CITIZEN HOLDINGS CO., LTD.

President and CEO
Toshio Tokura

Engaging with speed and dynamism to face the challenge of reform and accomplish sustainable growth.

In February 2013 the Citizen Group announced its new medium-term management plan, under the slogan of "Aiming to be a 'Solid Global Company.'" This plan sets forth a mid- to long-term vision for the next six years up to 2018. During this period we aim to "select and concentrate" efforts on areas in which the Citizen Group can capitalize on its unique strengths, pressing forward with fundamental Group-wide structural reforms as a means of accomplishing sustainable growth in all Group companies.In the first three years of the plan we will identify various challenges and work to advance structural reforms and strengthen fundamentals. During the following three years we will engage in active investment activities designed to put our business on a growth trajectory as we aim to be a "solid global company so as to survive against international competition."

In the new medium-term management plan we once again position the watches and clocks business as the "core business to develop the Group's growth" and we will concentrate the Group's management resources on this core business to ensure maximum profitability. As the "second core business" to the watches and clocks business, we will continue to nurture our machine tools business. In the machine tools business, by further enhancing our strengths in such areas as miniaturization and high-rigidity technologies, we will aim for sustainable growth by establishing a firm position for our business and expanding business areas. We aim to develop our precision component business as a "growing business," building on our integrated mass production abilities in precision metal processing. In our devices and components and electronics products businesses and others we will prioritize "stable business operations through increased profitability" rather than by expanding sales.

To achieve the targets set out in the medium-term management plan it will also be important to create a dynamic corporate culture in which people are motivated to harness their skills. Unless we move to increase the number of people who are capable of thinking for themselves about how to engage in global strategies and who are ready to take up a challenge, we cannot expect to be competitive on the global level. What is more, we will ensure that the Citizen Group provides an environment and corporate climate in which people with initiative and spirit can thrive.
Speed is an essential requirement to be competitive in global markets. At the Citizen Group, in addition to implementing reforms towards sustainable growth with an unwavering sense of speed, we will continue to make every effort to rise to the challenge of creating a "Solid Global Company"-a company that full of dynamism and capable of surviving against international competition, where each and every person thinks and acts on their own initiative.

CITIZEN HOLDINGS CO., LTD.
President and CEO

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