Note: This document has been translated from the Japanese original for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original, the original
shall prevail. The Company assumes no responsibility for the accuracy of this translation.

[Cover page]
Document title:

Extraordinary Report

Place of filing:

Director-General of the Kanto Local Finance Bureau

Filing date:

March 31, 2023

Company name:

ピジョン株式会社 (Pigeon Kabushiki Kaisha)Company name in English:

Pigeon Corporation

Title and name of representative:

Norimasa Kitazawa, President and CEO

Address of registered head office:4-4, Nihonbashi-Hisamatsu-cho, Chuo-ku, Tokyo

Telephone number:+81-3-3661-4200 (Main switchboard)

Name of contact person:

Nobuo Takubo, Managing Officer and Division Manager ofBusiness Strategy Div.

Nearest place of contact:

4-4, Nihonbashi-Hisamatsu-cho, Chuo-ku, Tokyo

Telephone number:+81-3-3661-4369

Name of contact person:

Nobuo Takubo, Managing Officer and Division Manager ofBusiness Strategy Div.

Place for public inspection:

Tokyo Stock Exchange, Inc.
(2-1, Nihonbashi-Kabuto-cho, Chuo-ku, Tokyo)–1–1. Reason for filingAt the 66th Ordinary General Meeting of Shareholders of Pigeon Corporation (the “Company”) held on
March 30, 2023, resolutions of the matters to be resolved were made; therefore, this Extraordinary Reportis filed pursuant to the provisions of Article 24-5, paragraph (4) of the Financial Instruments andExchange Act and Article 19, paragraph (2), item (ix)-2 of the Cabinet Office Order on Disclosure ofCorporate Affairs.

2. Body of report(1) Date of the General Meeting of Shareholders
March 30, 2023
(2) Details of the matters resolved
Proposal 1: Appropriation of Surplus
Year-end dividends1. Type of dividend property: Cash
2. Dividend property allotment and total amount thereof
Dividend per common share of the Company:¥38
Total amount of dividends:¥4,550,878,252
3. Effective date of distribution of dividends from surplus: March 31, 2023
Proposal 2: Partial Amendments to Articles of Incorporation
To amend a portion of the Company’s Articles of Incorporation as below.
(Amendments underlined)
Before Amendments

After Amendments

CHAPTER 4.
DIRECTORS AND BOARD OF DIRECTORSCHAPTER 4.
DIRECTORS AND BOARD OF DIRECTORS

Article 21. (Person to Convene Meetings of the Boardof Directors and Chairperson)

Article 21. (Person to Convene Meetings of the Boardof Directors and Chairperson)

1. Unless otherwise provided for by laws andregulations, the Chairman or the President shallconvene and act as chairperson at all meetings ofthe Board of Directors.

1. Unless otherwise provided for by laws andregulations, the Director previously determined by
the Board of Directors shall convene and act aschairperson at all meetings of the Board ofDirectors.

2. If the Chairman or the President is unable to act assuch, one of the other Directors shall convene andact as chairperson in accordance with the order ofpriority previously determined by the Board ofDirectors.

2. If the Director of the preceding paragraph isunable to act as such, one of the other Directors
shall convene and act as chairperson in accordancewith the order of priority previously determined bythe Board of Directors.

Proposal 3: Election of Nine (9) Directors
To elect the following nine (9) persons, namely Mr. Norimasa Kitazawa, Mr. Tadashi
Itakura, Mr. Kevin Vyse-Peacock, Mr. Ryo Yano, Mr. Takayuki Nitta, Mr. Rehito
Hatoyama, Ms. Chiaki Hayashi, Ms. Eriko Yamaguchi, and Ms. Yumiko Miwa asDirectors.
Proposal 4: Election of Four (4) Audit & Supervisory Board Members
To elect the following four (4) persons, namely Mr. Hiroshi Nishimoto, Mr. Koji Ishigami,Mr. Koichi Otsu, and Ms. Atsuko Taishido as Audit & Supervisory Board Members.

