Citizen Watch : May 27 , 2021Notice of Dividend of Surplus

May 27, 2021

For Immediate Release

Company name: Citizen Watch Co., Ltd. Representative: Toshihiko Sato, President and CEO (Code: 7762, First Section, Tokyo Stock Exchange)

Please address inquiries to Toshiyuki Furukawa, Director in charge of Public & Investor Relations Department TEL: [phone]

Notice of Dividend of Surplus

Citizen Watch Co., Ltd. (the "Company") hereby announces that a meeting of the Board of Directors held on May

27, 2021, resolved to propose the payment of a dividend of surplus with March 31, 2021 as the record date at the

136th Annual General Meeting of Shareholders scheduled to be held on June 25, 2021.

1. Outline of dividends

		Most recent dividend	Dividends paid in the
	Amount decided	forecast	previous fiscal year
	(Announced on May 13,	(Fiscal year ended March
		2021)	31, 2020)
Record dates	March 31, 2021	Same as the left	March 31, 2020
Dividend per share	2.50 yen	Same as the left	0.00 yen
Total dividend*	782 million yen	-	－
Effective Date	June 28, 2021	－	－
Dividend source	Retained earnings	－	－

• The total dividend includes the dividend for the shares of the Company held by the executive compensation BIP trust.

2. Reason

The Company considers the proportion of the total amount of dividends and share buybacks to profit attributable to owners of parent as the ratio of return to shareholders. Based on this concept, it established a basic policy of ensuring that the ratio of the return to shareholders is at least 60% on average for the three-year period of the Medium- term Management Plan 2021. It determines dividends by considering the balance between consolidated results- based dividend payments and stable dividend payments.

The Company has decided to pay a year-end dividend of 2.50 yen per share as initially planned for the fiscal year ended March 31, 2021, based on a comprehensive assessment of the need to ensure on-hand liquidity and maintain the shareholder return policy despite a net loss posted for the year.

The annual dividend per share for the fiscal year ending March 31, 2022, is expected to be 14.00 yen, including an interim dividend of 7.00 yen.

Reference: Breakdown of annual dividend

		Dividends per share
Record dates	Last day of the first six months		Last day of the fiscal year	Annual amount
Dividends paid in the fiscal	2.50 yen		2.50 yen	5.00 yen
year ended March 31, 2021
Dividends paid in the fiscal	12.00 yen		0.00 yen	12.00 yen
year ended March 31, 2020