Status of Dialogues with Shareholders and Investors
Period covered: Fiscal Year ending December 31, 2023

April, 2024

Status of Dialogue with Shareholders and Investors(January to December, 2023)
1. Overview of dialogues with shareholders and investors
Type of dialogue

Main Speaker
Director

IR staff

Financial results briefing (1st Half / Year-end)✓-

Financial results conference Call (1Q / 3Q)-

Individual and small meeting(Japanese and Overseas investors)✓✓

Dialogue focused Sustainability (ESG)(Japanese and Overseas investors)

Details
Presentation by CEO, Q&A session with CEO, Directors,
and the Heads of GHO and SBUs (Hybrid event, live inperson and virtual)
Conference calls done by IR staffs✓

Dialogue with Analysts and Fund managers, etc.

-✓

Dialogue with Analysts, Fund managers, and Sustainabilityanalysts, etc.

Non-Deal Road Show✓✓

CEO and IR staff visit overseas institutional investors andhad in-person IR meetings.

SR Meetings✓-Directors, Legal staffs, and Sustainability staffs joined themeetingIR events for Institutional Investors, etc.

-IR events for Individual Investors, etc.

-©Pigeon Corporation All Rights Reserved. │ Strictly Confidential✓✓

Organized a Fuji new factory tour
Company presentations at IR events hosted by securities
firms and other events
2Status of Dialogue with Shareholders and Investors(January to December, 2023)
2. Major topics of dialogue
I.

Most Recent Financial Results

・Business progress of the Group and by business segment (Against past year results and forecast)
・The degree of impact and future outlook of ALPS treated water in mainland China

II.

Progress of the new Medium-Term Management Plan from FY Dec. 2023
・Business strategy for each of the existing and new business areas
・Priority issues for each business・Shareholder returns and Dividends
III. Future outlook of business environment and strategy for the China businessIV.

Sustainability initiatives and enhanced disclosure

V.

The company's views on capital policy and stock price trends©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

3Status of Dialogue with Shareholders and Investors(January to December, 2023)
3. Examples of dialogue
Presentations and Q&A sessions at the each quarterly event of financial results (Conference call, Results briefing) are disclosed on
the Investors page of the Company's website.
https://www.pigeon.com/ir/library/kesan_setumei/
Summary of the Results Briefing for the Q1 of the FY Ending December 31, 2023
Summary of the Results Briefing for the Q2 of the FY Ending December 31, 2023
Summary of the Results Briefing for the Q3 of the FY Ending December 31, 2023
Summary of the Results Briefing for the FY Ending December 31, 2023

4. Providing feedback of dialogues to management and the BoD
Type of feedback

Frequency

Reporting at Board of DirectorsMeeting

2Send out emails to internal andexternal directors

Asnecessary©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

Details
Report on the number of IR meetings, summary of dialogue withshareholders and investors, and information related stock price, etc.
Share recent / updated analyst report4Reference
Actions to Achieve Management Conscious of Cost of Capital and Stock Prices
https://www.pigeon.com/ir/library/capital_costs_management/

Contact
Pigeon Corporation
Business Strategy Dept.
PIC: Kaneda, Kanatsuka, and Hiratsuka+81-3-3661-4204©Pigeon Corporation All Rights Reserved. │ Strictly Confidential

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