Qualified Shareholders

Interim Dividend: Paid to shareholders registered in the shareholder registry as of September 30 each year
Year-end Dividend: Paid to shareholders registered in the shareholder registry as of March 31 each year

Payment Timing

Year-end dividend on June 29 , 2017: 8.50 yen per share
Interim dividend on December 4, 2017: 8.50 yen per share

In accordance with provisions in the Articles of Incorporation, the Company is released from obligation to pay any dividend if a shareholder fails to receive such dividend within three (3) years from the payment date. Please make sure you designate an effective bank account for receiving your dividends.

Dividend

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(yen)

Dividend

Basic Policy for Profit Distribution

CITIZEN sets a return-to-shareholders ratio of the sum of paid dividends and the value of shares bought back during the year to the consolidated net income for the year. It is CITIZEN's basic policy to achieve an average ratio of return to shareholders of 30% or more for a period of 3 years. The dividend is determined by taking the balance between the policy for payment based on growth of consolidated results and the policy for stable payment. Buy-back of the Company's shares will be implemented to increase earnings per share as a way to improve both the return to shareholders and capital efficiency.

CITIZEN has a basic policy to pay dividends to shareholders twice a year (interim dividend and year-end dividend).

Payment of dividends and their value are determined at the general meeting of shareholders for the year-end dividend, and by the board of directors of the Company for the interim dividend.

For the year ending March 2018, the Company plans to pay 17.00 yen as full year dividend.

The Articles of Incorporation stipulate that the Company may, upon resolution at the board meeting, pay the interim dividend to shareholders who are registered in the shareholder registry on September 30 each year.