Note: This document has been translated into English from the original Japanese text for reference purpose only. In theevent of any discrepancy between this document and the original Japanese text, the original Japanese text shallprevail. The Company assumes no responsibility for the accuracy of this translation.

Pigeon Corporation
Notice of Resolutions of the 61st Ordinary
General Meeting of Shareholders
Securities Code: 7956
April 26, 2018
Dear Shareholders,

We would like to notify you that the following reports and resolutions were approved at the61st Ordinary General Meeting of Shareholders of Pigeon Corporation, held today.
Sincerely yours,
Shigeru Yamashita
President and COO
Pigeon Corporation
4-4, Nihonbashi-Hisamatsu-cho,
Chuo-ku, Tokyo–1–Meeting Information
Matters reported:
1. Business Report and Consolidated Financial Statements for the 61st Fiscal Year (fromFebruary 1, 2017 to January 31, 2018), as well as the audit reports on the Consolidated
Financial Statements by the Accounting Auditor and the Audit & Supervisory Board.
The particulars of the above Business Report, Consolidated Financial Statements and audit
reports were reported.
2. Non-Consolidated Financial Statements for the 61st Fiscal Year (from February 1, 2017 toJanuary 31, 2018)
The particulars of the above Non-Consolidated Financial Statements were reported.
Matters resolved:
Proposal 1: Appropriation of Surplus
It was approved as originally proposed, with a year-end cash dividend of ¥35 percommon share of the Company.
<Reference>
Record date
January 31, 2017

January 31, 2018

Interim dividend¥25.00(Ordinary dividend: ¥22.00)(Commemorative dividend:¥3.00)¥31.00(Ordinary dividend: ¥31.00)

Dividend per shareYear-end dividend¥28.00(Ordinary dividend: ¥25.00)(Commemorative dividend:¥3.00)¥35.00(Ordinary dividend: ¥35.00)

Annual dividend¥53.00(Ordinary dividend: ¥47.00)(Commemorative dividend:¥6.00)¥66.00(Ordinary dividend: ¥66.00)* With regard to the dividends for the year ended January 31, 2017, the interim dividend and the yearend dividend were raised by ¥3 per share, respectively, as a commemorative dividend in celebration of
the 60th anniversary of the Company’s founding in addition to the ordinary dividend.
The annual dividend per share for the year ended January 31, 2018 is ¥66, an increase of ¥13 comparedto the previous year (ordinary dividend and commemorative dividend).
Proposal 2:

Election of Eleven (11) Directors
It was approved as originally proposed, and Yoichi Nakata, Akio Okoshi, Shigeru
Yamashita, Norimasa Kitazawa, Eiji Akamatsu, Tadashi Itakura, Yasunori Kurachi,
Kevin Vyse-Peacock, Takayuki Nitta, Rehito Hatoyama and Erika Okada wereelected and assumed the offices as Directors.

Proposal 3:

Election of One (1) Audit & Supervisory Board Member
It was approved as originally proposed, and Nobuyuki Hashimoto was elected andassumed the office as Audit & Supervisory Board Member.

–2–<Reference>
At the meeting of the Board of Directors following the General Meeting of Shareholders, Yoichi Nakata wasappointed as Executive Advisor and Member of the Board, Akio Okoshi as Chairman of the Board and CEO,Shigeru Yamashita as President and COO, Norimasa Kitazawa as Vice President and Director, Eiji Akamatsuas Director and Senior Managing Executive Officer, Tadashi Itakura and Yasunori Kurachi as Directors andManaging Executive Officers, and Kevin Vyse-Peacock as Director and Junior Managing Executive Officerand assumed the offices. At the meeting of the Audit & Supervisory Board meeting held on the same day,Nobuyuki Hashimoto was appointed as Standing Audit & Supervisory Board Member and assumed the office.
As a result, the executive officer system as of April 26, 2018 is as follows.
Directors and Audit & Supervisory Board Members
Position

Name

Executive Advisor andMember of the Board

Yoichi Nakata

Chairman of the Boardand CEO

Akio Okoshi

President and COO

Shigeru Yamashita

Area of responsibility

Supervision of China Business Div. of the company,
Singapore Business Div. and Lansinoh Business Div.,and Representative Director of Pigeon (Shanghai) Co.,
Ltd.
Supervision of Corporate Administration Div.,
Accounting & Finance Div., Human Resources &General Affairs Div. and Audit Dept.
Supervision of Customer Communication Div.,
Research & Development Div., Quality Control Div.
and Logistics Div.
Division Manager of Health & Elder Care BusinessDiv., and Supervision of Domestic Baby & Mother
Care Business Div. and Child Care Service Business
Div.
Division Manager of Lansinoh Business Div. of thecompany, and President and CEO of Lansinoh
Laboratories, Inc.

Vice President andDirector

Norimasa Kitazawa

Director, Senior
Managing ExecutiveOfficerEiji Akamatsu

Director, Managing
Executive Officer

Tadashi Itakura

Director, Managing
Executive Officer

Yasunori Kurachi

Director, JuniorManaging ExecutiveOfficer

Kevin Vyse-Peacock

Director

Takayuki Nitta(Outside Director)

Director

Rehito Hatoyama(Outside Director)

Director

Erika Okada(Outside Director)

Audit & Supervisory
Board Member

Kazuhisa Amari

Audit & Supervisory
Board Member

NobuyukiHashimoto

Audit & Supervisory
Board Member

Shigeru Nishiyama(Outside Audit & Supervisory Board Member)

Audit & Supervisory
Board Member

Shuji Idesawa(Outside Audit & Supervisory Board Member)–3–Managing Officers
PositionSenior
Managing
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerManaging
OfficerNameArea of responsibility

Yusuke Nakata

Division Manager of Singapore Business Div. of the company,and President of Pigeon Singapore Pte. Ltd.

Yuko Ohara

Division Manager of Customer Communication Div.

Tsutomu Matsunaga

Division Manager of Corporate Administration Div.

Hiroyasu Maki

Division Manager of Accounting & Finance Div.

Koji Ishigami

Division Manager of Human Resources & General Affairs Div.

Kaoru Kasahara

Division Manager of Research & Development Div.

Katsushi Tsutsui

Deputy Division Manager of Research & Development Div.

Kazuyuki Tajima

Division Manager of Quality Control Div.

Takatoshi Urakari
Ryo YanoKen Kaku
Koji Matsutori
Takanori Tsuru
Hiroshi Nishimoto

Division Manager of Domestic Baby & Mother Care Business
Div.
Division Manager of China Business Div. of the company, andPresident and Member of the Board of Pigeon (Shanghai) Co.,
Ltd.
Representative Director of Pigeon Manufacturing (Shanghai)Co., Ltd.
Deputy Division Manager of Lansinoh Business Div. of thecompany, and Director of Lansinoh Laboratories, Inc.
Division Manager of Child Care Service Business Div. of thecompany, and President of Pigeon Hearts Co., Ltd.
Division Manager of Logistics Div.

–4–