–2–

Proposal 5: Election of Two (2) Substitute Audit & Supervisory Board Members
To elect the following two (2) persons, namely Ms. Sachiko Omuro and Ms. Hiroko
Noda as substitute Audit & Supervisory Board Members.
Proposal 6: Partial Amendments to Performance-linked Stock Remuneration, etc. for Directors
To amend the method of calculating the number of shares of the Company and money
equivalent to the converted value of the shares of the Company to be delivered or
paid to Directors under the performance-linked stock remuneration system for
Directors (excluding Outside Directors) and the maximum number of the shares of theCompany.

–3–(3) Number of voting rights exercised as the manifestation of the intention of approval, disapproval orabstention for the matters for resolution; requirement for adoption thereof; and resolution results
thereofMatters for resolution
Proposal 1:
Appropriation of Surplus
Proposal 2:
Partial Amendments to Articles
of Incorporation
Proposal 3:
Election of Nine (9) Directors

Approved

Disapproved

Abstained

Requirement
for Adoption

Resolution Resultand Approval Ratio

997,868

4,199

7,624

(Note 1)

Approved, 98.53%

1,001,264

803

7,624

(Note 2)

Approved, 98.86%

Norimasa Kitazawa

996,818

5,249

7,624

(Note 3)

Approved, 98.42%

Tadashi Itakura

997,219

4,848

7,624

Approved, 98.46%

Kevin Vyse-Peacock997,148

4,919

7,624

Approved, 98.46%

Ryo Yano

998,335

3,732

7,624

Approved, 98.57%

Takayuki Nitta

999,465

2,602

7,624

Approved, 98.69%

Rehito Hatoyama

999,418

2,649

7,624

Approved, 98.68%

Chiaki Hayashi

983,998

18,0697,624

Approved, 97.16%

Eriko Yamaguchi

999,526

2,541

7,624

Approved, 98.69%

Yumiko Miwa

944,903

57,164

7,624

Approved, 93.30%

Hiroshi Nishimoto

951,155

50,912

7,624

Koji Ishigami

930,016

72,045

7,624

Approved, 91.83%

Koichi Otsu

1,000,747

1,320

7,624

Approved, 98.81%

868,214

133,853

7,624

Approved, 85.73%

Sachiko Omuro

868,351

133,7137,624

Hiroko Noda

954,794

47,268

7,624

Proposal 6:
Partial Amendments to
Performance-linked StockRemuneration, etc. for Directors

999,933

2,037

7,680

Proposal 4:
Election of Four (4) Audit &Supervisory Board Members

Atsuko Taishido(Note 3)

Approved, 93.92%

Proposal 5:
Election of Two (2) Substitute
Audit & Supervisory BoardMembers(Note 3)

Approved, 85.74%
Approved, 94.28%(Note 1)

Approved, 98.73%

Notes: 1. The requirement for adoption of the proposal is approval by a majority of the votes ofshareholders present who are entitled to exercise voting rights.
2. The requirement for adoption of the proposal is approval by two-thirds (2/3) or more of thevotes of shareholders present at the meeting where the shareholders holding one-third (1/3)
or more of the voting rights of the shareholders entitled to exercise voting rights are present.
3. The requirement for adoption of the proposal is approval by a majority of the votes ofshareholders present at the meeting where the shareholders holding one-third (1/3) or moreof the voting rights of the shareholders entitled to exercise voting rights are present.

–4–(4) Reason why a portion of the number of voting rights of the shareholders present at the meeting
was not included in the number of voting rights
The sum of the number of voting rights exercised by the date immediately before the date of theGeneral Meeting of Shareholders and the number of voting rights of a part of the shareholders
present at the General Meeting of Shareholders in person whose intention of approval ordisapproval for each proposal was confirmed satisfied the requirement for adoption of each
proposal, and the resolutions have been adopted pursuant to the Companies Act. Therefore, thenumber of voting rights of the shareholders present at the General Meeting of Shareholders inperson whose intention of approval, disapproval or abstention was not confirmed has not been
included in the calculation.

–5–